HomeMarch 4, 2013
Hess to Divest to Energy Marketing Business
Copyright 2013 EnergyChoiceMatters.com.
Hess announced this morning that it will explore "strategic alternatives" for its entire downstream business, including energy marketing and energy trading, as part of a strategy to transform the company into a pure play exploration and production company.
Hess announced that it is "[f]ully exiting" the energy marketing and energy trading businesses, stating an intent to "divest" such businesses.
Executives said that Hess is "just starting" to evaluate options for the exit of the energy marketing business, with the goal to monetize such business.
The energy marketing exit will include an exit from power generation ownership, a Hess investor presentation indicated
The timeline for the downstream exit (not specific to energy marketing) is March 2013 through 2015.
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