Hess

An American global independent energy company involved in the exploration and production of crude oil and natural gas.

Categories

Energy and Utilities  

#398

Rank

$44.27B

MarketCap US

US United States

Country

Summary

Hess Corporation is an oil and gas exploration and drilling company. Hess Corporation is a leading global independent energy company primarily engaged in the exploration and production of crude oil and natural gas. Hess Corporation has developed apps like Hess Jet and Hess Chopper. This company was founded in 1993.


History

1920: The firm was incorporated on February 7, 1920, in Delaware as a holding company for its principal subsidiary, the Amerada Petroleum Corporation.

1923: In 1923, DeGolyer was one of the first and most vocal advocates for systematic, as opposed to guesswork, exploration for certain kinds of oil traps around salt domes, frequently found in the Gulf of Mexico states.

1925: His father, Mores Hess, founded the small business in 1925.

1926: Leon Hess, age 19, forms Hess Incorporated; purchases a 1926 second-hand 615-gallon oil delivery truck and begins residential delivery, seven days a week, near his home in Asbury Park, N.J.

1930: In the first quarter of 1930, the company experienced a minor loss.

1932: Notwithstanding continued exploration successes because of geophysical innovations developed during the Depression, in 1932 DeGolyer resigned from the company to continue work as an independent consultant and exploration company.

1933: Amerada and Stranolind Oil make the first discoveries in the Katy, Texas, oil and gas fields. In 1933, after finishing high school and unable to afford college, a then 19-year old Leon Hess bought a second hand 615-gallon oil delivery truck and started a business delivering fuel oil to homes in Asbury Park, New Jersey. Mores Hess's business went bankrupt in 1933, but Leon, while still driving the delivery truck, reorganized the company and oversaw its growth, employing a signature trait: boldness.

1937: Recognizing that large power companies are switching from coal to oil, Leon Hess purchases five additional trucks and expands his business to include post-refinery residual fuel oil.

1938: First oil terminal site purchased in Perth Amboy, N.J. with facilities to unload barges.

1941: In December 1941, the company reorganized by merging the holding company and the principal operating subsidiary, Amerada Petroleum Corporation, into a simplified operating company.

1945: In 1945, Amerada was responsible for finding another major reservoir in the west Texas Permian Basin.

1947: Hess expands its distribution and storage capacities, applying lessons learned by Mr.

1948: In December 1948, Amerada Petroleum Corporation, Continental Oil Company (now Conoco), and Ohio Oil Company (now Marathon) formed the Conorada Petroleum Corporation. 1948 Hess purchases first ship, a 10,000-ton tanker.

1951: Oil was first discovered in North Dakota in 1951 by Amerada Petroleum, which later became part of Hess Corporation.

1955: In 1955, robust post-war growth grew the company to over US$100 million in annual sales.

1960: The first Hess-operated gas station opens in New Jersey. That was coupled with his decision earlier in the 1960's to build what was then the world's largest oil refinery on St Croix in the United States Virgin Islands.

1961: Hess builds its refinery in Port Reading, N.J., adding a Fluid Catalytic Cracking unit in 1961.

1963: In January 1963, Amerada acquired the stock interests of Conorada held by Conoco and Marathon, becoming full owner of Conorada. His original investment in the team was $250,000 in 1963, when he and four other partners salvaged the failed franchise then known as the Titans.

1964: The vision for a Hess Toy Truck became a reality with the 1964 Hess Tanker Trailer.

1967: 1967 Hess Oil & Chemical completes construction of a large refinery on St Croix, United States Virgin Islands.

1968: In December 1968, Hess and Amerada would announce plans for a merger. They won the Super Bowl when Hess was a part-owner, with a huge upset of the Baltimore Colts following the 1968 season.

1969: Before the stockholder vote on the matter, Phillips Petroleum, an integrated oil firm, approached Amerada with its merger proposal, but the offer was declined in March 1969. They finished first again in the American Football League's Eastern Division in 1969, but had not won any title since then.

1970: By 1970, the petroleum-refining industry had become well established throughout the world. At the time, the Jets were the only pro football team in existence in the 1970's that had not finished first since then.

1972: Amerada Hess continues to expand its global Exploration and Production profile, adding significant positions in the Gulf of Mexico and the North Sea as well as onshore in the United States (including the Jay Field Processing Plant, Santa Rosa County, Florida, shown). A federal class-action lawsuit was filed in 1972, which claimed that the proxy vote information was misleading.

1976: In 1976, a court agreed that the company falsely claimed to have considered each company's assets as a reason for the merger.

1979: By 1979, the company's St Croix refinery output was reported as 700,000 barrels per day, the world's largest.

1980: Until 1980, there were no TV ads, radio spots, or billboards for the Hess Toy Trucks—just newspaper ads and signs at the Hess gas stations for a well-made toy, battery included, sold for a great value. Starting in 1980, Hess began releasing new TV commercials every year.

