Hess Announces Sale of Utica Acreage

Hess Announces Sale of Utica Acreage

NEW YORK–(BUSINESS WIRE)–Jun. 29, 2018–
Hess Corporation (NYSE:HES) today announced that it has entered into an
agreement to sell its joint venture interests in the Utica shale play in
eastern Ohio to Ascent Resources – Utica, LLC for net cash consideration
of approximately $400 million, effective April 1.

“We continue to focus our portfolio by divesting lower return, non-core
assets as part of our strategy to deliver long term value to
shareholders,” CEO John Hess said. “Proceeds from this transaction will
be used to invest in our higher return growth opportunities in Guyana
and the Bakken and to fund the company’s pr…

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