Careers at Hess Corporation
Hess operates oil and gas exploration, production, and midstream assets, providing a broad range of products for use in various industrial and commercial operations.
Hess organises its operations into two reportable business segments:
- Exploration and Production, which develops, produces, purchases and sells crude oil, natural gas liquids and natural gas, and is engaged in production operations in the US, Denmark, Equatorial Guinea, the Joint Development Area of Malaysia and Thailand, Malaysia, and Norway; and
- Bakken Midstream, which 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 natural gas liquids, transportation of crude oil by rail car and the storage and terminaling of propane, primarily located in the Bakken shale play of North Dakota.
Hess traces its history back to 1933 and the establishment of Hess Incorporated by Leon Hess. The Company began its operations making residential delivery, seven days a week in New Jersey using a second-hand 615-gallon oil delivery truck. The Company grew relatively quickly, and in 1937 Leon Hess purchased five additional trucks and diversified the Company’s activities to include the delivery of post-refinery residual fuel oil.
Throughout the 20th Century, the Company expanded significantly, opening distribution centres and acquiring equipment, including its first oil tanker in 1948. In 1962 the Company merged with Cletrac Corporation, a Cleveland, Ohio equipment manufacturer, and was renamed Hess Oil and Chemical Corporation. This was followed by a merger in 1969 with Amerada Petroleum Corporation, which saw the Company take on the name Amerada Hess.
The Company took on its current name in 2006. It currently serves an extensive international client base, providing production, processing, fractioning, and distribution services. Hess has production assets in the US, Denmark, Equatorial Guinea, the Joint Development Area of Malaysia and Thailand, Malaysia and Norway, The Company is ranked 394th on the Fortune 500 list and trades shares on the New York Stock Exchange. It has a current market capitalisation of $16.14 billion.
Business model of Hess Corporation
Hess provides a range of products and services to commercial customers operating primarily in the oil and gas sector. The Company’s two operating segments serve different customers segments:
- Exploration and Production, which sells crude oil, natural gas, and natural gas liquids to companies operating across the automotive, aviation, chemicals processing, refining, and fuel and lubricants markets, among others;
- Bakken Midstream, which provides a range of midstream services to various industrial customers, including oil and natural gas producers, natural gas liquid and natural gas gathering and processing companies, propane distributors, ethanol producers, petrochemical and refining companies, natural gas distribution companies, electric-generation facilities, large industrial companies, and marketing companies.
Hess also serves certain government bodies, including municipal, state, and federal organisations. The Company does not name any of its major clients on its website.
Hess principally provides products and services to customers in its domestic market of the US. The Company also serves clients across three other geographic categories: Africa, Europe, and Asia and Other Countries.
Hess provides value to its customers in the following ways:
- Its industry standing and track record, with the Company established as a reliable and efficient supplier of crude oil, natural gas, and natural gas liquids, as well as related services, having a positive reputation within the oil and gas industry
- Its portfolio of products and services, with the Company providing services to a broad spectrum of industries, including processing, fractionation, terminaling and loading, and transportation services;
- Its international reach, with the Company serving an extensive customer base in the US, as well as an international network of clients across Africa, Europe, and Asia, as well as in certain other jurisdictions;
- Its technology and processes, with the Company employing state-of-the-art processes and technologies across its operating segments and facilities to ensure that it is able to provide effective and reliable services to its customers; and
- Its industry expertise and experience, with the Company employing specialist technical personnel across its operating segments and facilities, as well as a team of experienced industry executives.
Hess operates a website at www.hess.com, through which it provides information on its various products, services, and operating locations. The Company does not operate an online sales channel, nor does it provide customers with an online customer portal.
Hess operates an in-house direct sales force, which is organised by geographic region and operating department. These sales personnel deal directly with the Company’s customers and operate of the Company’s international network of office, including its principal offices in New York, Houston, and Kuala Lumpur, as well as an international network of local and regional offices spanning the Americas, Africa, Europe, and Asia. Hess’s Bakken Midstream segment provides services directly to customers through its own dedicated sales and service teams.
Hess operates its own exploration and production assets, primarily across the US, Europe, and Africa, as well as parts of Asia and Latin America. The Company also operates its own processing and distribution infrastructure, including various refining, terminaling, storage, pipeline, and distribution facilities around the world.
Hess does not provide products and services to its customers on a self-service basis. The Company makes its sales through its own in-house sales personnel, who consult directly with clients in order to fully ascertain their individual needs and conditions. The Company works closely with its large commercial clients, seeking to establish longstanding relationships and secure recurring business.
Hess provides support to its customers through dedicated account management teams and account executives, who serve as the first point of contact. The Company also provides contact details for all of its offices around the world, enabling customers to contact the relevant offices with queries and concerns. New and existing customers can also make enquires with the Company through an online contact form.
Additionally, Hess provides a range of online support resources. This includes media, news coverage, project information, and sustainability information. Customers can also follow the Company’s operations, and interact with staff directly, through its social media accounts, including with Facebook, Twitter, LinkedIn, and YouTube
Hess is an oil and gas exploration and production company. The Company is engaged in exploration, development, production, transportation, processing, and the purchase and sale of crude oil, natural gas liquids, and natural gas.
