Hess (NYSE: HES) Sells Indonesian Stake to the Tune of $1.3B

Brian Hicks

Written By Brian Hicks

Posted December 2, 2013

Hess (NYSE: HES) Sells Indonesian Stake to the Tune of $1.3B

Hess Corporation will be selling its 15k barrel-per-day Indonesian assets for $1.3 billion to PT Pertamina and PTT Exploration and Production Company. The sale is part of Hess’ move to reshape its portfolio to include lower-risk upstream assets to improve returns and growth.  This initiative has already included selling off production capacity in both Russia and the United States.

Cash from this transaction will be used to fund Hess’ continuing $4 billion share repurchase program.

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