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GasBuddy News Article

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Hess transforming to E&P company

UPI.com -- Hess Corp. said it was evolving into an exploration and production company as it leaves the refining business by closing a New Jersey facility.

"By closing the Port Reading refinery and selling our terminal network, Hess will complete its transformation from an integrated oil and gas company to one that is predominantly an exploration and production company and be able to redeploy substantial additional capital to fund its future growth opportunities," John Hess, chairman and chief executive officer, said in a statement.

Hess said its East Coast refinery network can store 28 million barrels of oil. Twelve of its 19 terminals have deep-water access. It added that it was including a storage terminal in the Caribbean as part of its divestment package.


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Submitted Jan 30, 2013 By: NOTSOGRN
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Hess transforming to E&P company Back to Topics
REPLIES (newest first) Post a Reply
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tomok
Champion Author Portland

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Message Posted: Jan 31, 2013 12:51:01 PM

Hess transforming to E&P company, exploration and production has a better profit potential. Refining crude oil into fuel can cost too much if you can't control your expenses and any possible profit has the ability to disappear. The refinery upgrade costs too much money and they need to get away from it, ASAP! What's the status of their gas stations – sell or keep?
Building more Refineries is Not the answer, Stop exporting fuel to other countries is! Take care of the domestic fuel supply market first, before and above all else!
Vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
XII/XXII/MMXII! - The Day After......
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nskmda
Champion Author Grand Rapids

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Message Posted: Jan 31, 2013 10:45:28 AM

whatever...
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Jan 31, 2013 12:43:04 AM

typically bad timing as refiners' profits and stocks head north
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yakstar
Champion Author Montreal

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Message Posted: Jan 31, 2013 12:24:55 AM

WHAT ME WORRY?
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iFueler
Champion Author Durham

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Message Posted: Jan 31, 2013 12:23:23 AM

will be interesting to see how this plays out
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jdevlin
All-Star Author Ontario

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Message Posted: Jan 31, 2013 12:17:40 AM

OK
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pa79th
Champion Author Pennsylvania

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Message Posted: Jan 31, 2013 12:17:30 AM

big mistake. Watch them go down the tubes in a few years as they fail to find enough sources.

Besides, what does this have to do with the price of gasoline?
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tedjm1
Champion Author New York

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Message Posted: Jan 31, 2013 12:14:49 AM

Open the refinery.
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boatfloyd
Champion Author Jacksonville

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Message Posted: Jan 31, 2013 12:12:30 AM

Someone will keep the refinery going????????????????
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medic319
All-Star Author Akron

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Message Posted: Jan 31, 2013 12:11:42 AM

I hope somebody opens the refinery back up. Even though not a drop of gas from here comes from that place, and not a drop from here has gone to replace that refinery, it is being blamed by one station for high prices.
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obimerrill
Champion Author Cincinnati

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Message Posted: Jan 31, 2013 12:08:23 AM

Go to the money...I just hope someone picks up the refinery so it is not closed for long.
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Ray_10589
Champion Author New York

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Message Posted: Jan 31, 2013 12:07:38 AM

greed behind this ...
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JasTheAce
Champion Author Raleigh

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Message Posted: Jan 31, 2013 12:04:21 AM

interesting..
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TIGERPAW46
Champion Author Florida

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Message Posted: Jan 31, 2013 12:03:38 AM

FOLLOWING WHERE THEY THINK THE MONEY IS.
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madison8359
Champion Author Cleveland

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Message Posted: Jan 31, 2013 12:03:17 AM

Got to go where the money is.
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Jan 31, 2013 12:03:15 AM

The government sure does a great job running stuff. Yup.
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bigdipperMS
Champion Author Mississippi

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Message Posted: Jan 30, 2013 11:59:08 PM

Anyone wanting government owned refineries are really looking for some very expensive gasoline.
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abcdMA
Champion Author Worcester

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Message Posted: Jan 30, 2013 11:59:00 PM

this is not good news
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gd83goldwinger
Champion Author South Bend

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Message Posted: Jan 30, 2013 11:58:14 PM

