Hess Corporation has sold its retail business to Marathon Petroleum Corporation for $2.6 billion in cash. Hess is the largest chain of company operated gas stations on the East Coast (1,342 total) and also the maker of classic, awesome toy trucks.
The stations will be included in the sale and will join Marathon and its Speedway subsidiary to spread the company's reach into 23 states. The profits from the sale will go towards share repurchasing, a process the company began last August.
John B. Hess, Chief Executive Officer, said, “The sale of our retail business marks the culmination of our strategic transformation into a pure-play exploration and production company. I especially want to express my deepest appreciation to our employees in the retail business for their outstanding work and extraordinary dedication over the years building the Hess brand and serving our loyal customers.”
The deal is set to close before the end of 2014.
As for toy trucks, don't worry. They're sticking around. This years model will go forward per usual, sold both online and in retail locations. After that, the toy trucks will be sold through the Hess Truck website.
This article is from the archive of our partner The Wire.