Hess Corporation (formerly Amerada Hess Corporation) is an American global independent
energy company
The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy indust ...
involved in the
exploration
Exploration refers to the historical practice of discovering remote lands. It is studied by geographers and historians.
Two major eras of exploration occurred in human history: one of convergence, and one of divergence. The first, covering most ...
and production of
crude oil
Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...
and
natural gas
Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...
. It was formed by the merger of
Hess Oil and Chemical
Hess Oil and Chemical Corporation was a company founded in the early 1930s by Leon Hess of New Jersey to distribute heating oil. It expanded over the years to include refining and marketing of heating oil and other petroleum products through termi ...
and Amerada Petroleum in 1968.
Leon Hess
Leon Hess (March 14, 1914 – May 7, 1999) was an American businessman, the founder of the Hess Corporation and the owner of the New York Jets. Hess built an oil terminal in New Jersey after the Great Depression, building his first refinery i ...
served as
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
from the early 1960s through 1995, after which his son John B Hess succeeded him as chairman and CEO.
Headquartered in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, the company ranked 394th in the 2016 annual ranking of
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
corporations. In 2020,
Forbes Global 2000
The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by ''Forbes'' magazine. "The Global 2000" annual ranking is assembled by ''Forbes'' using a weighted assessment of four metrics: sales, profi ...
ranked Hess as the 1,253rd largest public company in the world.
The company has exploration and production operations on-shore in the United States (
North Dakota
North Dakota () is a U.S. state in the Upper Midwest, named after the Native Americans in the United States, indigenous Dakota people, Dakota Sioux. North Dakota is bordered by the Canadian provinces of Saskatchewan and Manitoba to the north a ...
) and Libya, and off-shore in the United States (
Gulf of Mexico
The Gulf of Mexico ( es, Golfo de México) is an oceanic basin, ocean basin and a marginal sea of the Atlantic Ocean, largely surrounded by the North American continent. It is bounded on the northeast, north and northwest by the Gulf Coast of ...
), Canada, South America (
Guyana
Guyana ( or ), officially the Cooperative Republic of Guyana, is a country on the northern mainland of South America. Guyana is an indigenous word which means "Land of Many Waters". The capital city is Georgetown. Guyana is bordered by the ...
and
Suriname
Suriname (; srn, Sranankondre or ), officially the Republic of Suriname ( nl, Republiek Suriname , srn, Ripolik fu Sranan), is a country on the northeastern Atlantic coast of South America. It is bordered by the Atlantic Ocean to the north ...
), and Southeast Asia (Malaysia and the Joint Development Area of Malaysia and Thailand).
History
In 1919, British oil entrepreneur
Lord Cowdray
Viscount Cowdray, of Cowdray in the County of Sussex, is a title in the Peerage of the United Kingdom. It was created in 1917 for the industrialist Weetman Pearson, 1st Baron Cowdray, head of the Pearson conglomerate. He had already been create ...
formed the Amerada Corporation to explore oil production in North America. The firm was incorporated on February 7, 1920, in
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
as a holding company for its principal subsidiary, the Amerada Petroleum Corporation. The oil producer experienced growth during most of the 1920s, hitting a peak in 1926 with a net income of US$4.9 million. However, in the years leading to the
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
, weakness in the oil markets contributed to sluggish profits. The aftermath of the market crash aggravated an already unsteady oil industry. In the first quarter of 1930, the company experienced a minor loss. The early years of the Depression were a struggle against wavering demand and
overproduction
In economics, overproduction, oversupply, excess of supply or glut refers to excess of supply over demand of products being offered to the market. This leads to lower prices and/or unsold goods along with the possibility of unemployment.
The de ...
in some regions. Later into the 1930s, financial forecasts for Amerada became more positive.
In December 1941, the company reorganized by merging the
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
and the principal operating
subsidiary
A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...
, Amerada Petroleum Corporation, into a simplified operating company. The new entity also adopted the former subsidiary's name.
In 1955, robust post-war growth grew the company to over US$100 million in annual sales.
Hess Oil and Chemical
Hess Oil and Chemical Corporation was a company founded in the early 1930s by Leon Hess of New Jersey to distribute heating oil. It expanded over the years to include refining and marketing of heating oil and other petroleum products through termi ...
