Hess Corporation is a global exploration and production company engaged in the exploration, development, production, transportation, purchase, and sale of crude oil, natural gas liquids, and natural gas. The company's production operations are located in the United States, Guyana, Malaysia/Thailand Joint Development Area (JDA), and Malaysia. Hess also conducts exploration activities primarily offshore Guyana, in the U.S. Gulf of Mexico, and offshore Suriname. A key area of focus is the Stabroek Block offshore Guyana, where Hess and its partners have discovered a significant resource base and are executing a multi-phased development. The company also has a Midstream operating segment that provides fee-based services, including gathering, compressing, and processing natural gas and fractionating NGL.

• Employees: 1,756 (as of December 31, 2023)
• Geographic Footprint: United States, Guyana, Malaysia/Thailand Joint Development Area (JDA), Malaysia, Suriname
• Headquarters: New York, NY
• Founded: 1920
• Number of locations/facilities: Not explicitly stated, but includes production operations and midstream facilities.
• Revenue: $10.5 billion (FY2023)
• Market Capitalization: $37.6 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Hess Midstream LP

• CEO: John B. Hess (since 1995)
• President and Chief Operating Officer: Gregory P. Hill (since 2014)
• Executive Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer: Timothy B. Goodell (since 2009)
• Executive Vice President and Chief Financial Officer: John P. Rielly (since 2004)
• Senior Vice President, Technology and Services: Richard Lynch (since 2018)
• Senior Vice President, Global Production: Gerbert Schoonman (since 2020)
• Senior Vice President, Human Resources and Office Management: Andrew Slentz (since 2016)
• Senior Vice President and Chief Exploration Officer: Barbara Lowery-Yilmaz (since 2014)

Key executives have extensive experience in the oil and gas industry and have been with the company for many years.

• Annual Revenue: $10.5 billion (FY2023)
• Net Income: $1.38 billion (FY2023)
• Market Cap: $37.6 billion (as of June 30, 2023)
• Total Assets: $24.0 billion (as of December 31, 2023)
• Employees: 1,756 (as of December 31, 2023)
• Key Financial Highlights: Net production averaged 394,000 boepd in 2023. Average realized crude oil price was $75.97 per barrel in 2023.

Hess's primary products and services include:

• Crude Oil: Production and sale of crude oil from various locations.
• Natural Gas Liquids (NGL): Production and sale of NGLs.
• Natural Gas: Production and sale of natural gas.
• Midstream Services: Gathering, compressing, processing, and transporting natural gas, crude oil, and NGLs.

The company's production operations are located in the United States, Guyana, Malaysia/Thailand Joint Development Area (JDA), and Malaysia.

Hess operates through two main segments:

• Exploration and Production (E&P): This segment focuses on exploring for, developing, producing, and selling crude oil, natural gas liquids, and natural gas.
• Midstream: This segment provides fee-based services, including gathering, compressing, and processing natural gas and fractionating NGLs; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane; and water handling services.

The E&P segment generated the majority of the company's revenue in 2023.

Hess's strategy is focused on growing its resource base, maintaining a low cost of supply, and sustaining cash flow growth. The company is also committed to the energy transition and has set goals to reduce its greenhouse gas emissions. Key strategic initiatives include:

• Developing the Stabroek Block offshore Guyana
• Reducing greenhouse gas emissions
• Investing in renewable energy sources
• Maintaining a strong balance sheet

The company is also focused on operational efficiency and cost management.

Hess operates in the highly competitive oil and gas exploration and production industry. Key market trends impacting the business include:

• Fluctuations in crude oil, natural gas, and NGL prices
• Global supply and demand dynamics
• Geopolitical events
• Technological advancements in exploration and production
• Environmental regulations and climate change concerns

Hess faces competition from numerous companies, including major integrated oil companies and national oil companies. The company's market position is influenced by its production volumes, geographic presence, and operational efficiency.

• Market Risks: Fluctuations in crude oil, natural gas, and NGL prices can significantly impact Hess's revenue and profitability. Competition in the oil and gas industry is intense, and the company faces risks related to the availability and cost of drilling services, technical expertise, and equipment.
• Operational Risks: The company's operations are subject to risks including drilling risks, unexpected reservoir conditions, equipment failure, and weather interruptions. Catastrophic events, such as accidents, severe weather, and cyber-attacks, could disrupt operations.
• Financial Risks: Hess has substantial capital requirements and may not be able to obtain financing on satisfactory terms. The company is also exposed to risks related to interest rates and foreign currency fluctuations.
• Regulatory Risks: Hess is subject to numerous environmental, health, and safety regulations, which can result in significant costs and liabilities. Changes in laws and regulations, including those related to climate change, could negatively impact the business.
• Merger Risks: The proposed merger with Chevron introduces risks related to regulatory approvals, integration of operations, and potential litigation.