Stock:
Symbol Lookup
Register | Login My Watchlist | My Account | Logout
History
to View Your Portfolio

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 2016 the year you get RICH!

Latest Headlines

Bangladeshi probe panel's chief says SWIFT responsible for cyber theftBangladeshi probe panel's chief says SWIFT responsible for cyber theft
DHAKA (Reuters) - A Bangladesh government-appointed panel investigating the theft of $81 million from the country`s central bank has found that SWIFT, the international banking payments network, commi...
Vietnam's TPBank says thwarted cyber hacking attempt late last year Vietnam's TPBank says thwarted cyber hacking attempt late last year
HANOI (Reuters) - Vietnam`s Tien Phong Bank (TPBank) said on Sunday it had thwarted a hacking attempt in the final quarter of last year and avoided the loss of more than 1 million euros ($1.13 million...
Vietnam bank says interrupted cyber heist using SWIFT messaging Vietnam bank says interrupted cyber heist using SWIFT messaging
HANOI/BOSTON (Reuters) - Vietnam`s Tien Phong Bank said that it interrupted an attempted cyber heist that involved the use of fraudulent SWIFT messages, the same technique at the heart of February`s m...

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.

{localized={en_US=Terry}, preferredLocale={country=US, language=en}} {localized={en_US=Scott}, preferredLocale={country=US, language=en}}

Terry Scott
CEO of StockMarketWatch

View Profile


Learn the Stock Market

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

Be a Better
Trader, Today
arrow
PreMarket PRO Our New Streaming Realtime Pre-Market Product -- Click Here to Learn More