Hess Announces Transformation Into Pure Play Exploration and Production Company

Hess Corporation HES (“Hess”) today announced several initiatives marking the culmination of its multi-year strategic transformation into a pure play exploration and production (“E&P”) company. The Company today also announced a slate of five highly qualified independent director nominees for election at this year's Annual Meeting, and appointed an additional independent director who will stand for election at the 2014 Annual Meeting. Once complete, the transformed Hess will have a focused portfolio of higher growth and lower risk E&P assets. With attractive, oil linked reserves, Hess anticipates achieving a five year compound average annual production growth rate (“CAGR”) of 5 to 8%, based off of pro forma 2012 production, with aggregate mid-teens production growth See full press release