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Hess Issues Important Statement Regarding Its Famous Toy Trucks

Myles UdlandMay 22, 2014, 19:04 IST

Hess

Energy company Hess (HES) announced that it has agreed to sell its retail business, which includes its 1,342 gas stations and convenience stores on the East Coast, to Marathon Petroleum (MPC) for $2.6 billion.

Hess said it will use the proceeds from the sale to increase its share buyback program to $6.5 billion from $4 billion.

Marathon Petroleum will operate the stations under its Speedway retail banner.

Hess CEO said the sale, "marks the culmination of our strategic transformation into a pure-play exploration and production company." The deal is expected to close before year-end.

Hess said it will continue to sell its iconic Hess Toy Truck's online. In fact, it issued a whole press release on the matter.

Shares of Hess are up about 2%.