Hess Announces Sale of Utica Acreage
Hess Corporation Logo header
SEARCH

Hess Announces Sale of Utica Acreage

  • _Ohio_Utica_Shale_Hubel__HES_9377_20140624
06.29.2018

NEW YORK -- Hess Corporation today announced that it has entered into an agreement to sell its joint venture interests in the Utica shale play in eastern Ohio to Ascent Resources–Utica, LLC for net cash consideration of approximately $400 million, effective April 1.

“We continue to focus our portfolio by divesting lower return, non-core assets as part of our strategy to deliver long term value to shareholders,” CEO John Hess said. “Proceeds from this transaction will be used to invest in our higher return growth opportunities in Guyana and the Bakken and to fund the company’s previously announced share repurchase program.”

Full story
Related News
  • In the Media: Evolution of Designs Hastens U.S. Shale Boom

    Hess’ financial and production metrics have experienced a marked increase following its move to plug-and-perf (PNP) completion designs and improved well spacing after the price collapse of 2014. The company reported in its December 2018 investor presentation that its adoption of PNP completions is forecast to result in increases in production to about 200,000 boe/d and net present value by about $1 billion.
    Full story
  • Hess Announces Regular Quarterly Dividend On Common Stock - June 2019

    The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 25 cents per share payable on the Common Stock of the Corporation on June 28, 2019 to holders of record at the close of business on June 17, 2019.
    Full story
  • Bigger, Better, Bakken: Petroleum Industry Optimism In North Dakota

    With exports from the Bakken formation centered on western North Dakota already heading to Asian and European markets, the future for North American shale and onshore production, for at least the next two decades, appears promising, according to Barry Biggs, Vice President of Onshore for Hess.
    Full story