|Amerada Hess Changes Name to Hess Corporation and Announces Three-for-one Stock Split; Company's Stock to Commence Trading Under Symbol ``HES'' on May 9, 2006|
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