Hess Corporation Global Operations and Location Overview

Hess Corporation is a global energy company with operations in some of the world's most exciting and challenging places. They have a presence in the Gulf of Mexico, the North Sea, and other key regions around the world.

Hess Corporation operates in several countries, including the United States, Denmark, Norway, and Guyana.

Take a look at this: Hess Ticker Symbol

Hess Corporation's financials are a story of growth and stability. The company's net sales have been steadily increasing, reaching $12.78B in 2024 and $12.94B in 2025.

Their net income has also been on the rise, with $2.72B in 2024 and $2.56B in 2025. However, their net debt has been increasing, reaching $7.48B in 2024 and $7.3B in 2025.

Here's a breakdown of Hess Corporation's financials:

In terms of valuation, Hess Corporation's enterprise value has been steadily increasing, reaching $52.35B in 2024 and $83.33B in 2025. Their P/E ratio has also been increasing, reaching 16.5x in 2024 and 17.7x in 2025.

Broaden your view: Forever 21 Bankruptcy Filing 2024

Their EV/Sales ratio has been relatively stable, with 4.1x in 2024 and 4.03x in 2025. This suggests that the company's stock price is closely tied to its revenue growth.

Hess Corporation's yield has been relatively low, with 1.3% in 2024 and 1.41% in 2025. This suggests that the company's stock is not particularly attractive to income investors.

For your interest: SpareBank 1 Nord-Norge

Hess Corporation has been making headlines recently with several updates.

TD Cowen has adjusted its price target on Hess to $157 from $165, while maintaining a hold rating.

Several analysts have weighed in on Hess' stock price, with Susquehanna adjusting its price target to $160 from $154 and maintaining a neutral rating.

Jefferies has also adjusted its price target to $165 from $151.

The energy sector has been slow to respond to the Trump agenda, with big oil companies in no rush to "drill baby drill" this year.

This is despite the administration's push for increased oil production.

Suggestion: Walgreens Debt Rating

Here's a summary of the recent analyst updates on Hess' stock price:

Hess Midstream has also made a significant announcement, with a $100 million sponsor unit repurchase deal.

The deal is a positive sign for the company's financial health.

The FTC has resolved antitrust concerns over Chevron's purchase of Hess, with the final consent order being finalized in January.

This has cleared the way for the $53 billion merger to proceed.

In other news, Chevron has hired a new chief corporate affairs officer from UPS.

This move is likely to have a significant impact on the company's operations.

Hess is also expected to issue a "positive" operational update in Q4, according to UBS.

This could be a major boost for the company's stock price.

Chevron CEO expects the Hess acquisition to close later in 2025.

This timeline suggests that the deal is still in the works.

See what others are reading: Chevron Corporation

Hess operated gas stations in 18 states, including Alabama, Arkansas, and Florida, before exiting the retail business in 2014.

The company had 1,342 locations across the Eastern United States, which were later acquired by Speedway LLC for $2.6 billion.

Hess locations remained in a few states, including Connecticut and Pennsylvania, as of 2018.

In 2021, 7-Eleven acquired Speedway, bringing the former Hess locations into the fold, although some were later divested due to antitrust reasons.

Hess has been involved in several environmental incidents in North Dakota, including a 2015 spill of over 40,000 gallons of brine and a 2022 pipeline spill estimated at 34,000 barrels.

The company has paid fines and faced Clean Water Act violations for these incidents, which have raised concerns about the safety and environmental impact of its operations.

Check this out: Gulf States Toyota Distributors

Hess Corporation has a long history of operating gas stations across the Eastern United States. They once had 1,342 locations in 20 states, including Alabama, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, and Virginia.

Take a look at this: United States V. Live Nation Entertainment

In 2014, Speedway LLC purchased Hess' retail business for $2.6 billion, and the conversion to Speedway branding took place in 2015. This included all the WilcoHess locations, which were subsequently managed by Pilot Flying J under a joint venture.

Hess locations remained in a few states, including Connecticut and Pennsylvania, as of 2018. In 2021, 7-Eleven acquired Speedway from Marathon, bringing the former Hess locations into the fold.

Here's a list of the states where Hess operated gas stations before exiting the retail business:

In 1968, Hess and Amerada announced plans for a merger that would combine a pure production company with a refinery and marketer operation.

Hess would acquire an additional 1.1 million shares of Amerada through a cash tender offer of $140 million, doubling its holding in the company.

The merger was completed in 1969 for $2.4 billion.

A federal class-action lawsuit was filed in 1972, claiming that the proxy vote information was misleading.

A court agreed in 1976 that the company falsely claimed to have considered each company's assets as a reason for the merger.

Suggestion: Golden 1 Credit Union

The Gulf is home to a significant oil industry presence, with companies like Hess operating in the region. Hess evacuated its Breton Sound 51 platform in June 2005 due to Tropical Storm Arlene.

A damaged storage tank was discovered upon their return, leaking 500 gallons of oil into the Gulf of Mexico. This spill had devastating consequences for local wildlife.

Over 450 endangered brown pelicans were killed, and it's estimated that more than 1,300 fledgling pelicans were lost due to the spill. This tragedy highlights the importance of responsible oil industry practices.

In the aftermath of the spill, more than 300 pelicans were washed and rehabilitated over the next three months. A settlement was eventually reached, with Hess agreeing to pay $8.7 million to resolve the lawsuit.

Discover more: Gulf American Land Corporation

The US Virgin Islands have a complex history with Hess Corporation.

