NEW YORK -- Amerada Hess Corp. said in its preliminary proxy statement filed today with the U.S. Securities & Exchange Commission (SEC) in connection with its May 3, 2006, annual stockholders meeting that it will request shareholder approval to change its name to Hess Corp. and increase the number of shares of common stock which the company has authority to issue from 200 million currently to 600 million.
The Hess brand is firmly established in the company's marketing and refining operations, readily recognized by customers and in the communities [image-nocss] where the company operates and increasingly identified with its global exploration and production activities, it said. "We believe that changing our corporate name to the name under which we do business will promote simplicity and standardization of our brand," said John B. Hess, chairman and CEO.
The primary purpose of increasing the authorized common shares is to provide the board with sufficient flexibility to effect a stock split in the form of a stock dividend, while maintaining sufficient authorized but unissued shares for other corporate purposes. The board intends to declare a stock dividend to effect a three-for-one stock split immediately following the annual meeting of stockholders.
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