Hess operates through two reportable business segments: Exploration and Production, which is engaged in the sale of crude oil, natural gas liquids and natural gas; and Bakken Midstream, which provides services, including crude oil and natural gas gathering, processing, fractionation of natural gas liquids, transportation of crude oil by rail car, terminaling and loading crude oil and natural gas liquids, and the storage and terminaling of propane, primarily through facilities located in the Bakken shale play of North Dakota.
Hess has production operations located in the US, Denmark, Equatorial Guinea, the Joint Development Area of Malaysia and Thailand, Malaysia and Norway, and serves an international customer base.
Hess works in conjunction with a range of companies and organisations that support and supplement the Company’s services across its operating segments. These partners can be categorised broadly as:
- Supplier and Vendor Partners, including suppliers of materials, equipment, services tools, and technologies that are used in the Company’s various production, processing, and distribution operations;
- Manufacturing and Contracting Partners, including oil and gas production companies and other contracting firms that work with the Company on various production projects around the world;
- Joint Venture Partners, including oil and gas companies across the production and distribution chain with which the Company jointly provides services and products through mutually owned entities; and
- Sustainability and Community Partners, including various non-profits and charitable organisations, with which the Company collaborates on sustainability and community projects worldwide.
Hess has a number of joint venture partnerships in place, including a 50/50 operation with a subsidiary of Petroleos de Venezuela SA. The Company has also recently partnered with Exxon Mobil on an exploration project, and agreed a farm-out deal with Kosmos Energy in Suriname.
Hess’s key resources are its materials and supply chains, its operating and exploration licenses and permits, its exploration and production equipment and infrastructure, its midstream and distribution infrastructure, its sales channels, its partnerships, and its personnel.
Hess owns and or leases a range of physical properties and facilities around the world that are key to its ongoing activities. This notably includes its production and exploration assets, as well as its network of offices, its pipeline network, its processing and refining facilities, its storage and distribution centres, its terminaling infrastructure, and its rail loading facilities.
Despite its use of technology and state-of-the-art equipment, searches of records published by the US Patent and Trademark Office identified no patent applications filed in Hess’s name.
Hess incurs costs in relation to the procurement of materials and equipment – including the purchase of crude oil, the operation of its exploration and production assets, the operation of it midstream and distribution infrastructure, the operation of its sales channels, the management of its partnerships, and the retention of its personnel.
In 2015 Hess recorded cost of products sold in the amount of $1.29 billion and total operating costs and expenses in the amount of $2.03 billion. The Company also accrued exploration costs totalling $881 million and general and administrative costs in the amount of $557 million.
Hess generates revenue through the operation of oil and gas exploration and production assets, as well as midstream and distribution services. The Company’s revenue can be divided into two principal streams:
- Sales revenue derived from the sale of crude oil, natural gas, and natural gas liquids; and
- Service revenue derived from long-term, fee-based service agreements for its midstream services.
In 2015 Hess generated annual revenue of $6.64 billion, down on the $10.74 billion recorded by the Company in 2014. The Company attributed this to reduced drilling activity and divestment of certain assets. The majority of the Company’s revenue, around $5.90 billion, was generated through the sale of Crude oil and natural gas liquids, with natural gas sales accounting for just $1.05 billion.
info: John Hess has served as Chief Executive Officer at Hess since 1995, and oversees the Company’s overall strategic direction. He also sits on the Company’s Board of Directors. John Hess has been with the Company since 1977, and has held numerous positions, including a number of senior leadership positions. In addition to his role at Hess, he serves on the Secretary of Energy Advisory Board Quadrennial Review Task Force, is a member of the Board of Directors at KKR and Company, and is a member of the Board of Trustees at the Centre for Strategic and International Studies.
info: John Rielly has served as Senior Vice President and Chief Financial Officer at Hess since 2004. He is responsible for overseeing the Company’s treasury, tax, risk management, investor relations, accounting, financial reporting, and corporate audit functions. Rielly also sits on the Company’s Board of Directors. Rielly first joined the Company in 2001 as Vice President and Controller. Rielly is an experienced financial professional and a certified public accountant. Prior to joining Hess, Rielly was a long-serving employee of Ernst and Young, where he held a number of roles over a period of 17 years, ultimately rising to the position of partner in 1996.
info: Greg Hill (“Hill”) has served as President and Chief Operating Officer of Hess Corporation since 2014. He also sits on the Company’s Board of Directors and serves as the Company’s Executive Vice President of Exploration and Production. He first joined the Company in 2009, holding positions within its exploration and production business. Hill has worked in the oil and gas sector for a number of years. Prior to joining Hess in 2009, he spent 25 years at Shell, where he held a variety of operations, engineering, technical and business leadership roles in Asia Pacific, Europe and the US. This included spells as Executive Vice President of Exploration and Production of Singapore-based Shell Asia Pacific, Vice President of Production for Shell E&P Europe, and Senior Vice President of Aera Energy, a California-based joint venture affiliate of Shell and Mobil.
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