# HESS CORP

Summary updated: 2026-09-28T11:37:57.640293Z
Canonical: https://finbar.com/research/companies/hess

## Overview

Hess Corporation was an energy company focused on exploring for, developing and producing crude oil, natural gas liquids and natural gas. Its principal production areas included the Bakken in North Dakota, offshore Guyana, the U.S. Gulf of Mexico and Southeast Asia. It also operated a midstream business providing gathering, processing, transportation and related services, principally in the Bakken. [1](https://app.finbar.com/go?id=P89625799)[2](https://app.finbar.com/go?id=P44251838)

Hess stated its purpose as being “the world’s most trusted energy partner.” In 2024, its last full year as an independent company, it reported approximately $12.9 billion in sales and other operating revenues and 1,797 employees. Chevron completed its acquisition of Hess in July 2025. [3](https://app.finbar.com/go?id=P93841419)[4](https://www.sec.gov/Archives/edgar/data/4447/000162828025008716/hes-20241231.htm)[5](https://chevroncorp.gcs-web.com/news-releases/news-release-details/chevron-completes-acquisition-hess-corporation)
[1](https://app.finbar.com/go?id=P89625799)[2](https://app.finbar.com/go?id=P44251838)[3](https://app.finbar.com/go?id=P93841419)[6](https://app.finbar.com/go?id=T5707675)[7](https://app.finbar.com/go?id=T4279687)[4](https://www.sec.gov/Archives/edgar/data/4447/000162828025008716/hes-20241231.htm)[5](https://chevroncorp.gcs-web.com/news-releases/news-release-details/chevron-completes-acquisition-hess-corporation)

## Products & services

Hess Corporation’s principal products are crude oil, natural gas liquids (NGLs) and natural gas. It produces and sells these commodities and also purchases some oil and gas for resale. In 2024, crude oil generated $8.87 billion, or approximately 85% of revenue from its own production of those three products; natural gas generated $957 million (9%) and NGLs $613 million (6%). Purchased oil and gas sales are separate from that product mix. Prices generally reference market indexes, with adjustments for quality or delivery location. [8](https://app.finbar.com/go?id=P40600777)[6](https://app.finbar.com/go?id=T5707675)[9](https://app.finbar.com/go?id=P34513073)[10](https://app.finbar.com/go?id=P27208824)

Its Guyana crude streams include Liza, Unity Gold and Payara Gold. Published assays describe Liza as 31.9° API with 0.59% sulfur, Unity Gold as 33.5° API with 0.42% sulfur, and Payara Gold as 28.0° API with 0.58% sulfur. [11](https://corporate.exxonmobil.com/-/media/global/files/crude-oils/pdf/2024/liza.pdf)[12](https://petroleum.gov.gy/wp-content/uploads/2024/10/Unity-Gold-Assay.pdf)[13](https://petroleum.gov.gy/docs-and-pubs/payara-gold-crude-oil/)

Through its midstream operations, Hess provides natural-gas gathering, compression and processing; NGL fractionation; crude-oil and NGL gathering, terminaling, loading and transport; propane storage and terminaling; and produced-water handling, principally in North Dakota’s Bakken region. The Tioga Gas Plant has approximately 400 million cubic feet per day of gas-processing capacity, 60,000 barrels of oil equivalent per day of NGL fractionation capacity and 25,000 barrels of oil equivalent per day of mixed-NGL stabilization capacity. [8](https://app.finbar.com/go?id=P40600777)[14](https://app.finbar.com/go?id=P10326439)
[8](https://app.finbar.com/go?id=P40600777)[6](https://app.finbar.com/go?id=T5707675)[6](https://app.finbar.com/go?id=T5707675)[6](https://app.finbar.com/go?id=T5707675)[9](https://app.finbar.com/go?id=P34513073)[10](https://app.finbar.com/go?id=P27208824)[14](https://app.finbar.com/go?id=P10326439)[11](https://corporate.exxonmobil.com/-/media/global/files/crude-oils/pdf/2024/liza.pdf)[12](https://petroleum.gov.gy/wp-content/uploads/2024/10/Unity-Gold-Assay.pdf)[13](https://petroleum.gov.gy/docs-and-pubs/payara-gold-crude-oil/)

