What Hess Corporation does

Hess Corporation was an independent energy company engaged in the exploration and production of crude oil and natural gas, founded in 1933 and headquartered in New York with primary operational offices in Houston. The company's portfolio centered on four key producing regions: the Bakken shale play in North Dakota, the deepwater Gulf of Mexico (Gulf of America), the Stabroek Block offshore Guyana where Hess held a 30% stake, and natural gas operations in Peninsular Malaysia and Thailand. Hess also operated Hess Midstream Partners LP, a subsidiary focused on gathering, processing, fractionating, and transporting crude oil and natural gas from the Bakken region. Following the completion of Chevron Corporation's approximately $53-60 billion acquisition in Q3 2025, Hess Corporation now operates as a private subsidiary of Chevron, with former CEO John B. Hess joining Chevron's board as a non-independent director.

The company's core production technology combined advanced hydraulic fracturing techniques used in the Bakken shale with deepwater drilling and offshore production systems deployed in the Gulf of Mexico and offshore Guyana. In April 2025, the ONE GUYANA floating production, storage, and offloading (FPSO) vessel arrived at the Stabroek Block to operate at Yellowtail, the fourth and largest oil development on the block to date, with an initial production capacity of approximately 250,000 gross barrels of oil per day. The company also held an industry-leading position in the Bakken shale and was one of the largest producers in the deepwater Gulf of Mexico. In Guyana, Hess participated in one of the industry's largest oil discoveries in the past decade as a junior partner alongside ExxonMobil and CNOOC at the Stabroek Block.

Hess generated revenue through commodity sales of crude oil and natural gas at prevailing market rates, distributing product through pipelines, tanker ships, and processing facilities to refineries, storage terminals, and natural gas utilities in domestic and international markets. Beyond core production, the company executed a landmark carbon credit arrangement with the Government of Guyana valued at a minimum of $750 million over the 2022-2032 period under Guyana's Low Carbon Development Strategy 2030, with at least 15% of revenues directed to 252 Indigenous villages. Hess also deployed industrial AI through a partnership with Cognite, using the Cognite Atlas AI low-code workbench to integrate real-time operational technology, IT, and engineering data across operations.

Name

Hess Corporation

Legal name

Hess Corporation

Website

https://hess.com

Company type

Private

Founded year

1933

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Hess Corporation was an independent energy company focused on exploring and producing crude oil and natural gas, with primary assets in the Bakken shale, deepwater Gulf of Mexico, and Guyana's Stabroek Block. Now operates as a Chevron subsidiary following a 2025 acquisition.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

akta.pro secondary industry

Unconventional Gas E&P (Shale/Tight Gas) (EUAAAAAC)

Keywords

• Upstream oil production
• Natural gas exploration
• Shale hydraulic fracturing
• Deepwater drilling services
• Crude oil marketing

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Technology or R&D, Personnel

Revenue model

1. Oil and Gas Production: Hess generates revenue through exploration and production of crude oil and natural gas from its key assets including the Bakken shale formation, deepwater Gulf of Mexico operations, Stabroek Block in Guyana, and gas production in Malaysia and Thailand.

Distribution channels1 record

Marketing channels1 record

Core offering

Hess Corporation is an independent energy company that explores for, develops, and produces crude oil and natural gas. Its producing assets span the Bakken shale (North Dakota), the deepwater Gulf of America, the Stabroek Block offshore Guyana (30% stake), and natural gas operations in Peninsular Malaysia and Thailand. The company also operated Hess Midstream Partners, a midstream infrastructure business providing gathering, processing, storage, and transportation services for Bakken production.

