Company News - Amerada Hess shedding properties to cut costs

06/23/2003
Amerada Hess Corp. said it will sell 26 oil and natural gas fields to Ana- darko Petroleum Corp., reported it will exchange some assets with Calgary-based EnCana Corp., and plans to cut exploration and production jobs by 30%.The sale to Anadarko, valued at as much as $260 million, involves Gulf of Mexico properties while Amerada Hess is transferring its interest in mature UK North Sea fields to EnCana in exchange for $17 million and an additional interest in Llano field in the Gulf of Mexico.Amerada Hess said the deal will enable it to cut E&P employees and contractors, mainly at its Aberdeen and London offices. Meanwhile, Anadarko also said it wants to reduce costs, by selling about $100...
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