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Stock Market & Financial Investment News

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January 29, 2013
09:52 EDTHESHess rallies after Elliott says value could be $126 per share
Shares of Hess Corp. (HES) are moving higher after Elliott Management Corporation sent a letter to the company's shareholders urging them to elect its slate of five independent directors to the board. In the letter, Elliott said that if managed appropriately, the equity value of Hess could be up to $126 per share. Elliott estimates that a spin-off of Hess Resource Co. could create over $28 per share of additional value for shareholders, while divesting the company's downstream assets and tax efficiently monetizing its midstream assets could create $11 per share of additional value. Shares of Hess Corp. are up 10%, or $6.15, to $68.62 in early trading.
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April 23, 2014
08:00 EDTHESHess Corp. announces sale of Thailand assets for $1B to PTTEP
Hess Corporation announced it has sold its interests in both the Sinphuhorm and Pailin Fields located in Thailand to PTT Exploration and Production Public Company Limited for a total after-tax consideration of approximately $1B, effective July 1, 2013. Together, the two assets produced an average of 17,000 barrels of oil equivalent per day net to Hess in 2013. Hess will use the proceeds from this sale to continue repurchasing shares under its existing $4B authorization.
06:21 EDTHESPTTEP to buy Hess Corp.'s Thailand assets for $1B
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