## Geographic presence

Hess’s producing operations span the United States, Guyana, and Malaysia and the Malaysia–Thailand Joint Development Area (JDA). In the United States, its principal producing areas are the Bakken formation in North Dakota and the offshore Gulf of Mexico. Offshore Guyana, it holds an interest in the Stabroek Block; its Southeast Asian production includes the North Malay Basin and the JDA in the Gulf of Thailand. Hess also has exploration interests in Suriname. [1](https://app.finbar.com/go?id=P89625799)[15](https://app.finbar.com/go?id=P90635280)

In 2024, Hess reported exploration-and-production sales and other operating revenue of $6.28 billion from the United States, $5.64 billion from Guyana and $950 million from Malaysia and the JDA—approximately 48.8%, 43.8% and 7.4% of that business’s total, respectively. The Malaysia/JDA figure is combined, rather than a separate figure for Thailand. [16](https://app.finbar.com/go?id=P61260531) Hess’s principal executive office is in New York. At year-end 2024, it reported 1,585 employees in the United States and 212 in Malaysia and the JDA, out of 1,797 worldwide. [17](https://app.finbar.com/go?id=P34784515)[18](https://app.finbar.com/go?id=P107002289)
[1](https://app.finbar.com/go?id=P89625799)[15](https://app.finbar.com/go?id=P90635280)[16](https://app.finbar.com/go?id=P61260531)[17](https://app.finbar.com/go?id=P34784515)[18](https://app.finbar.com/go?id=P107002289)

## Business segments

Hess reported two business segments: Exploration and Production (E&P) and Midstream. E&P explores for, develops, produces, purchases and sells crude oil, natural gas liquids and natural gas. Its operations include Guyana, the U.S. Bakken and offshore Gulf of Mexico, Malaysia and the Malaysia–Thailand Joint Development Area. [8](https://app.finbar.com/go?id=P40600777) Midstream provides fee-based gathering, processing, fractionation, transportation, storage and water-handling services, principally in the Bakken region of North Dakota. [2](https://app.finbar.com/go?id=P44251838)[19](https://app.finbar.com/go?id=P56448536)

In 2024, E&P generated about 90% of combined segment revenue before intersegment eliminations, and Midstream about 10%. Midstream’s reported revenue included $1.47 billion of intersegment sales; measured instead by sales to external customers, E&P accounted for approximately 99.8% and Midstream 0.2% of Hess’s $12.90 billion total. These measures differ because much of Midstream’s business serves E&P. [20](https://app.finbar.com/go?id=T8689693)
[8](https://app.finbar.com/go?id=P40600777)[2](https://app.finbar.com/go?id=P44251838)[19](https://app.finbar.com/go?id=P56448536)[20](https://app.finbar.com/go?id=T8689693)[20](https://app.finbar.com/go?id=T8689693)[20](https://app.finbar.com/go?id=T8689693)[20](https://app.finbar.com/go?id=T8689693)[20](https://app.finbar.com/go?id=T8689693)[20](https://app.finbar.com/go?id=T8689693)

## Company history

Leon Hess founded Hess Incorporated in 1933, starting with a heating-oil delivery business in New Jersey. In 1969, Hess Oil and Chemical merged with Amerada Petroleum to form Amerada Hess. Leon’s son John B. Hess became chief executive in 1995, and the company changed its name to Hess Corporation in 2006. [21](https://hessdotcom.azurewebsites.net/company/hess-history)[22](https://www.chevron.com/who-we-are/leadership/john-b-hess)[23](https://investors.hess.com/news-releases/news-release-details/amerada-hess-changes-name-hess-corporation-and-announces-three)

