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Hess Closes Sale of its Interest in Russia for $2.05 Billion

Source: www.gulfoilandgas.com 4/26/2013, Location: Asia

Hess Corporation announced it has completed the sale of 100 percent of its Russian subsidiary Samara-Nafta to OAO LUKOIL for a total consideration of $2.05 billion. Including working capital and other adjustments, total after tax proceeds to Hess based on its 90 percent interest in Samara-Nafta were approximately $1.9 billion.

Hess’ total year-to-date proceeds from completed and announced asset sales amount to approximately $3.5 billion. As previously announced, the Company is applying these proceeds to repay outstanding short-term debt and strengthen its balance sheet, providing the financial flexibility to fund future growth.

The Company is also currently engaged in separate processes to divest its exploration and production assets in Indonesiaand Thailand, as well as its remaining downstream businesses, including terminals, retail, energy marketing and trading. Most of the proceeds from these additional sales will be used to return capital directly to shareholders. Hess anticipates that it will begin to repurchase shares under its existing $4 billion authorization in the second half of this year.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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