Hess Corporation announced that it 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.

About Hess

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

About Ascent Resources

Ascent Resources is a leading private exploration and production company focused on acquiring, exploring for, developing, producing and operating natural gas and oil properties in the Utica Shale. The Company is capitalized with equity investments from various private equity sponsors, led by funds managed by The Energy & Minerals Group and First Reserve Corporation.