Hess Announces Sale of Interests in Equatorial Guinea; Divestment Part of Strategy to Focus Portfolio on Higher Return Assets
Hess Corporation Logo header
SEARCH

Hess Announces Sale of Interests in Equatorial Guinea; Divestment Part of Strategy to Focus Portfolio on Higher Return Assets

10.23.2017
Hess announced today that it has entered into an agreement to sell its interests in offshore Equatorial Guinea to Kosmos Energy and Trident Energy for a total consideration of $650 million, effective January 1, 2017.

“This sale is a further step in our strategy to focus our portfolio by investing in higher return assets and divesting more mature, higher cost assets,” CEO John Hess said. “Proceeds from asset sales, along with cash on our balance sheet, are expected to fund the development of our truly world class investment opportunity offshore Guyana. Our investment in Guyana will position our company to deliver a decade plus of returns-driven growth and increasing cash generation to our shareholders.”

Full story

Related News
  • In the Media: Building a Better Bakken

    Featured in Oil and Gas Investor's "Building a Better Bakken" article, Hess highlights improving cycle times and use of innovative technology to spend less and produce more.
    Full story
  • Hess reports estimated results for second quarter of 2019

    Hess today reported a net loss of $6 million, or $0.02 per common share, in the second quarter of 2019, compared with a net loss of $130 million, or $0.48 per common share, in the second quarter of 2018. On an adjusted basis, the Corporation reported a net loss of $28 million, or $0.09 per common share, in the second quarter of 2019, compared with an adjusted net loss of $56 million, or $0.23 per common share, in the prior-year quarter. The improved after-tax adjusted results reflect increased U.S. crude oil production and reduced exploration expenses, partially offset by the impact of lower realized selling prices and higher depreciation, depletion and amortization expenses.
    Full story
  • Hess  Shows Continued ESG Commitment and Progress in 2018 Sustainability Report

    Hess’ 2018 Sustainability Report provides a comprehensive review of the company’s strategy and performance on environmental, social and governance programs and initiatives.
    Full story