Hess (HES -0.32%) closed the final chapter of its refining arm after announcing the closing of its Port Reading Refinery in addition to putting 11 U.S. oil storage terminals up for sale. By exiting the refining business, Hess expects to free up around $1 billion of working capital, which can be better deployed in its prolific E&P arm. With the cost saving expected from shedding its oil storage terminals in addition to divesting billions of dollars in assets in 2012, Hess looks rejuvenated to outperform its peers. Check out the video below for more information on the deal and more insight into Hess' diversified asset base.