Hess Corporation Analysis
What is Hess Corporation?
Global leader in oil and gas exploration
Employees
1001-5000
Founded
1919
Industry
Fossil Fuels
HQ Full Address
1501 McKinney St, Houston, Texas 77010, United States
Market Share
0.74%
Product Features & Capabilities
- Oil and gas exploration
- Natural gas production
- Midstream services through Hess Midstream
- Sustainability reporting
- Corporate social responsibility initiatives
Other Considerations
Recently merged with Chevron to enhance global energy leadership; Operates in key regions including Guyana; Focused on corporate social responsibility and sustainability initiatives
Competitors
- Exxon Mobil (XOM) - One of the largest publicly traded oil and gas companies in the world, involved in the exploration, production, and distribution of oil and natural gas.
- Chevron (CVX) - A multinational corporation engaged in nearly all aspects of the energy sector, including oil and gas exploration, production, refining, and marketing.
- ConocoPhillips (COP) - An independent exploration and production company that focuses on oil and natural gas, with operations in several countries.
- Occidental Petroleum (OXY) - A major oil and gas exploration and production company, known for its operations in the United States and the Middle East.
- Murphy Oil (MUR) - An independent oil and natural gas exploration and production company, primarily operating in North America and offshore.
- Marathon Oil (MPC) - Engaged in the exploration and production of oil and natural gas, with a focus on North America.
- BP (BP) - A global oil and gas company involved in all aspects of the energy sector, including exploration, production, refining, and renewable energy.
- EOG Resources (EOG) - One of the largest independent oil and gas companies in the United States, focusing on the exploration and production of crude oil and natural gas.
- Devon Energy (DVN) - An independent energy company engaged in the exploration and production of oil and natural gas, primarily in the United States.
- Suncor Energy (SU) - A Canadian integrated energy company focused on the production of oil from the oil sands, as well as conventional oil and gas production.
Recent News
Hess Corporation has been in the news recently due to its proposed acquisition by Chevron for $53 billion, which has faced legal disputes that have stalled the process. Despite this, Hess has reported a 17% increase in oil production from its Bakken operations as it continues to operate independently while awaiting the completion of the acquisition. Additionally, Hess's CEO expressed optimism about oil demand and highlighted the untapped potential of oil resources in Guyana.
Sustainability Initiatives
- Emissions Reduction - The company is committed to achieving net-zero Scope 1 and 2 greenhouse gas emissions by 2050 and has set aggressive emissions reduction targets for 2025.
- Climate Change Solutions - Hess actively develops comprehensive energy and climate solutions, recognizing the importance of addressing climate change.
- Corporate Citizenship - The company emphasizes high standards of corporate citizenship, focusing on environment, health, safety, and social responsibility.
- Sustainability Reporting - Hess publishes annual sustainability reports aligned with Global Reporting Initiative (GRI) standards, providing insights into their sustainability efforts and performance metrics.
- Environmental Performance - They take a holistic view of environmental performance in energy exploration and production, ensuring responsible practices. For more detailed information, Hess provides resources on their sustainability initiatives on their official website.