1981: With the acquisition of nearly 110,000 acres of land near Williston, the company begins building its position in North Dakota, an asset that will continue to grow and add value for decades to follow.

1986: In response to United States President Ronald Reagan's June 1986 deadlines, Amerada Hess officially ended its Libyan operations.

1988: His first news conference was believed to have occurred in 1988, when he presided over the retirement of the Jets' longtime president, Jim Kensil.

1992: When Dennis Byrd, a Jets defensive player, suffered what was feared to be permanent paralysis following a collision with a teammate in a 1992 game, Mr.

1995: By the time he retired in 1995 after six decades of leadership, Leon Hess had grown Hess Corporation into one of the world’s largest energy companies and the Toy Truck had become one of the most popular and enduring toys in American history. In 1995 Hess initiated a top-down review of the company's operations to reassess Amerada's strategy and prospects.

1996: Exploration and Production continue to be the engine of corporate growth. In a startling departure in 1996, he consented to an interview with a group of sportswriters after the team's draft.

1997: On the marketing side, it expanded its 548-store East Coast HESS gas station chain by acquiring 66 Pick Kwik retail stores in Florida and four Sears outlets in New York, and in 1997 initiated a gas retail marketing venture in the United Kingdom. By 1997 Hess was announcing that the "first phase" of Amerada's "repositioning" program was complete.

1998: During 1998, revenues fell and the firm reported a net loss of $459 million, due in part to the sale of several assets. 1998: Amerada sells a 50 percent interest in its United States Virgin Islands refinery.

1999: During 1999, however, both profits and revenues rebounded.

2000: In February 2000, Hess acquired the Meadville Corporation and rebranded all 178 Merit gas stations as Hess. During 2000, Amerada Hess attempted to strengthen its international holdings when it made a play for Lasmo, a British exploration and production firm.

2002: In March 2002, TXU Europe bought the UK retail gas and electricity business of Amerada Hess.

2006: In May 2006, Amerada Hess Corp. changed its name to Hess Corp.

2010: Hess establishes a leading position in shale oil and gas exploration and production with two acquisitions that boost the company's acreage in North Dakota's Bakken formation.

2011: Hess builds a strategic acreage position in Ohio's Utica Shale through acquisition and joint venture agreements.

2012: Gas prices had risen to their highest levels since October 2012 and Hess said it would lay off 170 of 217 employees at the plant, exit the refinery business and look for a buyer for its 19 storage terminals.

2013: In April 2013, Hess Corp announced it would be selling its Russian unit to Lukoil for $2.05 billion.

2014: Before completing the spin-off, Marathon Petroleum subsidiary Speedway LLC announced on May 22, 2014, that it would acquire the retail unit of Hess Corp for $2.87 billion. 2014 Transformation Complete Hess completes multi-year transformation to an exploration and production company.

2015: Hess Midstream is a fee-based, growth-oriented traditional master limited partnership formed in 2015 to own, operate, develop and acquire a diverse set of midstream assets to provide services to Hess and third-party customers.

2016: Hess announces positive results from the Liza-2 exploration well in the Stabroek Block offshore Guyana, confirming a world-class oil discovery and positioning Hess for a decade plus of resource and production growth.

2017: North Malay Basin The North Malay Basin full field development, offshore Malaysia, achieves first production.

2019: Startup of production from the Liza Field, offshore Guyana, is achieved less than five years after the first discovery of hydrocarbons and well ahead of the industry average for deepwater developments.


Mission

Accoriding to Hess, the company mission is: “to be a trusted energy partner. Hess is committed to help meet the world's growing energy needs in a safe, environmentally responsible, socially sensitive and profitable way".


Vision

As stated in company website, Hess vision is: "to be defined as a leading global independent energy company". 


Key Team

Dr. Risa Lavizzo-Mourey (Board Member)

Alex Sagebien (Vice President)

Edith E. Holiday (Board Member)

Andrew Slentz (Senior Vice President)

Fredric G. Reynolds (Board Member)

Barbara J. Lowery-Yilmaz (SVP & Chief Exploration Officer)

Gregory P. Hill (President & COO)

C. Martin Dunagin (Chief Tax Executive)

James H. Quigley (Former Chief Executive Officer)

Chris Hogeboom CAM (Chief Pilot)

Joaquin Duato (Board Member)

David McManus (Board Member)

Karyn F. Ovelmen (Board Member)

David Shan (Chief Audit Executive)

Kevin Omar Meyers (Board Member)

Leon Hess (Founder)

John B. Hess (CEO)

David McManus (Board Member)


References
Hess
Leadership team

Leon Hess (Founder)

Alex Mistri (Vice President)

Industries

Energy and Utilities

Products/ Services
Crude oil, Petrochemicals, Natural gas, Propane
Number of Employees
1,000 - 20,000
Headquarters
New York, New York, United States
Established
1920
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0000004447
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
HES
Social Media

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Fri Mar 01 2024
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