Hess Announces Sale of Its Enhanced Oil Recovery Assets in the Permian Basin
June 19 2017 - 9:25AM
Business Wire
Hess Corporation (NYSE:HES) today announced it has entered into
an agreement to sell its interests in enhanced oil recovery (EOR)
assets in the Permian Basin to Occidental Petroleum Corporation
(NYSE:OXY) for a total consideration of $600 million, effective
June 1, 2017. Proceeds from the sale will be used to fund the
company’s strong growth opportunities.
The transaction consists of the following Hess-operated assets:
the Seminole-San Andres Unit (Hess 34.2% interest) and the Seminole
Gas Processing Plant (Hess 46.6% interest) in Texas; the West Bravo
Dome C02 field in New Mexico (Hess 100% interest); and a 9.9%
non-operated interest in the Bravo Dome unit in New Mexico. These
assets produced an average of 8,200 barrels of oil equivalent per
day in 2016 net to Hess.
The agreement is subject to regulatory approvals and other
customary closing conditions and is expected to close August 1,
2017.
Hess Corporation is a leading global independent energy company
engaged in the exploration and production of crude oil and natural
gas. More information on Hess Corporation is available at
http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These projections and statements reflect the company’s current
views with respect to future events and financial performance. No
assurances can be given, however, that these events will occur or
that these projections will be achieved, and actual results could
differ materially from those projected as a result of certain risk
factors. A discussion of these risk factors is included in the
company’s periodic reports filed with the Securities and Exchange
Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170619005689/en/
Hess CorporationInvestors:Jay Wilson,
212-536-8940jrwilson@hess.comorMedia:Lorrie Hecker,
212-536-8250lhecker@hess.com
Hess (NYSE:HES)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hess (NYSE:HES)
Historical Stock Chart
From Sep 2023 to Sep 2024