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DewDiligence

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DewDiligence

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Re: DewDiligence post# 8354

Thursday, 04/24/2014 5:54:58 PM

Thursday, April 24, 2014 5:54:58 PM

Post# of 29346
HES sells Thailand assets for $1B after taxes, continuing previously announced divestiture program:

http://finance.yahoo.com/news/hess-announces-sale-thailand-assets-120000887.html

Hess Corporation announced today it has sold its interests in both the Sinphuhorm and Pailin Fields located in Thailand to PTT Exploration and Production Public Company Limited for a total after-tax consideration of approximately $1.0 billion… Together, the two assets produced an average of 17,000 barrels of oil equivalent per day net to Hess in 2013.

Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4 billion authorization.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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