Hess Corporation (formerly Amerada 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 (which operates under the retail brand Speedway); 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 (
Hovensa JV with PDVSA); 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 (Bayonne Energy Center: ArcLight Capital and Newark Energy
Center: Ares EIF). Hess also sold its 50% interest in its JV
commodities trading arm HETCO (Hess Energy Trading Company) to Oaktree
Capital. HETCO is now known as Hartree Partners.
The company has exploration and production operations both on-shore:
United States and Libya and off-shore: Canada, South America (Guyana
& Suriname), Europe (Norway & Denmark), Africa (Ghana &
Equatorial Guinea), Southeast Asia (Malaysia and the Joint Development
Area of Malaysia and Thailand), and Australia.
2 Environmental record
4 Toy trucks
4.2 Miniature trucks
6 External links
In 1919, British oil entrepreneur Lord Cowdray formed Amerada
Corporation to explore for oil in North America. The firm was
incorporated Feb. 7, 1920, in
Delaware 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, weakness in the oil markets
contributed to sluggish profits. The aftermath of the market crash
aggravated the unsteady oil industry. In the first quarter of 1930,
the company experienced a minor loss. The early years of the
Depression was a struggle against wavering demand and overproduction
in some regions. Later into the 1930s, the financial forecast became
more sanguine for Amerada.
In December 1941, the company reorganized by merging the holding
company with the principal operating subsidiary, Amerada Petroleum
Corporation, into a simplified operating company. The new entity also
adopted the former subsidiary's name.
Robust postwar growth rocketed the company past US$100 million in
sales in 1955.
Hess Oil and Chemical, an oil refiner and marketer founded by Leon
Hess, acquired 10% of the company for US$100 million in 1966 after the
British government sold a stake it had amassed during World War II.
Albert Levinson became the senior vice president and designed the Hess
logo. Hess and Amerada would announce plans for a merger in December
1968. Some Amerada stockholders led by Morton Adler criticized the
arrangement as being too favorable for Hess. Adler argued Amerada's
oil reserves would contribute the lion's share of assets for the
proposed company, so Amerada stockholders should retain more control
of the new company. Before the stockholder vote on the matter,
Phillips Petroleum, an integrated oil firm, approached Amerada with
its own merger proposal, but the offer was declined in March. Still
interested, Phillips nonetheless stated it would not carry out a proxy
fight against the proposed Hess deal. Hess fearing such a strategy,
made a cash tender offer of US$140 million for an additional 1.1
million shares of Amerada, which would double its holding in the
company. The new shares would be employed in a May stockholder vote
deciding the merger's fate. The vote 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 cost of the acquisition would be
absorbed by the newly formed company. 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 merger
combining a purely production company with a refinery and marketer
operation was completed. However controversy was not yet
extinguished by the stockholder confirmation. A class action federal
lawsuit in 1972 claiming 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.
A former Hess Station in Rensselaer County, New York
In February 2000, Hess acquired the 51% shares of the Meadville
Corporation it didn't already own, and rebranded all 178 Merit gas
stations as Hess. The Merit gas station chain were primarily in
the Boston, New York, and Philadelphia markets.
In 2001, Amerada Hess purchased
Triton Energy Limited 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 U.S., had earned a reputation as a maverick oil
company due to its highly successful yet potentially risky overseas
exploration. According to Amerada Hess press releases at the time,
Triton's major oil and gas assets in West Africa, Latin America, and
Southeast Asia would strengthen its exploration and production
business and give it 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.
Also in 2001, Amerada Hess entered into a joint venture with A.T.
Williams Oil Co. of Winston-Salem, North Carolina. The company and its
gas stations were called WilcoHess. Eventually, there were 1200
Following on the heels of the Triton purchase, energy prices fell and
global economies weakened. Amerada Hess struggled through the
following years, posting a US$218 million loss in 2002 due primarily
to a US$530 million charge relating to its write-down of the Ceiba oil
field, but then posting steadily increasing profits from 2003 through
2006, when the company posted 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 refinery in St. Croix,
United States Virgin Islands
United States Virgin Islands by
mid-February 2012. The refinery will then serve as a storage terminal
Hess will permanently close its
Port Reading, New Jersey
Port Reading, New Jersey petroleum
refinery by the end of February, 2013: Gas prices rose to their
highest levels since October and Hess said it will lay off 170 of 217
employees, exit the refinery business and seek a buyer for its 19
storage terminals. It will focus on exploration and production. A
Hess press release announces the company's plans for "Fully
exiting the Company's downstream businesses, including retail, energy
marketing, and energy trading." there is no link between the rise
in gas prices after the announcement of the closing of the Woodbridge
(Port Reading) NJ facility. The output of that facility was more
geared to the aviation and specialty fuels markets and not automotive
On March 4, 2013 Hess announced that it would sell its domestic
refineries and retail operations and that it would also sell its
Indonesia and Thailand.
