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The Hess Corporation, a leading global independent energy company, operates in two segments, exploration and production, and marketing and refining. The exploration and production segment explores for, develops, produces, purchases, transports, and sells crude oil and natural gas. These exploration and production activities take place worldwide, including in the United States. The marketing and refining segment manufactures refined petroleum products and purchases, markets, and trades refined petroleum products, natural gas, and electricity through refining facilities, terminals, and retail gasoline stations.
One of Hess’s major projects is in the deepwater Gulf of Mexico at the Shenzi field. The company estimates the proved and probable reserves at 145 million barrels of oil equivalent (BOE). The project started up production in March 2009 and is estimated to hit as much as 40,000 BOE per day net to Hess Corporation at the peak. Hess Corporation has 28% of this project and plans on drilling several production wells in 2010. The operator of the Shenzi field is BHP Billiton with a 44% stake; Repsol YPF SA owns the other 28%.
As of December 31, 2009, the company had interests in 331 blocks in the Gulf of Mexico, of which 292 were exploration blocks comprising 1.1 million net undeveloped acres, and the remainder were held for production and development operations.
The refining and marketing segment of Hess Corporation owns a 50% interest in a refining joint venture in the United States Virgin Islands plus a refining facility in Port Reading, New Jersey. There are also 1,357 Hess gasoline stations located mainly on the east coast of the United States, as of December 31, 2009, including stations owned by its WilcoHess joint venture.
Hess was incorporated in 1920 as Amerada Corporation. It became Amerada Petroleum Corporation in 1941, upon merging with a subsidiary of that name, and adopted its present name in 1969 by merging with Hess Oil and Chemical Corporation. The company is headquartered in New York City.
Hess Corporation stock is listed on the New York Stock Exchange under the symbol “HES”. In 2009, Hess Corporation generated earnings of $740 million. The Hess Corporation’s major competitors include Murphy Oil Corp, Occidental Petroleum Corp, Sunoco Inc., Tesoro Corp., and Transocean Ltd.
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