The Rising Influence of Rising Affluence

[DewDiligence]

HES sells Indonesian assets for $1.3B after taxes:

http://finance.yahoo.com/news/hess-announces-sale-indonesian-assets-123000840.html

Hess Corporation announced today it has entered into two separate agreements with a joint venture between PT Pertamina and PTT Exploration and Production Company Limited to sell its interests in both the Pangkah and Natuna A assets located off the coast of Indonesia for a total after-tax consideration of $1.3 billion. Together, the two assets produced an average of 15,000 barrels of oil equivalent per day net to Hess in the first three quarters of 2013.

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

The Indonesian sale brings HES’ cumulative 2013 divestitures to $7.6B, and three assets still remain to be sold: i) the retail service stations and convenience stores (“Hess Express”); ii) the energy-trading business; and iii) the upstream operations in Thailand.