Product overview

Hess Corporation is a leading independent energy company engaged in the exploration and production of crude oil and natural gas. The company operates a portfolio of upstream oil and gas assets, with key positions in the Bakken shale (North Dakota), deepwater Gulf of America, offshore Guyana (Stabroek Block), and natural gas production in Malaysia and Thailand. The company also has a subsidiary, Hess Midstream Partners LP, focused on midstream operations. Following the completed Chevron-Hess merger in 2025, Hess operates as part of Chevron's expanded portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Exploration & Production Exploration, development, and production of crude oil from key upstream assets including the Bakken shale play in North Dakota, deepwater Gulf of America, and the Stabroek Block offshore Guyana (30% non-operated stake). Sold to refineries, pipeline operators, and global energy markets.
• Natural Gas Exploration & Production

Quantifiable outcome

• Hess's assets made it a high-leverage pure-play proxy for low-cost, long-life offshore production growth

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Chevron CorporationcoreStrategic or Co-development Partner · 1 January 2025Chevron completed its acquisition of Hess Corporation in 2025 for approximately $53-60 billion, making Hess a subsidiary. The merger enhances global energy leadership and adds world-class resources including the Stabroek Block stake in Guyana and Bakken shale assets.
• Chevron (Hess Midstream)coreStrategic or Co-development Partner · 1 January 2025Hess Midstream, originally spun off from Hess Corp. and now majority-owned by Chevron, operates as a midstream infrastructure company providing gathering, processing, storage, and transportation services. It has increased its dividend for 39 consecutive quarters.
• Government of GuyanacoreStrategic or Co-development Partner · 1 January 2022Hess Corporation signed a landmark deal with the Government of Guyana worth at least US$750 million from 2022 to 2032, representing one of the largest sovereign carbon credit transactions ever completed. Under Guyana's Low Carbon Development Strategy 2030, revenues support Indigenous communities with at least 15% distributed to 252 Indigenous villages.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ConocoPhillips: Large-cap independent E&P with diversified conventional and unconventional assets across the Lower 48, Alaska, Europe, and Asia-Pacific. Closely comparable to Hess in size, asset mix, and growth-oriented independent strategy prior to Hess's acquisition.
• EOG Resources: Premier US shale-focused independent E&P with strong positions in the Permian, Eagle Ford, and Bakken. Directly comparable to Hess's Bakken-centered shale strategy and capital-efficient upstream profile.
• Devon Energy: Independent US-focused E&P operating primarily in the Delaware/Permian, Eagle Ford, Anadarko, and Williston basins. Comparable to Hess in shale-heavy production mix and mid-cap independent profile.
• Continental Resources: Bakken-focused independent E&P and one of Hess's most direct competitors in the North Dakota shale play. Highly comparable on asset focus, basin exposure, and operator profile.
• APA Corporation: Independent E&P with operations in the Permian, Egypt, North Sea, and Suriname/Guyana region. Comparable to Hess on multi-basin, multi-geography independent strategy and exposure to offshore Suriname near Stabroek.
• Marathon Oil: Independent E&P with Eagle Ford, Bakken, Permian, and international assets prior to its 2024 ConocoPhillips acquisition. Closely matched Hess's mid-cap independent profile and shale-heavy production mix.
• Murphy Oil: Independent E&P with onshore US (Eagle Ford, Montney) plus offshore Gulf of Mexico and international assets. Comparable to Hess on diversified onshore/offshore independent profile.
• Coterra Energy: Independent E&P formed from Cabot/Cimarex with positions in the Permian, Marcellus, and Anadarko. Comparable to Hess on multi-basin shale strategy and mid-cap independent scale.
• Diamondback Energy: Pure-play Permian independent E&P. While more Permian-concentrated than Hess, it represents the same archetype of large, low-cost, shale-focused independent operator.

Broad incumbents

• ExxonMobil: Integrated supermajor and operator of the Stabroek Block. Relevant because it is Hess's largest partner in its flagship asset and represents the broader incumbent E&P player against which Hess's growth and capital efficiency are benchmarked.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/HessCorporation
• YouTubeyoutube.com/user/chevron
• Facebookfacebook.com/hesscorporation
• LinkedInlinkedin.com/company/hess-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hess Corporation