Hess Corp. (NYSE: HESS) Spinning Off Gas Station Biz

Brian Hicks

Written By Brian Hicks

Posted January 8, 2014

Hess Gas Station

U.S. Oil producer Hess Corporation announced on Wednesday that it is making the first moves toward spinning off its network of gas stations into a new company called Hess Retail Corp. The company filed the general registration of securities (Form 10) with the Securities and Exchange commission, and it is not yet clear how many shares of the new company will be distributed among current Hess shareholders.

The new business will consist of more than 1,200 gas stations and convenience stores located in 15 states east of the Mississippi River, including 81 high-value travel plazas on toll roads and interstates.

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