Hess Completes Sale Of Its Energy Marketing Business

Hess Corporation (NYSE: HES) today completed the previously announced sale of its Energy Marketing business to Direct Energy, a North American subsidiary of Centrica plc, for a total consideration of $1.2 billion. Proceeds were higher than originally announced due to increased working capital at closing.

The Energy Marketing business supplies natural gas and electricity to 23,000 commercial, industrial and small business customers in the eastern half of the United States.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

Cautionary Statements

This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.

Copyright Business Wire 2010

If you liked this article you might like

It's Finally Time to Look at Oil Stocks

The Stock Market Is on Fire, Especially in These Sectors: Market Recon