This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Direct Energy Completes Acquisition Of Hess' Energy Marketing Business

Stocks in this article: CNA









HOUSTON, Nov. 1, 2013 /PRNewswire/ -- Direct Energy Business, LLC, a North American subsidiary of Centrica plc, today announces the completion of its acquisition of the New Jersey-based Energy Marketing business of Hess Corporation.

(Logo: http://photos.prnewswire.com/prnh/20121004/MM87276LOGO)

The new organization, which also now combines Direct Energy's commercial and industrial retail business with the company's wholesale supply business, will be led by Maura Clark, who assumes the role of president of Direct Energy Business. Clark headed Direct Energy's commercial and industrial business prior to the acquisition. The combination of Hess' Energy Marketing business and Direct Energy Business creates an industry leading energy marketing organization serving commercial and industrial customers across deregulated markets in North America.

"By bringing together the expertise and capabilities of Hess Energy Marketing and Direct Energy Business we will be uniquely positioned to provide a full suite of energy and energy solutions to our customers," said Maura Clark, president of Direct Energy Business. "We now have leading positions in business gas and power supply and energy solutions, creating a stand out dual fuel business in the U.S. and a robust platform for future growth."

Badar Khan, president and CEO of Direct Energy,said: "We are building on a strong legacy of success in both organizations and bringing like-minded businesses together to drive value for our customers and shareholders. This transaction creates further momentum towards our growth strategy to double the profitability of our North American downstream business over the next three to five years."

About Direct Energy

Direct Energy is one of North America's largest energy and energy-related services providers with over six million residential and commercial customer relationships. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in 46 states plus DC and 10 provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.

Notes:

  • Further information summarizing the transaction is available at www.centrica.com

 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs