Hess divests $321 million in Bakken interests

 

In the Bakken of North Dakota, a play where some Oklahoma energy firms have significant investments and operations, the Hess Corporation announced the $312 million sale of some of its interests.

Hess is divesting its Little Knife and Murphy Creek acreage to Enerplus Corporation. The sale consists of nearly 78,700 net acres located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure.

Net production from the holdings averaged 4,500 barrels of oil equivalent a day net to Hess in the first quarter of 2021.

“The Bakken is a core asset in our company’s portfolio,” CEO John Hess said. “Sale of the Little Knife and Murphy Creek acreage – the majority of which we were not planning to drill before 2026 – brings material value forward and further strengthens our cash and liquidity position.”

The sale is expected to close in May 2021, subject to customary closing conditions.

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