Hess closed the final chapter of its refining arm after announcing the closing of its Port Reading Refinery in addition to putting 11 U.S. oil storage terminals up for sale. By exiting the refining business, Hess expects to free up around $1 billion of working capital, which can be better deployed in its prolific E&P arm. With the cost saving expected from shedding its oil storage terminals in addition to divesting billions of dollars in assets in 2012, Hess looks rejuvenated to outperform its peers. Check out the video below for more information on the deal and more insight into Hess' diversified asset base. 

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The article Hess Shuts the Door on Refining originally appeared on Fool.com.

Joel SouthTaylor Muckerman, and The Motley Fool own no stocks mentioned in this video. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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