Hess Makes Grand Entrance Into Utica Shale, Deals Worth $1.3Bln

摘要

Hess entered the emerging Utica Shale in a big way last week, inking two deals worth a combined $1.34 billion that will give it 185,000 net acres in the liquids-rich Ohio play. In the largest of the two deals, Hess agreed to pay $750 million to acquire privately held Marquette Exploration along with other leases in the play. That deal will bring Hess a 100% working interest in 85,000 net acres in Ohio. The smaller of the two deals was a $593 million joint venture with coal giant Consol Energy. That agreement will bring Hess a 50% working interest in Consol's 200,000 net acre position in eastern Ohio — or 100,000 acres net to Hess.