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Proxy Clash Over at Hess

Hess Corp. (NYSE:HES) said Thursday it reached an agreement with Elliott Management to give the activist shareholder three seats on the oil company's board, bringing a months-long proxy battle to an end.In exchange, Elliott, which owns a stake of about 4.52% in Hess, will support Hess's full slate of five independent nominees at the company's annual shareholder meeting Thursday in Houston.The board shakeup follows several attempts by both sides this week to settle the proxy clash. Hess led off with a proposal to give Elliott two seats on its 14-member board, while Elliott countered by suggesting a merger of their slates of five potential directors.Hess Chief Executive John Hess said in a statement that the company's new board "will provide effective oversight to ensure that we continue to create meaningful long-term value for all Hess shareholders.""We are pleased to reach an agreement that we believe is in the best interests of Hess shareholders, and we welcome each of our new directo...

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  1. Pioneer Natural to Sell Sinochem 40% of Texas Venture

    Pioneer Natural Resources Co. (PXD) has agreed to sell a 40% stake in 207,000 acres in West Texas's Wolfcamp Shale to Chinese conglomerate Sinochem Group in a deal w...

  2. Pioneer Natural to Sell 40% of Stake for $1.7 Billion

    Pioneer Natural Resources Co. (PXD) has agreed to sell 40% of a stake it has in the horizontal Wolfcamp Shale play, in the southern portion of the Spraberry Trend Ar...

  3. Pioneer Natural Agrees to Sell 40% of its Stake in Wolfcamp Shale for $1.7 Billion

    Pioneer Natural Resources Co. (PXD) has agreed to sell 40% of its stake in the horizontal Wolfcamp Shale play in the southern portion of the Spraberry Trend Area Fie...

  4. Activist Investor Elliott Management Seeking to Remake Hess

    Elliott Management Corp. confirmed it is seeking five seats on Hess Corp.'s (HES) board in order to push the company to separate its assets in the oil-rich Bakken Sh...

  5. Elliott Management Confirms It Is Seeking 5 Seats on Hess Board

    Elliott Management Corp. confirmed it is seeking five seats on Hess Corp.'s (HES) board in order to push for a divestment program that could include spinning off the...

  6. First Solar, Pioneer Natural Lift Energy Stocks

    First Solar Inc. rose 2.5% and Pioneer Natural Resources advanced by 1.3% as energy stocks moved up with crude-oil prices and the overall equities market on Tuesday....

  7. Pioneer Natural Resources to Sell Barnett Shale Properties

    Pioneer Natural Resources Co. (PXD) said it plans to sell its properties in the Barnett Shale formation as the oil and gas exploration and production company looks t...

  8. Goldman Upgrades Cabot Oil To Buy From Neutral

    Goldman Sachs on Monday upgraded Cabot Oil & Gas to buy from neutral and said a pullback in shares of domestic oil producing firms appears to be overdone. Analysts r...

  9. Pioneer Natural 1Q Net Slips 38%, Revenue Up

    Pioneer Natural Resources Co.'s (PXD) first-quarter earnings slipped 38% as income from discontinued operations in South Africa boosted the oil and natural gas produ...

  10. Sunoco Rallies 21%, Lifts Energy Stocks

    Sunoco Inc. rallied 19.5% in early action on Monday after Energy Transfer Partners L.P. agreed to buy the fuel infrastructure and logistics firm in a deal valued at ...

  11. The Boeing Company, The Dow Chemical Company Included in Stocks Up on High Volume Wednesday

    These stocks are up on above-average volume today:The Boeing Company (NYSE:BA) was up on high volume today, trading with volume of 10.5 million, or 2.7 times its ave...

  12. Williams, Pioneer Lead Energy Stocks Up

    Energy stocks moved up on Monday, as the Dow Jones Industrial Average jumped more than 100 points. Exxon Mobil rose 1% and Chevron Corp. advanced by 0.9%. Both oil m...

  1. Market Wrap for Wednesday, May 8: Stocks Record Moderate Gains; Euro Rises

    In a slow trading session on Wall Street, U.S. stocks recorded moderate gains after opening the day lower. The docket of economic reports is light this week and inve...

  2. Pioneer Natural Offers to Buy Pioneer Southwest, Valuing it at $1.1 Billion

    Pioneer Natural Resources Co. (PXD) is proposing to buy all the outstanding shares of Pioneer Southwest Energy Partners LP (PSE) it doesn't already own through a sto...

  3. Pioneer Natural 1st-Quarter Profit Falls 53% on Derivative Loss

    Pioneer Natural Resources Co.'s (PXD) first-quarter earnings fell 53% as the oil-and-gas exploration-and-production company's results were hurt by a loss on derivati...

  4. Gold Miners, Resources Stocks Fall Amid Commodities Slump

    Mining and energy companies were among the hardest-hit stocks Monday amid a commodities slump, as prices for resources and metals from gold to crude oil fell on fear...

  5. Moving Averages Indicate These Sector ETFs Could be Stretched

    In a previous examination of some ETFs and their relationship to simple moving averages, we looked at a group of funds that were either below or vulnerable to giving...

  6. Sinopec To Buy Stake In Chesapeake Assets

    China Petroleum & Chemical Corp, Asia's largest oil refiner, will buy half of Chesapeake Energy Corp's (NYSE:CHK)Mississippi Lime oil and gas properties for $1.02 bi...

  7. Pioneer Natural Swings to 4th-Quarter Profit; Unveils Share Offering

    Pioneer Natural Resources Co. (PXD) swung to a fourth-quarter profit on higher revenue and lower impairment costs, although average prices of oil and natural gas dec...

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