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 has exploration and production operations worldwide. In 2014 Hess reported proved reserves totaling more than 1.4 billion barrels of oil equivalent. In 2014, 51% of the company's total proved reserves were located in the US; 61% of its crude oil and natural gas liquids production and 32% of its natural gas production came from US operations. In a major shift in strategy, Hess has sold all its its downstream businesses (refining and petroleum product and energy marketing) in order to focus on its higher margin exploration and production activities.

Geographic Reach

Hess has operations in Algeria, Australia, Azerbaijan, Brunei, China, Denmark, Equatorial Guinea, France, Gabon, Ghana, Indonesia, Kurdistan (Iraq), Libya, Malaysia, Norway, Russia, Thailand, the UK, and the US.


In 2014 Hess operated 17 rigs, drilled 261 wells, and completed 230 wells, and began production at 168 wells, bringing the total number of operated production wells to 982. In 2015 it planned to bring onstream a further 210 wells, primarily in the Bakken shale in the US. Its offshore production on the Gulf of Mexico principally comes from a handful of fields in which it which holds stakes -- Shenzi (Hess 28%), Llano (50%), Conger (38%), Baldpate (50%), Hack Wilson (25%), and Penn State (50%).

Financial Performance

Hess' revenues have been restated due to divestiture of its business which includes sale of Angola assets and Norway business.

In 2014 the company’s net revenues decreased by 53% due to the strategic decision to dispose of its retail, energy marketing, terminal, energy trading and refining operations.

Hess' net income declined by 54% due to lower revenues, an increase in depreciation, depletion, and amortization, and changes in income tax requirements.

The company’s cash inflow decreased by 8% in 2014, primarily due to lower net income and changes in working capital.


The company has exited its retail, energy marketing, and energy trading businesses in order to focus on a higher growth, lower-risk portfolio of exploration and production assets, primarily in the US. It plans to be a more focused pure-play exploration and production company with an average annual production growth of 5% to 8% through 2017, from its 2012 pro forma production of 289,000 barrels of oil equivalent per day.

In 2015 the company forecast production to average between 350,000 and 360,000 barrels of oil equivalent per day, excluding Libya. In the near term this growth will be underpinned by the Bakken, Tubular Bells and the Utica Shale play. Longer term growth will benefit from the North Malay Basin project in Malaysia and from Stampede, both of which are currently under development.
In 2014 Hess sold its retail marketing business (1,260 retail gasoline stations, most of which had convenience stores) to Marathon Petroleum for $2.6 billion. It also sold two joint venture investments in natural gas-fueled electric generating projects in Newark and Bayonne, New Jersey.

The company sold all downstream businesses, except for the energy trading joint venture, HETCO, which was sold in February 2015, and its former refinery HOVENSA, which will be shut down in 2015.

In 2014 the company sold of its Pangkah asset to a subsidiary of PT Saka Energi Indonesia. The Indonesian asset produced an average of 9,000 barrels of oil equivalent per day for Hess in 2013.

In 2014 Hess also announced plans to divest its exploration and production assets in Thailand.

Hess' former refinery in the US Virgin Islands was operated as a joint venture with Venezuela's state oil company Petróleos de Venezuela S.A (PDVSA). However, the loss-making HOVENSA refinery was shut down in 2012 and converted to an oil storage terminal. In 2013 Hess announced that it completed its exit from the refining business by closing its Port Reading, New Jersey refinery.

As part of its strategy of unwinding its refining and marketing assets, in 2013 Hess sold Russian subsidiary Samara-Nafta to LUKOIL for $2.05 billion. It also sold its energy marketing business to Direct Energy for a $1.2 billion.

To raise cash it also sold its 2.7% interest in in India's Azeri, Chirag and Guneshli Fields and its 2.4% stake in the associated BTC pipeline to ONGC Videsh for $1 billion. It also sold its Indonesian oil and gas assets for $1.3 billion.

That year it also sold 20 liquid petroleum products terminals along the US East Coast with total storage capacity of 39 million barrels to Buckeye Partners for $850 million.

The Utica Shale in Ohio was a growth area. However, in 2014 low gas prices prompted Hess agreed to sell 74,000 acres of dry gas acreage in the Utica Shale for $924 million, in order to focus on more lucrative oil plays.

That year it also sold its oil and gas assets in Thailand to PTT Exploration and Production for $1 billion.

Asset sales in 2013 include its interest in the Natuna A Field, offshore Indonesia for $656 million; its stakes in the Azeri-Chirag-Guneshli fields (3%), offshore Azerbaijan in the Caspian Sea, and the associated Baku-Tbilisi-Ceyhan oil transportation pipeline company (2%) for  $884 million; and its holdings in the Beryl fields and the Scottish Area Gas Evacuation System in the UK North Sea for $442 million.

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Hess Corporation

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


  • Employer Type: Public
  • Stock Symbol: HES
  • Stock Exchange: NYSE
  • CEO: John B. Hess
  • COO; President, Exploration and Production: Gregory P. Hill
  • Chairman: James H. Quigley

Major Office Locations

  • New York, NY

Other Locations

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