Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Hess Corp. to Exit Refinery Business, Sell Terminal Network (HES)

Monday, January 28, 2013 4:33 PM
Hess Corp.Shares of Hess Corp. (NYSE: HES) gained on Monday after the Company said that it intends to sell 20 storage terminals in the United States and the Caribbean, and move out of its refining business –a move which would allow the company to generate $1 billion in capital as it looks to shift its focus on oil and gas exploration and production business. “By closing the Port Reading refinery and selling our terminal network, Hess will complete its transformation from an integrated oil and gas company to one that is predominantly an exploration and production company and be able to redeploy substantial additional capital to fund its future growth opportunities,” said John Hess, Company’s Chairman and Chief Executive in a statement. While the 19-terminal network located in the East Coast of the United States has a storage capacity of 28 million barrels, the storage capacity at Company’s St Lucia terminal is 10 million barrels. The Company has hired Goldman Sachs to lead the sales process. The network turned redundant after Hess shut down its Hovensa refinery last year and started depending on third parties to obtain refined products for its retail and energy marketing divisions. The Company said that it will exit its refining business by shutting its Port Reading, NJ Refinery. By announcing its intention to move out of refining and storage terminals business, Hess joined a list of companies such as Conoco Philips (NYSE: COP) and Marathon Oil (NYSE: MRO) that have decided to spin off slow growing refining business in order to focus on more profitable and faster growing  exploration and production business. Meanwhile, the Company also disclosed on Monday it has received a communiqué from a hedge fund, Elliott Associates and its associated entity Elliott International on Friday, stating that they intend to seek regulatory approvals to obtain additional stake in Hess.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2015 the year you get RICH!

Latest Headlines

Turkish central bank head says to stay put after lira hits record lowTurkish central bank head says to stay put after lira hits record low
ISTANBUL (Reuters) - Turkish Central Bank Governor Erdem Basci sought to calm jittery investors on Friday, appearing to dismiss rumors that he would resign and giving a brief lift to the lira curren...
Futures flat ahead of GDP, consumer sentiment Futures flat ahead of GDP, consumer sentiment
NEW YORK (Reuters) - U.S. stock index futures were little changed on Friday, with major indexes on track for a fourth week of gains, ahead of readings on economic growth and consumer sentiment. * ...
India in 'sweet spot' of lower deficits, more growth: governmentIndia in 'sweet spot' of lower deficits, more growth: government
NEW DELHI (Reuters) - India can increase investment to drive economic growth without borrowing more, a key government report said on Friday, in an indication that Finance Minister Arun Jaitley will ...
Some staff say India's Sahara has not paid salaries for months Some staff say India's Sahara has not paid salaries for months
MUMBAI (Reuters) - Some staff at Indian conglomerate Sahara say they haven`t been paid for several months, as the company tries to raise $1.6 billion to bail its boss Subrata Roy out of jail. Reut...
Oil market may have bottomed out: Reuters pollOil market may have bottomed out: Reuters poll
(Reuters) - Oil prices have probably touched bottom and should recover in the second half of 2015 as the collapse in the market over the last year begins to curb production, a Reuters survey of anal...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.

Algorithm Based
Trade Signals
arrow
small cap swing trades SmallCaps stocks under $10
Index Signals Index Signals SPY, QQQ, DIA, IWM
options trading Mega Stocks options + stock trade signals
AppleStock FREE AAPL Signals realtime daytrade signals