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 Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

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 >>

TAG Oil Begins Drilling Waitangi Valley-1 Unconventional Exploration Well
New Zealand >>  7/24/2014 - New Zealand oil and gas producer TAG Oil Ltd. is pleased to announce commencement of drilling operations at the Company's 100%-controlled Waitangi Val...
Monroe, Bridger agreement to supply 65,000 barrels to Trainer refinery
United States >>  7/21/2014 - Monroe Energy LLC, a subsidiary of Delta Air Lines, has entered into a five-year agreement with Bridger, LLC, a leading midstream energy company, to s...

MDU Sold Certain Mountrail County, North Dakota, Production Assets
United States >>  7/21/2014 - MDU Resources Group, Inc. announced that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company, signed a Purchase and Sale A...
Swift Energy & PT Saka Indonesia Close JV to Develop Fasken Eagle Ford Acreage
United States >>  7/15/2014 - Swift Energy Company closed its previously announced agreement with PT Saka Energi Indonesia (“Saka”) to fully develop 8,300 acres of Fasken area Eagl...

Magnum Reports Mid-Year 2014 Proved Reserves of 79.8 MMBoe
United States >>  7/14/2014 - Magnum Hunter Resources Corporation announced an increase of 7.7 MMBoe or a 10.7% improvement in the quantity of the Company's estimated total proved...
Whiting To Acquire Kodiak In All-Stock Transaction for $6.0 Billion
United States >>  7/13/2014 - Whiting Petroleum Corporation and Kodiak Oil & Gas Corp. announced a definitive agreement pursuant to which Whiting will acquire Kodiak in an all-stoc...

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 |

More News

Oil & Gas Projects in United States >>

Oil & Gas Companies in United States >>

Related Links

Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us