Mar 4, 2013

Hess, under pressure, to exit retail business

NEW YORK — Hess will rid itself of its retail operations, as well as its energy trading and marketing businesses, to focus more on exploration and production, sending its shares up 5 percent in premarket trading. Hess Corp. also said Monday that it will nominate a slate of five independent directors for election to its […]

Sep 6, 2011

Sunoco to sell refineries

NEW YORK — Sunoco Inc. says it’s getting out of the refining business. The Philadelphia company, which owns two refineries in Pennsylvania, says refining oil into gasoline and other fuels has yielded disappointing returns. It plans to sell those refineries and focus on its retail and logistics business. Oil refining is only profitable when a […]

Jul 14, 2011

Oil giant ConocoPhillips to split into 2 companies

NEW YORK — ConocoPhillips, the third-largest U.S. oil company, said Thursday that it will split itself into two separate publicly traded companies and its CEO and Chairman Jim Mulva plans to retire once the transaction is complete. The breakup would create the largest independent refiner in the world, a prominent analyst said. Its shares jumped […]

May 25, 2011

Exxon facing questions about natural gas push

DALLAS — Exxon rode higher oil prices to a $30 billion profit last year. But shareholders at its annual meeting Wednesday are likely to ask pointed questions about its big push into natural gas. Since buying XTO Energy last year for $29 billion, Exxon Mobil Corp. has become the largest natural gas company in the […]

May 5, 2011

Wal-Mart remains atop Fortune 500 list

NEW YORK — Wal-Mart Stores Inc. remains atop the Fortune 500 list even as it struggled to keep its U.S. customers coming in the door. The world’s largest retailer held onto the top spot for the second year in a row thanks to gains at its international stores. The company’s U.S. division has had seven […]

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