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 $US2.6 billion.
Hess said it would use the proceeds from the sale to increase its share-buyback program to $US6.5 billion from $US4 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’s end.
Shares of Hess are up about 2%.
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