Key Developments: Hess Corp (HES)
66.38USD
19 Jun 2013
$-1.14 (-1.69%)
$67.52
$67.33
$68.08
$66.25
2,678,660
3,145,944
$74.48
$39.67
Latest Key Developments (Source: Significant Developments)
Hess Corp Announces Regular Quarterly Dividend On Common Stock
Hess Corp announced that it has declared a regular quarterly dividend of 10 cents per share payable on the Common Stock of the Corporation on June 28, 2013 to holders of record at the close of business on June 17, 2013. Full Article
Hess Corp To Separate Chairman, CEO Roles-Reuters
Reuters reported that Hess Corp said it will separate the role of Chairman and Chief Executive following its annual meeting next Thursday. John Krenicki will become Non-Executive Chairman if he is elected together with other Hess nominees. Full Article
Hess Corp Closes Sale of Interest in Russia
Hess Corp announced it has completed the sale of 100% of its Russian subsidiary Samara-Nafta to OAO LUKOIL for a total consideration of $2.05 billion. Including working capital and other adjustments, total after tax proceeds to Hess based on its 90% interest in Samara-Nafta were approximately $1.9 billion. Hess` total year-to-date proceeds from completed and announced asset sales amount to approximately $3.5 billion. As previously announced, the Company is applying these proceeds to repay outstanding short-term debt and strengthen its balance sheet, providing the financial flexibility to fund future growth. The Company is also currently engaged in separate processes to divest its exploration and production assets in Indonesia and Thailand, as well as its remaining downstream businesses, including terminals, retail, energy marketing and trading. Most of the proceeds from these additional sales will be used to return capital directly to shareholders. Hess anticipates that it will begin to repurchase shares under its existing $4 billion authorization in the second half of this year. Full Article
Hess Corp To Sell Russian Unit To NK Lukoil OAO-Reuters
Reuters reported that Hess Corp said it would sell its Russian unit Samara-Nafta to NK Lukoil OAO for $2.05 billion as it works to reshape its sprawling energy business. Full Article
Hess Corp Declares Regular Quarterly Dividend
Hess Corp announced that The Board of Directors have declared a regular quarterly dividend of $0.10 per share payable on the Common Stock of the Corporation on March 29, 2013 to holders of record at the close of business on March 15, 2013. Full Article
Hess Corp Comments On Long Term And FY 2013 Production Guidance; Comments On FY 2012-2014 Production Guidance
Hess Corp announced actions that represent the culmination of multi-year transformation into a pure play E&P company. The transformed Hess will have a focused portfolio of higher growth, lower risk, oil linked E&P assets that it anticipates will deliver a five year compound average annual production growth rate (CAGR) of 5% to 8%, based off of pro forma fiscal 2012 production, with aggregate mid-teens production growth between pro forma fiscal 2012 and fiscal 2014, while increasing returns to all shareholders. Production growth into fiscal 2013 and fiscal 2014 is expected to be driven by currently producing assets and expected new production from Tubular Bells and North Malay Basin. Importantly, estimated fiscal 2013 pro forma production will consist of 76% liquids and 85% of crude oil production is Brent linked. Full Article
Hess Corp Revises FY 2013 Production Guidance; Comments On FY 2014 Production Guidance-Conference Call
Hess Corp announced that it expects production in fiscal 2013 to average between 375,000 and 390,000 barrels of oil equivalent per day. This forecast assumes that the sale of Samara-Nafta, which produces approximately 50,000 barrels of oil equivalent per day, closes at the end of the year. However, excluding the contribution from assets planned for divestiture this year, new base production level is expected to be in the range of 325,000 to 340,000 barrels of oil equivalent per day. In terms of fiscal 2014 production, it anticipates that the expected decrease in production resulting from fiscal 2013 asset sales will be largely offset by increased production from the Bakken and the Valhall Field, as well as the startup of the Tubular Bells field in the deepwater Gulf of Mexico and North Malay Basin development. Full Article
Hess Corp Announces Regular Quarterly Dividend On Common Stock
Hess Corp announced that its Board of Directors declared a regular quarterly dividend of $0.10 per share payable on the Common Stock of the Corporation on December 31, 2012 to holders of record at the close of business on December 17, 2012. Full Article
Hess Corp Explores Sale Of Interests In Russia
Hess Corp announced that as part of the Company`s strategic reshaping of its portfolio it will pursue the sale of its Russian subsidiary Samara-Nafta, which produces approximately 50,000 barrels of oil equivalent per day in the Volga-Urals region. Hess has retained Goldman Sachs as its financial adviser in connection with the potential sale. Full Article
Hess Corp To Sell Interest In Beryl Assets To Royal Dutch Shell PLC
Hess Corp announced that it has agreed to terms for the sale of interest in the Beryl area fields and the Scottish Area Gas Evacuation System (SAGE) to Royal Dutch Shell for $525 million. The sale is expected to close in the first quarter of 2013. Full Article
Hess seats three activist-backed directors, ends proxy fight
NEW YORK/HOUSTON - Hess Corp placed three directors backed by hedge fund Elliott Management on its board on Thursday, settling a months-long feud over the oil company's governance and long-term strategy.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
