Hess 'looking at' spinoff proposal

Looking carefully: Hess considers Bakken spinoff

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By News Wires

 30 January 2013 23:35 GMT

Hess, which is under pressure from an activist investor to break up the company, is "looking carefully" at that proposal, chief executive John Hess told analysts on Wednesday.

He said the company was considering proposals from hedge fund Elliott Management to consider a spinoff of its US onshore assets and the sale of retail operations, Reuters reported.

He noted the company's ongoing efforts to sell non-core assets - including an exit from the refining business - and pour more than 90% of its capital into exploration and production.

"We have no sacred cows in the business. We have no sacred cows in the board room," he said.

But he declined to address Elliott's proposals, which also include a plan to…

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