In the 1960s, the Hess refinery facility opened on the island, but by 1982, the company had identified underground contamination that released at least 300,000 barrels of petrochemicals into the groundwater.

Roughly 10,000 barrels of oil were discharged from damaged storage tanks at the Hess Oil Virgin Islands Corporation in 1989 after Hurricane Hugo hit the island.

In 1994, the EPA determined that the facility's underground pipes needed to be replaced, but benzene was vented into the air and mercury was flushed down drains.

By 2008, nearly 42 million gallons of free product petroleum had been reclaimed from the on-site groundwater.

In 2015, the U.S. Virgin Islands sued Hess Corporation for $1 billion for environmental damages, and the company's Hovensa facility declared bankruptcy, only paying $4.7 million to settle four class-action suits.

Hess Corporation was ordered to pay $150 million to hundreds of former St. Croix refinery workers and their families who were injured by asbestos exposure in December 2023.

Explore further: Virgin Media O2

In New York and New Jersey, Hess has had its fair share of environmental mishaps.

A 1976 barge accident released 600 gallons of oil into the Arthur Kill and Raritan River.

In 1990, a barge carrying 31,000 barrels of kerosene struck a reef in the Hudson River, spilling 163,000 US gallons of fuel.

Hess took responsibility for the cleanup, with the Coast Guard assisting to contain and clean the spill.

Most of the kerosene evaporated, but toxic chemicals like benzene stayed in the water, harming fish.

A Hess Oil tank at the Perth Amboy Terminal collapsed in September 1990, releasing 5,000 gallons of oil into the Arthur Kill.

Hess agreed to pay $1.1 million in fines and bring 65 gas stations and oil storage facilities into compliance with state requirements in 2008.

A pipeline burst near Pennsauken, New Jersey in 2012, releasing approximately 100 gallons of oil into the Delaware River.

Discover more: James River Corporation

The Hess Corporation has made efforts to reduce its environmental impact. In its 2006 Corporate Sustainability Report, the company outlined a four-element strategy to control greenhouse gas emissions, which includes monitoring, measuring, managing, and mitigating emissions.

The company aims to improve its environmental impact through reporting results, increasing energy efficiency and recovery, and participating in carbon capture and trading. By doing so, they can reduce their environmental footprint.

Hess Corporation was added to the Dow Jones Sustainability World Index in December 2022, a recognition of their efforts to reduce their environmental impact. This is a significant achievement for the company.

However, the company has also faced environmental concerns in the past. In a 2008 water contamination case, Hess Corporation was forced to pay part of a $422 million settlement due to drinking water contamination caused by the gasoline additive Methyl Tertiary Butyl Ether (MTBE).

A unique perspective: Veolia Environmental Services

Hess Corporation has been involved in several significant projects and acquisitions.

In 2018, Hess began acquiring interest in an oil reserve off the coast of Guyana, with initial estimates of over 700 million barrels of oil.

By 2022, estimates of the oil reserve had increased to 11 billion barrels.

Chevron Corporation acquired Hess Corporation in an all-stock deal for $53 billion in 2023.

John B. Hess was prohibited from serving on the company's board due to his past communications with OPEC as a condition of the merger's approval.

Asset sales are a type of acquisition where a company buys a specific asset or group of assets from another company.

This can include tangible assets like property, equipment, or inventory, as well as intangible assets like patents, trademarks, or copyrights.

A notable example is the acquisition of a manufacturing facility from a rival company, which can provide a company with a competitive edge in the market.

The sale price of the asset is typically determined by its fair market value, which can be negotiated between the buyer and seller.

In one instance, a company acquired a software patent from a startup for $1 million, which significantly improved their product offerings.

Asset sales can be a cost-effective way for a company to gain a specific asset without taking on the liabilities of the entire company.

This approach can also help companies to focus on their core business while divesting non-core assets.

Worth a look: Daewoo Motor Sales

By acquiring a specific asset, a company can quickly integrate it into their operations and start generating revenue.

For instance, a company acquired a warehouse from a logistics provider and was able to start fulfilling customer orders within a week.

Asset sales can be structured as a one-time payment, a series of payments, or even a lease agreement.

In one case, a company acquired a fleet of vehicles from a transportation company and agreed to make monthly payments for three years.

The tax implications of an asset sale can be complex and should be carefully considered by both the buyer and seller.

A company that acquired a piece of property from a developer was able to claim a significant tax deduction on their income tax return.

Curious to learn more? Check out: National Payments Corporation of India

In April 2015, ExxonMobil announced its discovery of a significant oil reserve off the coast of Guyana in South America.

This reserve was estimated to contain more than 700 million barrels of oil at the time.

For another approach, see: First Reserve Corporation

Hess began acquiring interest in the reserve in 2018, and by 2022, estimates were increased to 11 billion barrels.

Chevron Corporation announced in October 2023 that it would acquire Hess Corporation in an all-stock deal for $53 billion, or $60 billion including debt.

The acquisition would give Chevron control of Hess' 30% interest in the Guyana oil fields, prompting Exxon to protest and claim a right of first refusal to acquire those assets.

Exxon and CNOOC, the third partner in the offshore Stabroek block, filed arbitration cases with the International Chamber of Commerce in March 2024 to stop the deal.

Hess shareholders approved the acquisition in May 2024, but the arbitration hearing was not heard until May 2025.

The Federal Trade Commission conditioned approval of the merger upon John B. Hess being prohibited from serving on the company's board due to his past communications with OPEC in September 2024.

Chevron completed its purchase of Hess Corporation on July 18, 2025.

Related reading: European Economic Interest Grouping