Hess closes sale of energy marketing unit

Hess Corp. has completed the sale of its energy marketing business to Direct Energy, a subsidiary of Centrica PLC.

Hess Corp. has completed the sale of its energy marketing business to Direct Energy, a subsidiary of Centrica PLC (OGJ Online, July 30, 2013).

It said total consideration was $1.2 billion, higher than reported when the deal was announced at midyear because of increased working capital at closing.

The acquired business supplies natural gas and electricity to 23,000 commercial, industrial, and small-business customers in the eastern half of the US.

Its sale is part of Hess’s withdrawal from downstream businesses.

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