Hess Corp. says it plans to sell its U.S. terminal network and shutter its New Jersey refinery, as it continues to shift its focus toward exploration and production.

Hess refinery in Port Reading (Hess)

Hess also disclosed that investment firm Elliott Associates LP and one of its affiliates plan to ask federal regulators for permission to boost their stake in the company and may seek board seats at the annual meeting in May.

Hess shares rose more than 5 percent in morning trading.

The terminal network is located along the East Coast and has a total of 28 million barrels of storage capacity in 19 terminals. The terminals previously served as the main outlet for Hess' share of production from a former refinery joint venture.

Hess says since the refinery's closure last year, the terminal system is no longer needed.

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