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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

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tomok Champion Author Portland Posts:33,090 Points:2,348,435 Joined:Aug 2006	Message Posted: Jan 31, 2013 11:51:01 AM Ignore tomok Report Abuse 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......
nskmda Champion Author Grand Rapids Posts:1,295 Points:788,505 Joined:May 2007	Message Posted: Jan 31, 2013 9:45:28 AM Ignore nskmda Report Abuse whatever...
DrCashFlow Champion Author Massachusetts Posts:7,079 Points:1,630,050 Joined:Jun 2008	Message Posted: Jan 30, 2013 11:43:04 PM Ignore DrCashFlow Report Abuse typically bad timing as refiners' profits and stocks head north
yakstar Champion Author Montreal Posts:2,435 Points:482,570 Joined:Jan 2012	Message Posted: Jan 30, 2013 11:24:55 PM Ignore yakstar Report Abuse WHAT ME WORRY?
iFueler Champion Author Durham Posts:64,458 Points:181,450 Joined:Nov 2012	Message Posted: Jan 30, 2013 11:23:23 PM Ignore iFueler Report Abuse will be interesting to see how this plays out
jdevlin All-Star Author Ontario Posts:798 Points:1,381,470 Joined:Sep 2008	Message Posted: Jan 30, 2013 11:17:40 PM Ignore jdevlin Report Abuse OK
pa79th Champion Author Pennsylvania Posts:1,797 Points:1,219,775 Joined:Jun 2007	Message Posted: Jan 30, 2013 11:17:30 PM Ignore pa79th Report Abuse 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?
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Jan 30, 2013 11:14:49 PM Ignore tedjm1 Report Abuse Open the refinery.
boatfloyd Champion Author Jacksonville Posts:1,733 Points:390,900 Joined:Mar 2012	Message Posted: Jan 30, 2013 11:12:30 PM Ignore boatfloyd Report Abuse Someone will keep the refinery going????????????????
medic319 All-Star Author Akron Posts:733 Points:248,735 Joined:Mar 2012	Message Posted: Jan 30, 2013 11:11:42 PM Ignore medic319 Report Abuse 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.
obimerrill Champion Author Cincinnati Posts:1,455 Points:292,640 Joined:Jul 2012	Message Posted: Jan 30, 2013 11:08:23 PM Ignore obimerrill Report Abuse Go to the money...I just hope someone picks up the refinery so it is not closed for long.
Ray_10589 Champion Author New York Posts:4,961 Points:1,185,910 Joined:May 2009	Message Posted: Jan 30, 2013 11:07:38 PM Ignore Ray_10589 Report Abuse greed behind this ...
JasTheAce All-Star Author Raleigh Posts:985 Points:175,260 Joined:Nov 2012	Message Posted: Jan 30, 2013 11:04:21 PM Ignore JasTheAce Report Abuse interesting..
TIGERPAW46 Champion Author Florida Posts:7,141 Points:1,358,605 Joined:Mar 2004	Message Posted: Jan 30, 2013 11:03:38 PM Ignore TIGERPAW46 Report Abuse FOLLOWING WHERE THEY THINK THE MONEY IS.
madison8359 Champion Author Cleveland Posts:9,049 Points:1,596,220 Joined:Apr 2008	Message Posted: Jan 30, 2013 11:03:17 PM Ignore madison8359 Report Abuse Got to go where the money is.
ManOfLeisureII Champion Author Philadelphia Posts:1,889 Points:457,075 Joined:Jan 2012	Message Posted: Jan 30, 2013 11:03:15 PM Ignore ManOfLeisureII Report Abuse The government sure does a great job running stuff. Yup.
bigdipperMS Champion Author Mississippi Posts:1,530 Points:540,635 Joined:Apr 2011	Message Posted: Jan 30, 2013 10:59:08 PM Ignore bigdipperMS Report Abuse Anyone wanting government owned refineries are really looking for some very expensive gasoline.
abcdMA Champion Author Worcester Posts:7,942 Points:1,578,880 Joined:Nov 2008	Message Posted: Jan 30, 2013 10:59:00 PM Ignore abcdMA Report Abuse this is not good news
gd83goldwinger Champion Author South Bend Posts:1,428 Points:504,980 Joined:May 2011	Message Posted: Jan 30, 2013 10:58:14 PM Ignore gd83goldwinger Report Abuse A point that money is being taken away from the US.
DrCashFlow Champion Author Massachusetts Posts:7,079 Points:1,630,050 Joined:Jun 2008	Message Posted: Jan 30, 2013 10:55:44 PM Ignore DrCashFlow Report Abuse meanwhile the refiner stocks like tesora and valero have been going crazy
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Jan 30, 2013 10:53:49 PM Ignore Jeeputtputt Report Abuse good?
Double_Golden Champion Author San Francisco Posts:2,580 Points:608,535 Joined:Aug 2011	Message Posted: Jan 30, 2013 10:52:55 PM Ignore Double_Golden Report Abuse that's why we need state-owned refineries...
Blue48 Champion Author Illinois Posts:7,325 Points:1,641,845 Joined:Feb 2007	Message Posted: Jan 30, 2013 10:52:02 PM Ignore Blue48 Report Abuse NOT GOOD NEWS!
rawdog1313 Champion Author Lexington Posts:3,319 Points:1,645,830 Joined:May 2008	Message Posted: Jan 30, 2013 10:51:10 PM Ignore rawdog1313 Report Abuse Greedy Bastards!
