All CATEGORIES
☰ Menu
Ohio Utica Shale

Hess Corp. to form Bakken shale midstream MLP

By Bob Downing Published: July 31, 2014

From the Hess Corp. on Wednesday:

NEW YORK--(BUSINESS WIRE)--Jul. 30, 2014-- Hess Corporation (NYSE:HES) announced today its intention to pursue the formation and initial public offering of a master limited partnership (MLP). Hess remains focused on value creation and the pursuit of its previously announced intention to monetize its midstream assets in the Bakken oil shale play in North Dakota. Hess intends to use the MLP as the primary midstream vehicle to support its Bakken production growth, and expects initially to contribute interests in the following midstream assets to the MLP:

  • Hess’s natural gas processing plant located in Tioga, North Dakota, where a large-scale expansion, refurbishment and optimization program was recently completed;
  • Hess’s rail loading terminal in Tioga, North Dakota, along with the associated rail cars;
  • Hess’s crude oil truck and pipeline terminal located in Tioga, North Dakota; and
  • Hess’s propane storage cavern and related rail and truck loading and storage terminal located in Mentor, Minnesota.

Hess will own the general partner of the MLP, all of its incentive distribution rights, and a majority of its limited partner interests following completion of the initial public offering.

Hess expects the MLP to file a registration statement with the Securities and Exchange Commission in the fourth quarter of 2014 and, subject to market conditions, expects to make an initial public offering of common units representing limited partner interests in the MLP in the first quarter of 2015.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers or solicitations of offers to buy or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (Securities Act). This announcement is being issued in accordance with Rule 135 under the Securities Act.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

Print
Add This

SUBSCRIBE VIA RSS

OHIO.COM VIDEOS

See the most recent drilling report and an injection wells map From NewsOutlet.org

Utica and Marcellus shale web sites

Ohio Department of Natural Resources' Division of Oil and Gas Resources Management State agency Web site.

ODNR Division of Oil and Gas Resources Management. State drilling permits. List is updated weekly.

ODNR Division of Geological Survey.

Ohio Environmental Protection Agency.

Ohio State University Extension.

Ohio Farm Bureau.

Ohio Oil and Gas Association, a Granville-based group that represents 1,500 Ohio energy-related companies.

Ohio Oil & Gas Energy Education Program.

Energy In Depth, a trade group.

Marcellus and Utica Shale Resource Center by Ohio law firm Bricker & Eckler.

Utica Shale, a compilation of Utica shale activities.

Landman Report Card, a site that looks at companies involved in gas and oil leases.FracFocus, a compilation of chemicals used in fracking individual wells as reported voluntarily by some drillers.

Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

Shale Sheet Fracking, a Youngstown Vindicator blog.

National Geographic's The Great Shale Rush.

The Ohio Environmental Council, a statewide eco-group based in Columbus.

Buckeye Forest Council.

Earthjustice, a national eco-group.

Stop Fracking Ohio.

People's Oil and Gas Collaborative-Ohio, a grass-roots group in Northeast Ohio.

Concerned Citizens of Medina County, a grass-roots group.

No Frack Ohio, a Columbus-based grass-roots group.

Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

Penn State Marcellus Center.

Pipeline, blog from Pittsburgh Post-Gazette on Marcellus shale drilling.

Allegheny Front, environmental public radio for Western Pennsylvania.