Hess Corp plans to form a publicly traded master limited partnership comprising its pipeline and storage assets in North Dakota’s Bakken oil shale field, the company said Thursday.
Hess said the partnership is aiming to file a registration statement for a public offering of the partnership with the U.S. Securities and Exchange Commission in the fourth quarter of 2014.
The company said a midstream master limited partnership (MLP) would support the company’s production growth in the Bakken shale.
The MLP will consist of Hess’s natural gas processing plant in Tioga, ND, which recently completed an expansion, refurbishment, and optimization program.
Hess has a rail loading terminal in Tioga and associated rail cars, and crude pipeline terminal there.
The company has its headquarters in New York City and major regional offices in Houston and Kuala Lumpur, Malayaia.
Hess said it will own the general partner of the MLP and a majority of its limited partner interests after completion of the IPO, scheduled for the first quarter of 2015.