Hess CEO Says Shedding of Units Not a Response to Criticisms from Elliott

Bloomberg reported that the CEO of Hess Corp., John Hess, said that his plan to sell 1,350 gasoline stations and focus on oil production has nothing to do with the criticisms from Paul Singer’s Elliott Management Corp.

As quoted in the market news:

Singer’s Elliott Management said Hess is doing “the least possible to maintain the status quo.” The New York-based hedge fund acquired a 4 percent stake and in January began pressing for asset sales and changes to the company’s board. Hess has rejected Elliott Management’s proposed board members and dismissed calls to split U.S. onshore and offshore production, saying it ignores credit risk, taxes and the company’s real value.

Click here to read the full Bloomberg report.