Amerada Hess Shortens its Name, Plans Stock Split
Amerada Hess will officially become "Hess Corp." on May 9. The New York-based independent said that it received the necessary number of votes at its annual shareholders' meeting Wednesday to change the name of the corporation.
"The 'HESS' brand is firmly established in our marketing and refining operations, readily recognized by our customers and in the communities we operate, and increasingly identified with our global exploration and production activities," said John B. Hess, Hess' chairman and CEO. "This corporate name change strengthens recognition of our brand across all of our activities."
To reflect the name change, the company's stock symbol will be changed to "HES." Shares will begin trading under the new symbol on Tuesday. Immediately following the annual meeting, the company declared a stock dividend to effect a three-for-one (3:1) stock split that will increase in the number of authorized shares from 200 million to 600 million.
Record holders of Hess' common stock as of the close of business on May 17, 2006, will receive two additional shares for each share held at that time. The additional shares will be distributed on May 31, 2006.
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