U.S. midstream player Hess Corp. said it brought a new partner into its North Dakota operations with the goal of taking a pole position in the Bakken shale.

Hess sold half of its stake in pipeline operations, rail terminals and gas processing in the Bakken reserve area in North Dakota to Global Infrastructure Partners for $2.68 billion in cash.

"This transaction delivers significant and immediate value to our shareholders," John Hess, chief executive officer of Hess, said in a statement. "The joint venture, with its strategically located assets, will be one of the largest midstream operators in the Bakken."

Hess said it would use the proceeds to build a position of strength in the Bakken in the weak crude oil price environment and support future growth opportunities.

The company in January said it was cutting its overall capital and exploration budget for 2015 by 16 percent to $4.7 billion. Spending in Bakken, a shale area at the heart of the U.S. oil boom, will be cut by 18 percent to $1.8 billion.

Crude oil prices are about $40 per barrel less than they were this time last year, forcing many energy companies to cut back on spending for this year.

Hess last year said it would use revenue from a future initial public offering toward development of a natural gas processing plant and rail terminals in North Dakota.

"By capitalizing on the financial strength and midstream energy experience of Global Infrastructure Partners, the joint venture will be in a strong position to fund future energy infrastructure investments and continue to grow its midstream business," Hess said.

There was no comment on the acquisition from Global Infrastructure Partners. Hess said the deal should close in the third quarter. Upon the close, both sides will continue to pursue the proposed IPO for Hess's midstream operations.