Hess Corp began the sale of its oil terminal. This was after previous announcements of the company seeking US$1 billion for the asset. Recently, Hess Corp settled a proxy fight with Paul Singer. The information was said by sources familiar with the matter.
The energy firm told suitors to submit their expressions of interest for the 19 terminals by July 2. This was according to sources who asked not to be named as the process was private. The asset of the company makes around US$100 million in annual earnings before EBITDA.
Hess decided to push through with the sale this year. This was despite pressure from billionaire Singer's Elliott Management Corp. The company is one of Hess' top shareholders.
The business could attract interested parties such as ArcLight Capital Holdings LLC and Alinda Capital Partners LLC. Sunoco Logistics Partners LP, Buckeye Partners LP and Marathon Petroleum Corp are among energy companies that can be attracted with the sale, according to sources.
Join the Conversation