Hess completes Bakken midstream sale, establishes joint venture
NEW YORK -- Hess has completed the sale of a 50% interest in its Bakken midstream assets to Global Infrastructure Partners for a cash consideration of $2.675 billion, the company announced Wednesday.
As planned, Hess and Global Infrastructure Partners have created a midstream joint venture—Hess Infrastructure Partners.
The Hess midstream assets included in the joint venture are: a natural gas processing plant in Tioga, N.D.; a rail loading terminal in Tioga and associated rail cars; a crude oil truck and pipeline terminal in Williams County, N.D.; a propane storage cavern and rail and truck transloading facility in Mentor, Minn.; and a crude oil and natural gas gathering systems in N.D.
