Hess Sells $924M Utica Shale Asset, Continues Slimdown

Law360, New York (January 29, 2014, 5:14 PM EST) -- Hess Corp. is continuing its slimdown as it said Wednesday that it is selling a large portion of dry gas acreage in the Utica Shale for $924 million to an undisclosed buyer.

The oil giant said Wednesday it is selling 74,000 acres of its holdings in the gas deposit and will use the proceeds to partially fund a $4 billion share-repurchase program authorized in March. Hess said it may seek to increase the repurchase program after it makes a final decision on whether to sell or...
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