A point that money is being taken away from the US.
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Jan 30, 2013 11:55:44 PM

meanwhile the refiner stocks like tesora and valero have been going crazy
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Jeeputtputt
Champion Author Ohio

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Message Posted: Jan 30, 2013 11:53:49 PM

good?
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Double_Golden
Champion Author San Francisco

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Message Posted: Jan 30, 2013 11:52:55 PM

that's why we need state-owned refineries...
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Blue48
Champion Author Illinois

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Message Posted: Jan 30, 2013 11:52:02 PM

NOT GOOD NEWS!
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rawdog1313
Champion Author Lexington

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Message Posted: Jan 30, 2013 11:51:10 PM

Greedy Bastards!
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Prodaddy
Champion Author Houston

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Message Posted: Jan 30, 2013 11:48:14 PM

I guess this is where the money is at
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ejl2000
Champion Author New Jersey

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Message Posted: Jan 30, 2013 11:45:28 PM

BIG OIL GREED!!!!
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tidalwave3
Champion Author Tallahassee

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Message Posted: Jan 30, 2013 11:44:36 PM

Is Hess an American corp or Islam?
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iamforiu
Champion Author Indiana

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Message Posted: Jan 30, 2013 11:43:55 PM

Here we go again
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drz614
Champion Author Harrisburg

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Message Posted: Jan 30, 2013 11:42:49 PM

sad day. want to bet state dept approves chinese or russian buyout?
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skybiker
Champion Author South Carolina

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Message Posted: Jan 30, 2013 11:40:00 PM

More slick tricks!!
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rjoeh
Champion Author Michigan

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Message Posted: Jan 30, 2013 11:36:49 PM

I wonder if that will mean their gas station network be sold off?
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SavALot
Champion Author Virginia Beach

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Message Posted: Jan 30, 2013 11:36:17 PM

Hessisdefinitel
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oppdetcon
Champion Author Ottawa

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Message Posted: Jan 30, 2013 11:32:53 PM

OK...
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Dragnet
Champion Author Arizona

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Message Posted: Jan 30, 2013 11:32:15 PM

Just another cover job
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SHEP20715
Champion Author Maryland

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Message Posted: Jan 30, 2013 11:30:29 PM

They are going for the money
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dan30thz28
Champion Author New Jersey

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Message Posted: Jan 30, 2013 11:29:03 PM

Bad move.
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jorod55
Champion Author California

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Message Posted: Jan 30, 2013 11:27:15 PM

Let me know how that works out for you.
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Taurus1
Champion Author Ohio

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Message Posted: Jan 30, 2013 11:26:29 PM

Exploration and production?? They just want more profit.
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Trowinsamoan
Champion Author Los Angeles

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Message Posted: Jan 30, 2013 11:22:35 PM

Hope it's for the best
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WIPACKERFAN
Champion Author Chicago

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Message Posted: Jan 30, 2013 11:20:59 PM

OK
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agrico
Champion Author New Orleans

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Message Posted: Jan 30, 2013 11:15:47 PM

I was at the St Croix refinery once - very clean for a refinery
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nwsynthetics
Champion Author Oregon

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Message Posted: Jan 30, 2013 11:13:51 PM

ok
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rbutterw
Champion Author Raleigh

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Message Posted: Jan 30, 2013 11:11:00 PM

How do U spell fracking
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BREW9
Champion Author Tampa

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Message Posted: Jan 30, 2013 11:10:07 PM

good
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mrbee
Champion Author Little Rock

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Message Posted: Jan 30, 2013 11:09:14 PM

Satisfies their investors.
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arb0526
Champion Author Greensboro

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Message Posted: Jan 30, 2013 11:07:14 PM

hhmmm
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hank1326
Champion Author Los Angeles

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Message Posted: Jan 30, 2013 11:07:11 PM

Lower pump prices for us?
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Doomsday64
All-Star Author Austin

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Message Posted: Jan 30, 2013 11:06:08 PM

Good luck.
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danol43
Champion Author Modesto

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Message Posted: Jan 30, 2013 11:05:48 PM

good luck
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Lukus
Champion Author Halifax

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Message Posted: Jan 30, 2013 11:04:35 PM

Better money making prospects.
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