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Hess sells retail gas business for $2.8B

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The Hess Toy Truck from 1994.
The Hess Toy Truck from 1994. - (Hess Toy Truck / Facebook)

The Hess Corp. announced Thursday it's finally out of the retail gas business.

The iconic company in New Jersey sold its 1,342 stations up and down the East Coast to Marathon Petroleum for $2.6 billion.

Now here’s what you really want to know. According to a Star-Ledger report, the company will continue to sell its famed holiday trucks in stores this year and then on-line in the future.

“The sale of our retail business marks the culmination of our strategic transformation into a pure-play exploration and production company,” CEO John B. Hess said in a statement.

“I especially want to express my deepest appreciation to our employees in the retail business for their outstanding work and extraordinary dedication over the years building the Hess brand and serving our loyal customers.”

According to the release, proceeds from the sale will be used for additional share repurchases after the company increased its existing share repurchase authorization from $4 billion to $6.5 billion. Since the commencement of the program in August 2013, the company has repurchased about $2.8 billion in stock, the release said.

The company said it expects the sale to be completed before the end of the year.

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