Hess
Headquarters:
1185 Avenue of the Americas
New York, NY 10036
Employees: 13,500
CEO: John Hess
Website: http://www.hess.com
Stock Symbol:
HES
Career Page
Hess is a leading global energy company,
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.
Exploration and production is the engine of the company's future income and growth, currently representing nearly 70% of capital employed and over 95% of annual capital expenditures. The Company has operations in the United States, United Kingdom, Norway, Denmark, Equatorial Guinea, Gabon, Azerbaijan, Thailand and Indonesia.
The company sells its gas through 1,366 retail faciltiies on the East Coast from Massachusetts to Florida. Each station sold an average of 207,000 gallons of gas per month in 2008.
Oil and gas proven reserves increased to 1,432 million barrels of oil equivalent at the end of 2008 from 1,330 million barrels at the end of 2007. During 2008, the Corporation added 244 million barrels of oil equivalent to proved reserves. These additions replaced approximately 171 percent of the Corporation's 2008 production and increased its reserve life to 10.0 years.
In 2008, Hess total revenues were $41.2 billion, up from $31.6 billion the previous year on continuing increases in oil prices. Net income for 2008 was $2.3 billion.
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
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