© 2014 The Texas Lawbook.
By Natalie Posgate
Staff Writer for The Texas Lawbook
(January 29) – Fortune 100 Hess Corporation announced Wednesday that it will sell approximately 74,000 acres of its dry gas acreage in the Utica Shale to an undisclosed third party for $924 million.
Attorneys from Latham & Watkins’ Houston office advised Hess in the transaction, with oil and gas M&A partner Robin Fredrickson as the lead attorney. Associates Yvette Schultz, Patricia Hammond and Jim Cole were also involved.
Previously, Fredrickson and Hammond represented Hess in connection with the dissolution of its joint venture with ZaZa Energy Corporation. The firm also represented Hess on its $750 million acquisition of Marquette Exploration, LLC.
Approximately two-thirds of the proceeds are expected at the end of the first quarter, with the balance to be received in the third quarter.
The proceeds will be used for additional share repurchases, since they are in excess of those associated with the divestiture program Hess announced in March 2013.
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