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Last $38.70 USD
Change Today -0.29 / -0.74%
Volume 8.9M
HES On Other Exchanges
New York
As of 8:04 PM 02/9/16 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

1185 Avenue of the Americas

40th Floor

New York, NY 10036

United States

Phone: 212-997-8500


Hess Corporation, together with its subsidiaries, operates as an exploration and production (E&P) company that develops, produces, purchases, transports and sells crude oil, natural gas liquids (NGLs), and natural gas with its production operations located primarily in the United States (U.S.), Denmark, Equatorial Guinea, the Joint Development Area of Malaysia/Thailand (JDA), Malaysia, and Norway. The United States As of December 31, 2014, 51% of the company’s total proved reserves were located in the U.S. Its production in the U.S. was from offshore properties in the Gulf of Mexico and onshore properties principally in the Bakken oil shale play in the Williston Basin of North Dakota, the Permian Basin of Texas, and the Utica Basin of Ohio. Onshore: The company held approximately 613,000 net acres in the Bakken, as of December 31, 2014. During 2014, the company operated an average of 17 rigs, drilled 261 wells, completed 230 wells, and brought on production 238 wells, bringing the total operated production wells to 982. In North Dakota, the company owns and operates the Tioga Gas Plant. In 2014, the company completed an expansion of the plant that increased total processing capacity to approximately 250,000 mcf (one thousand cubic feet) per day and 60,000 barrels per day of full NGL fractionation capabilities. Its Tioga Rail Terminal has loading capacity of approximately 140,000 barrels per day of crude oil and approximately 30,000 barrels per day of natural gas liquids with on-site crude oil storage of 287,000 barrels. The company also owns 9 crude oil unit trains, each consisting of 104 crude oil rail cars. Other infrastructure includes the Ramberg Truck Facility that is capable of delivering up to an aggregate of 130,000 barrels per day of crude oil into an interconnecting pipeline for transportation to the Tioga Rail Terminal and to multiple third-party pipelines and storage facilities. In 2014, the company formed Hess Midstream Partners LP to own, operate, develop and acquire a diverse set of midstream assets to provide fee-based services to both the company and third party crude oil and natural gas producers. The assets to be held by Hess Midstream Partners LP include a 30% economic interest in Hess TGP Operations LP (owner of the Tioga Gas Plant), a 50% economic interest in Hess North Dakota Export Logistics Operations LP (owner of the Tioga rail terminal, Ramberg truck facility and crude oil rail cars), and a 100% interest in Hess Mentor Storage Holdings LLC (owner of a 328,000 barrel propane storage cavern with a rail and truck transloading facility). The company also owned a 50% undivided working interest in approximately 45,000 net acres in the wet gas area of the Utica Basin of Ohio. During 2014, a total of 38 wells were drilled, 36 wells were completed and 39 wells were brought on production as the company transitioned from appraisal to early development activities. In the Permian Basin, the company operates and holds a 34% interest in the Seminole-San Andres Unit. Offshore: The company’s production offshore in the Gulf of Mexico was principally from the Shenzi, Llano, Conger, Baldpate, Tubular Bells, Hack Wilson, and Penn State fields. The company is the operator and holds a 25% interest in the Stampede offshore development project on Green Canyon Blocks 468, 511 and 512 in the Gulf of Mexico. The company holds a 25% interest in the Sicily prospect in the deepwater Gulf of Mexico. As of December 31, 2014, the company had interests in 177 deepwater blocks in the Gulf of Mexico, of which 148 were exploration blocks comprising approximately 550,000 net undeveloped acres, with an additional 66,000 net acres held for production and development operations. During 2014, the company’s interests in 45 leases, comprising approximately 175,000 net undeveloped acres, either expired or were relinquished. Europe As of December 31, 2014, 23% of the company’s total proved reserves were located in Europe. Norway: The company’s Norwegian production was from its non-operated interests in the Valhall and Hod fields. Denmark: Production comes from the company’s operated interest in the So

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Valuation HES Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 1.7x
Price/Book 0.6x
Price/Cash Flow 12.4x
TEV/Sales 0.1x

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