Hess shifted its focus toward oil and gas exploration and production in the 2010s. It announced an exit from refining in 2013 and sold its retail business in 2014. The 2015 Liza oil discovery offshore Guyana, in a block in which Hess held an interest, became a major milestone; production from the field began in 2019. Chevron completed its acquisition of Hess in July 2025. [24](https://investors.hess.com/news-releases/news-release-details/hess-pursue-sale-terminal-network-and-exit-refining-business)[25](https://ir.marathonpetroleum.com/investor/news-releases/news-details/2014/Purchase-of-Hess-Retail-Operations-and-Related-Assets-Closes/default.aspx)[26](https://corporate.exxonmobil.com/locations/guyana/news-releases/exxonmobil-announces-significant-oil-discovery-offshore-guyana)[27](https://investors.hess.com/news-releases/news-release-details/hess-announces-first-production-liza-field-offshore-guyana)[28](https://www.chevron.com/newsroom/2025/q3/chevron-completes-acquisition-of-hess-corporation)
[21](https://hessdotcom.azurewebsites.net/company/hess-history)[22](https://www.chevron.com/who-we-are/leadership/john-b-hess)[23](https://investors.hess.com/news-releases/news-release-details/amerada-hess-changes-name-hess-corporation-and-announces-three)[24](https://investors.hess.com/news-releases/news-release-details/hess-pursue-sale-terminal-network-and-exit-refining-business)[25](https://ir.marathonpetroleum.com/investor/news-releases/news-details/2014/Purchase-of-Hess-Retail-Operations-and-Related-Assets-Closes/default.aspx)[26](https://corporate.exxonmobil.com/locations/guyana/news-releases/exxonmobil-announces-significant-oil-discovery-offshore-guyana)[27](https://investors.hess.com/news-releases/news-release-details/hess-announces-first-production-liza-field-offshore-guyana)[28](https://www.chevron.com/newsroom/2025/q3/chevron-completes-acquisition-of-hess-corporation)

## Sources

1. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P89625799)
2. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P44251838)
3. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P93841419)
4. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/4447/000162828025008716/hes-20241231.htm)
5. [chevroncorp.gcs-web.com](https://chevroncorp.gcs-web.com/news-releases/news-release-details/chevron-completes-acquisition-hess-corporation)
6. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=T5707675)
7. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=T4279687)
8. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P40600777)
9. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P34513073)
10. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P27208824)
11. [corporate.exxonmobil.com](https://corporate.exxonmobil.com/-/media/global/files/crude-oils/pdf/2024/liza.pdf)
12. [petroleum.gov.gy](https://petroleum.gov.gy/wp-content/uploads/2024/10/Unity-Gold-Assay.pdf)
13. [petroleum.gov.gy](https://petroleum.gov.gy/docs-and-pubs/payara-gold-crude-oil/)
14. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P10326439)
15. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P90635280)
16. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P61260531)
17. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P34784515)
18. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P107002289)
19. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=P56448536)
20. [HESS CORP — Full financial report (2024 Y)](https://app.finbar.com/go?id=T8689693)
21. [hessdotcom.azurewebsites.net](https://hessdotcom.azurewebsites.net/company/hess-history)
22. [www.chevron.com](https://www.chevron.com/who-we-are/leadership/john-b-hess)
23. [investors.hess.com](https://investors.hess.com/news-releases/news-release-details/amerada-hess-changes-name-hess-corporation-and-announces-three)
24. [investors.hess.com](https://investors.hess.com/news-releases/news-release-details/hess-pursue-sale-terminal-network-and-exit-refining-business)
25. [ir.marathonpetroleum.com](https://ir.marathonpetroleum.com/investor/news-releases/news-details/2014/Purchase-of-Hess-Retail-Operations-and-Related-Assets-Closes/default.aspx)
26. [corporate.exxonmobil.com](https://corporate.exxonmobil.com/locations/guyana/news-releases/exxonmobil-announces-significant-oil-discovery-offshore-guyana)
27. [investors.hess.com](https://investors.hess.com/news-releases/news-release-details/hess-announces-first-production-liza-field-offshore-guyana)
28. [www.chevron.com](https://www.chevron.com/newsroom/2025/q3/chevron-completes-acquisition-of-hess-corporation)

AI-generated summary; may contain errors. Not investment advice. Sign up to Finbar to view original document sources and access worldwide fundamental financial data and intelligence.