Hess To Sell Stakes In Permian Basin Assets For $600 Million To Occidental Petroleum

By Tomi Kilgore Markets MarketWatch Pulse

Hess Corp. announced Monday a deal to sell its stake in enhanced oil recovery assets in the Permian Basin for $600 million to Occidental Petroleum Corp. . The deal includes Hess's 34.2% interest in the Seminole-San Andres Unit and the 46.6% stake in the Seminole Gas Processing Plant in Texas, the 100% stake in the West Bravo Dome C02 field in New Mexico and the 9.9% interest in the Bravo Dome unit in New Mexico. The deal is expected to close on Aug. 1. Hess's stock slipped 0.2% and Occidental shares fell 0.3% in morning trade, while the S&P 500 gained 0.4%.

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