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.
Forward-looking Statements:
Statements in this news release that are not historical facts are
forward-looking statements. These statements are not guarantees of
future performance and involve risks, uncertainties and assumptions that
are difficult to predict, including, but not limited to, unanticipated
developments that could delay, prevent or negatively impact a separation
transaction; changes in market conditions; disruption to operations as a
result of a separation of Hess Retail Corporation from Hess; and the
inability of Hess Retail Corporation to retain key personnel. Therefore,
actual outcomes and results, including financial results, may differ
materially from what is expressed or implied in any forward-looking
statements. More detailed information about risks and uncertainties that
could cause actual results to differ materially from current
expectations and from the forward-looking statements contained in this
press release, may be found in our filings with the Securities and
Exchange Commission, including our most recent Annual Report on Form
10-K, which is available on the SEC's website at http://www.sec.gov/ and
on Hess’ website at www.hess.com,
as well as the "Risk Factors" section of Hess Retail Corporation’s Form
10 Registration Statement. There is no assurance regarding the timing of
any separation transaction or whether it will be completed at all. We
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
Source: Hess Corporation
Hess Corporation
Investors:
Jay Wilson, 212-536-8940
Media:
Denny
Moynihan, 732-750-6484
or
Sard Verbinnen & Co
Michael
Henson/Patrick Scanlan
212-687-8080
