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Stock Market & Financial Investment News

News Breaks
December 2, 2013
07:32 EDTHESHess announces sale of Indonesian assets
Hess announced it has entered into two separate agreements with a joint venture between PT Pertamina and PTT Exploration and Production to sell its interests in both the Pangkah and Natuna A assets located off the coast of Indonesia for a total after-tax consideration of $1.3B. Together, the two assets produced an average of 15K barrels of oil equivalent per day net to Hess in the first three quarters of 2013. Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4B authorization. The agreements are subject to customary closing conditions and are expected to close before the end of 1Q14.
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