The Rising Influence of Rising Affluence

[DewDiligence]

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.