Hess Enters Utica Shale Via Deal With Consol

摘要

US integrated oil firm Hess Corp. made itsfirst foray into the emerging Utica Shale playin Ohio on Wednesday, agreeing to pay coalgiant Consol Energy a total of $593 millionfor a 50% stake in the company’s 200,000net acre position in eastern Ohio.Hess will pay $59 million up-front at clos-ing and carry up to 50% of Consol’s drillingcosts over the next five years, up to a total of$534 million.