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Hess completes sale of Indonesian asset

Published on NewsOK Modified: January 10, 2014 at 9:59 am •  Published: January 10, 2014

Hess Corp. said Friday that it completed the $650 million sale of an Indonesian asset to a subsidiary of energy company PT Saka Energi Indonesia.

Hess said that its Pangkah asset, located off the coast of Indonesia, produced an average of 9,000 barrels of oil equivalent per day in the first three quarters of 2013.

The New York-based oil company originally announced a deal to sell two Indonesian assets in December. The sale of the other asset, Natuna A, closed in December. It also sold for $650 million.

The company has been shifting away from refining and toward exploration and production. Earlier this week, the company said it plans to spin off its gas station business.

Shares of Hess slipped 43 cents to $80.91 in morning trading Friday.


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