Hess Corporation – a global independent energy company engaged in the exploration and production of crude oil and natural gas – has announced that it has completed the previously announced sale of its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP, the field’s operator.
The total consideration of the sale, USD 505 million, is subject to customary adjustments, with an effective date of July 1, 2020.
“This transaction brings value forward in the current low price environment and further strengthens our cash and liquidity position,” CEO John Hess says. “Proceeds will be used to fund our world class investment opportunity in Guyana.”
