Hess sells its Thailand assets

Hess Corp. has sold its interests in both the Sinphuhorm and Pailin fields located in Thailand to PTT Exploration and Production Public Co. Ltd. (PTTEP) for a total after-tax consideration of $1 billion.

Offshore staff

NEW YORKHess Corp. has sold its interests in both the Sinphuhorm and Pailin fields located in Thailand to PTT Exploration and Production Public Co. Ltd. (PTTEP) for a total after-tax consideration of $1 billion.

Together, the two assets produced an average of 17,000 b/d to Hess in 2013.

Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4 billion authorization.

04/24/2014

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