Hess will rid itself of its retail operations, as well as its energy trading and marketing business, to focus more on exploration and production.

Hess station in Sayreville (Michael Loccisano/Getty Images)

The announcement comes just over a month after Hess investor Elliott Management pushed for just such a change, and began lobbying for new directors for the New York company.

On Monday, Hess Corp. said it will nominate a slate of five independent directors for election to its board at its annual meeting in May. It also named a sixth director that will stand for election at the 2014 meeting. Six of the company's current directors will leave the board.

The company said it will boost its annual dividend to $1 per share and buy back up to $4 billion in stock.

Hess had announced plans to sell its U.S. oil storage terminals and close its Port Reading refinery.

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