March 19, 2012 [Dow Jones Newswires] - Hess Corp. (HES) has hired Goldman Sachs Group Inc. (GS) to help it explore the potential sale of its St. Lucia crude oil and refined products storage and transshipment terminal in the Caribbean.
The oil and natural gas company in January unveiled plans to shut down the Hovensa LLC refinery in St. Croix, U.S. Virgin Islands, after the refinery racked up $1.3 billion in losses over the past three years amid weak demand for refined petroleum products.
Hess is among a number of large oil companies that have been increasing spending to fund exploration programs and the development of shale-gas properties in the U.S. The company reported in January it swung to an unexpected fourth-quarter loss, as the Hovensa refinery closure contributed to wider losses at its marketing and refining business. Revenue increased 1.5%.
