Hess Announces Sale of Interests in Denmark
March 18 2021 - 8:01AM
Business Wire
Hess Corporation (NYSE: HES) announced today that it has entered
into an agreement to sell its subsidiary Hess Denmark ApS, which
holds a 61.5% interest in the South Arne Field, to Ineos E&P AS
for a total consideration of $150 million, effective January 1,
2021.
“The sale of our Denmark asset enables us to further focus our
portfolio and strengthen our cash and liquidity position,” CEO John
Hess said. “Proceeds will be used to fund our world class
investment opportunity in Guyana.”
The South Arne Field produced an average of 5,800 barrels of oil
equivalent per day net to Hess in the fourth quarter of 2020.
The sale is expected to close in the third quarter of 2021,
subject to government approvals and customary closing
conditions.
Hess Corporation is a leading global independent energy company
engaged in the exploration and production of crude oil and natural
gas. More information is available at www.hess.com.
Cautionary Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as “anticipate,” “estimate,” “expect,”
“forecast,” “guidance,” “could,” “may,” “should,” “would,”
“believe,” “intend,” “project,” “plan,” “predict,” “will,” “target”
and similar expressions identify forward-looking statements, which
are not historical in nature. These forward-looking statements may
include, without limitation, the expected timing and completion of
the proposed sale and use of proceeds. Forward-looking statements
are subject to certain known and unknown risks and uncertainties
that could cause actual results to differ materially from our
historical experience and our current projections or expectations
of future results expressed or implied by these forward-looking
statements. The following important factors could cause actual
results to differ materially from those in our forward-looking
statements: the ability of our contractual counterparties to
satisfy their obligations to us, the ability to satisfy the
conditions to the proposed sale; contract and other laws,
regulations and governmental actions applicable to our business;
and other factors described in the Risk Factor section in our
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and
any additional risks described in our other filings with the
Securities and Exchange Commission. As and when made, we believe
that our forward-looking statements are reasonable. However, given
these risks and uncertainties, caution should be taken not to place
undue reliance on any such forward-looking statements since such
statements speak only as of the date when made and there can be no
assurance that such forward-looking statements will occur and
actual results may differ materially from those contained in any
forward-looking statement we make. Except as required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether because of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210318005498/en/
Investor Contact: Jay Wilson (212) 536-8940
jrwilson@hess.com Media Contact: Lorrie Hecker
(212) 536-8250 lhecker@hess.com
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