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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (48048)9/7/2012 4:51:31 PM
From: E_K_S  Read Replies (2) of 78748
 
Re: Hess Corporation (HES) -NYSE

Hess Corp. sells interest in fields for $1 billion
Hess Corp. sells stake in ACG fields and pipeline for $1 billion to ONGC Videsh Ltd.

Hess Corp. said Friday that it is selling its stake in the Azeri, Chirag and Guneshli Fields in Azerbaijan and an associated pipeline to Indian petroleum company ONGC Videsh Ltd. for $1 billion.Hess has a 2.72 percent interest in the fields located in the Caspian Sea and operated by BP. The fields have been producing since 1997. Hess has a 2.36 percent interest in the pipeline associated with the fields.The deal is expected to close in the first quarter of next year.

That's worth almost $3.00/share. Stock +4.09% to $52.90/share (+$2.09/share). Seems like the stock should move higher as the close date gets closer.

EKS
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