Hess to Shed Half of Bakken Assets

Oil and natural gas producer Hess Corp  said it will sell half of its Bakken midstream assets to Global Infrastructure Partners for $2.68 billion.

The joint venture, valued at $5.35 billion, plans to file for an initial public offering, upon closing of the transaction, Hess said on Thursday.

Hess said in July it plans to form a publicly traded master limited partnership comprising its pipeline and storage assets in North Dakota's Bakken oil shale field.

Reporting by Amrutha Gayathri