NEW YORK — Hess Corporation is selling its joint venture interests in the Utica shale play in eastern Ohio to Ascent Resources – Utica, LLC for approximately $400 million.
CEO John Hess said the company is divesting its lower return assets to focus on “higher return growth opportunities in Guyana and the Bakken.”
The divestiture consists of approximately 39,000 net acres, including 26,000 net undeveloped acres.
For full year 2018, net production is forecast to average 14,000 barrels of oil equivalent per day, of which approximately 70 percent is expected to be residue gas.
Hess holds a 50 percent working interest as part of a joint venture with CNX Resources. The agreement is expected to close by the end of third quarter 2018.
