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HES

Energy Stocks Following Crude Oil Lower; Elliott Management Steps Up Fight For Control of Hess

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Energy stocks are lower today with the NYSE Energy Sector Index slipping 0.4% and the S&P Energy Index falling 0.6%. Crude oil for May delivery is continuing its recent slide, giving up another $1.54 to now trade at $92.91 per barrel. May natural gas is up 3 cents to $3.93 per 1 mln BTU.

In company news, Hess Corp ( HES ) is down 1.4% a just above $71 a share as a proxy fight for control of the oil and gas company continues to heat up, with Elliott Management today filing new documents asserting " the record clearly demonstrates the history of a CEO focused more on maintaining a family dynasty than instilling accountability and addressing chronic underperformance."

Among the factors Elliott cites for bringing in a new chief executive and implementing other changes at the company are its contention HES shares have underperformed by 460% during the CEO's tenure, including a 50% shortfall over the past two years. It also stated the company has been in a "state of perpetual, ineffective restructuring" for 17 years.

In other sector news,

(-) RDS-A, (-0.9%) Royal Dutch Shell Geelong Australia refinery is now for sale, according to reports.

(-) NBL, (-1.6%) Increases gross resource estimate of its Tamar offshore natural gas field near Israel by 1 trillion cubic feet to 10 trillion cubic feet. Also says initial sales began March 31, with all five of the subsea wells producing a combined 300 mln cubic feet per day. NBL has a 36% interest in the Tamar field.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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