Hess plots refinery unit exit

Investor's Business Daily

The oil explorer and producer plans to sell 20 oil terminals and close its Port Reading, N.J., refinery, completing its exit from the petroleum refining business. Hess (HES) also said hedge fund Elliott Associates wants to place members on its board and buy shares valued at $800 mil-plus. Hess said it hasn't held talks with Elliott, but it's willing to meet with the activist fund. Hess CEO John Hess said the planned sale will give the company funds to explore future growth opportunities. Shares rose 6.1%.

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