Chief
executive
John
Hess
said
that
once
the
changes
were
completed
Hess
would
have
finished
its
“transformation
from
an
integrated
oil
and
gas
company
to
one
that
is
predominantly
an
exploration
and
production
company”.
He
added
that
the
sales
would
allow
the
explorer
to
“redeploy
substantial
additional
capital
to
fund
its
future
growth
opportunities”,
estimated
at
$1
billion
excluding
any
sale
earnings.
A
week
ago
the
New
York-based
explorer
said
it
was
cutting
back
capital
spending
from
$8.3
billion
last
year
to
$6
in
2013.
Hess
now
plans
to
close
its
loss-making
Port
Reading,
New
Jersey
refinery
in…
