Hess Shutting Down Gas Stations

The Associated Press reports that the company will shift its focus on exploration and production instead of retail.

Following criticism from a major stockholder, Hess announced plans to shut down its retail locations, which span from New Hampshire to Florida, on Monday, the Associated Press reports.

Instead, the New York-based company will channel its efforts into exploration and production, the news outlet reports. The hedge fund Elliott Management, which owns 4 percent of Hess, accused the company's board of "Poor oversight," and said it was responsible for "Decades of failure."

Hess shares fell drastically after the 2008 economic collapse, but stock started rebounding last summer, according to the Associated Press.

It's unclear how soon the store closures will occur.


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