Hess Exits Refining, Will Sell Terminal Network To Free Up $1 Billion
By Darren Barbee, Hart Energy
January 28, 2013
Hess Corp. (NYSE: HES) is leaving the refining business behind and plans to sell off its terminal network, potentially freeing up $1 billion in working capital for other projects, the company announced Jan. 28.
The announcement comes after an "activist investor," Elliott Associates, filed for regulatory approval to buy an $800 million stake in the company with aspirations for a seat on the board.
In the past several months, Hess has announced divestitures of $2.4 billion in non-strategic assets and has committed to sell its oil and gas assets in ...
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