Prodaddy Champion Author Houston Posts:8,395 Points:1,898,110 Joined:May 2007	Message Posted: Jan 30, 2013 10:48:14 PM Ignore Prodaddy Report Abuse I guess this is where the money is at
ejl2000 Champion Author New Jersey Posts:1,272 Points:586,335 Joined:Aug 2005	Message Posted: Jan 30, 2013 10:45:28 PM Ignore ejl2000 Report Abuse BIG OIL GREED!!!!
tidalwave3 Champion Author Tallahassee Posts:1,311 Points:1,466,515 Joined:Jun 2008	Message Posted: Jan 30, 2013 10:44:36 PM Ignore tidalwave3 Report Abuse Is Hess an American corp or Islam?
iamforiu Champion Author Indiana Posts:3,590 Points:714,665 Joined:May 2011	Message Posted: Jan 30, 2013 10:43:55 PM Ignore iamforiu Report Abuse Here we go again
drz614 Champion Author Harrisburg Posts:2,319 Points:601,520 Joined:Aug 2011	Message Posted: Jan 30, 2013 10:42:49 PM Ignore drz614 Report Abuse sad day. want to bet state dept approves chinese or russian buyout?
skybiker Champion Author South Carolina Posts:7,313 Points:1,562,440 Joined:Jul 2008	Message Posted: Jan 30, 2013 10:40:00 PM Ignore skybiker Report Abuse More slick tricks!!
rjoeh Champion Author Michigan Posts:7,096 Points:2,473,140 Joined:Jun 2004	Message Posted: Jan 30, 2013 10:36:49 PM Ignore rjoeh Report Abuse I wonder if that will mean their gas station network be sold off?
SavALot Champion Author Virginia Beach Posts:8,489 Points:1,714,760 Joined:Apr 2005	Message Posted: Jan 30, 2013 10:36:17 PM Ignore SavALot Report Abuse Hessisdefinitel
oppdetcon Champion Author Ottawa Posts:1,446 Points:502,400 Joined:Feb 2011	Message Posted: Jan 30, 2013 10:32:53 PM Ignore oppdetcon Report Abuse OK...
Dragnet Champion Author Arizona Posts:15,422 Points:2,911,685 Joined:Jul 2004	Message Posted: Jan 30, 2013 10:32:15 PM Ignore Dragnet Report Abuse Just another cover job
SHEP20715 Champion Author Maryland Posts:8,486 Points:1,717,770 Joined:Nov 2007	Message Posted: Jan 30, 2013 10:30:29 PM Ignore SHEP20715 Report Abuse They are going for the money
dan30thz28 Champion Author New Jersey Posts:5,928 Points:1,984,940 Joined:Feb 2006	Message Posted: Jan 30, 2013 10:29:03 PM Ignore dan30thz28 Report Abuse Bad move.
jorod55 Champion Author California Posts:1,485 Points:434,425 Joined:Dec 2011	Message Posted: Jan 30, 2013 10:27:15 PM Ignore jorod55 Report Abuse Let me know how that works out for you.
Taurus1 Champion Author Ohio Posts:3,140 Points:1,677,175 Joined:Apr 2006	Message Posted: Jan 30, 2013 10:26:29 PM Ignore Taurus1 Report Abuse Exploration and production?? They just want more profit.
Trowinsamoan Champion Author Los Angeles Posts:1,173 Points:189,765 Joined:Nov 2012	Message Posted: Jan 30, 2013 10:22:35 PM Ignore Trowinsamoan Report Abuse Hope it's for the best
WIPACKERFAN Champion Author Chicago Posts:8,819 Points:1,846,475 Joined:Aug 2005	Message Posted: Jan 30, 2013 10:20:59 PM Ignore WIPACKERFAN Report Abuse OK
agrico Veteran Author New Orleans Posts:469 Points:506,365 Joined:Dec 2008	Message Posted: Jan 30, 2013 10:15:47 PM Ignore agrico Report Abuse I was at the St Croix refinery once - very clean for a refinery
nwsynthetics Champion Author Oregon Posts:1,014 Points:347,625 Joined:Dec 2011	Message Posted: Jan 30, 2013 10:13:51 PM Ignore nwsynthetics Report Abuse ok
rbutterw Champion Author Raleigh Posts:1,195 Points:296,425 Joined:Mar 2012	Message Posted: Jan 30, 2013 10:11:00 PM Ignore rbutterw Report Abuse How do U spell fracking
BREW9 All-Star Author Tampa Posts:901 Points:2,915,855 Joined:Jun 2004	Message Posted: Jan 30, 2013 10:10:07 PM Ignore BREW9 Report Abuse good
mrbee Champion Author Little Rock Posts:3,773 Points:2,469,510 Joined:Oct 2005	Message Posted: Jan 30, 2013 10:09:14 PM Ignore mrbee Report Abuse Satisfies their investors.
arb0526 Champion Author Greensboro Posts:1,991 Points:413,545 Joined:Mar 2011	Message Posted: Jan 30, 2013 10:07:14 PM Ignore arb0526 Report Abuse hhmmm
hank1326 Champion Author Los Angeles Posts:8,924 Points:1,736,510 Joined:Jun 2008	Message Posted: Jan 30, 2013 10:07:11 PM Ignore hank1326 Report Abuse Lower pump prices for us?
Doomsday64 All-Star Author Austin Posts:874 Points:338,955 Joined:Apr 2011	Message Posted: Jan 30, 2013 10:06:08 PM Ignore Doomsday64 Report Abuse Good luck.
danol43 Champion Author Modesto Posts:1,705 Points:591,690 Joined:May 2011	Message Posted: Jan 30, 2013 10:05:48 PM Ignore danol43 Report Abuse good luck
Lukus Champion Author Halifax Posts:8,304 Points:1,678,530 Joined:Nov 2007	Message Posted: Jan 30, 2013 10:04:35 PM Ignore Lukus Report Abuse Better money making prospects.