Oaktree Capital Management LP has acquired Hess Corp‘s stake in HETCO, a marketer and trader of energy commodities. No financial terms were disclosed. As a result of the transaction, HETCO will change its name to Hartree Partners LP.
February 12, 2015 03:11 PM Eastern Standard Time
NEW YORK–(BUSINESS WIRE)–Hess Energy Trading Company, LLC (“HETCO”), a global marketer and trader of energy commodities, today announced that it has closed the sale of Hess Corporation’s (“Hess”) interest in the company to an affiliate of funds managed by Oaktree Capital Management, L.P. (“Oaktree”). HETCO was formed in 1997 as a joint venture between its founding partners, Stephen Hendel and Stephen Semlitz, and Hess. The firm will change its name to Hartree Partners, LP.
“This is an exciting day for our firm, which is approaching its 19th anniversary of delivering differentiated returns in the energy commodity markets,” said Mr. Hendel. “We are grateful for Hess’s support over the years, which has positioned us well for continued success, and look forward to partnering with Oaktree as Hartree Partners.”
Mr. Semlitz said, “In partnering with Oaktree, we will have a unique ability to continue our success in the energy space and expand across related markets, while leveraging our shared experience. Having spent three decades in this space, we see this as the beginning of the next cycle as the fundamentals and participants change.”
About Hartree Partners
Hartree Partners is a leading global marketer and trader of commodities and equities founded by Stephen Semlitz, Stephen Hendel, and Guy Merison. The firm has offices in New York, London, Singapore, Geneva, Dubai, Boston, Houston, and Wisconsin.