Hess Corporation HES announced today it has entered into two separate agreements
with a joint venture between PT Pertamina and PTT Exploration and Production
Company Limited to sell its interests in both the Pangkah and Natuna A assets
located off the coast of Indonesia for a total after-tax consideration of $1.3
billion. Together, the two assets produced an average of 15,000 barrels of oil
equivalent per day net to Hess in the first three quarters of 2013.
Hess will use the proceeds from this sale to continue repurchasing shares
under its existing $4 billion authorization.
The agreements are subject to customary closing conditions and are expected to
close before the end of the first quarter of 2014.
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