Not Logged In Log In   Sign Up   Points Leaders
Follow Us    2:24 PM

GasBuddy News Article

39
votes
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.


Read the Full Article

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
Profile Pic
tomok
Champion Author Portland

Posts:41,903
Points:2,796,160
Joined:Aug 2006
Message Posted: Jan 31, 2013 11:51:01 AM

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......
Profile Pic
nskmda
Champion Author Grand Rapids

Posts:1,927
Points:895,145
Joined:May 2007
Message Posted: Jan 31, 2013 9:45:28 AM

whatever...
Profile Pic
DrCashFlow
Champion Author Massachusetts

Posts:9,110
Points:2,061,970
Joined:Jun 2008
Message Posted: Jan 30, 2013 11:43:04 PM

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

Posts:4,355
Points:912,415
Joined:Jan 2012
Message Posted: Jan 30, 2013 11:24:55 PM

WHAT ME WORRY?
Profile Pic
iFueler
Champion Author Durham

Posts:74,078
Points:625,925
Joined:Nov 2012
Message Posted: Jan 30, 2013 11:23:23 PM

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

Posts:812
Points:1,783,325
Joined:Sep 2008
Message Posted: Jan 30, 2013 11:17:40 PM

OK
Profile Pic
pa79th
Champion Author Pennsylvania

Posts:3,908
Points:1,652,825
Joined:Jun 2007
Message Posted: Jan 30, 2013 11:17:30 PM

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?
Profile Pic
tedjm1
Champion Author New York

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Jan 30, 2013 11:14:49 PM

Open the refinery.
Profile Pic
boatfloyd
Champion Author Jacksonville

Posts:3,885
Points:838,240
Joined:Mar 2012
Message Posted: Jan 30, 2013 11:12:30 PM

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

Posts:756
Points:554,300
Joined:Mar 2012
Message Posted: Jan 30, 2013 11:11:42 PM

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.
Profile Pic
obimerrill
Champion Author Cincinnati

Posts:3,576
Points:739,290
Joined:Jul 2012
Message Posted: Jan 30, 2013 11:08:23 PM

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

Posts:6,928
Points:1,614,575
Joined:May 2009
Message Posted: Jan 30, 2013 11:07:38 PM

greed behind this ...
Profile Pic
JasTheAce
Champion Author Raleigh

Posts:3,070
Points:620,360
Joined:Nov 2012
Message Posted: Jan 30, 2013 11:04:21 PM

interesting..
Profile Pic
TIGERPAW46
Champion Author Florida

Posts:9,263
Points:1,790,985
Joined:Mar 2004
Message Posted: Jan 30, 2013 11:03:38 PM

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

Posts:14,678
Points:2,042,480
Joined:Apr 2008
Message Posted: Jan 30, 2013 11:03:17 PM

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

Posts:3,974
Points:901,365
Joined:Jan 2012
Message Posted: Jan 30, 2013 11:03:15 PM

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

Posts:2,455
Points:885,580
Joined:Apr 2011
Message Posted: Jan 30, 2013 10:59:08 PM

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

Posts:10,018
Points:2,016,090
Joined:Nov 2008
Message Posted: Jan 30, 2013 10:59:00 PM

this is not good news
Profile Pic
gd83goldwinger
Champion Author South Bend

Posts:2,584
Points:794,580
Joined:May 2011
Message Posted: Jan 30, 2013 10:58:14 PM

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

Posts:9,110
Points:2,061,970
Joined:Jun 2008
Message Posted: Jan 30, 2013 10:55:44 PM

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

Posts:3,012
Points:681,515
Joined:Aug 2009
Message Posted: Jan 30, 2013 10:53:49 PM

good?
Profile Pic
Double_Golden
Champion Author San Francisco

Posts:4,085
Points:982,760
Joined:Aug 2011
Message Posted: Jan 30, 2013 10:52:55 PM

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

Posts:9,447
Points:2,088,245
Joined:Feb 2007
Message Posted: Jan 30, 2013 10:52:02 PM

NOT GOOD NEWS!
Profile Pic
rawdog1313
Champion Author Lexington

Posts:4,873
Points:1,987,920
Joined:May 2008
Message Posted: Jan 30, 2013 10:51:10 PM

Greedy Bastards!
Profile Pic
Prodaddy
Champion Author Houston

Posts:10,471
Points:2,338,720
Joined:May 2007
Message Posted: Jan 30, 2013 10:48:14 PM

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

Posts:2,208
Points:957,955
Joined:Aug 2005
Message Posted: Jan 30, 2013 10:45:28 PM

