Hess Corporation

What does Hess Corporation own?
Hess owns a 30% stake in the Guyana Stabroek block, operated Bakken shale assets in North Dakota, Gulf of America production, Southeast Asia gas assets, and the general partner of Hess Midstream LP. All are now held under Chevron ownership.

Is Hess Corporation publicly traded?
No. Hess was delisted from the NYSE in July 2025 when its acquisition by Chevron closed. Its midstream affiliate, Hess Midstream LP, still trades publicly under ticker HESM.

Who founded Hess Corporation?
Leon Hess founded Hess Incorporated in Asbury Park, New Jersey, in 1933 at age 19, starting with a single used oil delivery truck.

Where is Hess headquartered?
Hess has been headquartered in New York City, at 1185 Avenue of the Americas, since the 1970s.

Does Hess still make the toy trucks?
Yes. The Hess Toy Truck has been released every holiday season since 1964 and continues under Chevron ownership, sold exclusively online at hesstoytruck.com.

Who owns Hess Corporation?
Chevron Corporation owns 100% of Hess since July 18, 2025. Chevron paid approximately $55 billion and issued about 301 million shares to former Hess shareholders.

Leon Hess was 19 when he bought a used 615-gallon oil delivery truck in Asbury Park, New Jersey, in 1933 and began delivering home heating oil seven days a week. His father's fuel business had just gone bankrupt in the Depression. Hess reorganized it as Hess Incorporated and grew it by underbidding competitors for federal oil contracts and building his own storage terminals.

During World War II, Hess served as a petroleum supply officer under General Patton, an experience that shaped his view of logistics. After the war he expanded aggressively: a refinery in Perth Amboy in the late 1950s, the first Hess gasoline station in Paterson in 1960, and a chain that eventually ran from New England to Florida. In 1962 the company merged with Cletrac Corporation to gain a public listing on the New York Stock Exchange as Hess Oil & Chemical Corporation.

The defining transformation came in 1969, when Hess merged with Amerada Petroleum Corporation, an oil producer with roots in Canadian exploration and the first oil discovery in North Dakota in 1951. The combined company became Amerada Hess Corporation, pairing Leon Hess's refining and marketing network with real production assets. The Amerada name was dropped in 2006 in favor of Hess Corporation.

Leon Hess retired in 1995 after six decades and died in 1999. His son John B. Hess became chairman and CEO, and the family name also carried into sports: Leon Hess had owned the New York Jets from 1963 until his death.

The 2010s brought a deliberate shrink-and-focus strategy. Hess sold its downstream businesses piece by piece: the 1,200-plus Hess gas stations went to Speedway in 2014 for about $2.9 billion, the terminal network was carved into Hess Midstream Partners, and exploration assets in less promising regions were divested. What remained was a concentrated portfolio built around offshore Guyana, where the Exxon-operated Stabroek discoveries from 2015 onward turned Hess into the most sought-after independent in the sector.

Chevron announced its acquisition of Hess in October 2023. The deal stalled for more than a year because ExxonMobil and CNOOC claimed right of first refusal over the Guyana stake and took the dispute to arbitration in Paris. The arbitration panel ruled for Chevron and Hess, the FTC lifted its remaining restriction, and the merger closed July 18, 2025, with Hess shareholders receiving 1.025 Chevron shares for each Hess share. John Hess joined the Chevron board.

The Hess name survives in an unusual place. The Hess Toy Truck, released every holiday season since 1964, continues to sell online at hesstoytruck.com, one of the longest-running annual toy traditions in the United States.

The Hess acquisition produced one of the most watched corporate legal fights in recent energy history. ExxonMobil and CNOOC claimed their joint operating agreement gave them preemption rights over Hess's Guyana stake, taking the case to ICC arbitration. The panel sided with Chevron and Hess in July 2025, clearing the deal.

The FTC conducted an antitrust review that initially barred John Hess from joining Chevron's board over concerns about his communications with OPEC officials. The restriction was lifted July 17, 2025, the day before closing.

Historically, Hess faced environmental penalties typical of a refiner, including a 2001 settlement over MTBE groundwater contamination claims as part of an industry-wide litigation wave, and Clean Air Act settlements covering its former refineries. None remain material under Chevron ownership.