Hess finalizes exit from Norwegian offshore E&P

Hess has completed the sale of its subsidiary Hess Norge to Aker BP for $2 billion.

Offshore staff

NEW YORK – Hess has completed the sale of its subsidiary Hess Norge, which owns interests in the Valhall and Hod fields in Norway, to Aker BP for $2 billion.

“We are high grading our portfolio by investing in our highest return assets and divesting mature, higher cost assets,” said Hess CEO John Hess.

“This strategy is enabling us to pre-fund our world-class opportunity inGuyana, return capital to shareholders and reduce debt, while at the same time significantly lowering our cash unit costs and bolstering our company’s balance sheet.”

12/22/2017

More in Business Briefs