NEW YORK, May 03, 2006 (BUSINESS WIRE) -- Amerada Hess Corporation (NYSE:AHC) announced today that
it received the necessary number of votes at today's Annual Meeting of
Shareholders to approve the change of its corporate name to "Hess
Corporation" and an increase in the number of authorized shares from
200 million to 600 million, in order to effect a stock split.
"The 'HESS' brand is firmly established in our marketing and
refining operations, readily recognized by our customers and in the
communities we operate, and increasingly identified with our global
exploration and production activities," said John B. Hess, Chairman
and Chief Executive Officer. "This corporate name change strengthens
recognition of our brand across all of our activities."
To reflect the name change, the company's stock symbol will be
changed to 'HES,' and shares will begin trading under the new symbol
on May 9, 2006.
Immediately following the Annual Meeting, the company declared a
stock dividend to effect a three-for-one (3:1) stock split. Record
holders of the Company's common stock as of the close of business on
May 17, 2006 will receive two additional shares for each share held at
that time. The additional shares will be distributed on May 31, 2006.
Stockholders also approved the election of four directors, the
ratification of the selection of independent auditors for 2006 and a
compensation plan to limit certain compensation of designated senior
officers of the company in order to comply with Section 162(m) of the
Internal Revenue Code.
About Hess Corporation
Hess Corporation, headquartered in New York, is a global
integrated energy company engaged in the exploration for and the
production, purchase, transportation and sale of crude oil and natural
gas, as well as the production and sale of refined petroleum products.
SOURCE: Hess Corporation
Jay R. Wilson, 212-536-8940