Hess selling Russian oil subsidiary
NEW YORK (AP) — Hess plans to sell its Russian oil subsidiary, part of a broader reshaping of its assets.
The New York energy company has hired Goldman Sachs to serve as financial advisor on a possible sale of the business.
Hess has sold more than $2.4 billion worth of its assets this year. It announced in late October that it was selling a substantial stake in oil fields in the North Sea to Royal Dutch Shell PLC in October for $525 million.
The subsidiary being sold, Samara-Nafta, produces approximately 50,000 barrels of oil equivalent per day in the Volga-Urals region of Russia.
Shares of Hess Corp. fell 17 cents to $50.56 in afternoon trading. Its shares are in the middle of its 52-week trading range of $39.67 to $67.86.