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Hess Corp. is selling its gas station chain to refiner Marathon Petroleum for about $2.9-billion (U.S.).
Hess Corp. is selling its gas station chain to refiner Marathon Petroleum for about $2.9-billion (U.S.).
(Richard Drew/AP)

Hess a poster child for investor activism

Hess Corp.’s $2.9-billion (U.S.) gas station sale looks like vindication for high-octane activism. The oil industry laggard will shed its retail chain to refiner Marathon Petroleum and focus on the lucrative exploration business. Hedge fund Elliott Management can take some credit for the transformation that has allowed Hess to catch up with rivals. It’s more evidence that uppity investors can drive useful change.