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Hess Corporation (HES)

  • Jul. 14, 2014, 2:21 PM
    • Whiting Petroleum's (WLL +7.4%) $6B buyout of Kodiak Oil & Gas (KOG +5.1%) is renewing investor attention on independent energy firms with operations in the Bakken Shale, especially those significantly owned by hedge funds; Paulson & Co. is the single biggest owner of KOG stock, with just under 10% of shares outstanding as of the last filing date.
    • While many of the largest Bakken producers are huge companies or parts of huge companies - Hess (NYSE:HES), EOG, Statoil (NYSE:STO), Marathon Oil (NYSE:MRO), XTO Energy (NYSE:XOM) - a few small and mid-cap independent players show hedge fund interest, CNBC's Brian Sullivan writes.
    • The single biggest holder of Oasis Petroleum (OAS +0.5%) also is John Paulson's hedge fund, which owns 9.9M shares (~9.8% of shares outstanding), Jana Partners owns 16M-plus shares in QEP Resources (QEP +1.4%), and WPX Energy (WPX +1.1%) has substantial hedge fund ownership.
  • Apr. 23, 2014, 3:04 AM
    • Hess Corp. (HES) is selling its assets in Thailand to the country's PTT Exploration & Production (PEXNY) for $1B. The interests comprise minority stakes in onshore and offshore natural gas and condensate fields.
    • The divestiture adds to $7.8B worth of assets that Hess sold in the year through late January. It also comes as other U.S. energy companies offload non-core interests as they look to focus on unconventional projects in North America.
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  • Dec. 2, 2013, 7:59 AM
    • Thailand’s PTT Exploration and Indonesia’s PT Pertamina agree to buy Hess' (HES) stakes in two Indonesian offshore energy projects for $1.3B.
    • Hess has been shifting away from refining and toward exploration and production, and asset sales are part of that plan; the assets produced an average of 15K boe/day net to Hess YTD.
    • Hess says it will use proceeds from the sale to continue buying back shares under an existing $4B program.
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  • Jul. 30, 2013, 7:48 AM
    • Hess (HES) agrees to sell its energy marketing business to British utility Centrica's (CPYYF.PK) 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.
  • Jun. 21, 2013, 4:34 AM
    Hess (HES) and Newfield Exploration (NFX) have reportedly launched separate auctions to sell Asian oil and gas assets with a combined value of around $3B. Hess is looking to offload up to $2B worth of stakes in Indonesia and Thailand, while Newfield is selling interests in Chinese and Malaysian fields. The divestitures are in line with a trend of U.S. energy companies unloading older and less productive fields in favor of more strategic and profitable projects.
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  • Apr. 9, 2013, 4:41 PM
    Hess (HES) reportedly declined a higher offer when it sold its Russian oilfields to Lukoil for $2.05B last week; a unit of NK Dulisma, an energy producer that operates in Russia, claims it offered $2.35B. Sellers, of course, consider many factors when choosing a buyer for an asset, including how much certainty a bidder can provide that the transaction actually will close.
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  • Mar. 25, 2013, 7:59 AM
    Hess (HES) +1% premarket after Heard On The Street suggests it could be sold outright rather than broken up into pieces. No one has stepped up to buy Hess despite its valuation gap, Liam Denning writes, most likely because it wasn't perceived as being for sale. Norway's Statoil (STO) is an intriguing potential acquirer; for one thing, it has among the lowest proved-reserves life of the major oil companies.
  • Feb. 13, 2013, 10:22 AM
    Hess (HES +1.5%) shares pop higher on renewed M&A speculation; last month, HES had announced it will pursue the sale of its terminal network in the U.S. Active call volume suggests traders are taking positions for a larger price movement.
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  • Oct. 17, 2012, 5:18 PM
    With Third Point successfully convincing Murphy Oil (MUR) to spin off its U.S. retail business, Deutsche Bank analyst Paul Sankey thinks Occidental Petroleum (OXY) and Hess (HES) likely will be next, since "in both cases, investors have major questions over strategy and execution, and both are trading below NAV.” ConocoPhillips (COP) is viewed as a sleeper pick. (also)
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  • Oct. 16, 2012, 2:14 PM
    Hess (HES +3.8%) shares are strong on Murphy Oil's (MUR +8.8%) move to spin off its U.S. fuel-making business into a new company. Conoco used a similar strategy earlier this year when it spun off its fuels, petrochemicals and pipeline businesses into Phillips 66. HES operates in two segments - exploration and production, and marketing and refining - making it a potential candidate for a spinoff.
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  • Jul. 15, 2011, 8:58 AM
    Oil-and-gas takes the pole among premarket gainers following Petrohawk's (HK +63%) $12.1B bid from BHP Billiton (BHP -1.6%) as it moves deeper into the U.S. shale. The deal values HK at 50% higher than 30-day prices. LNG +6.2%. CHK +5.6%. FST +4.7%. SD +4.2%. XCO +3.8%. EOG +3.7%. HES +2.3%.
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Company Description
Hess Corp is a Exploration and Production (E&P) company that develops, produces, purchases, transports and sells crude oil and natural gas. The Company operates in two segments: E&P and Retail Marketing.