Deals
Hess Sells Half of Bakken Processing Unit for $2.68 Billion
Hess Agrees to $2.68B Bakken Midstream Joint Venture
This article is for subscribers only.
Hess Corp., the most active oil driller in North Dakota’s Bakken last year, agreed to sell a 50 percent stake in its processing and pipeline unit in the region to private equity firm Global Infrastructure Partners for $2.675 billion in cash.
The companies are forming a midstream joint venture called Hess Infrastructure Partners, New York-based Hess said in a statement Thursday. The venture will include a natural gas processing plant, rail-loading terminal and rail cars as well as crude oil pipelines and trucks.