Make us your home page
Instagram

Hess selling gas stations, concentrating on oil production

Hess is planning to get out of the gas station business, along with its interests in energy marketing and trading, and focus solely on oil production.

Associated Press (2009)

Hess is planning to get out of the gas station business, along with its interests in energy marketing and trading, and focus solely on oil production.

In Florida, Hess is known for its green and white gas stations and collectible toys. The company, though, has now said it will get rid of its gas stations, along with its interests in energy marketing and energy trading, and focus primarily on oil production. The announcement made Monday leads to some serious questions, including: What happens to those neat toy trucks?

Will the Hess gas stations close immediately?

No. The company's 1,350 gas stations, located primarily in Florida, the Northeast and the Carolinas, will be sold. There was no immediate word on whether the stations will keep the Hess name.

Why is this happening?

The company says it's part of a multiyear strategy. But hedge fund Elliott Management has been pressuring Hess to undertake just such a restructuring to improve financial performance. The gas stations account for just 4 percent of Hess' $38 billion in annual revenue. The company's stock price rose 3.5 percent Monday and was up again in trading Tuesday to almost $70 a share.

What about the toy trucks?

The company expects the 2013 models to be ready in time for Christmas, batteries included. A Hess spokesman couldn't guarantee the trucks would be around beyond that time except to say, "We think Hess is a strong, valuable brand that will live long into the future." Sources told the New York Post the holiday toy, first rolled out in 1964, could survive if Hess finds a buyer for the stations willing to keep the popular brand.

Hess selling gas stations, concentrating on oil production 03/05/13 [Last modified: Tuesday, March 5, 2013 6:47pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. A new app will help you find your favorite Tampa Bay food trucks

    Food & Dining

    What's new: Food tech

    Local food businesses are embracing new technologies and partnerships to bring us extra deliciousness.

    Michael Blasco of Tampa Bay Food Trucks says that everyone always asked about an app to help find their favorite food trucks. There is, available for iPhones and Droids.
  2. Another Pinellas foreclosure auction fools bidders, raises questions

    Real Estate

    For the second time in six weeks, a company connected to lawyer Roy C. Skelton stood poised to profit from a Pinellas County foreclosure auction that confused even experienced real estate investors.

    A Palm Harbor company bid  $112,300 for  this Largo townhome at a foreclosure auction July 21 not realizing the auction involved a second mortgage, connected to lawyer and  real estate investor Roy Skelton -- and that the bank could still foreclose on the  first mortgage.
[SUSAN TAYLOR MARTIN   |   Times]
  3. Clearwater-based USAmeriBank acquired by New Jersey bank in $816 million deal

    Banking

    CLEARWATER — USAmeriBancorp, Inc., based in Clearwater, is being acquired by New Jersey's Valley National Bancorp in an $816 million deal, it was announced today.

    Joe Chillura, CEO of USAmeribank, shown inside a branch in Ybor City in this file photo.
[KATHLEEN FLYNN l Times]
  4. Outback Steakhouse sees growth in U.S. and Brazil markets in second quarter

    Retail

    TAMPA — Restaurant sales were up at Outback Steakhouse and Carrabba's Italian Grill during the second quarter of 2017, but Bonefish Grill continues to lag at Tampa-based Bloomin' Brands.

    The Outback Steakhouse, on 4088 Park St. N, is showin on July 26, 2017. Restaurant sales were up at Outback Steakhouse  and Carrabba's Italian Grill during the second quarter of 2017, but Bonefish Grill continues to lag at Tampa-based Bloomin' Brands. [SCOTT KEELER | Times]
  5. Controversial landfill site could be rechristened as industrial recruiting land in Pasco

    Economic Development

    The east Pasco property of Angelo's Aggregate Materials, which failed to obtain a state environmental permit to be developed as a garbage landfill, is being studied as a potential 1,000-acre mega site for industrial recruitment.