The Rising Influence of Rising Affluence

[DewDiligence]

Update on HES’ divestiture of US East Coast service stations and convenience stores:

http://online.wsj.com/article/SB10001424127887324251504578581632263636870.html

Hess Corp. has enlisted Goldman Sachs to sell its gas-station chain, people familiar with the matter said, as the oil company moves to reshape itself into strictly an exploration-and-production company. At the end of last year, Hess had 1,361 gas stations spread among several Eastern states.

…Hess is seeking a price in the low single-digit billions for its gas stations, one of the people said. More than 90% of the stores are company-operated and include convenience stores. Convenience stores can boost profits, as margins are generally higher on items like soda, beer and cigarettes than they are on gasoline and diesel.