Hess sells assets to Lukoil

Investor's Business Daily

The oil company said it would sell its Samara-Nafta division in Russia to Lukoil for $1.8 bil. The unit produces 50,000 barrels of oil a day and has 85 mil tons of oil reserves. Russian antitrust regulators still need to OK the deal. Hess (HES) said the money raised from the deal will be used to pay down debt. Last month, Hess announced plans to sell its retail gas station business following the trend of many oil and gas companies to shed their less-profitable downstream operations. Hess shares rose 2.7% to 73.54, a new high.

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