Hess Sells Interests in Norway; Commences Process to Sell Interests in Denmark
Hess Corporation Logo
SEARCH

Hess Sells Interests in Norway; Commences Process to Sell Interests in Denmark

  • ValHall_Resize

Hess announced several additional steps in the continued execution of its strategic plan to further focus the company’s portfolio and allocate capital to higher return assets:

•  An agreement to sell its oil and gas interests in Norway for total proceeds of $2 billion
• Commencement of a process to sell its interests in Denmark
• Implementation of a cost reduction program expected to deliver annual cost savings of more than $150 million starting in 2019

“With the continued success of our asset sale program, we are focusing our portfolio on higher return assets and reducing our breakeven oil price,” CEO John Hess said. “Proceeds from these asset sales, along with cash on the balance sheet, will prefund development of our world class investment opportunity in offshore Guyana, where we have participated in one of the world’s largest oil discoveries of the past decade – positioning our company to deliver more than a decade of cash generative growth and significant value for our shareholders.”

Full story‚Äč  

Latest Hess News
  • Hess Schedules Earnings Release Conference Call

    NEW YORK, January 11, 2018 -- Hess Corporation (NYSE: HES) announced today that it will hold a conference call on Monday, February 5, 2018 at 10 a.m. Eastern Standard Time to discuss its fourth quarter 2017 earnings release.
    Full story
  • Hess Announces Sixth Oil Discovery Offshore Guyana

    Hess announced positive results from the Ranger-1 exploration well, which is the sixth significant oil discovery on the Stabroek Block, offshore Guyana, since 2015.
    Full story
  • Hess Completes Sale of Interests in Norway

    Hess announced that it has completed the previously announced sale of its subsidiary Hess Norge, which owns interest in the Valhall and Hod fields in Norway, to Aker BP ASA for total proceeds of $2 billion, effective January 1, 2017.
    Full story