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 2013 Hess reported proved reserves totaling more than 1.4 billion barrels of oil equivalent. In 2013, 46% of the company's total proved reserves were located in the US; 51% of its crude oil and natural gas liquids production and 22% of its natural gas production came from US operations. In a major shift in strategy, in 2013 Hess 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 2013 Hess operated 14 rigs, drilled 195 wells, completed 181 wells, and began production at 168 wells. In 2014 it planned to bring onstream a further 225 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 decreased by 41% in 2013 primarily due to the divestiture businesses and operating assets. Crude oil and natural gas production were lower in Europe due to asset sales (including the Bittern, Schiehallion, and Beryl fields in the UK North Sea), and Hess'  Russian subsidiary.

In 2013 the company reported net income of $5.05 billion (up from $2.03 billion in 2012) due to lower operating costs and a major decrease in the provision for income taxes.

That year Hess' operating cash inflow decreased to $4.87 billion (from $5.66 billion in 2012) primarily due to 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 2014, Hess announced plans to divest its remaining downstream businesses, including its retail marketing business and energy trading joint venture, plus its exploration and production assets in Thailand.

In 2014 the company agreed to sell its gasoline stations Marathon Petroleum for $2.6 billion.

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 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 10036-2604
Phone: 1 (212) 997-8500
Fax: 1 (212) 536-8390


  • Employer Type: Public
  • Stock Symbol: HES
  • Stock Exchange: NYSE
  • CEO: John B. Hess
  • President and COO: Gregory P. Hill
  • Chairman: Mark R. Williams

Major Office Locations

  • New York, NY

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