Hess Announces 25 Million Share Offering To 'Strengthen' Its Balance Sheet

Shares of Hess Corp. (NYSE: HES) plunged more than 10 percent at $38.82 during Friday's pre-market trading session after the company announced the pricing for a previously announced public offering.

Hess plans on offering 25 million shares of its common stock at a price of $39.00 per share, and 10 million depositary shares, each of which represents a 1/20th interest in a share of its 8 percent series A Mandatory Convertible Preferred Stock.

Shares of Hess closed at $43.47 on Thursday.

Hess noted that the proceeds from its stock offering and the depositary shares will be approximately $945.8 million and $485.3 million, respectively.

Hess also added that it plans on using the proceeds to "strengthen the Company's balance sheet" and for general corporate purposes including funding longer term capital needs.