Hess, under pressure, to exit retail business

Print
Email
|

Associated Press

Posted on March 4, 2013 at 10:01 AM

Updated Monday, Mar 4 at 10:02 AM

NEW YORK (AP) — Hess will rid itself of its retail operations, as well as its energy trading and marketing business, to focus more on exploration and production.

The announcement comes just over a month after Hess investor Elliott Management pushed for just such a change, and began lobbying for new directors for the New York company.

On Monday, Hess Corp. said it will nominate a slate of five independent directors for election to its board at its annual meeting in May. It also named a sixth director that will stand for election at the 2014 meeting. Six of the company's current directors will leave the board.

The company said it will boost its annual dividend to $1 per share and buy back up to $4 billion in stock.

Print
Email
|