AP News

Hess raises dividend to 25 cents from 10 cents


NEW YORK (AP) — Hess said Wednesday it is raising its quarterly dividend to 25 cents from 10 cents.

The oil exploration company said its next dividend is payable Sept. 30 to shareholders of record on Sept. 16.

Hess Corp. said it can return more cash to shareholders because it is changing into a pure-play exploration and production company and moving away from oil refining. This year the company has sold $3.5 billion in assets, and it is in the process of selling its energy marketing business to Direct Energy for $1.03 billion.


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