Hess Corporation at a Glance


  • Employees praise the good people and good pay.
  • Excellent 401(k) plan.
  • Lots of development opportunities.


  • Long hours without overtime pay for some employees.

The Bottom Line

  • Many employees like working for a well-known company where opportunities are there for the taking, especially for those who learn to play the game.

About Hess Corporation

Oil and gas company Hess can profess to owning no less than 1.1 billion barrels of oil equivalent worldwide. Crude oil is the company's primary output resource, but it also produces natural gas and NGLs (natural gas liquids). Its primary operations are in the US, but it also has producing interests in Denmark, Equatorial Guinea, Malaysia, and Thailand. It also offers midstream services including gathering, compressing, and transporting hydrocarbons as well as propane storage. Hess has been prospecting for oil since the 1920s.


Hess has two operating segments: Exploration and Production and Bakken Midstream.

Exploration and Production accounts for some 90% of sales and explores for, develops, produces, purchases, and sells crude oil, NGLs (natural gas liquids), and natural gas. It has production operations primarily in the US, Denmark, and the Malaysia/Thailand Joint Development Area.

Bakken Midstream brings in the remaining roughly 10% of revenue and provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, terminaling and loading crude oil and NGLs, transportation of crude oil by rail car and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota.

Hess operates around 1,270 production wells. Its offshore production on the Gulf of Mexico principally comes from a handful of fields in which it which holds stakes -- Tubular Bells (Hess 57%), Shenzi (Hess 28%), Llano (50%), Conger (38%), Baldpate (50%), Hack Wilson (25%), Penn State (50%), and Stampede (25%).

Geographic Reach

New York-based Hess has operations in Australia, Canada, Denmark, Guyana, Ghana, Indonesia, Kurdistan (Iraq), Libya, Malaysia, Suriname, Thailand, and the US.

Revenue from US accounts for about 60% of Hess' total sales. Europe brings in nearly 15%; Africa more than 10%; and the Asia-Pacific region and other continents about 10%.

Financial Performance

The oil price slump since 2014 has put a huge dent in Hess' annual sales.

In fiscal 2016 revenue fell a further 28% to $4.8 billion due to lower average oil and gas prices across the year and an 11% fall in total hydrocarbon production.

Net loss increased from $3.1 billion in 2015 to $6.1 billion in 2016. The worsening was down to lower income, higher expenses and a non-cash charge of $2.9 billion to establish valuation allowances against net deferred tax assets. It also took a $938 million hit to write-off previously capitalized wells relating to the Equus gas project in Australia.

Cash from operations fell 60% to $795 million due mostly to lower production volume and revenue.


The low oil price has been bad news for Hess' profits, pushing the company deep into the red. To prop up cash flow and avoid debt troubles, Hess carried out refinanced activities and reduced capital expenditure in 2016. It has also been selling of large chunks of its oil producing assets: it exited Norway and Equatorial Guinea in 2017, and sold off its enhanced oil recovery assets in the Permian Basin in Texas; it also plans to sell its Denmark assets. With the oil price having rebounded somewhat, Hess plans to increase its exploration and production capital expenditure to around $2.3 billion in 2017.

The asset sales also allow Hess to funnel money into its promising Guyana operation, where potentially huge offshore reserves were discovered in 2015 by ExxonMobil; Hess is ExxonMobil's largest partner in the region.

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Hess Corporation

1185 Avenue Of The Americas Fl 40
New York, NY 10036-2601
Phone: 1 (212) 997-8500
Fax: 1 (212) 536-8390


  • Employer Type: Public
  • Stock Symbol: HESpA, HES
  • Stock Exchange: NYSE, NYSE
  • CEO: John B. Hess
  • Director: Risa Lavizzo-mourey
  • Chairman: James H. Quigley
  • 2016 Employees: 2,304

Major Office Locations

  • New York, NY

Other Locations

  • Washington, DC
  • Ewing, NJ
  • Steubenville, OH
  • Houston, TX