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Ohio Utica Shale

Hess files paperwork with SEC to spin off retail business

By Bob Downing Published: January 9, 2014

From Hess Corp.:

 
Hess Files Form 10 Registration Statement Related to Spin Off of Retail Business

NEW YORK--(BUSINESS WIRE)--Jan. 8, 2014-- Hess Corporation announced today that Hess Retail Corporation, its wholly owned subsidiary, has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC).

The Form 10 contains a preliminary information statement about the potential terms and conditions of a spin-off of Hess Retail Corporation to the stockholders of Hess Corporation. It also includes information about Hess Retail Corporation as a standalone company, including financial, capital structure, business, risk factor and management and governance information. The preliminary information statement is subject to change. The Form 10 is available on the SEC's website at http://www.sec.gov and on Hess’ website at www.hess.com.

Hess Corporation also announced that it has received a Private Letter Ruling from the Internal Revenue Service that will allow Hess Corporation to distribute the business to stockholders in a tax-free spin-off.

Simultaneous with pursuing a spin of the retail business, Hess Corporation will also solicit offers to purchase the entire retail business from potential buyers. Following receipt of any such offers, the Hess Corporation Board of Directors will determine which alternative it believes best serves the long term interests of all Hess Corporation stockholders.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

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