John Hess also said the company does not plan to spin off its onshore business into a separate entity, a move that had been urged by activist shareholder Elliott Management, a hedge fund run by Paul Singer that bought a 4% of Hess in January.
Such a move would ignore credit risk and tax issues, Hess told Bloomberg.
"The decisions we made have been carefully structured, and really thought out, and are not a response to an activist," he told the news wire.
