March 4, 2013 / 12:21 PM / in 5 years

Hess to exit retail business to focus on oil, gas exploration

March 4 (Reuters) - Hess Corp will exit its retail, energy marketing, and energy trading businesses following pressure from an activist investor to break up the company.

Hedge fund Elliott Management has asked the company, which is looking to become a predominantly exploration and production company, to consider a spinoff of its U.S. onshore assets and the sale of its retail operations.

The company on Monday also said it would divest operations in Indonesia and Thailand and pursue monetization of its oil and gas gathering and transportation assets in North Dakota’s Bakken shale field.

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