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“We continue to focus our portfolio by divesting lower return, non-core
assets as part of our strategy to deliver long term value to
shareholders,” CEO
The divestiture consists of approximately 39,000 net acres including
26,000 net undeveloped acres. For full year 2018, net production is
forecast to average 14,000 barrels of oil equivalent per day, of which
approximately 70 percent is expected to be residue gas. Hess holds a 50
percent working interest as part of a joint venture with
The agreement is subject to customary closing conditions and adjustments and is expected to close by the end of third quarter 2018.
Denmark Sale Update
Hess also announced that it has decided to retain its interests in
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20180629005250/en/
Source:
Hess Corporation
Investor:
Jay Wilson, 212-536-8940
jrwilson@hess.com
or
Media:
Lorrie
Hecker, 212-536-8250
lhecker@hess.com