Why is hess closing

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The following important factors could cause actual results to differ materially from those in our forward-looking statements: the ability of our contractual counterparties to satisfy their obligations to us, the ability to satisfy the conditions to the proposed sale; contract and other laws, regulations and governmental actions applicable to our business; and other factors described in the Risk Factor section in our Annual Report on Form K and Quarterly Reports on Form Q and any additional risks described in our other filings with the Securities and Exchange Commission.

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make.

Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Investor Contact: Jay Wilson jrwilson hess. Hess said the Port Reading refinery came under pressure due to costs associated with complying with environmental regulations for low-sulfur heating oil as well as weak refining margins.

The plant, shut for three weeks late last year after power was cut by Hurricane Sandy, incurred losses in two of the last three years, Hess said.

Hess said it would continue to supply its retail arm, being able to supply its marketing businesses through third-party sellers. Prices of fuel on the East Coast have a large impact on the wider U.

Stuart and other analysts noted gasoline demand growth could prove a surprise this year as the economy improves and provide the backbone of a tighter market. Nationally, stockpiles are above year-ago levels, but inventories of the fuel in the East Coast are now just under 54 million barrels, compared with about 60 million barrels this time last year.

Additional supplies from the major U. Gulf Coast refining center as well as the Midwest - where margins have been strong - could also be limited by a heavy load of maintenance in the coming months as plants take down units. That means the East Coast will likely have to turn to foreign shipments to make up for any shortfalls, so prices in the region will have to rise enough to draw sufficient imports from other areas with supply.