The New York-based integrated energy company, Hess Corp (HES
), announced on Wednesday that it has entered an agreement to sell off its U.S. East Coast and St. Lucia terminal network.
According to sources, Hess will be selling off its terminal network on the East Coast to Buckeye Partners, L.P. (BPL), which operates as a master limited partnership (MLP) based out of Houston, Texas. Hess will be selling its assets for $850 million in cash, and as a result of the sale the company expects to release approximately $900 million in working capital funds. This sale, combined with the sales of four other upstream producing assets earlier this year, brings Hess’s total divestitures to $5.4 billion YTD.
Hess Corp shares traded lower on Wednesday, shedding 0.30% on the day. The stock is up 48% year-to-date.
The Bottom Line
Shares of Hess Corp (HES) are yielding 1.27% based on Wednesday’s closing price of $78.53.
Hess Corp (HES) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.