Even the best-laid plans can go awry, and when they do, you should reevaluate the situation. Hess (NYSE:HES) has completed its recent deal with Thai company PTTEP for its Thailand business for about $1 billion, which is exactly what Hess was planning to do. The deal is meant to help fund the company's $4 billion share repurchase program, but it may be selling at a bit of a discount just to get it done. Considering that Hess only got 66% of the price per flowing barrel that EPL Oil & Gas (UNKNOWN:EPL.DL) got in the sale to Energy XXI (NASDAQOTH:EXXIQ), though, the deal doesn't look as attractive.
With a couple more asset sales in the works, perhaps it's time that Hess reconsider its asset sale program. In the video below, find out why the current market is not the best place for Hess and its remaining assets held for sale.