Hess sells Utica dry gas acreage for $924M, part of portfolio reshape

|About: Hess Corporation (HES)|By:, SA News Editor

Hess' (HES +0.8%) Q4 income was raised by recent asset sales as the E&P company tries to reshape its portfolio, and Hess announced another sale after the open, agreeing to sell ~74K acres of dry gas acreage in the Utica Shale to an unidentified third party for ~$924M.

Hess says that while its wells in the acreage were productive, the potential returns from such an investment at current and projected natural gas prices no longer justified retaining the acreage as a strategic part of its overall liquids-based asset portfolio.