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.
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 about 1.2 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, Malaysia, and Thailand. It also offers midstream services including gathering, compressing and processing natural gas and fractionating, and transporting crude oil and NGL as well as propane storage. Hess has been prospecting for oil since the 1920s.
Hess has two operating segments: Exploration and Production and Midstream.
Exploration and Production accounts for almost 90% of the company' revenue. The segment 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.
The Midstream segment 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 terminals of propane, primarily in the Bakken, and water handling services primarilyin the Bakken shale play of North Dakota. Midstream segment represents more than 10% of company's total revenue.
Hess operates more than 1,500 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 more than 55%), Shenzi (Hess nearly 30%), Llano (around 50%), Conger (nearly 40%), Baldpate (around 50%), Hack Wilson (approximately 25%), Penn State ( around 50%), and Stampede (around 25%).
New York-based Hess has operations in Canada, Denmark, Guyana, Libya, Malaysia, Suriname, Thailand, and the US.
Revenue from US accounts for nearly 80% of Hess' total sales. Europe and Africa approximately 10% each; and the Asia-Pacific region more than 10%.
Sales and Marketing
Marketing expense is mainly comprised of costs to purchase crude oil, NGL and natural gas from our partners in Hess operated wells or other third parties, primarily in the U.S., and transportation and other distribution costs for U.S. marketing activities. The marketing expenses are $ 1,849 million, $1,833 million, and $1,335 million for the year 2019, 2018, and 2017, respectively.
In 2019, the company's revenue increased by about $172 million to $6.5 billion from the prior year with $6.3 billion. The increase represents sales of Hess net production and purchased third-party volumes.
Hess' net loss continues to dip down to $240 million due to the increase on its expenses and offsetting the increase on its revenue.
The company's cash in the end of 2019 fell by $1.1 billion to $1.5 billion compare from the prior year with $2.7 billion. Cash provided by operations and financing activities were $1.6 billion and $52 million, respectively. Cash used for investments was $2.8 billion mainly for additions to property, plant and equipment - E&P.
Hess' E&P capital and exploratory expenditures are projected to be approximately $3.0 billion in 2020. Capital investment for their Midstream operations is expected to be approximately $350 million. Oil and gas net production in 2020 is forecast to be in the range of 330,000 boepd to 335,000 boepd excluding Libya, up from 290,000 boepd in 2019, excluding Libya. Currently, they have West Texas Intermediate (WTI) put options for calendar year 2020 with an average monthly floor price of $55 per barrel for 130,000 bopd, and Brent put options for calendar year 2020 with an average monthly floor price of $60 per barrel for 20,000 bopd.
1185 Ave of The Amrcas FL
New York, NY 10036-2601
Phone: 1 (212) 997-8500
Employer Type: Publicly Owned
Stock Symbol: HES
Stock Exchange: , NYSE
CEO: John B. Hess
President and COO: Gregory P. Hill
Chairman: James H. Quigley
Employees (This Location): 254
Employees (All Locations): 1,775
New York, NY