Hess completes sale of Pangkah asset in Indonesia

Hess Corp.

Hess Corp. (NYSE:HES) has completed the sale of its Pangkah asset to a subsidiary of PT Saka Energi Indonesia, which exercised its preemption rights, for a total after tax consideration of $650 million, comprising the sale of equity interests in certain holding entities and certain inter-company debts.

The asset, located off the coast of Indonesia, produced an average of 9,000 barrels of oil equivalent per day net to Hess in the first three quarters of 2013.

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