The New York Times
The New York Times also reported
that Hess retail and refinery operations contributed about 4 percent
of the company's revenue. It also noted that Hess will sell its
Indonesia and Thailand. The company will focus
exclusively on oil production, following a recent trend in the oil
industry for companies to spin off their downstream assets and focus
on their more profitable upstream business;
Marathon Oil have also made similar spinoffs in recent years with
Phillips 66 and Marathon Petroleum, respectively.
In April 2013, Hess Corp announced it would be selling its Russian
Lukoil for $2.05 billion. In July 2013, Hess Corp said it
would sell its energy marketing unit to UK firm
Centrica for around
Hess Corp announced in October 2013 that it was planning on selling
its East Coast and St.Lucia storage terminal network to Buckeye
Partners LP for $850 million.
Hess Corp announced in December 2013 that it is 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 will include over 1,200 stores throughout the Eastern
United States. Before completing the spin-off, Marathon Petroleum
Speedway LLC 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 will be
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 almost 50 years prior.
The New York Times
The New York Times reported on October 28, 1990, that a barge with a
load of 31,000 barrels (4,900 m3) of kerosene struck a reef in
the Hudson River, spilling 163,000 US gallons (620 m3) of fuel.
Immediately, Hess assumed responsibility for the cleanup; the Coast
Guard 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
could otherwise be. 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 stay in the water and harm
certain fish. Hess claims that their corporate policy has "long
stressed" their "fundamental commitment to comply with applicable
environment, health and safety laws and regulations," and they claim
to clean every spill made.
In accordance with a New York State Department of Environmental
Conservation (DEC) agreement the
Hess Corporation will pay $1.1
million in fines and also "bring 65 gasoline stations and oil storage
facilities into compliance with state requirements." The agreement
addresses more than 100 violations at 65 gas stations and Hess's
Brooklyn major oil storage facility. The agreement is aimed at
resolving Hess's violations in the DEC's
New York City
New York City and lower
Hudson Valley regions.
In a recent water contamination case against several major US oil
Hess Corporation will 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 (MTBE)."
The settlement also stipulates 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.
In regard to greenhouse gas emissions Hess outlined in their 2006
Corporate Sustainability Report a "four element" strategy to reduce
and control emissions. The strategy's steps include monitoring,
measuring, managing, and mitigating. Through reporting results, energy
efficiency and recovery, and carbon capture and trading the company
intends to improve its environmental impact.
Prior to the March 4, 2013 announcement of its withdrawal from
refining and retail sales of petroleum products, Hess operated gas
stations in Alabama, Arkansas, California, Connecticut, Delaware,
District of Columbia, Florida, Georgia, Indonesia, Maryland,
Massachusetts, New Hampshire, New Jersey, New York, North Carolina,
Pennsylvania, Rhode Island, South Carolina, Tennessee, and Virginia.
In May 2014, Speedway LLC, a subsidiary of
Marathon Petroleum Company,
announced they would purchase Hess Corporation's retail business for
$2.6 billion. Hess had 1,342 locations along the Eastern United
States. The conversion from Hess branding to Speedway branding took
place over the course of 2015.
The Hess toy trucks, helicopters, police cars, airplanes, space
shuttles and rescue vehicles have been popular Christmas gift
traditions for over 50 years in the US. It is one of the longest
running toy brands on the US market.
Since 1964, Hess gas stations have sold toy trucks each year around
Christmas time. Each year, the model changes to a new design.
Older models are considered collectibles and typically sell for a few
hundred or even thousands of dollars. For example, the 1964 truck
sells for about $1,400–2,000, depending on condition. Hess
periodically has a rare truck such as the 1995 chrome truck with
helicopter and the 2002 chrome Mini, which were given away at a
stockholder meeting and, more recently, the 2006 truck given to New
York Stock Exchange employees to commemorate its name change from
Hess Corporation to Hess Corporation.
In Christmas of 2011, The
Hess Corporation donated 900 of its 2011
Hess Toy Trucks and Race Cars to the
Salvation Army for the
underprivileged children in North Dakota. There was also a Hess Toy
Truck Float in the annual
Macy's Thanksgiving Day Parade
Macy's Thanksgiving Day Parade in New York
that participated from 2003 up to 2014 when the Hess Corporation's
retail unit was sold.
The toy truck business continued after the sale of Hess' retail unit
The 2006 version of the Hess Toy Truck
There have been several instances in which non-truck vehicles were
sold under the Hess Toy Truck banner:[unreliable source?]
