+1 nervesofsteel -agree with you

Still nothing on the Hess website but found these tidbits on the web regarding hoarding the cash, ramp up production, use the cash to buy shares back and focus on the short term to drive up the price of the stock by increasing earnings per share.

"CEO and Chairman John. B. Hess commented on the divestiture, 'As the sale of Samara-Nafta indicates, we are making excellent progress in executing our asset sales program, which is a central component of our plan to transform Hess into a more focused, higher growth, lower risk pure play exploration and production company. Just as important, by applying the proceeds from these divestitures to reduce debt and strengthen our balance sheet, Hess will have the financial flexibility to fund its future growth and also to direct most of the proceeds from additional asset sales to returning capital directly to its shareholders.'"

"Here are the key highlights from Hess' earnings report:

• EPS came in at $1.95 a share, an impressive 38 cents a share above consensus estimates. Earnings were also up 30% year over year.
• Production from its wells in the Bakken rose 55% year over year to 65,000 barrels a day.
• Average selling price for its oil production rose 5.1% in the quarter.
• The company now has completed $3.4 billion from asset sales to date in 2013, and is using sales to reduce debt and add cash to its balance sheet.
• Hess also announced that it anticipates additional asset sales will be completed this year to fund a $4 billion share repurchase program expected to commence in the second half of 2013.

Hess is as an independent energy company with producing oil and gas properties worldwide.

Here are four additional reasons HES still has upside from $69 a share:

1. The stock is cheap at just 10% over book value and just over four times operating cash flow.
2. The 17 analysts who cover the stock have an $80 a share median price target. Barclays just upgraded the stock to "Overweight" from "Equal Weight" earlier in the week.
3. Based on huge production increases from the company's Bakken properties and an acceleration of the stock repurchase program, investors should look for earnings estimates for the next two fiscal years to be revised up. This should provide a nice tailwind for the stock.
4. The company is doing the right things to increase shareholder value. I am confident that Elliott Management will continue to hold management's feet to the fire to ensure this continues. Given this, the stock, at 11.5x trailing earnings, is a solid buy."

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With all that hype and focus on the short term I have sold all my shares of Hess as it is not focused on the long term. Might do some short term trading of their shares but Falcon has my interest for the long term.