Direct Energy Resources, a North American subsidiary of ?Centrica that is based in Houston, will buy the marketing business of Hess Corp. for $731 million in cash.
The energy marketing business, which is based in New Jersey, is one of the largest business-to-business energy suppliers in the Eastern U.S. and operates in 18 states. The business has an extensive portfolio of of natural gas and power contracts.?In 2012, the Hess energy marketing business supplied 378 billion cubic feet (bcf) of gas and 28 terawatt hours (TWh) of power to over 23,000 customers.
Badar Khan, President and CEO of Direct Energy, said in statement: ?This transaction will transform our B2B operations in North America, giving us leading positions in business gas and power supply and creating a unique dual fuel business in the US.? It marks a significant step towards delivering on our strategy ? substantially increasing the scale of our North American downstream business and integrating along the gas value chain ? with the aim of doubling the profitability of our North American downstream business over the next 3-5 years.?
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Source: http://fuelfix.com/blog/2013/07/30/direct-energy-is-buying-hess-unit-for-731-million/
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