1966 Tanker Ship, based on the Hess Voyager
1993 Patrol Car
2001 Helicopter with Motorcycle and Cruiser
2004 SUV with Motorcycles: Note: This marks the 40th anniversary of
the Hess Toy Truck
2009 Race Car with Racer
2012 Helicopter and Rescue
All of the Hess Trucks are:
1964-1965 Tanker Trailer
1966 Tanker Ship
1967 Tanker Truck
1968-1969 Tanker Truck
1970-1971 Fire Truck
1972 Tanker Truck
1973 No truck produced due to gas shortages, but the 1972 Tanker Truck
made a comeback
1974 Tanker Truck Note: This marks the 10th anniversary of the Hess
1975-1976 Box Trailer
1977 Fuel Oil Tanker
1978 Fuel Oil Tanker
1979 No truck produced due to gas shortages
1980 Training Van
1981 No truck produced due to gas shortages
1982-1983 First Hess Truck
1984 Fuel Oil Tanker with Bank Note: This marks the 20th anniversary
of the Hess Toy Truck
1985 First Hess Truck Bank
1986 Red Fire Truck
1987 Truck with Barrels
1988 Truck with Racer
1989 White Fire Truck Note: Similar to the 1986 Hess Fire Truck
1990 Tanker Truck
1991 Truck with Racer
1992 Truck with Racer
1993 Patrol Car Note: This is the first toy car made by Hess
1994 Rescue Truck Note: This marks the 30th anniversary of the Hess
1995 Truck with Helicopter
1996 Emergency Truck
1997 Truck with Racers
1998 Recreational Van with Motorcycle and Sand Buggy Note: Starting in
1998, mini toys were made with the full size trucks
1999 Space Shuttle Transport
2000 Fire Truck
2001 Helicopter with Motorcycle and Cruiser
2002 Truck with Airplane
2003 Truck with Race Cars
2004 SUV with Motorcycles Note: This marks the 40th anniversary of the
Hess Toy Truck
2005 Emergency Truck with Rescue Vehicle
2006 Helicopter Transport
2007 Monster Truck with Motorcycles
2008 Truck with Front End Loader
2009 Race Car and Racer
2010 Jet Transporter
2011 Truck with Race Car
2012 Helicopter and Rescue
2013 Truck with Tractor
2014 50th Anniversary Tanker Truck & Miniature 1964 Hess Truck
Tanker Replica Note: This was a limited production run and was only
sold through the Hess Toy Truck website.
2014 Truck with Space Cruiser & Scout Note: This marks the 50th
anniversary of the Hess Toy Truck. This was also the final year the
Hess truck was sold at their gas stations.
2015 Fire Truck & Ladder Rescue (sold only online)
2016 Truck with Dragster (sold only online)
2017 Dump Truck & Loader (sold only online)
New York City
New York City portal
From 1998 to 2014 and returning in 2017, Hess has produced a mini
truck from those years as well as the regular toy trucks. These are
1998 Tanker Truck related with the 1990 model
1999 Red Fire Truck related with the 1986 model
2000 First Hess Truck related with 1982 and 1985 models
2001 Truck with Racer related with the 1991 model
2002 Tanker Ship related with the 1966 model
2003 Patrol Car related with the 1993 model
2004 Tanker Truck related with the 1964 model Note: This marks the
40th anniversary of the Hess Toy Truck along with the 2004 SUV with
2005 Helicopter from the 1995 model
2006 Truck with Racer related with the 1992 model
2007 Rescue Truck related with the 1994 model
2008 Recreational Van with Motorcycle and Cruiser related with the
1998 model Note: This marks the 10th anniversary of the Hess Miniature
2009 Space Shuttle Transport related with the 1999 model
2010 Fire Truck related with the 2000 model
2011 Helicopter related with the 2001 model
2012 Truck with Airplane related with the 2002 model
2013 Truck with Racers related with the 2003 model
2014 Sport Utility Vehicle related with the 2004 model
2017 A boxed set of 3 vehicles were produced: the Emergency Truck
related with the 2005 model, the Toy Truck and Helicopter related with
the 2006 model, and the Monster Truck related with the 2007 model
Note: This is only available through the Hess Toy Truck website.
^ Matt Krantz (March 13, 2015). "10 companies cut the most jobs in
Hess Corporation - A Leading Energy Company". www.hess.com.
Retrieved 2 April 2018.
^ "Fortune 500 Companies 2017: Who Made the List". Fortune. Retrieved
2 April 2018.
^ "Hess History - Hess Corporation". www.hess.com. Retrieved 2 April
^ Hartree. "About - Hartree Partners, LP". www.hartreepartners.com.
