Hess Corporation Mandatory Conversion of Preferred Stock.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Hess Corporation The Hess Corporation (NYSE: HES) is an integrated oil company based in New York City. The company changed its name from Amerada Hess as of May 8, 2006. The company explores, produces, transports, and refines oil. (NYSE NYSE See: New York Stock Exchange : HES) today announced the mandatory conversion of 13,500,000 shares of its 7.00% Mandatory Convertible Mandatory Convertible A type of convertible bond that has a required conversion or redemption feature. Either on or before a contractual conversion date, the holder must convert the mandatory convertible into the underlying common stock. Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. into newly-issued shares of its common stock. Each share of the Preferred Stock has automatically been converted into 2.4915 shares of common stock. No fractional shares of the Corporation's common stock will be issued as a result of the mandatory conversion. In lieu of any fractional share otherwise issuable to any holder in respect of the conversion, the Corporation will pay an amount, in cash, to the holder thereof equal to the same fraction of the current market price of a share of common stock (current market price calculated as the average of the daily closing prices for the five consecutive trading days prior to December 1, 2006). About Hess Corporation Hess, headquartered in New York, is a global integrated energy company engaged in the exploration for and the production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. |
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