Hess Announces Sale of Its Thailand Assets
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.
Source: Hess Corporation