Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Hess Announces Culmination Of Transformation Into Pure Play E&P Company

Hess Corp. (HES: Quote) announced initiatives marking the culmination of its multi-year strategic transformation into a pure play exploration and production company. The company also issued a letter to its shareholders in connection with the change. The company said the transformed Hess will have a focused portfolio of world class, higher growth, lower risk E&P assets that will deliver a five year CAGR of 5% to 8%, based off of pro forma 2012 production, with aggregate mid-teens production growth between pro forma 2012 and 2014. The company will fully exit its downstream businesses, including retail, energy marketing, and energy trading.

Hess said it aims to return capital directly to shareholders through an increase in the annual dividend to $1.00 per share commencing in the third quarter of 2013, and a share repurchase authorization of up to $4 billion tied to the timing of asset sales.

The company also announced a slate of five independent director nominees for election at Annual Meeting, and appointed an additional independent director who will stand for election at the 2014 annual meeting. Hess said Nicholas Brady, Thomas Kean, Frank Olson, Samuel Nunn, Gregory Hill and Borden Walker will be leaving its Board. With the changes, 13 of the 14 Board members will be independent.

Register
To receive FREE breaking news email alerts for Hess Corporation and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Stocks moved notably higher over the course of the trading day on Monday, extending the strong upward move seen last Friday. The gains on the day continued the recent recovery by the markets, with the Nasdaq and the S&P 500 closing higher for the third consecutive session. While Republicans have largely tried to frame the upcoming midterm elections as a referendum on President Barack Obama, Sen. Ted Cruz, R-Tex., has joined the few offering guidance on what the GOP will do if it manages to retake control of the Senate.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.