4 Merger and Acquisitions Stock Stories Making Friday Headlines
Hess Corporation (NYSE:HES): Current price $63.93
Hess Corp and Newfield Exploration Co. have initiated two separate auctions to divest portions of their Asian oil and gas field interests having a combined value of roughly $3 billion, according to inside sources. As with several American energy firms, Hess and Newfield have been selling off aging and less productive oil and gas fields, while investing back into more strategic and profitable projects, especially in and close to their home markets, impelled in part by activist shareholders. Their retreat has drawn interest from Asian state oil firms and others eager to reinforce their portfolios in the region.
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