Hess Corporation is a global integrated energy company engaged in the exploration
for and the production of crude oil and natural gas, the refining of crude oil
and the sale of refined products, natural gas and electricity. Almost 70% of
our capital is deployed in Exploration and Production, our engine for future growth
and success. Our common stock trades on the New York Stock Exchange under the
ticker symbol HES.
Exploration and Production – Establishing a World-Class Platform for Sustained, Profitable Growth
We are actively reshaping our exploration and production portfolio and have created a world-class organization to execute our strategic objectives. We have significantly shifted capital expenditures toward development projects in new and more profitable areas and have reshaped our upstream portfolio via asset sales and swaps. As part of a focused, worldwide exploration program, we intend to drill around 15 high impact wells each year. Recent successes include the Shenzi and Tubular Bells discoveries, both located in the Deepwater Gulf of Mexico.
Refining and Marketing – Best in Class
In 2003, our downstream business ranked in the top quartile for ROCE and net income per barrel of refined product sold versus our competitors. Our downstream strategy is focused on making Hess the brand of choice for customers on the East Coast of the United States and is led by our best-in-class HESS EXPRESS Convenience Store concept. We have approximately 1,250 HESS retail sites of which about 80% are company operated. For commercial and industrial customers, we offer the opportunity to combine all of their energy needs - fuel oils, natural gas and electricity - under one umbrella. We have a 50% interest in the 495,000 (BPD) HOVENSA refinery, which is one of the largest in the world and as such enjoys strong economies of scale. The goal for refining and marketing is to maximize financial returns from our existing assets, selectively grow retail marketing and generate cash flow for the corporation.