Hess Is Building a War Chest to Fund Its $4.4 Billion Guyana Find

 

With $2.7 billion in oilfield sales this week, Hess Corp. is making a calculated bet, giving up steady production today to help fund what could be one of the world’s biggest discoveries into the next decade.

The oil explorer with operations on five continents said Tuesday that it’s selling North Sea assets off of Norway for $2 billion and seeking a buyer for wells off of Denmark. The news came a day after Hess sold drilling rights in offshore Equatorial Guinea for $650 million. Counting a June deal to sell properties in Texas, the New York-based company has sold off almost $3.3 billion in assets this year.

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