Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

News Archive

Read More Industry News >

Hedge Fund-Backed Hess Sells Russian Subsidiary

Apr 01, 2013
Jing Chen

Hedge fund-backed oil and gas company Hess Corporation announced the sale of its Russian subsidiary Samara-Nafta to OAO LUKOIL for $2.05 billion in an effort to reduce debt.

Hess chairman and CEO John Hess, which is 4.4% owned by Paul Singer’s Elliott Management, said in a statement released Monday that the sale will “transform Hess into a more focused, higher growth, lower risk pure play exploration and production company.” Hess is expected to pocket about $1.8 billion after taxes. 

Hess owns about 90% of Samara-Nafta, which is currently producing about 50,000 barrels of oil per day.

The sale is subject to approval from the Federal Antimonopoly Service of the Russian Federation. Application for this approval process is expected to be filed within the next week.

eVestment reported earlier this year that New York-based Elliott urged Hess to consider a spin-off of its holdings in the U.S. and to sell its retail operations in an attempt to boost the latter’s value.

Source: 

Read More Industry News >


Want to subscribe?

Join 15,000+ of your colleagues to receive daily hedge fund news from the definitive source in traditional and hedge fund data.

Subscribe Now


Hedge Fund Journal Reviews eVestment's Hedge Fund Database

July, 2012

Read More