Segment & Geographic Data
Quant-Grade Normalized (live API)
API & CSV Delivery
Hess's Business Segments
Hess's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q1 FY2025
Reportable Segments
2
Largest Segment
Exploration and Production
Total Revenue
$ 2,912
Regions Reported
-
Revenue Share by Reportable Segment - Q1 FY2025
- Exploration and Production99.7%
- Midstream13.1%
Revenue by Reportable Segment - Q1 FY2025
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| Exploration and Production | $ 2,904 | 99.7% |
| Midstream | $ 382 | 13.1% |
Description of Hess
Hess Corporation is a global integrated energy company, headquartered in New York City, with a rich history dating back to its incorporation in 1920. Originally established as Amerada Petroleum Corporation, it evolved over the years to become Hess Corporation—a name that has become synonymous with exploration, production, and marketing of oil and gas.
Business Segments:
1. Exploration and Production (E&P):
Hess engages in the exploration, extraction, and sale of crude oil and natural gas. Its operations are geographically diverse, extending across key regions including:
- United States: Significant operations in the Bakken shale in North Dakota, the Gulf of Mexico, and offshore developments along the Eastern seaboard.
- International Ventures: Active exploration and production in the North Sea (United Kingdom and Denmark), West Africa (Equatorial Guinea and Algeria), Southeast Asia (Indonesia and Malaysia), and the Caspian Sea region (Azerbaijan).
2. Refining and Marketing:
The company is involved in refining operations through a joint venture that operates a refinery in the U.S. Virgin Islands and owns additional refining capacity on the East Coast of the United States. Hess also markets and distributes refined petroleum products through a network of terminals and retail gasoline stations under the Hess brand, emphasizing high-quality fuels and convenience for consumers.
3. Renewable Energy Initiatives:
In response to the evolving energy landscape, Hess Corporation is increasingly focused on incorporating sustainable practices into its operations. This includes exploring renewable energy projects, carbon capture technologies, and investments in cleaner energy solutions, aiming to position itself competitively in a low-carbon future.
Corporate Structure and Culture:
Hess Corporation operates through a series of subsidiaries that facilitate its domestic and international operations. The company is known for its strong commitment to safety, operational integrity, and environmental stewardship, implementing robust practices to mitigate risks associated with its energy production activities. Moreover, it emphasizes corporate social responsibility, engaging with communities and stakeholders in the regions where it operates.
Strategic Goals:
The company’s strategy includes maximizing cash flow from its established production areas while strategically investing in new exploration opportunities and technological innovations. Hess is focused on maintaining a balanced portfolio and financial flexibility to navigate market fluctuations effectively.
Financial Performance:
Hess Corporation regularly reports its financial performance, showcasing revenue streams from both upstream (exploration and production) and downstream (refining and marketing) activities. Recent financial results indicate resilience amidst volatile oil and gas prices, with ongoing investments in efficient operations and cost management.
Technology and Innovation:
Hess invests in technology to enhance its operational efficiency and safety. This includes advances in drilling techniques, data analytics for predictive maintenance, and enhanced oil recovery methods. The companys commitment to technological advancement helps improve the sustainability of its operations and manage resources more effectively.
Sustainability and Environmental Initiatives:
Recognizing the increasing importance of sustainability, Hess Corporation has developed initiatives aimed at reducing its environmental footprint. This includes striving for net-zero greenhouse gas emissions by 2050 and actively working to lower methane emissions during production processes.
Overall, Hess Corporation stands as a resilient player in the global energy market, balancing traditional oil and gas operations with an eye towards sustainability and innovation, ensuring its role in the future energy landscape.
Business Segments:
1. Exploration and Production (E&P):
Hess engages in the exploration, extraction, and sale of crude oil and natural gas. Its operations are geographically diverse, extending across key regions including:
- United States: Significant operations in the Bakken shale in North Dakota, the Gulf of Mexico, and offshore developments along the Eastern seaboard.
- International Ventures: Active exploration and production in the North Sea (United Kingdom and Denmark), West Africa (Equatorial Guinea and Algeria), Southeast Asia (Indonesia and Malaysia), and the Caspian Sea region (Azerbaijan).
2. Refining and Marketing:
The company is involved in refining operations through a joint venture that operates a refinery in the U.S. Virgin Islands and owns additional refining capacity on the East Coast of the United States. Hess also markets and distributes refined petroleum products through a network of terminals and retail gasoline stations under the Hess brand, emphasizing high-quality fuels and convenience for consumers.
3. Renewable Energy Initiatives:
In response to the evolving energy landscape, Hess Corporation is increasingly focused on incorporating sustainable practices into its operations. This includes exploring renewable energy projects, carbon capture technologies, and investments in cleaner energy solutions, aiming to position itself competitively in a low-carbon future.
Corporate Structure and Culture:
Hess Corporation operates through a series of subsidiaries that facilitate its domestic and international operations. The company is known for its strong commitment to safety, operational integrity, and environmental stewardship, implementing robust practices to mitigate risks associated with its energy production activities. Moreover, it emphasizes corporate social responsibility, engaging with communities and stakeholders in the regions where it operates.
