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Hess

Headquarters: 1185 Avenue of the Americas
New York, NY 10036
Employees: 12,225
CEO: John Hess
Website
: http://www.hess.com

Stock Symbol: HES

Career Page

Hess is a leading energy company with operations in 23 countries, engaged in the exploration and production of crude oil and natural gas, as well as in refining and in marketing refined petroleum products, natural gas, and electricity.

The company announced in May it would sell its retail operations to Marathon Oil for $2.6 billion in cash. Hess Retail was the largest chain of company-operated gas stations on the East Coast with 1,342 retail gas stations serving 1.3 million customers daily. The company sold the stores to focus on oil exploration and production.

The company said near-term production and growth will be driven by:
- The Bakken Shale in North Dakota, where Hess is one of the two largest oil and gas producers with some of the best acreage in arguably the best shale oil play in the world and where we recently raised our long-term production guidance;
- Tubular Bells in the deepwater Gulf of Mexico, where production will commence in the third quarter of this year and recent drilling results indicate potential upside in both production and reserves;
- and Valhall in Norway, a long life material resource that generates free cash flow with further potential in terms of resource and production growth.

The Hess Corporation has offices in more than a dozen countries. The company's headquarters is in New York City, with key regional headquarters in Houston and Kuala Lumpur, Malaysia.

In 2013, Hess total revenues were $22.2 billion, down from $23.3 billion the previous year on increases in oil prices. Net income for 2013 was $5.0 billion.

In 2013, net production averaged 336,000 barrels of oil equivalent per day, compared to 406,000 barrels of oil equivalent in 2012.

Oil and gas proven reserves at Hess were 1.362 billion barrels of oil equivalent at the end of 2013 and reserve life of 12.8 years.

History

In 1919 British oil entrepreneur Lord Cowdray formed Amerada Corporation to explore for oil in North America. After WWII Amerada began exploring overseas and during the 1950s entered pipelining and refining. It continued its overseas exploration through Oasis, a consortium formed in 1964 with Marathon, Shell, and Continental to explore in Libya.

Leon Hess began to buy stock in Amerada in 1966. The son of Russian immigrants, he had entered the oil business during the Depression, selling "resid" -- thick refining leftovers that refineries discarded -- from a 1929 Dodge truck in Asbury Park, NJ. He bought the resid cheap and sold it as heating fuel to hotels. Hess also speculated, buying oil at low prices in the summer and selling it for a profit in the winter. He later bought more trucks, a transportation network, refineries, and gas stations and went into oil exploration. Expansion pushed up debt, so in 1962 Leon's company went public as Hess Oil and Chemical after merging with Cletrac Corporation.

Hess acquired Amerada in 1969. Leon Hess was an owner of the NY Jets football team and died in 1999. His son John is the current CEO.

The company changed its name from Amerada Hess to the Hess Corporation in 2007.

Benefits

- Competitive Salary
- Cash Bonus Plan
- Savings and Stock Ownership Plan
- Defined-Benefit Pension Plan
- Medical, Dental and Vision Plan
- Accidental Death and Disability Insurance
- Life Insurance
- Education Assistance
- Flexible Spending Accounts (U.S. only)
- Work/Life Referral Services
- Employee Assistance Programs (EAP)
- Professional Memberships
- Subsidized Dining Facilities
- Supplier Discount Programs
- Financial Planning Workshops

Updated October 10, 2014

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