BIG OIL GREED!!!!
Profile Pic
tidalwave3
Champion Author Tallahassee

Posts:2,332
Points:1,881,110
Joined:Jun 2008
Message Posted: Jan 30, 2013 10:44:36 PM

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

Posts:5,723
Points:1,161,065
Joined:May 2011
Message Posted: Jan 30, 2013 10:43:55 PM

Here we go again
Profile Pic
drz614
Champion Author Harrisburg

Posts:4,459
Points:1,048,940
Joined:Aug 2011
Message Posted: Jan 30, 2013 10:42:49 PM

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

Posts:8,778
Points:1,972,405
Joined:Jul 2008
Message Posted: Jan 30, 2013 10:40:00 PM

More slick tricks!!
Profile Pic
rjoeh
Champion Author Michigan

Posts:9,215
Points:2,919,100
Joined:Jun 2004
Message Posted: Jan 30, 2013 10:36:49 PM

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

Posts:10,518
Points:2,156,855
Joined:Apr 2005
Message Posted: Jan 30, 2013 10:36:17 PM

Hessisdefinitel
Profile Pic
oppdetcon
Champion Author Ottawa

Posts:2,578
Points:909,780
Joined:Feb 2011
Message Posted: Jan 30, 2013 10:32:53 PM

OK...
Profile Pic
Dragnet
Champion Author Arizona

Posts:17,616
Points:3,341,880
Joined:Jul 2004
Message Posted: Jan 30, 2013 10:32:15 PM

Just another cover job
Profile Pic
SHEP20715
Champion Author Maryland

Posts:10,633
Points:2,163,520
Joined:Nov 2007
Message Posted: Jan 30, 2013 10:30:29 PM

They are going for the money
Profile Pic
dan30thz28
Champion Author New Jersey

Posts:8,016
Points:2,423,645
Joined:Feb 2006
Message Posted: Jan 30, 2013 10:29:03 PM

Bad move.
Profile Pic
jorod55
Champion Author California

Posts:3,605
Points:881,190
Joined:Dec 2011
Message Posted: Jan 30, 2013 10:27:15 PM

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

Posts:4,792
Points:2,062,480
Joined:Apr 2006
Message Posted: Jan 30, 2013 10:26:29 PM

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

Posts:2,347
Points:506,625
Joined:Nov 2012
Message Posted: Jan 30, 2013 10:22:35 PM

Hope it's for the best
Profile Pic
WIPACKERFAN
Champion Author Chicago

Posts:10,939
Points:2,292,555
Joined:Aug 2005
Message Posted: Jan 30, 2013 10:20:59 PM

OK
Profile Pic
agrico
Champion Author New Orleans

Posts:1,407
Points:890,830
Joined:Dec 2008
Message Posted: Jan 30, 2013 10:15:47 PM

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

Posts:1,128
Points:486,010
Joined:Dec 2011
Message Posted: Jan 30, 2013 10:13:51 PM

ok
Profile Pic
rbutterw
Champion Author Raleigh

Posts:2,983
Points:705,590
Joined:Mar 2012
Message Posted: Jan 30, 2013 10:11:00 PM

How do U spell fracking
Profile Pic
BREW9
Champion Author Tampa

Posts:3,008
Points:3,361,340
Joined:Jun 2004
Message Posted: Jan 30, 2013 10:10:07 PM

good
Profile Pic
mrbee
Champion Author Little Rock

Posts:5,905
Points:2,915,200
Joined:Oct 2005
Message Posted: Jan 30, 2013 10:09:14 PM

Satisfies their investors.
Profile Pic
arb0526
Champion Author Greensboro

Posts:2,781
Points:582,685
Joined:Mar 2011
Message Posted: Jan 30, 2013 10:07:14 PM

hhmmm
Profile Pic
hank1326
Champion Author Los Angeles

Posts:10,564
Points:2,153,530
Joined:Jun 2008
Message Posted: Jan 30, 2013 10:07:11 PM

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

Posts:905
Points:370,750
Joined:Apr 2011
Message Posted: Jan 30, 2013 10:06:08 PM

Good luck.
Profile Pic
danol43
Champion Author Modesto

Posts:2,607
Points:944,805
Joined:May 2011
Message Posted: Jan 30, 2013 10:05:48 PM

good luck
Profile Pic
Lukus
Champion Author Halifax

Posts:10,291
Points:2,107,895
Joined:Nov 2007
Message Posted: Jan 30, 2013 10:04:35 PM

Better money making prospects.
Post a reply Back to Topics