October 06, 2020
Hess Corporation has announced that it has entered into an agreement to sell its 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton, the field’s operator, for a total consideration of US$505 million, subject to customary adjustments, with an effective date of July 1, 2020. The field produced an average of 11,000 net barrels of oil equivalent per day in the first eight months of 2020.
Latham & Watkins LLP advised Hess Corporation in the transaction with a corporate deal team led by Houston partner Robin Fredrickson, with Houston associates Corey Allen and Luke Strother. Advice was also provided on tax matters by Houston partner Bryant Lee, with Houston associate Chelsea Muñoz-Patchen; on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum; on antitrust matters by Washington, D.C. counsel Patrick English; on CFIUS matters by Washington, D.C. partner Les Carnegie, with Washington, D.C. associate Zachary Eddington; and on energy regulatory matters by Washington, D.C. partner Patrick Nevins.