Hess Announces Sale of Terminal Network

  Hess Announces Sale of Terminal Network

Business Wire

NEW YORK -- October 9, 2013

Hess Corporation announced today it has entered into an agreement with Buckeye
Partners, L.P. to sell its U.S. East Coast and St. Lucia terminal network for
a total consideration of $850 million in cash. As a result of this sale, Hess
is expected separately to release approximately $900 million of working
capital, with another $100 million continuing to be retained by the retail
business as part of its ongoing operations.

The sale of the terminal network, along with the sales of four upstream
producing assets completed earlier this year and the announced sale of the
Energy Marketing business, brings total year-to-date divestitures to $5.4
billion. Hess has used the initial proceeds from its completed asset sales,
first, to repay debt and, then, to further strengthen its balance sheet.
Subsequently, the Company started purchasing shares under its $4 billion
authorization and intends to use proceeds from, and working capital released
by, the sale of its terminal network to continue this program.

The agreement is subject to regulatory approvals and other customary closing
conditions and is expected to close in the fourth quarter of 2013.

Hess Corporation is a leading global independent energy company engaged in the
exploration and production of crude oil and natural gas. More information on
Hess Corporation is available at http://www.hess.com.

Cautionary Statements

This news release contains projections and other forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These projections and statements
reflect the company’s current views with respect to future events and
financial performance. No assurances can be given, however, that these events
will occur or that these projections will be achieved, and actual results
could differ materially from those projected as a result of certain risk
factors. A discussion of these risk factors is included in the company’s
periodic reports filed with the Securities and Exchange Commission.

Contact:

Hess Corporation
Investors:
Jay Wilson, 212-536-8940
Media:
Jon Pepper, 212-536-8550
or
Sard Verbinnen & Co
Michael Henson/Patrick Scanlan
212-687-8080
 
Press spacebar to pause and continue. Press esc to stop.