The move is part of the company’s plan to further strengthen its balance sheet as well as focus on exploration and production.
The agreement is expected to close in the fourth quarter of 2013 following regulatory approvals and other customary closing conditions.
With the sale, Hess is expected raise funding of $900m working capital, while another $100m would be retained by the retail business as part of its ongoing operations.
Following the sale the company’s total divestments, along with the sales of four upstream producing assets earlier this year, will reach $5.4bn that will be used to repay debt.
The company has already begun buying its share under a $4bn authorization and plans to use the amount from divestments to further continue the purchase.
