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Hess Corporation formerly Amerada Hess Corporation is an American global independent energy company engaged in the exploration and production of crude oil and natural gas. The company has exploration and production operations both on-shore: United States and Libya and off-shore: However, in the years leading to the Great Depression , weakness in the oil markets contributed to sluggish profits.
The aftermath of the market crash aggravated the unsteady oil industry. In the first quarter of , the company experienced a minor loss. The early years of the Depression was a struggle against wavering demand and overproduction in some regions. Later into the s, the financial forecast became more sanguine for Amerada.
In December , the company reorganized by merging the holding company with the principal operating subsidiary, Amerada Petroleum Corporation, into a simplified operating company. The new entity also adopted the former subsidiary's name. Albert Levinson became the senior vice president and designed the Hess logo. Hess and Amerada would announce plans for a merger in December Some Amerada stockholders led by Morton Adler criticized the arrangement as being too favorable for Hess. Adler argued Amerada's oil reserves would contribute the lion's share of assets for the proposed company, so Amerada stockholders should retain more control of the new company.
Before the stockholder vote on the matter, Phillips Petroleum , an integrated oil firm, approached Amerada with its own merger proposal, but the offer was declined in March.
Still interested, Phillips nonetheless stated it would not carry out a proxy fight against the proposed Hess deal. The new shares would be employed in a May stockholder vote deciding the merger's fate.
The vote took place amidst shareholder rancor that in addition to echoing Adler's arguments, objected to Amerada's financing of the recently completed tender offer. Hess planned to cancel the shares and the cost of the acquisition would be absorbed by the newly formed company. One shareholder at the meeting quipped, "It looks to me as if Hess is buying Amerada with Amerada's money. A class action federal lawsuit in claiming the proxy vote information was misleading. In , a court agreed that the company falsely claimed to have considered each company's assets as a reason for the merger.
Triton, one of the largest independent oil and natural gas exploration and production companies in the U. Hess also stated that the purchase was expected to immediately increase the company's per-day barrel output by more than 25 percent. Also in , Amerada Hess entered into a joint venture with A.
The company and its gas stations were called WilcoHess. Eventually, there were WilcoHess stations. Following on the heels of the Triton purchase, energy prices fell and global economies weakened. In May , Amerada Hess Corp.
On January 18, the company announced that it would close the Hovensa refinery in St. The refinery will then serve as a storage terminal. Hess will permanently close its Port Reading, New Jersey petroleum refinery by the end of February, Gas prices rose to their highest levels since October and Hess said it will lay off of employees, exit the refinery business and seek a buyer for its 19 storage terminals. It will focus on exploration and production.
The output of that facility was more geared to the aviation and specialty fuels markets and not automotive grade products. On March 4, Hess announced that it would sell its domestic refineries and retail operations and that it would also sell its holdings in Indonesia and Thailand. The New York Times also reported that Hess retail and refinery operations contributed about 4 percent of the company's revenue.
It also noted that Hess will sell its holdings in Indonesia and Thailand. Hess Corp announced in December that it is selling its Indonesian assets to an Indonesian petroleum consortium. On January 8, , Hess filed for a tax free spin-off of its gas station network.
The newly formed company was to be known as Hess Retail and will include over 1, stores throughout the Eastern United States. Following the closure of the acquisition in late , all Hess gas stations will be rebranded as Speedway gas stations by the end of Immediately, Hess assumed responsibility for the cleanup; the Coast Guard worked alongside the Red Star company to clean and to contain the spill to one area.
Coast Guard official Mr. Holmes said "The weather and wind conditions are almost as close to perfect as they could get," and this contributed to a quicker and surer cleanup than could otherwise be. Holmes also said that 70 percent of the spill would be gone in three days due to the natural evaporation rate of kerosene. Even though most kerosene evaporates, toxic chemicals such as benzene stay in the water and harm certain fish.
Hess claims that their corporate policy has "long stressed" their "fundamental commitment to comply with applicable environment, health and safety laws and regulations," and they claim to clean every spill made. The case was filed by public water providers in 17 states against the oil companies "over drinking water contamination caused by the gasoline additive Methyl Tertiary Butyl Ether MTBE. In regard to greenhouse gas emissions Hess outlined in their Corporate Sustainability Report a "four element" strategy to reduce and control emissions.
The strategy's steps include monitoring, measuring, managing, and mitigating. Through reporting results, energy efficiency and recovery, and carbon capture and trading the company intends to improve its environmental impact.
Hess had 1, locations along the Eastern United States. The conversion from Hess branding to Speedway branding took place over the course of The Hess toy trucks, helicopters, police cars, airplanes, space shuttles and rescue vehicles have been popular Christmas gift traditions for over 50 years  in the US.
It is one of the longest running toy brands on the US market. Since , Hess gas stations have sold toy trucks each year around Christmas time. Older models are considered collectibles and typically sell for a few hundred or even thousands of dollars. Hess periodically has a rare truck such as the chrome truck with helicopter and the chrome Mini, which were given away at a stockholder meeting and, more recently, the truck given to New York Stock Exchange employees to commemorate its name change from Amerada Hess Corporation to Hess Corporation.
The toy truck business continued after the sale of Hess' retail unit to Speedway. There have been several instances in which non-truck vehicles were sold under the Hess Toy Truck banner: From to and returning in , Hess has produced a mini truck from those years as well as the regular toy trucks.
These are the following:. From Wikipedia, the free encyclopedia. New York City portal Companies portal. Retrieved 2 April Who Made the List". The Wall Street Journal , pg 4. The Wall Street Journal , p. Archived from the original on Retrieved September 28, Investor Relations Annual Reports". Retrieved March 6, Retrieved 24 May Business data for Hess Corporation: Finance Reuters SEC filings. Acronyms Oil shale gas Peak oil mitigation timing People Petrocurrency Petrodollar recycling Shale band Shale gas Swing producer Unconventional oil heavy crude oil sands oil shale.