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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 […]
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 […]
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 […]
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 […]
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 […]
