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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Hess Files Form 10 Registration Statement Related To Spin Off Of Retail Business

Hess Corporation announced today that Hess Retail Corporation, its wholly owned subsidiary, has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC).

The Form 10 contains a preliminary information statement about the potential terms and conditions of a spin-off of Hess Retail Corporation to the stockholders of Hess Corporation. It also includes information about Hess Retail Corporation as a standalone company, including financial, capital structure, business, risk factor and management and governance information. The preliminary information statement is subject to change. The Form 10 is available on the SEC's website at  http://www.sec.gov and on Hess’ website at www.hess.com.

Hess Corporation also announced that it has received a Private Letter Ruling from the Internal Revenue Service that will allow Hess Corporation to distribute the business to stockholders in a tax-free spin-off.

Simultaneous with pursuing a spin of the retail business, Hess Corporation will also solicit offers to purchase the entire retail business from potential buyers. Following receipt of any such offers, the Hess Corporation Board of Directors will determine which alternative it believes best serves the long term interests of all Hess Corporation stockholders.

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 http://www.hess.com.

Forward-looking Statements:

Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, but not limited to, unanticipated developments that could delay, prevent or negatively impact a separation transaction; changes in market conditions; disruption to operations as a result of a separation of Hess Retail Corporation from Hess; and the inability of Hess Retail Corporation to retain key personnel. Therefore, actual outcomes and results, including financial results, may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about risks and uncertainties that could cause actual results to differ materially from current expectations and from the forward-looking statements contained in this press release, may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which is available on the SEC's website at  http://www.sec.gov/ and on Hess’ website at www.hess.com, as well as the "Risk Factors" section of Hess Retail Corporation’s Form 10 Registration Statement. There is no assurance regarding the timing of any separation transaction or whether it will be completed at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.



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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,201.10 -13.32 -0.07%
S&P 500 2,111.27 +0.53 0.03%
NASDAQ 4,981.2760 -6.6140 -0.13%

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