Energy company, Hess Corp. (HES) reported on Monday that it has agreed to sell its stake in Samara-Nafta.
Hess has come to an agreement with OAO LUKOIL to sell 100% of its stake in Samara-Nafta for $2.05 billion. Currently, Hess owns 90% of the company and is expected to earn $1.8 billion from the sale after taxes.
Hess has entered into several agreements this year including the sale of its interests in the Beryl field in the U.K. North Sea, the Eagle Ford play in Texas, and the Azeri, Chirag and Guneshli fields in Azerbaijan.
Including the most recent announcement of the sale of Samara-Nafta, total proceeds to Hess this year total $3.4 billion.
Hess shares were up $1.45, or 2.02% during Monday morning trading. The stock has increased 24% in the past year.
The Bottom Line
Shares of Hess Corp. (HES) have a 0.56% yield, based on Monday morning’s price of $71.95.
Hess Corp. (HES) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.