Hess Announces Sale of Retail Business to Marathon Petroleum Corporation for
Proceeds to Be Used for Additional Share Repurchases
NEW YORK -- 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
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.
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.
Jay Wilson, 212-536-8940
Sard Verbinnen & Co
Michael Henson/Patrick Scanlan, 212-687-8080
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