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Company Snapshot
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Hess Corporation and its subsidiaries operate as an integrated energy company. It operates in two segments, Exploration and Production (E&P) and Marketing and Refining (M&R).
The E&P segment explores for, develops, produces, purchases, transports, and sells crude oil and natural gas. This segment engages in exploration and production activities principally in Algeria, Australia, Azerbaijan, Brazil, Colombia, Denmark, Egypt, Equatorial Guinea, Gabon, Ghana, Indonesia, Libya, Malaysia, Norway, Peru, Russia, Thailand, the United Kingdom, and the United States.
The M&R segment manufactures refined petroleum products; and purchases, markets, and trades refined petroleum products, natural gas, and electricity.
This segment serves motoring public, wholesale distributors, industrial and commercial users, other petroleum companies, governmental agencies, and public utilities.
The company also owns 50% of a refinery joint venture in the United States Virgin Islands; and refining facility, terminals, and retail gasoline stations with convenience stores located on the East Coast of the United States. As of December 31, 2010, it had total proved reserves of 1,537 million barrels of oil equivalent; and operated 1,362 HESS gasoline stations, including stations owned by WilcoHess joint venture in New York, New Jersey, Pennsylvania, Florida, Massachusetts, North Carolina, and South Carolina.
In addition, the company has 50% interest in Bayonne Energy Center, LLC, a joint venture to build and operate 512-megawatt natural gas fueled electric generating station in Bayonne, New Jersey; and 50% voting interest in a consolidated partnership that trades energy commodities and derivatives.
Further, it owns 20 terminals with an aggregate storage capacity of 22 million barrels in East Coast marketing areas; a terminal in St. Lucia with a storage capacity of 9 million barrels, which is operated for third party storage.
Hess Corporation was founded in 1920 and is based in New York, New York.
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