Strategic Goals:
The company’s strategy includes maximizing cash flow from its established production areas while strategically investing in new exploration opportunities and technological innovations. Hess is focused on maintaining a balanced portfolio and financial flexibility to navigate market fluctuations effectively.
Financial Performance:
Hess Corporation regularly reports its financial performance, showcasing revenue streams from both upstream (exploration and production) and downstream (refining and marketing) activities. Recent financial results indicate resilience amidst volatile oil and gas prices, with ongoing investments in efficient operations and cost management.
Technology and Innovation:
Hess invests in technology to enhance its operational efficiency and safety. This includes advances in drilling techniques, data analytics for predictive maintenance, and enhanced oil recovery methods. The companys commitment to technological advancement helps improve the sustainability of its operations and manage resources more effectively.
Sustainability and Environmental Initiatives:
Recognizing the increasing importance of sustainability, Hess Corporation has developed initiatives aimed at reducing its environmental footprint. This includes striving for net-zero greenhouse gas emissions by 2050 and actively working to lower methane emissions during production processes.
Overall, Hess Corporation stands as a resilient player in the global energy market, balancing traditional oil and gas operations with an eye towards sustainability and innovation, ensuring its role in the future energy landscape.
Hess Corporation is a prominent global integrated energy company primarily involved in the exploration and production of crude oil and natural gas, as well as refining and marketing a variety of petroleum products. The company operates across multiple segments that contribute to its diversified portfolio, ensuring resilience and adaptability in a dynamic energy landscape.
Exploration and Production
United States Operations:
- Gulf of Mexico: Hess has established a strong presence in the Gulf of Mexico, managing numerous offshore oil and gas fields. The company employs advanced technologies such as subsea well systems and enhanced oil recovery techniques to maximize production efficiency and extend the life of its assets.
- Onshore Operations: Hesss onshore activities are concentrated in key regions, including:
- Texas: The company leverages modern drilling techniques and technology to extract oil and gas from various fields.
- Louisiana: Hess engages in both exploration and production activities, contributing to the state’s energy resources.
- North Dakota: Hess is a major player in the Bakken shale formation, where it employs horizontal drilling and hydraulic fracturing to optimize hydrocarbon extraction.
International Operations:
- United Kingdom: Operating through Amerada Hess Limited, Hess focuses on development and production from offshore fields in the North Sea, where the company applies advanced recovery techniques and collaborates with local regulatory frameworks.
- Norway: Hess Norge A/S oversees the company’s interests in Norway, exploiting development opportunities in innovative offshore projects that adhere to the highest environmental standards.
- Denmark: The South Arne Field, operated by Amerada Hess ApS, is a significant asset that contributes to Hess’s production portfolio in Northern Europe.
- Equatorial Guinea: Hess participates in production-sharing contracts for three offshore blocks, emphasizing oil and gas exploration that enhances regional energy supply.
- Malaysia-Thailand: The company has a considerable interest in a joint development area, having increased its stake to 50%. This area supports natural gas sales agreements, showcasing Hesss strategic positioning in Southeast Asian markets.
- Algeria: In collaboration with the Algerian national oil company, Hess holds a 49% stake in several oil field redevelopment projects, contributing to the country’s oil production capabilities.
- Gabon: Hess Production Gabon operates a 75% stake in multiple projects, including interests in the Rabi Kounga Field, demonstrating Hess’s commitment to investment in areas rich in resources.
- Indonesia: A natural gas discovery is being developed in the Pangkah production-sharing contract area, signifying Hesss dedication to expanding its portfolio in Southeast Asia.
- Thailand: The company has a 15% interest in the Pailin gas field, underlining its investment in regional energy exploration.
- Azerbaijan: In the Caspian Sea, Hess holds a significant 72% interest in the AIOC Consortium, engaging in exploratory and production activities to further enhance its international portfolio.
Refining and Marketing
Refining Operations:
- Joint Ventures: Hess has a strategic partnership in HOVENSA, one of the world’s largest oil refineries located in the U.S. Virgin Islands. This venture, in collaboration with a subsidiary of Petroleos de Venezuela S.A. (PDVSA), emphasizes operational efficiency and significant production capacity.
- Individual Facilities: The company owns and operates a refining facility in Port Reading, New Jersey, which plays a crucial role in processing crude oil into various refined petroleum products tailored to market demands.
Terminal and Storage Operations:
- Hess maintains 22 terminals along the East Coast of the United States, with a combined storage capacity of approximately 21 million barrels. This extensive terminal network supports the companys logistics and marketing operations, enhancing its ability to respond swiftly to market fluctuations.
Marketing:
- Hess markets a wide array of refined petroleum products, including gasoline, diesel, and jet fuel, targeting a diverse customer base. This includes retail customers, wholesale distributors, and various industrial applications.
- In addition to refined products, Hess markets natural gas to utilities and commercial clients, and has expanded its energy marketing activities to encompass the sale of electricity.
- The company holds a 50% voting interest in a strategic partnership focused on trading energy commodities and derivatives, which helps manage market exposure and risks.
