Regardless of the price Hess got for their sale, I was surprised
they sold anything in the Eagle Ford. And I guess their
activist shareholders are not happy with the sale either.
The Street (at the link) is reporting:
Hess may become further stuck between shale rock and a very hard place as activist investors exclaim their displeasure following a most underwhelming sale of the energy company's Eagle Ford Shale assets.
Late on Monday, Hess said it sold a 4,300-acre Eagle Ford Shale oilfield to Sanchez Energy for $265 million, in a deal that fetched about a third of the value that more optimistic analyst had forecast when the New York-based driller put the assets up for sale in 2012.
The deal comes at a crucial time for Hess which is embarking on an ambitious strategy to spin off its refining and marketing businesses and become a pure-play oil and gas driller with a leading position in promising shales like the Bakken.
But the Eagle Ford was a promising shale, also.
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