Hess Corporation announced today it has entered into two separate
agreements with a joint venture between PT Pertamina and PTT Exploration
and Production Company Limited 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 $1.3 billion. Together, the two assets
produced an average of 15,000 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 $4 billion authorization.
The agreements are subject to customary closing conditions and are
expected to close before the end of the first quarter of 2014.
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.
Copyright Business Wire 2013