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Thursday, February 04, 2016 8:00:39 PM
Hess Corp., battered by the prolonged slump in energy prices, said Thursday that it plans to sell around $1.5 billion worth of its shares in a bid to raise cash.
Shares of the company, down 40% in the past year, fell 6.5% to $40.65 a share in after-hours trading.
Hess said it would offer 25 million shares of its common stock and 10 million depositary shares, which represent a 5% interest in a share of its convertible preferred stock. At Hess's current common stock price and a $50 value for its depositary shares, the combined size of the offerings would be around $1.5 billion.
The underwriters on the offering also have the option to buy as many as 3.75 million shares of Hess's common stock and 1.5 million depositary shares.
Hess said it would use the proceeds to strengthen its balance sheet and fund longer-term capital needs.
Last week, Hess said its fourth-quarter loss deepened as the average price for its crude tumbled 42% from the prior year and the company booked a $1.36 billion impairment charge.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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