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Hess Corporation

The Hess Corporation is a petrochemical company that was founded in 1920. It is based in New York City and the company explores, produces, transports and refines crude oil and natural gas. Hess has been a very successful oil and gas company and it explores and produces in Australia, Azerbaijan, Brazil, China, Denmark, Egypt, France, Malaysia, Norway, Peru, Russia, and the UK, the US and many other foreign countries. It operates a 50%-owned oil storage terminal in the US Virgin Islands and a refinery in New Jersey, and it markets gasoline through more than 1,360 HESS gas stations in 16 US states. Hess Corporation’s vision is “to be the leading independent, integrated oil and gas company delivering superior financial returns with long-term profitable growth. Hess strives to be the leading independent in each of their businesses, to maximize shareholder value through superior financial performance, and to be in the top one-third of oil companies based on returns on capital employed.” Hess and its partner Petroleos de Venezuela S.A. operate the Hovensa refinery in St. Croix, one of the largest refineries in the world with an operating capacity of 500,000 barrels a day. About 90% of Hess’s capital spending is related to the search, development, and production of crude oil and natural gas. In 2001 Hess was successful in obtaining Triton energy Ltd. which was a an international exploration and production company focused on the West African, Latin American, and Southeast Asian regions. The merger was said to be around $3.2 billion and it was completed in August of 2001. The merger was important because it gave Hess access to Triton's profitable assets in Equatorial Guinea and Gabon. After the Triton purchase energy prices fell and the global economy was weakening. This caused Hess to post a $218 million loss in 2002 primarily due to $530 million charge off to write down the Ceiba oil field, which was acquired by Hess through the Triton merger. After...

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