UPI.com
NEW YORK, Jan. 31 (UPI) – Hess Corp. won’t pursue a sale of some of its assets in lucrative U.S. plays like Bakken shale despite calls from minority shareholders, CEO John Hess said.
Hess, Hess Corp.’s chief executive officer, said keeping assets in the Bakken and Utica shale plays in the United States was the right strategy for the company.
Global assets, he said, would “generate the cash needed to fund the unconventional growth we have in the Bakken and the Utica,” he was quoted by Bloomberg News as saying.
This week, Hess said it was evolving into an exploration and production company as it leaves the refining business by closing a New Jersey facility. The company said the move could release around $1 billion for future growth opportunities.
Hess said it was setting aside about 40 percent of its $6.8 billion exploratory budget for the year on unconventional shale resource projects in the United States. Shale natural gas has put the country in a leadership position in terms of global reserves.
