Hess sells energy marketing business for $1.03B

|By:, SA News Editor

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.