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Hess Corp (NYSE:HES) announced on Monday that it is mulling over options for its entire downstream unit and pruning its Asian portfolio, while also revealing a share repurchase plan of around $4 billion and over doubling its quarterly dividend. Shares popped 4.6% to $69.57 in recent premarket trading session. Share of the oil-and-gas producer hiked 36% in the previous 3 months.
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The actions come as Hess continues to battle with an activist investor looking to substitute much of its board and revamp the company. Hess is lifting its quarterly common dividend 150% to $1 per share on an annual basis, beginning in Q3 of this year. In January,Hess announced it had swung to fiscal Q4 profit as company’s refining and marketing operations returned to the black.
Hecla Mining Company (NYSE:HL), which operates silver mines in Alaska and Idaho, decided to acquire gold producer Aurizon Mines Ltd (TSE:ARZ) for almost C$781.7 million or $760.7 million in a cash-and-stock agreement that it says trumps an opponent bid.
Is HL a Solid Investment at These Levels? Read This Report For Details
The Coeur D’Alene, Idaho-based Hecla reported in a statement that Aurizon investors will get C$4.75 in cash or 0.9953 of Hecla stock for each share they own. Board of the company collectively backed the Hecla offer and its directors and senior officers have decided to vote their shares in favor of the agreement.
Alamos Gold Inc (TSE:AGI), the biggest shareholder in Aurizon with a 16% stake, offered C$4.65 or 0.2801 of a share for the Vancouver-based company in an unsolicited offer in January that Aurizon rejected.
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