Oil Shale: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account
Products and vendors Services and providers Jobs

Hess Agrees to Sale Utica Dry Gas Acreage

Source: www.gulfoilandgas.com 1/29/2014, Location: North America

Share |

Hess Corporation has entered into an agreement to sell approximately 74,000 acres of its dry gas acreage in the Utica Shale to an undisclosed third party for a consideration of $924 million. Approximately two-thirds of these proceeds are expected at the end of the first quarter of this year, with the balance to be received in the third quarter.

Proceeds from these sales will be used for additional share repurchases as they are in excess of those associated with the divestiture program announced by the Company on March 4 of last year. The Company will determine whether or not to seek an increase to its existing $4 billion share repurchase authorization, approved as part of its March 4 announcement, after a final decision is made either to spin or sell Hess Retail.

John B. Hess, Chief Executive Officer of Hess, said, “The sale of our Utica dry gas acreage is an example of our continued commitment to grow shareholder value through ongoing portfolio reshaping. While our wells in the dry gas portion of the Utica were highly productive, we concluded that the potential returns from such an investment, at current and projected natural gas prices, no longer justified retaining this acreage as a strategic part of our overall liquids-based asset portfolio.”

For more information about related Opportunities and Key Players visit Oil Shale Projects

Oil Shale News in United States >>

Schlumberger Signs Merger Agreement to Acquire Cameron
United States >>  8/26/2015 - Schlumberger Limited and Cameron jointly sign a definitive merger agreement in which the companies will combine in a stock and cash transaction. The a...
Canada Economy - August 2015
Canada >>  8/20/2015 - In Canada, the slow-down of the US economy and declining income from the energy sector has been felt considerably and even slightly more than previous...

US Product Markets and Refinery Operations – August 2015
United States >>  8/16/2015 - US gasoline demand stood at around 9.5 mb/d in July, a similar level from the previous month and 320 tb/d higher than in the same month a year earlier...
Jacobs Receives EPCM Contract for ExxonMobil
United States >>  8/11/2015 - Jacobs Engineering Group Inc. was selected by ExxonMobil to perform engineering, procurement and construction management (EPCM) services for its Crude...

Canada Economy - July 2015
Canada >>  8/10/2015 - In Canada, the slow-down of the US economy and declining income from the energy sector have been felt considerably. These have caused the 1Q15 GDP to ...
US Economy in July 2015
United States >>  8/8/2015 - While the US labour market (an important guide to monetary policy) has improved over the past months, positive developments in the economy’s underlyin...



Related Categories: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 |

More News

Oil & Gas Projects in United States >>

Oil & Gas Companies in United States >>

Related Links

Gulf Oil and Gas B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed