American Energy Partners Buys Utica Shale Gas Fields From Hess

From The Wall Street Journal

By Tom Fowler, Daniel Gilbert & Ryan Dezember

American Energy Partners LP, led by Aubrey McClendon, continues to bulk up in Ohio’s Utica Shale, purchasing natural-gas fields from Hess Corp. HES -0.59% for $924 million, according to people familiar with the matter.

Hess said Wednesday it struck an agreement to sell 74,000 acres in the Utica to an undisclosed buyer. The company has sold more than $7.8 billion in assets over the past year to raise cash and narrow its focus on growing oil output in the U.S.

Hess issued fourth-quarter financial results on Wednesday, reporting a profit of $1.93 billion, up from $374 million in the year-ago period. It will use the proceeds from the Utica sale to repurchase stock.

American Energy Partners said on Wednesday that an affiliate had raised $500 million to invest in wells across the country, but a spokesman for the company declined to comment on the Utica deal.

Click here to read more

Add Comment

By posting your comment, you agree to abide by our Posting rules

Text

© 2013 Energy Tribune

Scroll to top