Hess To Hand Off Some UK Assets In Deal With Shell

Law360, New York (May 30, 2012, 5:12 PM EDT) -- Hess Corp. will fork over its minority interest in an energy field off the coast of Scotland to Royal Dutch Shell PLC as part of its bid to shed noncore assets and trim costs, the Houston-based oil company said Wednesday.

The parties did not disclose the price attached to Hess' 15.67 percent stake in the BP PLC-operated Schiehallion field, but a UBS AG analyst report pegged its value at about $515 million. The sale is estimated to close by year's end, pending regulatory approval.

Hess' production...
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