Hess announced that it has entered into an agreement to sell its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton, the field’s operator, for a total consideration of $505 million, subject to customary adjustments, with an effective date of July 1, 2020.

The field produced an average of 11,000 net barrels of oil equivalent per day in the first eight months of 2020.

“Proceeds will be used to fund our world class investment opportunity in Guyana,” CEO John Hess said. “This sale is aligned with our strategy to preserve cash and preserve the long term value of our assets in the current low oil price environment.”

The transaction is expected to close before year end 2020 and is subject to customary closing conditions.

About Hess

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

About BHP

BHP is a world-leading resources company. We extract and process minerals, oil and gas, with more than 60,000 employees and contractors, primarily in Australia and the Americas. Our products are sold worldwide, with sales and marketing led through Singapore and Houston, United States. Our global headquarters are in Melbourne, Australia.

We operate under a Dual Listed Company structure with two parent companies (BHP Billiton Limited and BHP Billiton Plc) operated as if we were a single economic entity, which we refer to as BHP. We are run by a unified Board and management.