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Hess is undergoing substantial changes. In March, the company announced that it would sell its retail gas stations business, along with its energy trading and marketing businesses, to become more purely an exploration and production company. It's also selling U.S. oil storage terminals and plans to close a New Jersey refinery as it exits the volatile refining business. Hess had already rejected Elliott's nominees and says it believes that the ISS report on the proxy contest is flawed and doesn't address key issues. Company shares slid 2 percent, or $1.38, to $69.58 in early trading.
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