This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hess Announces Sale Of Its Energy Marketing Business

Hess Corporation announced today it has entered into an agreement with Direct Energy, a North American subsidiary of Centrica plc, to sell its Energy Marketing business for a total consideration of $1.025 billion. The Energy Marketing business supplies natural gas and electricity to 23,000 commercial, industrial and small business customers in the eastern half of the United States.

The transaction is part of the previously announced plan for Hess to exit the entirety of its downstream business as it transforms into a pure play E&P company with a portfolio of focused, high growth and lower risk assets. The sale of Energy Marketing, along with the sales of four producing assets earlier this year, brings total year-to-date divestitures to $4.5 billion. Hess has used the proceeds from its previously completed asset sales to repay $2.4 billion of debt and further strengthen the Company’s balance sheet for future growth. The sale of Energy Marketing now puts the Company in a position to begin repurchasing shares under its existing $4 billion share repurchase authorization.

John B. Hess, Chief Executive Officer, said, “Our Energy Marketing business has had a proud history and has been built upon long term relationships with our customers. We are grateful to all of our customers for their trust and support of our company over many years. We also want to recognize and thank our dedicated employees for their tireless efforts as well as their invaluable contributions in providing outstanding service to meet our customers’ energy needs.”

The agreement is subject to regulatory approvals and other customary closing conditions and is expected to close in the fourth quarter of 2013.

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

Cautionary Statements

This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs