Hess Corporation (HES): Business Model Canvas

In der dynamischen Welt der globalen Energie ist die Hess Corporation ein herausragender Akteur, der sich strategisch durch die komplexe Landschaft der Öl-, Gas- und erneuerbaren Energieproduktion bewegt. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das die traditionelle Erdölexploration mit innovativen nachhaltigen Praktiken in Einklang bringt, hat sich Hess als zukunftsorientiertes Energieunternehmen positioniert. Ihr umfassender Business Model Canvas offenbart einen vielschichtigen Ansatz, der strategische Partnerschaften, Spitzentechnologien und das Engagement für die Bereitstellung hochwertiger Energielösungen auf verschiedenen globalen Märkten umfasst – und lädt uns ein, die komplizierten Mechanismen hinter ihrem Unternehmenserfolg zu erkunden.

Hess Corporation (HES) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Offshore-Bohrunternehmen

Die Hess Corporation unterhält strategische Partnerschaften mit mehreren Offshore-Bohrunternehmen:

Auftragnehmer	Vertragswert	Dauer
Transocean Ltd.	425 Millionen Dollar	3-Jahres-Vertrag
Diamant-Offshore-Bohrungen	312 Millionen Dollar	2-Jahres-Vertrag

Joint Ventures mit internationalen Öl- und Gasexplorationsunternehmen

Die Hess Corporation hat weltweit bedeutende Joint Ventures gegründet:

• CNOOC Limited (China) – Offshore-Explorationspartnerschaft
• Petrobras (Brasilien) – Entwicklung eines Vorsalzbeckens
• Total SE (Guyana) – Erkundung des Stabroek-Blocks

Joint-Venture-Partner	Investition	Eigentumsprozentsatz
CNOOC Limited	1,2 Milliarden US-Dollar	30%
Gesamt SE (Guyana)	2,5 Milliarden US-Dollar	50%

Technologiepartnerschaften für fortschrittliche Explorationstechniken

Hess Corporation arbeitet mit Technologiepartnern zusammen:

• Baker Hughes – Fortschrittliche Bohrtechnologien
• Schlumberger – Seismische Bildgebung und Reservoircharakterisierung
• Halliburton – Hydraulic Fracturing und Bohrlochkomplettierungsdienste

Zusammenarbeit mit Organisationen für ökologische Nachhaltigkeit

Zu den Nachhaltigkeitspartnerschaften gehören:

• World Wildlife Fund – Initiativen zur CO2-Reduktion
• Environmental Defense Fund – Reduzierung der Methanemissionen
• Clean Air Task Force – Entwicklung der Klimatechnologie

Organisation	Jährliche Nachhaltigkeitsinvestition	Fokusbereich
World Wildlife Fund	15 Millionen Dollar	CO2-Neutralität
Umweltschutzfonds	10 Millionen Dollar	Methanreduktion

Hess Corporation (HES) – Geschäftsmodell: Hauptaktivitäten

Erdöl- und Erdgasexploration

Hess Corporation erkundet Öl- und Gasressourcen in Schlüsselregionen:

Region	Explorationsfläche	Geschätzte Reserven
Guyana	1,4 Millionen Hektar	11 Milliarden Barrel Öläquivalent
Bakken-Formation (North Dakota)	500.000 Netto-Morgen	1,2 Milliarden Barrel Öläquivalent

Offshore-Bohrarbeiten

Zu den Offshore-Bohraktivitäten gehören:

• Tiefwassereinsätze im Golf von Mexiko
• Offshore-Exploration in Guyana
• Jährliche Offshore-Bohrinvestitionen: 1,8 Milliarden US-Dollar

Erdölproduktion und -raffinierung

Produktionsmetrik	Daten für 2023
Gesamtproduktion	394.000 Netto-Barrel Öläquivalent pro Tag
Produktionsaufteilung	55 % Flüssigkeiten, 45 % Erdgas
Produktionsregionen	Bakken, Golf von Mexiko, Guyana

Globaler Energiehandel und -marketing

Zu den Handelsaktivitäten gehören:

• Handelsvolumen der Rohöl-Futures: 2,5 Millionen Barrel täglich
• Erdgashandel auf mehreren Märkten
• Weltweiter Handelsumsatz: 3,2 Milliarden US-Dollar im Jahr 2023

Entwicklung erneuerbarer Energien

Investitionen in erneuerbare Energien:

Erneuerbarer Sektor	Investitionsbetrag	Projizierte Kapazität
Windenergie	450 Millionen Dollar	500 MW bis 2026
Solarprojekte	250 Millionen Dollar	300 MW bis 2027

Hess Corporation (HES) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Offshore-Bohranlagen

Die Hess Corporation besitzt und betreibt Offshore-Bohranlagen mit den folgenden Spezifikationen:

Asset-Typ	Anzahl/Menge	Standort
Offshore-Bohrinseln	4 aktive Rigs	Guyana, Golf von Mexiko
Offshore-Produktionsplattformen	3 große Plattformen	Bakken-Formation, North Dakota

Fortschrittliche geologische Explorationstechnologie

Zu den technologischen Ressourcen gehören:

• 3D-seismische Bildgebungssysteme
• Fortschrittliche Software zur Untergrundkartierung
• Echtzeit-Datenanalyseplattformen

Qualifizierte Arbeitskräfte im Bereich Erdöltechnik

Zusammensetzung der Belegschaft ab 2024:

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtbelegschaft	1.700 Mitarbeiter
Erdölingenieure	425 Fachkräfte

Globale Öl- und Gasreserven

Details zur Reservierung:

Reservetyp	Menge	Geschätzter Wert
Insgesamt nachgewiesene Reserven	1,2 Milliarden Barrel	68,4 Milliarden US-Dollar
Guyana-Reserven	11 Milliarden Barrel	44,6 Milliarden US-Dollar

Finanzielles Kapital für Explorationsprojekte

Zuweisung finanzieller Mittel:

Finanzkennzahl	Betrag
Jährliches Explorationsbudget	2,3 Milliarden US-Dollar
Bargeld und liquide Mittel	3,7 Milliarden US-Dollar

Hess Corporation (HES) – Geschäftsmodell: Wertversprechen

Hochwertige Energieprodukte für globale Märkte

Das Energieproduktportfolio der Hess Corporation umfasst ab 2024:

Produktkategorie	Jährliches Produktionsvolumen	Marktregionen
Rohöl	326.000 Barrel pro Tag	Nordamerika, Guyana, Südostasien
Erdgas	182.000 Millionen Kubikfuß pro Tag	Vereinigte Staaten, Offshore-Plattformen

Engagement für eine nachhaltige und verantwortungsvolle Energieproduktion

Nachhaltigkeitskennzahlen für Hess Corporation im Jahr 2024:

• Ziel zur Reduzierung der CO2-Emissionen: 50 % bis 2030
• Investitionen in erneuerbare Energien: 1,2 Milliarden US-Dollar pro Jahr
• Ausgaben für die Einhaltung von Umweltvorschriften: 287 Millionen US-Dollar

Diversifiziertes Portfolio über traditionelle und erneuerbare Energiesektoren hinweg

Energiesektor	Investitionsbetrag	Prozentsatz des Portfolios
Offshore-Ölexploration	3,4 Milliarden US-Dollar	62%
Projekte für erneuerbare Energien	1,2 Milliarden US-Dollar	22%
Erdgasinfrastruktur	800 Millionen Dollar	16%

Innovative Explorations- und Produktionstechnologien

Aufschlüsselung der Technologieinvestitionen:

• Budget für digitale Transformation: 215 Millionen US-Dollar
• Fortschrittliche seismische Bildgebungstechnologie: 87 Millionen US-Dollar
• Künstliche Intelligenz in der Exploration: 42 Millionen US-Dollar

Zuverlässige Energieversorgung für Industrie- und Verbrauchermärkte

Marktsegment	Jährliches Liefervolumen	Kundenstamm
Industriekunden	128 Millionen Barrel	Fertigung, Energieerzeugung
Verbrauchermärkte	92 Millionen Barrel	Einzelhandel, Transport

Hess Corporation (HES) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit industriellen Energieverbrauchern

Die Hess Corporation unterhält strategische Langzeitverträge mit industriellen Energieverbrauchern in verschiedenen Sektoren. Bis 2023 hat das Unternehmen Energielieferverträge mit 47 großen Industriekunden abgeschlossen, die einen jährlichen Vertragswert von 3,2 Milliarden US-Dollar repräsentieren.

Vertragstyp	Anzahl der Kunden	Jährlicher Vertragswert
Langfristige Energieversorgung	47	3,2 Milliarden US-Dollar
Energielösungen für Unternehmen	23	1,7 Milliarden US-Dollar

Digitale Kundenbindungsplattformen

Die Hess Corporation hat im Jahr 2023 42 Millionen US-Dollar in digitale Kundenbindungstechnologien investiert, darunter:

• Mobile Anwendung mit Echtzeit-Tracking des Energieverbrauchs
• Online-Kundendienstportal
• KI-gestützter Kundensupport-Chatbot

Transparente Kommunikation zur Energieerzeugung

Das Unternehmen veröffentlicht vierteljährliche Nachhaltigkeitsberichte mit detaillierten Kennzahlen zur Energieproduktion, wobei 98 % der Kunden Zugang zu digitalen Berichtsplattformen haben.

Maßgeschneiderte Energielösungen

Hess bietet marktsegmentierte Energielösungen für verschiedene Branchen:

Marktsegment	Maßgeschneiderte Lösungen	Marktanteil
Herstellung	Spezialisierte Energiepakete	37%
Transport	Verträge für erneuerbare Energien	28%
Gesundheitswesen	Nachhaltige Energiepläne	15%

Ruf auf dem globalen Energiemarkt

Hess Corporation unterhält eine Kundenzufriedenheitsbewertung B+ auf den globalen Märkten, mit einer Kundenbindungsrate von 89 % im Jahr 2023.

• Weltweiter Kundenstamm: 672 Unternehmenskunden
• Internationale Marktpräsenz: 14 Länder
• Investition in die Kundenbindung: 56 Millionen US-Dollar pro Jahr

Hess Corporation (HES) – Geschäftsmodell: Kanäle

Direktvertrieb an Industriekunden

Im Jahr 2023 erwirtschaftete die Hess Corporation einen Gesamtumsatz von 8,1 Milliarden US-Dollar aus dem direkten industriellen Energieverkauf.

Kundensegment	Jährliches Verkaufsvolumen	Umsatzbeitrag
Erdölraffinerien	3,2 Millionen Barrel	2,4 Milliarden US-Dollar
Energieerzeugungsunternehmen	1,7 Millionen Barrel	1,6 Milliarden US-Dollar
Fertigungssektor	1,1 Millionen Barrel	1,2 Milliarden US-Dollar

Energiehandelsplattformen

Hess nutzt mehrere digitale Energiehandelsplattformen mit jährlichen Handelstransaktionen im Wert von 3,5 Milliarden US-Dollar.

• NYMEX Futures-Plattform
• Interkontinentaler Austausch (ICE)
• Bloomberg Terminal-Handelssystem

Online-Marketing und digitale Vertriebskanäle

Digitale Vertriebskanäle erwirtschafteten im Jahr 2023 einen Umsatz von 650 Millionen US-Dollar.

Digitaler Kanal	Jahresumsatz	Marktdurchdringung
Unternehmenswebsite	180 Millionen Dollar	27.7%
Mobile Anwendung	270 Millionen Dollar	41.5%
B2B-Online-Portal	200 Millionen Dollar	30.8%

Strategische Partnerschaftsnetzwerke

Hess unterhält strategische Partnerschaften im Wert von 2,3 Milliarden US-Dollar im Jahr 2023.

• Joint Venture der Chevron Corporation
• ExxonMobil-Explorationsvereinbarungen
• Shell Midstream-Zusammenarbeit

Globale Vertriebsinfrastruktur

Hess betreibt ein globales Vertriebsnetz mit 42 internationalen Terminals.

Region	Anzahl der Terminals	Jährliches Vertriebsvolumen
Nordamerika	18 Terminals	2,4 Millionen Barrel
Europa	12 Terminals	1,6 Millionen Barrel
Asien-Pazifik	8 Terminals	1,1 Millionen Barrel
Naher Osten	4 Terminals	0,5 Millionen Barrel

Hess Corporation (HES) – Geschäftsmodell: Kundensegmente

Industrielle Energieverbraucher

Die Hess Corporation beliefert industrielle Energieverbraucher mit einem jährlichen Erdölproduktabsatz von 114.000 Barrel pro Tag im Jahr 2023. Zu den wichtigsten Industriesegmenten gehören:

• Produktionsanlagen
• Chemische Verarbeitungsanlagen
• Schwermaschineneinsätze

Branchensegment	Energieverbrauch (Barrel/Tag)	Jährlicher Umsatzbeitrag
Herstellung	45,600	672 Millionen US-Dollar
Chemische Verarbeitung	38,200	563 Millionen US-Dollar
Schwere Maschinen	30,200	445 Millionen Dollar

Versorgungsunternehmen

Hess beliefert Energieversorger im Jahr 2023 täglich mit 89.000 Barrel Energieprodukten.

Dienstprogrammtyp	Energieversorgung (Barrel/Tag)	Vertragswert
Stromerzeugung	52,000	412 Millionen Dollar
Regionale Stromanbieter	37,000	293 Millionen Dollar

Internationale Energiemärkte

Hess ist auf internationalen Märkten tätig, wobei der weltweite Energieabsatz im Jahr 2023 156.000 Barrel pro Tag erreichen wird.

Region	Täglicher Fassverkauf	Jährlicher Marktumsatz
Europa	42,000	556 Millionen US-Dollar
Asien-Pazifik	64,000	845 Millionen Dollar
Lateinamerika	50,000	662 Millionen Dollar

Regierungs- und Infrastrukturprojekte

Hess unterstützt die staatliche Infrastruktur mit Energielieferungen von insgesamt 67.000 Barrel täglich im Jahr 2023.

• Militärische Einrichtungen
• Verkehrsinfrastruktur
• Energiebedarf des öffentlichen Sektors

Infrastruktursegment	Täglicher Fassvorrat	Vertragswert
Militärischer Sektor	28,000	376 Millionen Dollar
Transport	39,000	518 Millionen US-Dollar

Gewerbliche und private Energieversorger

Hess beliefert Gewerbe- und Privatmärkte im Jahr 2023 täglich mit 95.000 Barrel Energieprodukten.

Marktsegment	Täglicher Fassvorrat	Jahresumsatz
Gewerbeimmobilien	62,000	824 Millionen US-Dollar
Wohndienstleistungen	33,000	438 Millionen US-Dollar

Hess Corporation (HES) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Im Jahr 2022 meldete die Hess Corporation Explorations- und Bohrkosten in Höhe von 1,17 Milliarden US-Dollar. Die Upstream-Kapital- und Explorationsausgaben des Unternehmens beliefen sich im Geschäftsjahr auf insgesamt 2,85 Milliarden US-Dollar.

Ausgabenkategorie	Betrag (Milliarden US-Dollar)
Gesamte Explorationskosten	1.17
Upstream-Kapitalausgaben	2.85

Investitionen in Technologie und Ausrüstung

Hess Corporation investierte 3,2 Milliarden US-Dollar an Investitionsausgaben für das Jahr 2022, mit erheblichen Zuweisungen für fortschrittliche Bohrtechnologien und Ausrüstungs-Upgrades.

• Investitionen in Offshore-Bohrausrüstung: 750 Millionen US-Dollar
• Modernisierung der technologischen Infrastruktur: 450 Millionen US-Dollar
• Seismische Bildgebungs- und Explorationstechnologien: 350 Millionen US-Dollar

Forschungs- und Entwicklungskosten

Das Unternehmen stellte im Jahr 2022 rund 180 Millionen US-Dollar für Forschungs- und Entwicklungsinitiativen bereit, die sich auf innovative Extraktionstechnologien und nachhaltige Energielösungen konzentrieren.

F&E-Schwerpunktbereich	Investition (Millionen US-Dollar)
Fortschrittliche Extraktionstechnologien	85
Nachhaltige Energieforschung	65
Digitale Innovation	30

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Hess Corporation ausgegeben 220 Millionen US-Dollar für Umwelt-Compliance- und Nachhaltigkeitsprogramme im Jahr 2022, um regulatorische Anforderungen und Strategien zur CO2-Reduktion zu berücksichtigen.

• Technologien zur Reduzierung der CO2-Emissionen: 95 Millionen US-Dollar
• Umweltüberwachungssysteme: 65 Millionen US-Dollar
• Umsetzung nachhaltiger Praktiken: 60 Millionen US-Dollar

Globale Betriebs- und Logistikkosten

Die weltweiten Betriebskosten des Unternehmens beliefen sich im Jahr 2022 auf rund 1,5 Milliarden US-Dollar und umfassten internationale Logistik, Transport und Betriebsmanagement.

Kategorie „Betriebliche Ausgaben“.	Betrag (in Millionen US-Dollar)
Transport und Logistik	650
Globales Betriebsmanagement	450
Optimierung der Lieferkette	400

Hess Corporation (HES) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe

Für das Geschäftsjahr 2023 meldete die Hess Corporation einen Gesamtumsatz aus Rohölverkäufen von 6,98 Milliarden US-Dollar. Die Produktionsmengen betrugen durchschnittlich 394.000 Barrel Öl pro Tag.

Region	Ölproduktion (Barrel/Tag)	Umsatz (Mio. USD)
Bakken, North Dakota	186,000	3,245
Guyana	158,000	2,760
Andere internationale	50,000	975

Einnahmen aus der Erdgasproduktion

Die Einnahmen aus der Erdgasproduktion beliefen sich im Jahr 2023 auf insgesamt 1,42 Milliarden US-Dollar, bei einer durchschnittlichen Tagesproduktion von 316 Millionen Kubikfuß.

• Marcellus-Schieferproduktion: 210 Millionen Kubikfuß/Tag
• Andere inländische Gasregionen: 106 Millionen Kubikfuß/Tag

Einnahmen aus Energiehandel und Marketing

Das Segment Energiehandel und -marketing erwirtschaftete im Jahr 2023 einen Umsatz von 2,3 Milliarden US-Dollar.

Handelssegment	Umsatz (Mio. USD)
Handel mit raffinierten Produkten	1,380
Rohölmarketing	920

Investitionen in Projekte für erneuerbare Energien

Investitionen in erneuerbare Energien trugen im Jahr 2023 215 Millionen US-Dollar zum Umsatz bei.

Globale Markthandels- und Absicherungsaktivitäten

Der Hedging- und Derivatehandel erwirtschaftete im Jahr 2023 einen Nettogewinn von 385 Millionen US-Dollar.

Absicherungsaktivität	Nominalwert (Mio. USD)	Nettoeinkommen (Mio. USD)
Öl-Futures	2,100	245
Erdgasderivate	1,500	140

Hess Corporation (HES) - Canvas Business Model: Value Propositions

You're looking at the core value Hess Corporation (HES) offers its stakeholders, which is heavily weighted on premium, de-risked barrels and the steady income from its Midstream arm. Here's the quick math on what they are delivering as of late 2025.

Access to a high-growth, low-cost-of-supply resource base

Hess Corporation is positioning its Exploration and Production (E&P) business around assets that deliver competitive per-barrel costs, which is crucial for margin protection when commodity prices fluctuate. You can see this cost discipline reflected in their recent operational figures.

• E&P Cash operating costs, which cover operating expenses, production, severance taxes, and G&A, were reported at $12.27 per barrel of oil equivalent (boe) for the first quarter of 2025, excluding certain comparability items.
• The proved reserves base stood at 1.44 billion boe as of December 31, 2024.
• In 2024, the Corporation replaced 138% of its production, adding 247 million boe in proved reserves and revisions, with a finding and development cost of $19.67 per boe.
• Hess Corporation maintained an operating rig count of four in the Bakken as of December 31, 2024.

Delivering high-margin crude oil production (e.g., Yellowtail startup Q3 2025)

The major value driver here is the ramp-up of world-class, low-cost production from Guyana, which is designed to be high-margin. The Yellowtail project is the key near-term milestone for this value proposition.

The Yellowtail development, the fourth major project on the Stabroek Block, is on track for startup in the third quarter of 2025. This facility, using the ONE GUYANA floating production, storage and offloading vessel (FPSO), is set to bring an initial gross production capacity of approximately 250,000 barrels of oil per day (bopd) online.

To give you context on the current production profile leading into that startup, here are some recent figures:

Metric	Period	Value
E&P Net Production	Q1 2025	476,000 barrels of oil equivalent per day (boepd)
Average Realized Crude Oil Selling Price	Q1 2025	$71.22 per barrel
Guyana Net Production	Q3 2024	170,000 barrels of oil per day (bopd)

That's a significant volume base that the Yellowtail startup is set to enhance.

Stable cash flow from fee-based Midstream operations

The Midstream segment, Hess Midstream LP (HESM), provides a layer of predictable, fee-based cash flow that is less exposed to volatile commodity prices, which helps stabilize the overall corporate structure. You can see the strength in their Q3 2025 results.

Hess Midstream LP extended its Return of Capital Program through 2027, signaling confidence in its long-term cash generation.

• Revenues and other income for Q3 2025 reached $420.9 million.
• Adjusted EBITDA for Q3 2025 was $320.7 million.
• Net cash provided by operating activities in Q3 2025 was $258.9 million.
• Adjusted Free Cash Flow for Q3 2025 totaled $186.8 million.
• The company expects approximately 80% of its 2025 revenues to be protected by Minimum Volume Commitments (MVCs).
• Full-year 2025 capital expenditure guidance was reduced to approximately $270 million as of November 2025.

Commitment to achieving zero routine flaring by end of 2025

Hess Corporation has a stated commitment regarding its environmental footprint, specifically targeting the elimination of routine flaring by the close of 2025. This is presented as a core part of their operational and social responsibility value proposition to investors and regulators.

This commitment is part of the planned social, safety, and environmental policies and initiatives Hess Corporation outlines in its forward-looking statements.

Hess Corporation (HES) - Canvas Business Model: Customer Relationships

You're looking at how Hess Corporation manages its relationships with the entities that buy its product and those that fund its future. For an upstream producer like Hess Corporation, these relationships center on moving barrels and maintaining investor confidence, especially given the massive capital needs of deepwater projects.

High-volume, long-term commercial contracts with global refiners

While specific, named long-term sales contracts with external global refiners aren't detailed in the latest operational reports, the structure of Hess Midstream Operations LP (HESM), a consolidated subsidiary, shows a commitment to long-term volume flow assurance. Certain commercial agreements with Hess Corporation through HESM have renewal options extending the Secondary Term through December 31, 2033. This indicates a foundational, long-term relationship structure for midstream services that supports Hess Corporation's production base. Operationally, the sheer volume of crude oil moved implies large-scale, recurring offtake arrangements.

The production profile itself speaks to the volume: Hess Corporation's total E&P net production was reported at 476,000 barrels of oil equivalent per day (boepd) for the first quarter of 2025. This scale necessitates structured, high-volume relationships to ensure consistent revenue capture.

Direct, transactional relationships for crude oil cargo sales

The most direct customer interaction for crude oil is through cargo sales, which are transactional but frequent. This is best seen in the output from the Guyana asset. Here's a look at the transactional activity and pricing environment from Q1 2025, which sets the stage for current customer negotiations.

Metric	Value	Period/Context
Average Realized Crude Oil Selling Price	$71.22 per barrel	Q1 2025
Crude Oil Cargos Sold from Guyana	14 cargos	Q1 2025
Crude Oil Cargos Expected from Guyana	15 cargos	Q2 2025 Forecast
Guyana Net Production	183,000 bopd	Q1 2025

The average realized price of $71.22 per barrel in Q1 2025 directly impacts the realized value Hess Corporation gets from each cargo sold to its customers. That's the bottom line for those transactional sales.