Innovations in Electricity Generation
- Through a wholly-owned subsidiary, Hess offers distributed energy solutions that provide alternative electricity generation options for industrial and commercial clients. These solutions reduce reliance on traditional utilities and promote energy efficiency.
- Hess actively invests in long-term technological initiatives, including partnerships in fuel cell development aimed at advancing electricity generation capabilities and fostering a transition towards cleaner energy sources.
Summary of Offerings
Hess Corporation’s comprehensive portfolio ranges from offshore and onshore exploration and production to robust refining operations, strategic marketing initiatives, and innovative energy solutions. The company emphasizes sustainable practices and technological advancements, positioning itself as a significant player in the global energy sector while continuing to evolve with market dynamics and shifting consumer demands.
Exploration and Production
United States Operations:
- Gulf of Mexico: Hess has established a strong presence in the Gulf of Mexico, managing numerous offshore oil and gas fields. The company employs advanced technologies such as subsea well systems and enhanced oil recovery techniques to maximize production efficiency and extend the life of its assets.
- Onshore Operations: Hesss onshore activities are concentrated in key regions, including:
- Texas: The company leverages modern drilling techniques and technology to extract oil and gas from various fields.
- Louisiana: Hess engages in both exploration and production activities, contributing to the state’s energy resources.
- North Dakota: Hess is a major player in the Bakken shale formation, where it employs horizontal drilling and hydraulic fracturing to optimize hydrocarbon extraction.
International Operations:
- United Kingdom: Operating through Amerada Hess Limited, Hess focuses on development and production from offshore fields in the North Sea, where the company applies advanced recovery techniques and collaborates with local regulatory frameworks.
- Norway: Hess Norge A/S oversees the company’s interests in Norway, exploiting development opportunities in innovative offshore projects that adhere to the highest environmental standards.
- Denmark: The South Arne Field, operated by Amerada Hess ApS, is a significant asset that contributes to Hess’s production portfolio in Northern Europe.
- Equatorial Guinea: Hess participates in production-sharing contracts for three offshore blocks, emphasizing oil and gas exploration that enhances regional energy supply.
- Malaysia-Thailand: The company has a considerable interest in a joint development area, having increased its stake to 50%. This area supports natural gas sales agreements, showcasing Hesss strategic positioning in Southeast Asian markets.
- Algeria: In collaboration with the Algerian national oil company, Hess holds a 49% stake in several oil field redevelopment projects, contributing to the country’s oil production capabilities.
- Gabon: Hess Production Gabon operates a 75% stake in multiple projects, including interests in the Rabi Kounga Field, demonstrating Hess’s commitment to investment in areas rich in resources.
- Indonesia: A natural gas discovery is being developed in the Pangkah production-sharing contract area, signifying Hesss dedication to expanding its portfolio in Southeast Asia.
- Thailand: The company has a 15% interest in the Pailin gas field, underlining its investment in regional energy exploration.
- Azerbaijan: In the Caspian Sea, Hess holds a significant 72% interest in the AIOC Consortium, engaging in exploratory and production activities to further enhance its international portfolio.
Refining and Marketing
Refining Operations:
- Joint Ventures: Hess has a strategic partnership in HOVENSA, one of the world’s largest oil refineries located in the U.S. Virgin Islands. This venture, in collaboration with a subsidiary of Petroleos de Venezuela S.A. (PDVSA), emphasizes operational efficiency and significant production capacity.
- Individual Facilities: The company owns and operates a refining facility in Port Reading, New Jersey, which plays a crucial role in processing crude oil into various refined petroleum products tailored to market demands.
Terminal and Storage Operations:
- Hess maintains 22 terminals along the East Coast of the United States, with a combined storage capacity of approximately 21 million barrels. This extensive terminal network supports the companys logistics and marketing operations, enhancing its ability to respond swiftly to market fluctuations.
Marketing:
- Hess markets a wide array of refined petroleum products, including gasoline, diesel, and jet fuel, targeting a diverse customer base. This includes retail customers, wholesale distributors, and various industrial applications.
- In addition to refined products, Hess markets natural gas to utilities and commercial clients, and has expanded its energy marketing activities to encompass the sale of electricity.
- The company holds a 50% voting interest in a strategic partnership focused on trading energy commodities and derivatives, which helps manage market exposure and risks.
Innovations in Electricity Generation
- Through a wholly-owned subsidiary, Hess offers distributed energy solutions that provide alternative electricity generation options for industrial and commercial clients. These solutions reduce reliance on traditional utilities and promote energy efficiency.
- Hess actively invests in long-term technological initiatives, including partnerships in fuel cell development aimed at advancing electricity generation capabilities and fostering a transition towards cleaner energy sources.
Summary of Offerings
Hess Corporation’s comprehensive portfolio ranges from offshore and onshore exploration and production to robust refining operations, strategic marketing initiatives, and innovative energy solutions. The company emphasizes sustainable practices and technological advancements, positioning itself as a significant player in the global energy sector while continuing to evolve with market dynamics and shifting consumer demands.