Hess Announces Bakken Midstream Joint Venture Valued at $5.35 Billion
Hess Corporation has agreed to sell a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners, a leading global infrastructure investor with an extensive midstream energy investment track record, for cash consideration of $2.675 billion. Hess and Global Infrastructure Partners will create a premier midstream joint venture – Hess Infrastructure Partners. Upon closing, the joint venture will incur $600 million of debt through a 5-year Term Loan A facility with proceeds distributed equally to both partners, resulting in total after-tax cash proceeds, net to Hess, of $3.0 billion. In addition the joint venture will have independent access to capital including a $400 million 5-year Senior Revolving Credit Facility, which is fully committed. The joint venture upon closing plans to continue to pursue a proposed initial public offering (IPO) of Hess Midstream Partners LP common units.
Hess to Sell 50% Interest in Bakken Midstream Assets for $2.675 Billion
Total After-Tax Cash Proceeds to Hess of $3.0 Billion Including JV Debt Issuance
Hess to Retain Operational Control of Bakken Midstream Assets
Transaction to Deliver Significant and Immediate Value to Shareholders
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Hess Reports Estimated Results for the Second Quarter of 2020
Hess today reported a net loss of $320 million, or $1.05 per common share, in the second quarter of 2020, compared with a net loss of $6
million, or $0.02 per common share, in the second quarter of 2019. On an adjusted basis, the second
quarter 2019 net loss was $28 million, or $0.09 per common share.
Hess Corporation Releases 2019 Sustainability Report, Continues to Show Industry Leading ESG Performance
Hess Corporation announced publication of its 23rd annual sustainability report, which provides a comprehensive review of the company’s strategy and performance on environmental, social and governance (ESG) programs and initiatives.
Hess Schedules Q2 2020 Earnings Release Conference Call
Hess announced that it will hold a conference call on Wednesday, July 29, 2020 at 10 a.m. Eastern Time to discuss its second quarter 2020 earnings release.