logo
Share SHARE
FONT-SIZE Plus   Neg

Hess Corp. Closes $1 Bln Sale Of Stake In ACG Fields To ONGC Videsh

Hess Corp (HES), an independent energy company on Thursday said that it has completed the sale totaling $1 billion of its 2.72 percent stake in the Azeri, Chirag and Guneshli Fields and its 2.36 percent stake in the associated BTC pipeline to ONGC Videsh Ltd.

John Hess, Chairman and Chief Executive of Hess, stated, "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, the after tax net proceeds from this sale will be used to pay down an equivalent amount of short term debt."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
AIG reported a plunge in second-quarter profit, hurt by a decline at its insurance business, debt-related losses and lower gains from the sale of investments. However, its earnings topped Street estimates, partly on contribution from aircraft leasing giant AerCap. AIG also announced a boost in dividend and said it would buyback an additional $5 billion stock. Automakers on Monday reported strong U.S. vehicle sales for the month of July, driven by continued demand for trucks and sport-utility vehicles amid an improving economy, lower gas prices and easy availability of credit. Detroit's Big Three - General Motors Co., Ford Motor Co. and FCA US, LLC - all reported vehicle sales above analyst expectations. British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast.
comments powered by Disqus
RELATED NEWS
Trade HES now with 
Follow RTT