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  • Hess Announces Sale of Retail Business to Marathon Petroleum Corporation for USD2.6 Billion
    édité le 22/05/2014 - Plus de news de "HESS" - Voir la fiche entreprise de "HESS"


Hess Announces Sale of Retail Business to Marathon Petroleum Corporation for USD2.6 Billion
Hess Corporation announced 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 (NYSE:HES) is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas.

About Marathon Petroleum Corporation

Headquartered in Findlay, Ohio, Marathon Petroleum Corporation (MPC), together with its subsidiaries, including Marathon Petroleum Company LP, Speedway LLC and MPLX LP, is one of the largest petroleum product refiners, marketers and transporters in the United States.


Origine : Communiqué HESS

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