OREANDA-NEWS. Hess Corporation announced today it has entered into an agreement with Buckeye Partners, L.P. to sell its U.S. East Coast and St. Lucia terminal network for a total consideration of USD 850 million in cash. As a result of this sale, Hess is expected separately to release approximately USD 900 million of working capital, with another USD 100 million continuing to be retained by the retail business as part of its ongoing operations.

The sale of the terminal network, along with the sales of four upstream producing assets completed earlier this year and the announced sale of the Energy Marketing business, brings total year-to-date divestitures to USD 5.4 billion. Hess has used the initial proceeds from its completed asset sales, first, to repay debt and, then, to further strengthen its balance sheet. Subsequently, the Company started purchasing shares under its USD 4 billion authorization and intends to use proceeds from, and working capital released by, the sale of its terminal network to continue this program.

The agreement is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2013.