Checking Up On Billionaire Singer & Hess (HES)

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After initially reporting about What the Hess Plan Can Do For You, it's time to check up on what billionaire hedge fund Elliott Associates and Paul Singer is doing over at Hess (NYSE:HES).  

Singer's plan appears to be working, where Hess recently announced a series of additional restructuring and capital allocation steps including

(1) plans to divest E&P assets in Indonesia and Thailand 

(2) pursuing monetization of Bakken midstream assets, expected in 2015

(3) fully exiting downstream businesses, including retail, energy marketing, and energy trading

(4) raising its dividend to $1/share from $0.40/share

(5) repurchasing $4 billion of stock

(6) naming six new directors to its board, replacing six departing directors.

However, management does consider Elliott's plan as flawed, the above is a step in Elliot's direction. The above addresses Elliott's concerns to some degree, as far as independence at Hess'board. 

The company plans to boost its annual dividend by 150% to $1.00 per share share, putting its dividend yield up to 1.5%.