Hess announces sale of Thailand oil and gas assets

Source:Hess Corporation

Hess Corporation announced today it has sold its interests in both the Sinphuhorm and Pailin Fields located in Thailand to PTT Exploration and Production Public Company Limited for a total after-tax consideration of approximately $1.0 billion, effective July 1, 2013. Together, the two assets produced an average of 17,000 barrels of oil equivalent per day net to Hess in 2013.

Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4 billion authorization.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs