Hess to Pursue Sale of Russian Subsidiary Samara-Nafta

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Hess Corp. said it will pursue the sale of its Russian subsidiary Samara-Nafta, as the oil-and-gas producer continues to reshape its portfolio.

Hess has retained Goldman Sachs as its financial adviser in connection with the potential sale of Samara-Nafta, which produces about 50,000 barrels of oil equivalent per day in the Volga-Urals region.

Hess has been pruning its portfolio to fund drilling and exploration efforts, last month reaching a deal for $525 million from Royal Dutch Shell PLC for its stake in the Beryl area fields in the U.K. North Sea and the Scottish Area Gas Evacuation System. In September, Hess agreed to sell some minority stakes it holds in fields in Azerbaijan to India's ONGC Videsh Ltd. for $1 billion.

Earlier this month, Hess said its third-quarter earnings rose 87%, due in part to asset-sale gains, while the oil-and-gas producer's revenue grew more than expected on improved selling prices and production.

Copyright (c) 2012 Dow Jones & Company, Inc.

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