Retrieved 2 April 2018.
Hess Corporation - Hess Operations Map". www.hess.com. Retrieved 2
^ Hoover's Handbook of American Business 2008, Volume 1. Hoover's.
2007. pp. 422–424. ISBN 978-1-57311-120-1.
^ Benedict, Roger W. (May 16, 1969). "Merger of Amerada Petroleum,
Hess Oil, Valued at $2.4 Billion, Voted by Holders". The Wall Street
Journal, pg 4.
^ "Court Rules Amerada's Holders Were Misled In Merger With Hess"
(August 2, 1976). The Wall Street Journal, p. 4.
^ "Metro Business; Amerada Hess to Expand". Bloomberg News. 15
February 2000 – via The New York Times.
^ Mote, Dave. "Triton Energy Corporation". Answers.com. Archived from
the original on 2011-08-10. Retrieved 2010-12-28.
^ "Amerada Hess To Acquire Triton Energy For $45 Per Share In Cash"
(Press release). Amerada Hess. 2001-07-10. Retrieved 2010-12-28.
^ Craver, Richard (September 28, 2015). "Speedway conversion of Triad
WilcoHess stores under way". Winston-Salem Journal. Retrieved
September 28, 2015.
^ "Hess Corporation: Investor Relations Annual Reports".
Phx.corporate-ir.net. Retrieved 2010-12-28.
^ Amerada Hess Changes Name to
Hess Corporation and Announces
Three-for-one Stock Split; Company's Stock to Commence Trading Under
Symbol HES on May 9, 2006
^ "Closure of Hess' Port Reading refinery means layoffs for 170
^ Hess Announces Culmination of Transformation Into Pure Play E&P
^ Announced Closure of Hess Corp.'s Port Reading Refinery Not Seen
Having Major Impact On Gasoline Markets "Archived copy". Archived from
the original on 2014-05-31. Retrieved 2013-03-06.
^ 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,
^ Michael Erman and Vladimir Soldatkin (1 April 2013). "Hess Corp to
sell Russian unit to
Lukoil for $2.05 billion". Reuters.
^ Swetha Gopinath and Sarah Young (30 July 2013). "Hess to sell Energy
Marketing unit to UK's
Centrica for $1.03 billion". Reuters.
^ Michael Erman and Matthew Robinson (9 October 2013). "Hess to sell
storage terminal network to Buckeye for $850 million". Reuters.
^ "Hess Corp selling
Indonesia assets for 13 billion". Motley Fool. 2
^ "Hess Files for Tax-Free Spin-off of Gas-Station Network".
Bloomberg. 2014-01-08. Retrieved 2014-05-01.
^ "Hess stations to fly 'Speedway' banner after sale to Marathon
Petroleum for $2.87 billion". Associated Press. 22 May 2014.
^ "Hess Announces Sale of Retail Business to Marathon Petroleum
Corporation for $2.6 Billion". Hess Corp. Retrieved 24 May 2014.
^ Yes on Proposition 89 (2006-09-22). "Big Oil Throws Down Against
Proposition 89". Proposition89.blogspot.com. Retrieved
^ Hess Corporation: 2006 Archived July 17, 2007, at the Wayback
^ NYSDEC – New York State Department of Environmental Conservation
(2008-03-04). "Hess fined $1.1m for
Hudson River estuary pollution".
Environmental-Expert. Archived from the original on 2012-07-30.
^ "Dallas law firm Baron & Budd wins $422 million water
contamination lawsuit". Pegasus News. 2008-05-11. Archived from the
original on 2011-09-30. Retrieved 2010-12-28.
^ "2006 Corporate Sustainability Report" Accessed May 12, 2008
Archived July 14, 2007, at the Wayback Machine.
^ Hess moves may put brake on toy truck Retrieved 2013-11-28
^ Stung By Collectors' Demand, Hess Floods Market With Trucks
^ "Hess Toy Truck". Hess Toy Truck. Retrieved 2011-02-07.
^ Company News: Line at Hess Station was for toy cars, The New York
Times, 1993 Retrieved 2013-11-28
^ Hess trucks – 18-wheelers fueled by nostalgia Retrieved 2013-11-28
^ Hess to Continue "Hess Toy Truck" Tradition
Hess Corporation Press
Release, May 22, 2014
^ HESS Toy Trucks Guide Archived 2013-12-04 at the Wayback Machine.
^  Retrieved 2016-11-1
Business data for Hess Corporation: Google Finance
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Coordinates: 40°38′14″N 74°12′52″W / 40.637193°N
74.214449°W / 40.