, an oil refiner and marketer, founded by
Leon Hess
Leon Hess (March 14, 1914 – May 7, 1999) was an American businessman, the founder of the Hess Corporation and the owner of the New York Jets. Hess built an oil terminal in New Jersey after the Great Depression, building his first refinery i ...
, acquired 10% of the company for US$100 million in 1966 from the British government. Albert Levinson became the senior vice president and designed the modern-day Hess logo. In December 1968, Hess and Amerada would announce plans for a merger. Some Amerada stockholders led by Morton Adler criticized the arrangement as being too favorable for Hess. Adler argued that Amerada's
oil reserves
An oil is any polarity (chemistry), nonpolar chemical substance that is composed primarily of Hydrocarbon, hydrocarbons and is hydrophobe, hydrophobic (does not mix with water) & lipophilicity, lipophilic (mixes with other oils). Oils are usu ...
would contribute the lion's share of assets for the proposed company, and that Amerada stockholders should retain greater control of the new company. Before the stockholder vote on the matter,
Phillips Petroleum
Phillips Petroleum Company was an American oil company incorporated in 1917 that expanded into petroleum refining, marketing and transportation, natural gas gathering and the chemicals sectors. It was Phillips Petroleum that first found oil in the ...
, an integrated oil firm, approached Amerada with its merger proposal, but the offer was declined in March 1969. Still interested, Phillips nonetheless stated it would not carry out a
lawsuit
-
A lawsuit is a proceeding by a party or parties against another in the civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used in reference to a civil actio ...
against the proposed Hess deal. Hess, fearing such a strategy, made a cash
tender offer
In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation (usually announced in a newspaper advertisement) by a prospective acquirer to all stockholders of a publicly traded corpo ...
of US$140 million for an additional 1.1 million shares of Amerada, which would double its holding in the company. The new claims would be employed in a May stockholder vote deciding the merger's fate. The voting took place amidst shareholder rancor that, in addition to echoing Adler's arguments, objected to Amerada's financing of the recently completed tender offer. Hess planned to cancel the shares, and the newly formed company would absorb the cost of the acquisition. One shareholder at the meeting quipped, "It looks to me as if Hess is buying Amerada with Amerada's money." Proponents of the deal won and the US$2.4 billion mergers combining a pure production company with a refinery and marketer operation was completed. However, the controversy was not yet extinguished by the stockholder confirmation. A federal class-action lawsuit was filed in 1972, which claimed that the proxy vote information was misleading. In 1976, a court agreed that the company falsely claimed to have considered each company's assets as a reason for the merger.
In February 2000, Hess acquired the
Meadville Corporation
The Meadville Corporation was an oil company based in Haverford, Pennsylvania. It was founded in 1930 in Elizabeth, New Jersey. Fuel was sold at retail gas stations under the brand name "Merit", the logo consisting of a red "M" with the right ve ...
and rebranded all 178 Merit
gas stations
A filling station, also known as a gas station () or petrol station (), is a facility that sells fuel and engine lubricants for motor vehicles. The most common fuels sold in the 2010s were gasoline (or petrol) and diesel fuel.
Gasoline ...
as Hess. The Merit gas station chain was primarily located in the
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
, New York, and
Philadelphia
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...
markets.
In 2001, Amerada Hess purchased
Triton Energy Limited
Triton Energy Limited () (formerly known as Triton Energy Corporation prior to March 25, 1996) was one of the largest independent oil and natural gas exploration and production companies in the United States. Triton was founded in Dallas, Texas by ...
in a cash tender deal valued at approximately US$3.2 billion. Triton, one of the largest independent oil and natural gas exploration and production companies in the United States, had earned a reputation as a maverick oil company due to its highly successful yet potentially risky overseas exploration. According to contemporary Amerada Hess press releases, Triton's major oil and gas assets in
West Africa
West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Maurit ...
,
Latin America
Latin America or
* french: Amérique Latine, link=no
* ht, Amerik Latin, link=no
* pt, América Latina, link=no, name=a, sometimes referred to as LatAm is a large cultural region in the Americas where Romance languages — languages derived f ...
, and Southeast Asia would strengthen its exploration and production business and provide access to long life international reserves. Hess also stated that the purchase was expected to immediately increase the company's per-day barrel output by more than 25 percent.
