| Hess to pursue master limited partnership creation | |
| | |
|
NEW YORK (AP) -- Hess plans to pursue the creation of a master limited partnership, a move that can provide tax benefits while preserving the advantages of a publicly traded company.
The energy company's stock rose in Wednesday premarket trading.
A master limited partnership can be an attractive option for a company because it provides the tax benefits of a limited partnership and the liquidity of a publicly traded company.
Hess Corp. is also looking into an initial public offering for the potential master limited partnership.
Last year Hess agreed to sell its gas stations as well as other assets. It has also split the roles of chairman and CEO and made changes to its board. The company is now focused more intently on exploration and production, particularly within the Bakken Shale fields in North Dakota.
Hess said Wednesday that it plans to use the master limited partnership in support of its Bakken production growth.
Hess will own the general partner of the master limited partnership, all of its incentive distribution rights and a majority of its limited partner interests once the IPO is complete.
The New York company anticipates that it will make an IPO of common units representing limited partner interests in the MLP in 2015's first quarter.
Shares of Hess gained $2.58, or 2.6 percent, to $102 before the market open.
|
|
|
Hess Corporation
|
|
|
CODE : HES |
ISIN : US42809H1077 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Hess Corp. is a and oil exploration company based in United states of america. Hess Corp. is listed in Germany and in United States of America. Its market capitalisation is US$ 47.5 billions as of today (€ 41.6 billions). Its stock quote reached its lowest recent point on November 17, 1989 at US$ 10.06, and its highest recent level on April 17, 2024 at US$ 150.80. Hess Corp. has 315 053 615 shares outstanding. |