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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:32,906 Points:2,341,510 Joined:Aug 2006	Message Posted: Jan 31, 2013 12:51:01 PM 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:1,270 Points:785,030 Joined:May 2007	Message Posted: Jan 31, 2013 10:45:28 AM Ignore nskmda Report Abuse whatever...
DrCashFlow Champion Author Massachusetts Posts:7,049 Points:1,622,350 Joined:Jun 2008	Message Posted: Jan 31, 2013 12:43:04 AM Ignore DrCashFlow Report Abuse typically bad timing as refiners' profits and stocks head north
yakstar Champion Author Montreal Posts:2,395 Points:474,670 Joined:Jan 2012	Message Posted: Jan 31, 2013 12:24:55 AM Ignore yakstar Report Abuse WHAT ME WORRY?
iFueler Champion Author Durham Posts:64,268 Points:174,525 Joined:Nov 2012	Message Posted: Jan 31, 2013 12:23:23 AM Ignore iFueler Report Abuse will be interesting to see how this plays out
jdevlin All-Star Author Ontario Posts:798 Points:1,374,370 Joined:Sep 2008	Message Posted: Jan 31, 2013 12:17:40 AM Ignore jdevlin Report Abuse OK
pa79th Champion Author Pennsylvania Posts:1,762 Points:1,212,100 Joined:Jun 2007	Message Posted: Jan 31, 2013 12:17:30 AM 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 31, 2013 12:14:49 AM Ignore tedjm1 Report Abuse Open the refinery.
boatfloyd Champion Author Jacksonville Posts:1,698 Points:383,975 Joined:Mar 2012	Message Posted: Jan 31, 2013 12:12:30 AM Ignore boatfloyd Report Abuse Someone will keep the refinery going????????????????
medic319 All-Star Author Akron Posts:703 Points:241,285 Joined:Mar 2012	Message Posted: Jan 31, 2013 12:11:42 AM 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:1,420 Points:285,715 Joined:Jul 2012	Message Posted: Jan 31, 2013 12:08:23 AM 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:4,921 Points:1,178,010 Joined:May 2009	Message Posted: Jan 31, 2013 12:07:38 AM Ignore Ray_10589 Report Abuse greed behind this ...
JasTheAce All-Star Author Raleigh Posts:945 Points:167,360 Joined:Nov 2012	Message Posted: Jan 31, 2013 12:04:21 AM Ignore JasTheAce Report Abuse interesting..
TIGERPAW46 Champion Author Florida Posts:7,110 Points:1,351,755 Joined:Mar 2004	Message Posted: Jan 31, 2013 12:03:38 AM Ignore TIGERPAW46 Report Abuse FOLLOWING WHERE THEY THINK THE MONEY IS.
madison8359 Champion Author Cleveland Posts:8,972 Points:1,588,320 Joined:Apr 2008	Message Posted: Jan 31, 2013 12:03:17 AM Ignore madison8359 Report Abuse Got to go where the money is.
ManOfLeisureII Champion Author Philadelphia Posts:1,854 Points:450,900 Joined:Jan 2012	Message Posted: Jan 31, 2013 12:03:15 AM Ignore ManOfLeisureII Report Abuse The government sure does a great job running stuff. Yup.
bigdipperMS Champion Author Mississippi Posts:1,502 Points:533,975 Joined:Apr 2011	Message Posted: Jan 30, 2013 11:59:08 PM Ignore bigdipperMS Report Abuse Anyone wanting government owned refineries are really looking for some very expensive gasoline.
abcdMA Champion Author Worcester Posts:7,902 Points:1,570,980 Joined:Nov 2008	Message Posted: Jan 30, 2013 11:59:00 PM Ignore abcdMA Report Abuse this is not good news
gd83goldwinger Champion Author South Bend Posts:1,428 Points:501,230 Joined:May 2011	Message Posted: Jan 30, 2013 11:58:14 PM Ignore gd83goldwinger Report Abuse A point that money is being taken away from the US.
DrCashFlow Champion Author Massachusetts Posts:7,049 Points:1,622,350 Joined:Jun 2008	Message Posted: Jan 30, 2013 11:55:44 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 11:53:49 PM Ignore Jeeputtputt Report Abuse good?
Double_Golden Champion Author San Francisco Posts:2,540 Points:600,635 Joined:Aug 2011	Message Posted: Jan 30, 2013 11:52:55 PM Ignore Double_Golden Report Abuse that's why we need state-owned refineries...
Blue48 Champion Author Illinois Posts:7,285 Points:1,633,945 Joined:Feb 2007	Message Posted: Jan 30, 2013 11:52:02 PM Ignore Blue48 Report Abuse NOT GOOD NEWS!
rawdog1313 Champion Author Lexington Posts:3,279 Points:1,638,805 Joined:May 2008	Message Posted: Jan 30, 2013 11:51:10 PM Ignore rawdog1313 Report Abuse Greedy Bastards!
