Hess Corporation has completed the sale of 100 percent of its Russian subsidiary Samara-Nafta to OAO LUKOIL for a total consideration of $2.05 billion. Including working capital and other adjustments, total after tax proceeds to Hess based on its 90 percent interest in Samara-Nafta were approximately $1.9 billion.

Hess' total year-to-date proceeds from completed and announced asset sales amount to approximately $3.5 billion. As previously announced, the Company is applying these proceeds to repay outstanding short-term debt and strengthen its balance sheet, providing the financial flexibility to fund future growth.

Tags: Hess Corporation