Proceeds to Be Used for Additional Share Repurchases
NEW YORK--(BUSINESS WIRE)--May 22, 2014--
Hess Corporation (NYSE:HES) 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 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.
About Hess:
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 www.hess.com.
Source: Hess Corporation
Hess Corporation
Investor:
Jay Wilson,
212-536-8940
or
Media:
Sard Verbinnen & Co
Michael
Henson/Patrick Scanlan, 212-687-8080
