Hess to Sell Beryl Assets to Royal Dutch Shell for $525M
Hess Corporation (NYSE: HES) announced today it has agreed to terms for
the sale of its interest in the Beryl area fields and the Scottish Area
Gas Evacuation System (SAGE) to Royal Dutch Shell (NYSE: RDS.A) (NYSE: RDS.B) for $525 million.
The Beryl fields, located northeast of Aberdeen in the United Kingdom
North Sea and operated by Apache, produced approximately 14,000 barrels
of oil equivalent per day net to Hess through the first nine months of
2012. Subject to regulatory approval, the sale is expected to close in
the first quarter of 2013.
“This sale is part of our strategic portfolio reshaping,” said Greg
Hill, President, Worldwide Exploration & Production. “Including this
transaction, we have announced asset sales