News Summary: Hess to exit retail business

Updated: 03/04/2013 11:09 AM

THE PLAN: Hess said it will rid itself of its network of retail gasoline and convenience stores, as well as its energy trading and marketing businesses, as it continues to shift its focus toward exploration and production.

THE DETAILS: Hess will nominate a slate of six independent directors to its board, including four with a background in the energy industry. The company also announced plans sell certain assets in Asia, boost its annual dividend to $1 per share and buy back up to $4 billion in stock.

UNDER PRESSURE: The moves come as investor Elliott Management, one of Hess Corp.’s largest shareholders, continues to push for dramatic change at the energy company and for its nominees to join the company’s board.

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