Similarly in 2001, Amerada Hess entered into a
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
Winston-Salem, North Carolina
Winston-Salem is a city and the county seat of Forsyth County, North Carolina, United States. In the 2020 census, the population was 249,545, making it the second-largest municipality in the Piedmont Triad region, the 5th most populous city in N ...
. The company and the gas stations were changed and called
WilcoHess A.T. Williams Oil Co. was a gas station chain based in Winston-Salem, North Carolina. It was started by Arthur Tab Williams Jr. in 1963. In the 21st century it operated in a joint venture as WilcoHess.
History
Arthur Tab Williams Jr. worked for ...
. After the joint merger, there existed some 1200 WilcoHess stations.
Following on the heels of the Triton purchase, energy prices fell and global economies weakened. Amerada Hess struggled through the following years, and in 2002 posted a US$218 million loss due primarily to a US$530 million charge relating to its write-down of the Ceiba oil field. In March 2002, TXU Europe bought the UK retail gas and electricity business of Amerada Hess. However, from 2003 through 2006, Amerada Hess posted steadily increasing profits as the company reported US$1.920 billion in net income.
In May 2006, Amerada Hess Corp. changed its name to Hess Corp.
On January 18, 2012, the company announced that it would close the
Hovensa
Limetree Bay Refinery (known also as Hovensa) is an oil refinery located on the island of Saint Croix in the United States Virgin Islands. The refinery was a joint venture between Hess Corporation and PDVSA. For most of its operating life as HOV ...
refinery in
St. Croix
Saint Croix; nl, Sint-Kruis; french: link=no, Sainte-Croix; Danish and no, Sankt Croix, Taino: ''Ay Ay'' ( ) is an island in the Caribbean Sea, and a county and constituent district of the United States Virgin Islands (USVI), an unincor ...
,
United States Virgin Islands
The United States Virgin Islands,. Also called the ''American Virgin Islands'' and the ''U.S. Virgin Islands''. officially the Virgin Islands of the United States, are a group of Caribbean islands and an unincorporated and organized territory ...
by mid-February 2012. The refinery would continue to serve as a storage terminal.
By the end of February 2013, Hess permanently closed its
aviation
Aviation includes the activities surrounding mechanical flight and the aircraft industry. ''Aircraft'' includes fixed-wing and rotary-wing types, morphable wings, wing-less lifting bodies, as well as lighter-than-air craft such as hot air ...
and specialty fuels markets and not automotive grade products.
On March 4, 2013, Hess announced that it would sell its domestic refineries and retail operations. The ''
New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid d ...
'' reported that Hess retail and refinery operations contributed about 4 percent of the company's revenue. It also noted that Hess would sell its holdings in
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...
and Thailand.De La Merced, Michael J. ''New York Times''. "Hess to Sell Gas Stations as Part of a Shift in Strategy." March 4, 2013. Retrieved March 6, 201 /ref> The company would focus exclusively on oil production, following a trend in the oil industry for companies to spin off their Downstream (petroleum industry), downstream assets and focus on their more profitable
upstream
Upstream may refer to:
* Upstream (bioprocess)
* ''Upstream'' (film), a 1927 film by John Ford
* Upstream (networking)
* ''Upstream'' (newspaper), a newspaper covering the oil and gas industry
* Upstream (petroleum industry)
* Upstream (software ...
business;
ConocoPhillips
ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.
The company has operations in 15 countries and has production in ...
and
Marathon Oil
Marathon Oil Corporation is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered in the Marathon Oil Tower in Houston, Texas. A direct descendant of Standard Oil, it also runs international gas operations ...
also made similar spinoffs in recent years with
Phillips 66
The Phillips 66 Company is an American Multinational corporation, multinational energy company headquartered in Westchase, Houston, Westchase, Houston, Houston, Texas. Its name, dating back to 1927 as a trademark of the Phillips Petroleum Compan ...
and
Marathon Petroleum
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
Following it ...
, respectively.
In April 2013, Hess Corp announced it would be selling its Russian unit to
Lukoil
The PJSC Lukoil Oil Company ( stylized as LUKOIL or ЛУКОЙЛ in Cyrillic script) is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petrol ...
for $2.05 billion. In July 2013, Hess Corp said it would sell its energy marketing unit to UK firm
Centrica
Centrica plc is a British multinational energy and services company with its headquarters in Windsor, Berkshire. Its principal activity is the supply of electricity and gas to consumers in the United Kingdom and Ireland.
