Hess Sells Thailand Assets
Energy exploration and production company Hess Corp. (NYSE: HES – $88.45) announced it has sold its interests in both the Sinphuhorm and Pailin Fields in Thailand to PTT Exploration and Production Public Company Ltd. for a total after-tax consideration of approximately $1.0 billion. Together, the two assets produced an average of 17,000 barrels of oil equivalent per day net to HES in 2013. New York-based Hess has been repositioning its portfolio over the past year to concentrate on more domestic oil and gas properties and international plays that provide above-average returns and shedding downstream businesses. The company will use the proceeds from the sale to continue repurchasing shares under its existing $4 billion authorization. The shares can continue to be held in risk oriented accounts.