UPDATE: Hess Builds On Monday Gains; Shares Up More Than 1%, Earlier Went Close to Year Highs On 5-Year Growth Plans, Doubled Dividend


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Hess ( HES ) shares are up 1.4% to $69.80 in late day trading after closing up 3.5% Monday after the company told shareholders it plans to buy back as much as $4 billion in stock and doubled its annual dividend to $1 per share. Its stock earlier touched a day high $70.49 compared to a year high $70.77

Hess is aiming to drop its energy trading and gasoline station business to focus on exploration and production. The company decreased E&P capital expenditures by 17% in 2013 and plans to continue reductions in 2014.

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