Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

24.  Subsequent Events

In January 2018, we eliminated approximately 300 employee positions as part of a cost reduction program following the 2017 asset sales.  We expect to record employee severance costs of $40 million to $50 million in the first quarter of 2018.

On February 15, 2018, Hess Corporation redeemed $350 million principal amount of 8.125% notes due 2019 for $370 million.  The carrying value of these notes, which are included in Current maturities of long-term debt in the Consolidated Balance Sheet, was $349 million at December 31, 2017.  Concurrent with the redemption, the Corporation terminated interest rate swaps with a notional amount of $350 million, which were previously designated as fair value hedges of these notes.

On February 16, 2018, we entered into an agreement to sell our interests in Ghana for total consideration of $100 million, consisting of a $25 million payment upon closing and a further payment of $75 million payable upon approval of the Plan of Development on the Deepwater Tano Cape Three Points block.  The transaction is subject to government approval and customary closing conditions.