It is the largest su ...
for around $1.03 billion.
In October 2013, Hess Corp announced plans to sell its
East Coast
East Coast may refer to:
Entertainment
* East Coast hip hop, a subgenre of hip hop
* East Coast (ASAP Ferg song), "East Coast" (ASAP Ferg song), 2017
* East Coast (Saves the Day song), "East Coast" (Saves the Day song), 2004
* East Coast FM, a ra ...
and
St. Lucia
Saint Lucia ( acf, Sent Lisi, french: Sainte-Lucie) is an island country of the West Indies in the eastern Caribbean. The island was previously called Iouanalao and later Hewanorra, names given by the native Arawaks and Caribs, two Amerin ...
storage terminal network to Buckeye Partners LP for $850 million.
In December 2013, Hess Corp announced that it was selling its Indonesian assets to an Indonesian petroleum consortium.
On January 8, 2014, Hess filed for a tax-free spin-off of its gas station network. The newly formed company was to be known as Hess Retail and would include over 1,200 stores throughout the Eastern United States. Before completing the spin-off, Marathon Petroleum subsidiary
Speedway LLC
Speedway is an American convenience store and gas station chain headquartered in Enon, Ohio, with locations primarily in the Midwestern United States, Midwest and the East Coast of the United States, East Coast regions of the United States ...
announced on May 22, 2014, that it would acquire the retail unit of Hess Corp for $2.87 billion. Following the closure of the acquisition in late 2014, all Hess gas stations were rebranded as Speedway gas stations by the end of 2017. The transaction completed the transformation of Hess into an energy company focused solely on exploration and production, effectively reversing the Amerada merger of almost 50 years prior.
In 2014, Hess completed a multi-year transformation to be recognized as 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
Marathon Petroleum Corporation is an American petroleum refining, marketing, and transportation company headquartered in Findlay, Ohio. The company was a wholly owned subsidiary of Marathon Oil until a corporate spin-off in 2011.
Following it ...
(which operates under the retail brand
Speedway
Speedway may refer to:
Racing Race tracks
*Edmonton International Speedway, also known as Speedway Park, a former motor raceway in Edmonton, Alberta
*Indianapolis Motor Speedway, a motor raceway in Speedway, Indiana
Types of races and race cours ...
) and sold its wholesale and retail oil, natural gas and electricity marketing business to
Direct Energy
Direct Energy LP is a North American retailer of energy and energy services. The company was founded in Toronto in 1986 and now has more than four million customers in Canada and the United States. Direct Energy is a subsidiary of NRG Energy.
His ...
. It also closed its refineries in
Port Reading
Port Reading is a census-designated place and unincorporated community located within Woodbridge Township, in Middlesex County, New Jersey.NJ and
St. Croix
Saint Croix; nl, Sint-Kruis; french: link=no, Sainte-Croix; Danish and no, Sankt Croix, Taino: ''Ay Ay'' ( ) is an island in the Caribbean Sea, and a county and constituent district of the United States Virgin Islands (USVI), an unincor ...
,
USVI
The United States Virgin Islands,. Also called the ''American Virgin Islands'' and the ''U.S. Virgin Islands''. officially the Virgin Islands of the United States, are a group of Caribbean islands and an unincorporated and organized territory ...
(
Hovensa
Limetree Bay Refinery (known also as Hovensa) is an oil refinery located on the island of Saint Croix in the United States Virgin Islands. The refinery was a joint venture between Hess Corporation and PDVSA. For most of its operating life as HOV ...
JV with
PDVSA
Petróleos de Venezuela, S.A. (PDVSA, ) (English: Petroleum of Venezuela) is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production ...
), sold most of its bulk storage and terminaling business to Buckeye Partners, and sold its 50% interests in two New Jersey power plants to their respective JV partners (
Bayonne Energy Center
Bayonne Energy Center is a power plant on Constable Hook in Bayonne, New Jersey originally built as a joint venture between Hess Corporation and ArcLight Capital Partners. it is operated by EthosEnergy.
The 644-megawatt natural gas-fired plant ca ...
: ArcLight Capital and
Newark Energy Center
The Newark Energy Center is a 655-megawatt gas fired power plant in Newark, New Jersey. Approved in 2011, with construction beginning in 2012 it began commercial operations in May 2015. It is situated on a brownfield east of Doremus Avenue next ...
