Hess to Rid Itself of Its Retail Gas Station Businesses
The Woodbridge-based oil business will now divest itself of 1,350 gas stations, many of which operate in New Jersey and 17 other Eastern Seaboard states.
The familiar green and white Hess signs that dot the Woodbridge landscape and much of New Jersey may soon be no more. Hess Corporation announced Monday in a letter to shareholders at their annual meeting that it was divesting itself of its retail gasoline and convenience store operations, in an effort to restructure the company and improve its balance sheet. The move will affect 1,350 gas stations - many owned by Hess itself - that operate in 18 states on the Eastern Seaboard. The gas stations serve as many as 1.3 million customers a day, according to a report in Supermarket News. Hess did not say when it would begin either closing or selling off its gas stations, although a press release accompanying the news said that their closure, …
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Ryan
2:49 am on Sunday, April 14, 2013
So why is it in NYC (specifically Queens and Bklyn), HESS is far and away the cheapest gas using a credit card purchase? more ›