Elliott Management Supports Hess (HES) Changes

Elliott Management Corporation, which manages funds that are collectively the fourth-largest shareholder in Hess Corporation (NYSE: HES), released the following statement supporting several changes announced by the Company:

“We are pleased that Hess is initiating a comprehensive operating review with the goal of becoming the best-in-class operator in the Bakken, building on recent progress they have made in the basin. Additionally, the company is tripling the buyback authorization it approved last November, and will buy back $1.5 billion of stock by the end of 2018. We are encouraged that the company has indicated that they are committed to closing the value gap and will be dynamic in exploring further steps to do so before first oil in Guyana.”

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