Hess Completes Sale of Its Energy Marketing Business
NEW YORK -- November 1, 2013
Hess Corporation (NYSE: HES) today completed the previously announced sale of
its Energy Marketing business to Direct Energy, a North American subsidiary of
Centrica plc, for a total consideration of $1.2 billion. Proceeds were higher
than originally announced due to increased working capital at closing.
The Energy Marketing business supplies natural gas and electricity to 23,000
commercial, industrial and small business customers in the eastern half of the
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.
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.
Jay Wilson, 212-536-8940
Jon Pepper, 212-536-8550
Sard Verbinnen & Co
Michael Henson / Patrick Scanlan
Press spacebar to pause and continue. Press esc to stop.