Hess Selling Downstream Assets To Focus On Shale As Billionaire Paul Singer Looks To Shake Things Up
Hess has become the latest large-cap oil company to announce plans to shed its refining and downstream business to focus on high-margin exploration and production. At the same time, Hess will face the activism of billionaire Paul Singer of hedge fund Elliott Management , who told the company he’s looking to load up on potentially more than $800 million in shares and will seek board representation. Shares in the company surged on Monday.
Hess has become the latest large-cap oil company to announce plans to shed its refining and downstream business to focus on high-margin exploration and production. At the same time, Hess will face the activism of billionaire Paul Singer of hedge fund Elliott Management , who told the company he’s looking to load up on potentially more than $800 million in shares and will seek board representation. Shares in the company surged on Monday.