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DewDiligence

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DewDiligence

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Re: DewDiligence post# 15522

Tuesday, 10/24/2017 11:47:47 AM

Tuesday, October 24, 2017 11:47:47 AM

Post# of 29411
More HES divestitures—Norway and Denmark:

https://finance.yahoo.com/news/hess-sells-interests-norway-commences-051400725.html

Hess Corporation today announced several additional steps in the continued execution of its strategic plan to further focus the company’s portfolio and allocate capital to higher return assets:

• An agreement to sell its oil and gas interests in Norway for total proceeds of $2 billion

• Commencement of a process to sell its interests in Denmark

• Implementation of a cost reduction program expected to deliver annual cost savings of more than $150 million starting in 2019

HES’ net production from the Norway fields being sold was 26K boe/d during 1H17. The Denmark fields, which are expected to be sold in 2018, produced 11K boe/d during 1H17.

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

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