NEW YORK--(BUSINESS WIRE)--Elliott Management Corporation (“Elliott”), which manages funds that are collectively the fourth-largest shareholder in Hess Corporation (NYSE: HES) (“Hess” or the “Company”), released the following statement supporting several changes announced by the Company:
“We are pleased that Hess is initiating a comprehensive operating review with the goal of becoming the best-in-class operator in the Bakken, building on recent progress they have made in the basin. Additionally, the company is tripling the buyback authorization it approved last November, and will buy back $1.5 billion of stock by the end of 2018. We are encouraged that the company has indicated that they are committed to closing the value gap and will be dynamic in exploring further steps to do so before first oil in Guyana.”
Elliott Management Corporation manages two multi-strategy funds which combined have more than $34 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.