- Hess (NYSE:HES) agrees to sell its energy marketing business to British utility Centrica's (OTCPK:CPYYF) North American subsidiary Direct Energy Business $731M in cash plus net working capital of ~$300M.
- The sale is part of Hess' plan to focus on its E&P activities, and brings YTD asset sales to $4.5B; Hess says the sale will allow it to start buying back shares under an existing $4B repurchase program.
- Centrica says the deal makes Direct Energy the largest business gas supplier on the U.S. east coast and the second largest business supplier in the U.S. retail power market.