Even Minus the Gas Stations, Hess' Woes Aren't Over Yet

Hess Oil's announcement that it was divesting itself of its retail gas operations and convenience stores to focus on oil exploration and development hasn't satisfied one investor. 

Elliot Managment Corporation, which controls 4.4 percent of Hess stock, is fighting a battle to put five members on Hess's board and split the pared-down oil company into two separate firms, the Wall Street Journal reported.

John Hess, whose father founded the company, controls 10.6 percent of the firm's shares and is fighting back. 

Elliot, a hedge fund managing firm, charges that too many members of Hess' board of directors have ties to the family, the Wall Street Journal said. They report the company has lost 47 percent of its value since its high in 2008.

The battle for the board will take place on May 16 at the firm's annual meeting in Houston.

Hess rid itself of its oil refining operation in the Port Reading section of Woodbridge, which closed at the end February. They announced that they'd be looking to sell off their 1,350 retail gasoline operations and convenience stores - many owned by Hess itself - that operate in 18 states on the Eastern Seaboard earlier this month.

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