: Ares EIF). Hess also sold its 50% interest in its JV commodities trading arm HETCO (Hess Energy Trading Company) to
Oaktree Capital
Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. As of March 31, 2022, the company managed $164 billion for its clientele.
The firm was co-founded in 1995 by a group that ...
. HETCO is now known as Hartree Partners.
Environmental record
On October 28, 1990, ''
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'' reported that a barge containing of
kerosene
Kerosene, paraffin, or lamp oil is a combustible hydrocarbon liquid which is derived from petroleum. It is widely used as a fuel in aviation as well as households. Its name derives from el, κηρός (''keros'') meaning "wax", and was regi ...
struck a reef in the
Hudson River
The Hudson River is a river that flows from north to south primarily through eastern New York. It originates in the Adirondack Mountains of Upstate New York and flows southward through the Hudson Valley to the New York Harbor between N ...
, spilling of fuel. Immediately, Hess assumed responsibility for the cleanup; the
Coast Guard
A coast guard or coastguard is a maritime security organization of a particular country. The term embraces wide range of responsibilities in different countries, from being a heavily armed military force with customs and security duties to ...
worked alongside the Red Star company to clean and to contain the spill to one area. Coast Guard official Mr. Holmes said "The weather and wind conditions are almost as close to perfect as they could get," and this contributed to a quicker and surer cleanup than would otherwise be the case. According to ''The New York Times'', Mr. Holmes also said that 70 percent of the spill would be gone in three days due to the natural evaporation rate of kerosene. Even though most kerosene evaporates, toxic chemicals such as
benzene
Benzene is an organic chemical compound with the molecular formula C6H6. The benzene molecule is composed of six carbon atoms joined in a planar ring with one hydrogen atom attached to each. Because it contains only carbon and hydrogen atoms, ...
stay in the water and harm certain fish. Hess claimed that their corporate policy has "long stressed" their "fundamental commitment to comply with applicable
environment, health and safety Environment (E), health (H) and safety (S), EHS is an acronym for the set that studies and implements the practical aspects of protecting the environment and maintaining health and safety at occupation. In simple terms it is what organizations must ...
laws and regulations," and they claimed to clean every spill that occurred.
Following a
New York State Department of Environmental Conservation
The New York State Department of Environmental Conservation (informally referred to as NYSDEC, DEC, EnCon or NYSENCON) is a department of New York state government. The department guides and regulates the conservation, improvement, and protection ...
(DEC) agreement, the Hess Corporation would pay $1.1 million in fines and also "bring 65 gasoline stations and oil storage facilities into compliance with state requirements." The agreement addressed more than 100 violations at 65 gas stations and Hess's Brooklyn major oil storage facility. The agreement was aimed at resolving Hess's violations in the DEC's New York City and lower Hudson Valley regions.
In a recent water contamination case against several major US oil companies, the Hess Corporation was forced to pay part of a $422 million settlement. The case was filed by 153 public water providers in 17 states against the oil companies "over drinking water contamination caused by the gasoline additive
Methyl Tertiary Butyl Ether
Methyl ''tertiary''-butyl ether (MTBE), also known as methyl tert-butyl ether and ''tert''-butyl methyl ether, is an organic compound with a structural formula (CH3)3COCH3. MTBE is a volatile, flammable, and colorless liquid that is sparingly sol ...
(MTBE)." The settlement also stipulated that the settling parties pay their share of treatment costs of the plaintiff's wells that may become contaminated or require treatment for the next 30 years.
Hess outlined in their 2006 Corporate Sustainability Report a "four-element" strategy to reduce and control
greenhouse gas emissions
Greenhouse gas emissions from human activities strengthen the greenhouse effect, contributing to climate change. Most is carbon dioxide from burning fossil fuels: coal, oil, and natural gas. The largest emitters include coal in China and lar ...
. The strategy's steps included monitoring, measuring, managing, and mitigating the emissions. The company intended to improve its environmental impact through reporting results, increasing energy efficiency and recovery, and participating in
carbon capture Carbon capture may refer to:
* Carbon capture and utilization, where the captured carbon dioxide is used
* Carbon sequestration, where the captured carbon dioxide is stored
** Carbon capture and storage, referring to carbon sequestration from point ...
and trading.
