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Hess to spin off gas station business

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Staff writer ▼ | January 8, 2014
Hess Corp. announced that it filed with regulators to spin off its gas station and convenience store network.
Hess
HessHess Corp. announced that it filed with regulators to spin off its gas station and convenience store network.


Hess said it had received a ruling from the Internal Revenue Service that would allow it to distribute its retail business to shareholders in a tax-free spinoff. Hess Retail is the largest operator of gas-convenience stores along the U.S. East Coast, the company said in a filing with the Securities and Exchange Commission (SEC).

Hess already said it would exit its retail gasoline business by 2015 and it would also solicit offers to buy the retail business. The company has already exited refining, sold its terminal business and divested some overseas oil and gas assets. Hess operated 1,177 convenience stores and 81 travel plazas as of September 30, 2013.


 

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