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Hess Closing Its Gas Stations [UPDATED]

The company will instead focus on oil production and exploration.

Updated March 5, 11:30 a.m.: Hess spokesman Dennis Moynihan issued a statement Tuesday saying Hess is not planning to close any of its gas stations.


Earlier story:

Hess has announced it's closing its gas stations and will focus on “exploration and production,” according to media sources on Monday.

Hess has one gas station location in Newton at 2370 Commonwealth Ave. in Auburndale.

Recently, Elliott Management, one of the company’s largest shareholders, "accused the board of ‘poor oversight,’ and said that the company’s management was responsible for more than a ‘decade of failures,’” reported the Associated Press.

Hess will close its gas stations and focus on other parts of the business, including oil exploration and production. Many of the stations are owned by Hess rather than franchises, the AP reported.

The company will leave the retail gasoline business by 2015, according to a Reuters report. 

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