Formerly known as Amerada Hess, the Hess Corporation has been involved in the oil, gas and energy sector since it was founded in 1919. The company’s primary focus is on the exploration, production, transportation and refining of crude oil into consumer products and energy sources. A majority of the services provided are found in the eastern portions of the U.S., where the company used to run a chain of gas stations under the name of Marathon.
A British entrepreneur named Lord Cowdray founded the Amerada Corporation. He had a vision to set out and find oil reserves in many of the untapped regions of North America. After surviving the Great Depression and establishing a post World War II foothold in the oil industry, a 10% of the company was sold to Hess Oil and Chemical in 1966. By 1968, plans were announced to merge the two companies into the Amerada Hess Corporation.
Much of the Hess Corporation’s oil land holdings are sprinkled throughout the world. This includes significant holdings in the U.K, Russia, Denmark, Egypt, Thailand, Norway, Libya and the United States with smaller holdings in other countries. Throughout the last 5-10 years, the company has been selling off significant assets, including it’s Marathon gas station chain. The elimination of subsidiaries was done to downsize the company back to its core operations.
The Hess Corporation is a publicly traded company on the NYSE under the symbol HES. The company’s 2,700+ employees are headed up by James H. Quigley – Chairman of the Board and John Hess as Chief Executive Officer. The company’s corporate headquarters are located in New York City with significant operations in Houston, Texas.
For the fiscal year ended 2015, they had total revenues of US$6.636 billion for an operating loss of US$-3.842 billion and a net loss of US$-3.056 billion. They also reported total assets of US$34.195 billion.