Dateline 2013-06-21, Value Walk:
Hess Corp. (NYSE:HES) and Newfield Exploration Co. (NYSE:NFX) have separately launched auctions to offload their Asian oil and gas assets. The value of their combined assets put on sale could go up to $3 billion, people familiar with the matter told Denny Thomas of Reuters.
U.S. companies have increasingly been selling their less productive and aging oil and gas fields in Asia. They are now investing in more profitable and strategic projects, especially in their home markets. Hess Corp. (NYSE:HES) and Newfield Exploration Co. (NYSE:NFX) have followed the same path, mainly due to mounting pressure from activist shareholders.