Hess files documents for retail spinoff

Hess Corp. has filed documents with the US Securities and Exchange Commission for the spinoff to shareholders of its retail business, which includes 1,350 gasoline-convenience stores bearing the company’s brand in 16 states along the US East Coast.

Hess has been exiting downstream businesses to concentrate on international exploration and production (OGJ Online, Nov. 1, 2013).

Hess undertook many large-scale divestitures in 2013, notably selling its Indonesian assets to OAO Lukoil for $1.3 billion, Russian subsidiary Samara-Nafta to OAO Lukoil for a $2.05 billion, and energy marketing business to Centrica PLC subsidiary Direct Energy for $1.2 billion (OGJ Online, Dec. 2, 2013).