Hess Corporation announced Wednesday that it has entered into an agreement to sell approximately 74,000 acres of its dry gas acreage in the Utica Shale to an undisclosed third party for a consideration of $924 million. Approximately two-thirds of these proceeds are expected at the end of the first quarter of this year, with the balance to be received in the third quarter. Proceeds from these sales will be used for additional share repurchases as they are in excess of those associated with the divestiture program announced by the Company March 4 of last year. The Company will determine whether or not to seek an increase to its existing $4 billion share repurchase authorization, approved as part of its March 4 announcement, after a final decision is made either to spin or sell Hess Retail. John B. Hess, CEO of Hess, said, “The sale of our Utica dry gas acreage is an example of our continued commitment to grow shareholder value through ongoing portfolio reshaping. While our wells in the dry gas portion of the Utica were highly productive, we concluded that the potential returns from such an investment, at current and projected natural gas prices, no longer justified retaining this acreage as a strategic part of our overall liquids-based asset portfolio.” -
Wow Mr. Hess, I guess you didn't see that gas shortage coming huh?
I thought there would have been more than enough gas for the winter with a glut in wet gas and methane overproduction in WV, PA and OH.
How about an ETHICS LAW from our leadership in Washington.
Investigate and lock up those found guilty of gouging. Protecting the people from corporate greed would be one way to make more money available for taxes.
Yeah, more government oversight will fix things.
So telling them they can't make too much money will encourage them to drill and produce more. Makes a lot of sense.
Bought by AubreyMcClendon's AEP. co. All in the DRY gas counties. Does he know something about the natural gas future that others don't???
I think there are 500,000 acres in Michigan you can get a good price on from CHK.
All over the country, you can get a good price on much of his handiwork.
What's that mean?
It has been estimated that an investor disposed to invest with Aubrey is born every minute.