Hess Corporation is an American global independent energy company engaged in the exploration and production of crude oil and natural ga…
Hess Corporation is an American global independent energy company engaged in the exploration and production of crude oil and natural gas. Hess, headquartered in New York City, placed #394 in the 2016 list of Fortune 500 corporations. In 2014, Hess completed a multi-year transformation to an exploration and production company by exiting all downstream operations, generating approximately $13 billion from assets sales beginning in 2013. Hess sold its gas station network to Marathon Petroleum; sold its wholesale and retail oil, natural gas and electricity marketing business to Direct Energy; closed its refineries in Port Reading NJ and St. Croix USVI; sold its bulk storage and terminalling business mostly to Buckeye Partners; and sold its 50% interests in two New Jersey power plants to their respective JV partners. Hess also sold its 50% interest in its JV commodities trading arm HETCO to Oaktree Capital. HETCO is now known as Hartree Partners.