Hess Corp. has completed the previously announced sale of its subsidiary Hess Norge, which owns interests in the Valhall and Hod fields in Norway, to Aker BP ASA for total proceeds of $2 billion, effective January 1, 2017.
“We are high grading our portfolio by investing in our highest return assets and divesting mature, higher cost assets,” said John Hess, CEO of Hess. “This strategy is enabling us to prefund our world-class opportunity in Guyana, return capital to shareholders and reduce debt, while at the same time significantly lowering our cash unit costs and bolstering our company’s balance sheet.”
