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

  • ValHall_Resize
10.24.2017

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.”

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