Locations
Before the March 4, 2013 announcement of its withdrawal from refining and retail sales of petroleum products, Hess operated gas stations in
Alabama
(We dare defend our rights)
, anthem = "Alabama (state song), Alabama"
, image_map = Alabama in United States.svg
, seat = Montgomery, Alabama, Montgomery
, LargestCity = Huntsville, Alabama, Huntsville
, LargestCounty = Baldwin County, Al ...
,
Arkansas
Arkansas ( ) is a landlocked state in the South Central United States. It is bordered by Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, and Texas and Oklahoma to the west. Its name is from the Osage ...
,
Connecticut
Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its cap ...
,
Delaware
Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
,
District of Columbia
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
,
Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
,
Georgia
Georgia most commonly refers to:
* Georgia (country), a country in the Caucasus region of Eurasia
* Georgia (U.S. state), a state in the Southeast United States
Georgia may also refer to:
Places
Historical states and entities
* Related to the ...
,
Maryland
Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...
,
Massachusetts
Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...
,
New Hampshire
New Hampshire is a U.S. state, state in the New England region of the northeastern United States. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Gulf of Maine to the east, and the Canadian province of Quebec t ...
,
New Jersey
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...
,
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
,
North Carolina
North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...
,
Pennsylvania
Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...
,
Rhode Island
Rhode Island (, like ''road'') is a U.S. state, state in the New England region of the Northeastern United States. It is the List of U.S. states by area, smallest U.S. state by area and the List of states and territories of the United States ...
,
South Carolina
)''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no)
, anthem = " Carolina";" South Carolina On My Mind"
, Former = Province of South Carolina
, seat = Columbia
, LargestCity = Charleston
, LargestMetro = ...
,
Tennessee
Tennessee ( , ), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States. Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. It is bordered by Kentucky to th ...
, and
Virginia
Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...
.
In May 2014,
Speedway LLC
Speedway is an American convenience store and gas station chain headquartered in Enon, Ohio, with locations primarily in the Midwestern United States, Midwest and the East Coast of the United States, East Coast regions of the United States ...
, a subsidiary of
Marathon Petroleum Company
The marathon is a long-distance foot race with a distance of , usually run as a road race, but the distance can be covered on trail routes. The marathon can be completed by running or with a run/walk strategy. There are also wheelchair div ...
, announced they would purchase Hess Corporation's retail business for $2.6 billion. Hess had 1,342 locations across the Eastern United States. The conversion from Hess branding to Speedway branding took place over the course of 2015. This also included all the WilcoHess locations, which Hess had acquired outright shortly before exiting the retail business. Subsequently, in 2016 Speedway and
Pilot Flying J
Pilot Travel Centers LLC, doing business as Pilot Flying J, is a North American chain of truck stops in the United States and Canada. The company is based in Knoxville, Tennessee, where Pilot Corporation, the majority owner, is based. The company ...
entered into a joint venture called PFJ Southeast LLC, which manages all of the former WilcoHess
truck stop
A truck stop, known as a service station in the United Kingdom, and a travel center by major chains in the United States, is a commercial facility which provides refueling, rest (parking), and often ready-made food and other services to motori ...
s; the locations are managed by Pilot and were rebranded as either Pilot or Flying J.
In 2021,
7-Eleven
7-Eleven, Inc., stylized as 7-ELEVE, is a multinational chain of retail convenience stores, headquartered in Dallas, Texas. The chain was founded in 1927 as an ice house storefront in Dallas. It was named Tote'm Stores between 1928 and 1946. A ...
acquired Speedway from Marathon, bringing the former Hess locations in the fold. Due to
antitrust
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust l ...
reasons, the
Federal Trade Commission
The Federal Trade Commission (FTC) is an independent agency of the United States government whose principal mission is the enforcement of civil (non-criminal) antitrust law and the promotion of consumer protection. The FTC shares jurisdiction ov ...
forced 7-Eleven and Marathon to divest 291 Speedway locations to third party buyers; the majority of those locations were former Hess locations in Florida and New York, as well as several in California that Marathon had acquired in its 2018 acquisition of
Andeavor
Tesoro Corporation, known briefly as Andeavor, was a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2017 annual revenues of $35 billion, and over 14,000 employees worldwide. Based on 2017 revenue, the comp ...
.
As of 2018, Hess locations remain in select states including Connecticut.