American energy firms Hess Corp and Newfield Exploration have undertaken separate auctions in order to sell off parts of their oil and gas field stakes. The two assets have a value of about US$3 billion according to individuals familiar with the current situation.

These two are amongst the increasing number of US energy firms that have been cutting back on aging and decreasing productivity oil and gas fields and realigning their funds for more strategic and profitable ones. The drive is to find markets closer to home as this has been one of the key requirements sought by many of its activist shareholders.

The retreat has been received well by Asian state oil firms as well as other companies seeking to expand their portfolios in the region.

Hess has been working with activist Elliot Management regarding changes as to governance and long term planning. It has announced its restructuring into a pure-play exploration and production energy company. It has also divested its interests in a number of businesses such as its retail gasoline business, marketing and trading businesses and even to the extent of changing the core responsibilities of founder and CEO John Hess.