Hess To Pay $496M To Boost Stakes In Two Offshore Oilfields

21st Jun 2010 14:45

DOW JONES NEWSWIRES Hess Corp. (HES) said it will acquire additional interests in two Norwegian North Sea oil fields from Total SA (TOT, FP.FR) for $496 million. Hess exercised a right to pre-empt a sale of the interests to BP PLC (BP, BP.LN). It is buying a 7.9% stake in the offshore Valhall field and a 12.5% interest in the Hod field, boosting Hess' stakes to 64% and 63%, respectively. The company has been benefiting from higher crude prices and reversed a prior-year loss in its latest quarter. Its stock, though up just 7.1% the past year, gained 1.5% in early trading to $57.03 in a broad market rally. -By Matt Jarzemsky; Dow Jones Newswires; 212-416-2240, [email protected] (END) Dow Jones Newswires June 21, 2010 09:45 ET (13:45 GMT)