Hess transforms into pure-play E&P firm. Sells gas stations

Hess Corporation announced today that it has agreed to sell its retail business to Marathon Petroleum Corporation for a total cash consideration of $2.6 billion.

 

Hess Retail is the largest chain of company operated gas stations and convenience stores along the U.S. East Coast with 1,342 locations.

Proceeds from the sale will be used for additional share repurchases and the company has increased its existing share repurchase authorization from $4 billion to $6.5 billion. Since the commencement of the program in August 2013, the company has repurchased approximately $2.8 billion in stock.

John B. Hess, Chief Executive Officer, said, “The sale of our retail business marks the culmination of our strategic transformation into a pure-play exploration and production company. I especially want to express my deepest appreciation to our employees in the retail business for their outstanding work and extraordinary dedication over the years building the Hess brand and serving our loyal customers.”

The transaction is subject to customary closing conditions and is expected to be completed before year-end 2014.

 

Press Release, May 22, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply