NEW YORK--(BUSINESS WIRE)--Dec. 26, 2018--
Hess Corporation (NYSE:HES) today announced that the Company’s 8.00%
Series A Mandatory Convertible Preferred Stock (the “Preferred Stock”)
and related depositary shares, each representing 1/20th interest in a
share of Preferred Stock, are expected to automatically convert into
shares of the Company’s common stock on January 31, 2019. The conversion
rate for each share of Preferred Stock will be between 21.8220 and
25.6420 shares of the Company’s common stock (and, correspondingly, the
conversion rate for each depositary share will be between 1.0911 and
1.2821 shares of the Company’s common stock), based upon the
volume-weighted average price per share of the Company’s common stock
over the 20 consecutive trading day period beginning on, and including,
December 28, 2018 and ending on January 28, 2019.
As previously announced, on February 1, 2019 holders of record at the
close of business on January 15, 2019 will receive a final quarterly
cash dividend of $20 per share on the Preferred Stock, which is
equivalent to $1.00 per depositary share.
Hess Corporation is a leading global independent energy Company engaged
in the exploration and production of crude oil and natural gas. More
information on Hess Corporation is available at http://www.hess.com.
Cautionary Statements
This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the Company’s current views with
respect to future events and financial performance. No assurances can be
given, however, that these events will occur or that these projections
will be achieved, and actual results could differ materially from those
projected as a result of certain risk factors. A discussion of these
risk factors is included in the Company’s periodic reports filed with
the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181226005123/en/
Source: Hess Corporation
Investors:
Jay Wilson
(212) 536-8940
jrwilson@hess.com
Media:
Lorrie
Hecker
(212) 536-8250
lhecker@hess.com
