Hess Corporation (NYSE: HES) announced today it has completed the sale
of its 2.72 percent interest in the Azeri, Chirag and Guneshli Fields
(ACG) and its 2.36 percent interest in the associated BTC pipeline to
ONGC Videsh Ltd. for $1 billion. Adjusting for net cash flow received
since the Jan. 1, 2012 effective date of sale, after tax net proceeds
are $884 million.
The BP operated ACG fields, located in the Caspian Sea approximately 100
kilometers east of Baku, commenced production in 1997.
“This sale is another step in the execution of our strategy to become a
more focused, higher growth, lower risk pure play exploration and
production company,” said John B. Hess, Chairman and CEO. “Consistent
with our announcement on March 4, the after tax net proceeds from this
sale will be used to pay down an equivalent amount of short term debt.”
Hess Corporation is a leading global independent energy company
primarily 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.
