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Hess Sells Retail Business To Marathon Petroleum’s Subsidiary

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By Darren Barbee, Hart Energy
May 27, 2014

Hess Corp.’s (NYSE: HES) transition into a pure play exploration and production (E&P) company is nearly complete after a May 22 announcement that its retail business had gone from a spinoff to a selloff.

Marathon Petroleum Corp. (NYSE: MPC) said its subsidiary Speedway LLC would buy Hess Retail Holdings LLC’s retail locations, transport operations and shipper history on various pipelines, including about 40,000 barrels per day (bbl/d) on the Colonial Pipeline.

Marathon will pay $2.37 billion cash, an estimated $230 million in working capital and $274 million in capital lease ...

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