NEW YORK (AP) — Hess Corp. said Monday that it plans to sell its U.S. terminal network and shutter its New Jersey refinery, completing its exit from the refining business and continuing its shift in focus toward exploration and production.

The New York-based company also disclosed that Elliott Associates LP and one of its affiliates plan to ask federal regulators for permission to buy a major stake in the company and may seek board seats at the annual meeting in May.