Hess Corporation has entered into an agreement to sell approximately 74,000 acres of its dry gas acreage in the Utica Shale to an undisclosed third party for a consideration of $924 million. Approximately two-thirds of these proceeds are expected at the end of the first quarter of this year, with the balance to be received in the third quarter.

Proceeds from these sales will be used for additional share repurchases as they are in excess of those associated with the divestiture program announced by the Company on March 4 of last year. The Company will determine whether or not to seek an increase to its existing $4 billion share repurchase authorization, approved as part of its March 4 announcement, after a final decision is made either to spin or sell Hess Retail.

Tags: Hess Corporation