Hess wraps up $400 million sale of assets in Utica

Hess Corporation   has completed the previously announced sale of its joint venture interests in the Utica shale play in eastern Ohio to Ascent Resources – Utica, LLC for net cash consideration of approximately $400 million, effective April 1.

Proceeds from this transaction will be used to invest in the company’s higher return growth opportunities in Guyana and the Bakken and to fund the previously announced share repurchase program.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.