One-Page Deal Sheet
Hess Sells Interest In GOM for $505 Million To BHP
BHP Billiton Limited Hess Corp
Announced Date
October 05,2020
Effective Date
July 01,2020
Close Date
November 06,2020
Transaction Type
Working Interest
Enterprise Value (EV)($MM)
505
Location
Calculated Metrics( EV/Category)
Region
Gulf of Mexico
Country
United States
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
$/ Flowing
Transaction Details: Subscribe to see
Hess Corporation said today that it has entered into an agreement to sell its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton, the field's operator, for a total consideration of $505 million, subject to customary adjustments, with an effective date of July 1, 2020.
The field produced an average of 11,000 net barrels of oil equivalent per day in the first eight months of 2020.
"Proceeds will be used to fund our world class investment opportunity in Guyana," CEO John Hess said. "This sale is aligned with our strategy to preserve cash and preserve the…
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