Prodaddy Champion Author Houston Posts:8,355 Points:1,890,110 Joined:May 2007	Message Posted: Jan 30, 2013 11:48:14 PM Ignore Prodaddy Report Abuse I guess this is where the money is at
ejl2000 Champion Author New Jersey Posts:1,247 Points:579,110 Joined:Aug 2005	Message Posted: Jan 30, 2013 11:45:28 PM Ignore ejl2000 Report Abuse BIG OIL GREED!!!!
tidalwave3 Champion Author Tallahassee Posts:1,292 Points:1,459,160 Joined:Jun 2008	Message Posted: Jan 30, 2013 11:44:36 PM Ignore tidalwave3 Report Abuse Is Hess an American corp or Islam?
iamforiu Champion Author Indiana Posts:3,550 Points:706,765 Joined:May 2011	Message Posted: Jan 30, 2013 11:43:55 PM Ignore iamforiu Report Abuse Here we go again
drz614 Champion Author Harrisburg Posts:2,279 Points:593,620 Joined:Aug 2011	Message Posted: Jan 30, 2013 11:42:49 PM Ignore drz614 Report Abuse sad day. want to bet state dept approves chinese or russian buyout?
skybiker Champion Author South Carolina Posts:7,272 Points:1,555,415 Joined:Jul 2008	Message Posted: Jan 30, 2013 11:40:00 PM Ignore skybiker Report Abuse More slick tricks!!
rjoeh Champion Author Michigan Posts:7,061 Points:2,466,065 Joined:Jun 2004	Message Posted: Jan 30, 2013 11:36:49 PM Ignore rjoeh Report Abuse I wonder if that will mean their gas station network be sold off?
SavALot Champion Author Virginia Beach Posts:8,449 Points:1,706,860 Joined:Apr 2005	Message Posted: Jan 30, 2013 11:36:17 PM Ignore SavALot Report Abuse Hessisdefinitel
oppdetcon Champion Author Ottawa Posts:1,411 Points:494,600 Joined:Feb 2011	Message Posted: Jan 30, 2013 11:32:53 PM Ignore oppdetcon Report Abuse OK...
Dragnet Champion Author Arizona Posts:15,385 Points:2,904,760 Joined:Jul 2004	Message Posted: Jan 30, 2013 11:32:15 PM Ignore Dragnet Report Abuse Just another cover job
SHEP20715 Champion Author Maryland Posts:8,441 Points:1,709,870 Joined:Nov 2007	Message Posted: Jan 30, 2013 11:30:29 PM Ignore SHEP20715 Report Abuse They are going for the money
dan30thz28 Champion Author New Jersey Posts:5,893 Points:1,978,015 Joined:Feb 2006	Message Posted: Jan 30, 2013 11:29:03 PM Ignore dan30thz28 Report Abuse Bad move.
jorod55 Champion Author California Posts:1,455 Points:426,975 Joined:Dec 2011	Message Posted: Jan 30, 2013 11:27:15 PM Ignore jorod55 Report Abuse Let me know how that works out for you.
Taurus1 Champion Author Ohio Posts:3,115 Points:1,669,950 Joined:Apr 2006	Message Posted: Jan 30, 2013 11:26:29 PM Ignore Taurus1 Report Abuse Exploration and production?? They just want more profit.
Trowinsamoan Champion Author Los Angeles Posts:1,131 Points:181,865 Joined:Nov 2012	Message Posted: Jan 30, 2013 11:22:35 PM Ignore Trowinsamoan Report Abuse Hope it's for the best
WIPACKERFAN Champion Author Chicago Posts:8,779 Points:1,838,475 Joined:Aug 2005	Message Posted: Jan 30, 2013 11:20:59 PM Ignore WIPACKERFAN Report Abuse OK
agrico Veteran Author New Orleans Posts:464 Points:499,915 Joined:Dec 2008	Message Posted: Jan 30, 2013 11:15:47 PM Ignore agrico Report Abuse I was at the St Croix refinery once - very clean for a refinery
nwsynthetics Champion Author Oregon Posts:1,009 Points:343,650 Joined:Dec 2011	Message Posted: Jan 30, 2013 11:13:51 PM Ignore nwsynthetics Report Abuse ok
rbutterw Champion Author Raleigh Posts:1,155 Points:288,525 Joined:Mar 2012	Message Posted: Jan 30, 2013 11:11:00 PM Ignore rbutterw Report Abuse How do U spell fracking
BREW9 All-Star Author Tampa Posts:861 Points:2,907,980 Joined:Jun 2004	Message Posted: Jan 30, 2013 11:10:07 PM Ignore BREW9 Report Abuse good
mrbee Champion Author Little Rock Posts:3,733 Points:2,461,610 Joined:Oct 2005	Message Posted: Jan 30, 2013 11:09:14 PM Ignore mrbee Report Abuse Satisfies their investors.
arb0526 Champion Author Greensboro Posts:1,951 Points:406,395 Joined:Mar 2011	Message Posted: Jan 30, 2013 11:07:14 PM Ignore arb0526 Report Abuse hhmmm
hank1326 Champion Author Los Angeles Posts:8,898 Points:1,729,285 Joined:Jun 2008	Message Posted: Jan 30, 2013 11:07:11 PM Ignore hank1326 Report Abuse Lower pump prices for us?
Doomsday64 All-Star Author Austin Posts:839 Points:332,030 Joined:Apr 2011	Message Posted: Jan 30, 2013 11:06:08 PM Ignore Doomsday64 Report Abuse Good luck.
danol43 Champion Author Modesto Posts:1,697 Points:585,180 Joined:May 2011	Message Posted: Jan 30, 2013 11:05:48 PM Ignore danol43 Report Abuse good luck
Lukus Champion Author Halifax Posts:8,263 Points:1,670,530 Joined:Nov 2007	Message Posted: Jan 30, 2013 11:04:35 PM Ignore Lukus Report Abuse Better money making prospects.