News Breaks |
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| January 28, 2013 |
| 08:36 EDT |  | HES, GS | Hess Corp. to pursue sale of terminal network and exit refining business
Hess Corporation (HES) announced that it will pursue the sale of its terminal network in the United States. Hess also announced that it will complete its exit from the refining business by closing its Port Reading, New Jersey refinery. The terminal network is located along the U.S. East Coast and has a total of 28M barrels of storage capacity in 19 terminals, 12 of which have deep water access. The terminals previously served as the primary outlet for Hess’ share of production from its HOVENSA joint venture refinery, most of which was used to supply Hess’ Retail and Energy Marketing businesses. With the closure of the HOVENSA refinery in 2012 as well as Hess’ ability to access refined products from third parties to supply these marketing businesses, the terminal system is no longer core to the company’s operations. The company’s St. Lucia oil storage terminal in the Caribbean with 10M barrels of capacity will also be included in the package for divestiture. In addition to the proceeds from the sale of the terminal network, the transaction should also release approximately $1B of working capital for redeployment to fund Hess’ future growth opportunities. The Port Reading refinery, which will be closed by the end of February, is comprised solely of a Fluid Catalytic Cracking unit and it primarily manufactures gasoline and components used for blending heating oil. The refinery incurred losses in two of the past three years. The financial outlook for the facility is expected to remain challenged due to the requirement for future expenditures to comply with environmental regulations for low sulfur heating oil and the weak forecast for gasoline refining margins. Hess has retained Goldman, Sachs & Company (GS) as its financial advisor for the divestiture of the terminal network. Hess said it will continue its long term commitment to the Retail and Energy Marketing businesses and take all the necessary steps to ensure supply security, competitive prices and high quality service for its customers. |
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News For HES;GS From The Last 14 Days Check below for free stories on HES;GS the last two weeks. |
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| June 18, 2013 |
| 07:29 EDT |  | GS | Securities Industry and Financial Markets Association to host a conference
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| June 14, 2013 |
| 07:21 EDT | | GS | Clinton Global Initiative to host to host a meeting
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| June 13, 2013 |
| 14:53 EDT |  | GS | Goldman Sachs offering some clients automated block trades, Reuters says
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| 09:30 EDT | | GS | Clinton Global Initiative to host to host a meeting
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| 07:10 EDT | | GS | Goldman Sachs looking at Japan offshore wind power, Bloomberg reports
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| 07:10 EDT | | GS | Goldman COO "growing increasingly restless," NY Times reports
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| 06:10 EDT | | GS | On the Fly: Periodicals Wrap-Up
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| June 12, 2013 |
| 19:09 EDT | | GS | On The Fly: After Hours Movers
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| 18:56 EDT | | GS | Northstar REIT, Goldman to pay $925M for stakes NJ pension holdings
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| 06:41 EDT | | GS | Firm says JPMorgan was top investment bank in Q1, Reuters reports
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| June 11, 2013 |
| 09:42 EDT |  | GS | Active equity option families trading on open
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| 07:34 EDT | | GS | Platts to host a conference
7th Annual Texas Energy Markets Conference is being held in Dallas, Texas on June 11-12. |
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| June 10, 2013 |
| 18:58 EDT | | GS | On The Fly: After Hours Movers
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| 16:11 EDT | | GS | Timken retains Goldman Sachs to evaluate separation of steel business
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| 09:04 EDT | | GS | Beverage Digest to host a conference
Wall Street Smarts is being held in New York on June 10. |
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| 07:11 EDT | | GS | National Investor Relations Institute to host conference
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| June 7, 2013 |
| 10:11 EDT |  | GS | On The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ARM Holdings (ARMH) initiated with a Hold at Topeka... American Software (AMSWA) initiated with a Buy at B. Riley... Amkor Technology (AMKR) initiated with a Buy at Topeka... Applied Micro Circuits (AMCC) initiated with a Hold at Topeka... Bank of America (BAC) initiated with an Underperform at Macquarie... Boulder Brands (BDBD) initiated with an Outperform at Imperial Capital... Broadcom (BRCM) initiated with a Buy at Topeka... Cadence Design (CDNS) initiated with a Buy at Topeka... Citigroup (C) initiated with an Outperform at Macquarie... Consolidated Water (CWCO) initiated with a Buy at Roth Capital... Cornerstone OnDemand (CSOD) initiated with an Equal Weight at Stephens... Crosstex Energy LP (XTEX) initiated with a Buy at Citigroup... Demandware (DWRE) initiated with an Overweight at Stephens... Freescale (FSL) initiated with a Buy at Topeka... Garmin (GRMN) initiated with an Outperform at Raymond James... Goldman Sachs (GS) coverage resumed with a Neutral at Macquarie... Mellanox (MLNX) initiated with a Hold at Topeka... Morgan Stanley (MS) initiated with an Outperform at Macquarie... Myriad Genetics (MYGN) initiated with a Buy at Cantor... NXP Semiconductors (NXPI) initiated with a Buy at Topeka... Piedmont Natural Gas (PNY) initiated with a Hold at BB&T... Platinum Group (PLG) initiated with an Outperform at BMO Capital... Qualcomm (QCOM) initiated with a Hold at Topeka... Rambus (RMBS) initiated with a Buy at Topeka... Spreadtrum (SPRD) initiated with a Buy at Topeka... Steven Madden (SHOO) initiated with an Overweight at Piper Jaffray... Take-Two (TTWO) initiated with a Buy at Stifel... Wolverine World Wide (WWW) initiated with a Neutral at Piper Jaffray. |
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| 06:44 EDT | | GS | Goldman Sachs coverage resumed with a Neutral at Macquarie
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| June 6, 2013 |
| 07:20 EDT | | GS | Goldman to host a conference
4th Annual dotCommerce Day is being held in New York on June 6 with webcasted company presentations to begin at 9 am; not all company presentations may be webcasted. Webcast Link |
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| 07:10 EDT | | GS | 'Dark pools' face regulatory scrutiny, WSJ reports
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