Hess has been shifting away from refining and toward exploration and
production. As part of that plan, it's selling off some assets. The
Indonesia assets were included in that plan.
The assets are off Indonesia's coast and produced an average of
15,000 barrels of oil equivalent per day net to Hess in the first
three quarters of the year.
The sale is being conducted under two separate agreements with the
Hess Corp. said Monday that it will use proceeds from the sale to
continue buying back shares under an existing $4 billion program.
The deal is expected to close in 2014's first quarter.
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