Hess Shutting Down Gas Stations

Following criticism from a major stockholder, Hess announced plans to shut down its retail locations, which span from New Hampshire to Florida, on Monday, the Associated Press reports.

Instead, the New York-based company will channel its efforts into exploration and production, the news outlet reports. The hedge fund Elliott Management, which owns 4 percent of Hess, accused the company's board of "poor oversight" and said it was responsible for "decades of failure."

Hess shares fell drastically after the 2008 economic collapse, but stock started rebounding last summer, according to the Associated Press.

It's unclear how soon the closures will occur or whether the gas station on 3299 Wilson Boulevard in Arlington will be affected. The Associated Press reports that the majority of the gas stations are owned by Hess rather then franchisees.