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Hess getting out of gas station business

By Associated Press

NEW YORK (AP) - Hess is getting out of the gas station business and ridding itself of its energy trading and marketing businesses.

The oil company says it is shifting focus further into exploration and production. It's also nominating a slate of six independent directors to the company board, rejecting the nominees chosen by Elliott Management.

The hedge fund is one of the Hess' largest shareholders and last month accused the board of "poor oversight," saying the company's management was responsible for more than a "decade of failures."

No timetable has been set and there is now word as of this writing as to what will happen to all of the local Hess retail shops.

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