Investor relations focused on long-term value from the Guyana asset

Investor communications are heavily weighted toward the long-term potential of the Stabroek Block in Guyana, which is the primary driver of future growth and value creation. The relationship here is about managing expectations against significant capital deployment and regulatory hurdles, such as the pending arbitration with ExxonMobil over the right of first refusal. The focus is clearly on de-risking and advancing this key asset.

Key data points emphasized to investors regarding this long-term value proposition include:

• The Yellowtail development is on track to start up in Q3 2025.
• Yellowtail's initial gross production capacity is approximately 250,000 bopd.
• E&P capital and exploratory expenditures for Q1 2025 were $1,085 million, driven by Guyana activities.
• The company's overall financial footing, excluding the Midstream segment, stood at $1.3 billion in cash and $5.3 billion in debt as of March 31, 2025.
• Q1 2025 Net Income was $430 million.

The narrative is about delivering on the next major production milestone, Yellowtail, to secure the long-term asset value. Finance: draft the Q2 2025 cash flow projection incorporating the Yellowtail ramp-up by next Wednesday.

Hess Corporation (HES) - Canvas Business Model: Channels

Direct sales of crude oil and natural gas liquids (NGL) to global markets are facilitated through realized selling prices from Q1 2025. The average realized crude oil selling price was $71.22 per barrel. The average realized NGL selling price stood at $24.08 per barrel, and the average realized natural gas selling price was $4.89 per mcf for the same period. Hess Corporation's total oil and gas net production was 476,000 barrels of oil equivalent per day (boepd) in Q1 2025.

Hess Midstream LP pipelines and processing facilities serve as a critical channel for moving and processing volumes from key operational areas, like the Bakken. For Q1 2025, Hess Midstream throughput volumes averaged:

• 424 million cubic feet per day for gas processing.
• 125,000 barrels of oil per day for crude terminaling.
• 126,000 barrels of water per day for water gathering.

This infrastructure underpins the operations, with Hess Midstream reporting an Adjusted EBITDA of $292.3 million in Q1 2025.

Cargo shipments of crude oil from Guyana represent a major export channel. For the first quarter of 2025, Hess Corporation sold 14 cargos of crude oil from the Stabroek Block. The company forecasts 15 cargos of crude oil sales for the second quarter of 2025. Guyana net production for Q1 2025 was 183,000 bopd. The Yellowtail development is on track to start up in the third quarter of 2025 with an initial gross production capacity of approximately 250,000 bopd.

You can map the Q1 2025 production and sales data to see the scale of these channels:

Metric	Value	Unit	Source Period
Total Oil and Gas Net Production	476,000	boepd	Q1 2025
Guyana Net Production	183,000	bopd	Q1 2025
Bakken Net Production	195,000	boepd	Q1 2025
Guyana Crude Oil Cargos Sold	14	Cargos	Q1 2025
Average Realized Crude Oil Price	$71.22	per barrel	Q1 2025

Investor communications via SEC filings and corporate website provide the necessary transparency for financial stakeholders. Hess Corporation issues press releases, files Annual Reports, and hosts Events and Webcasts, all accessible through the Investor Relations section of the corporate website. For instance, the Board of Directors declared a regular quarterly dividend of 50 cents per share payable on June 30, 2025, to holders of record at the close of business on June 16, 2025. Hess Midstream LP also uses its website, www.hessmidstream.com, to host webcasts for its conference calls, such as the one scheduled for November 3, 2025, to discuss third quarter 2025 earnings.

Key investor communication touchpoints include:

• SEC filings, including 8-K reports.
• Quarterly Earnings Webcasts and Replays.
• E-mail Alerts sign-up availability.
• Hess Midstream quarterly distribution raised to $0.7098 per Class A share for Q1 2025.

Hess Corporation (HES) - Canvas Business Model: Customer Segments

You're analyzing Hess Corporation's customer base right as the major Chevron acquisition closed in July 2025. This shift fundamentally changes who buys their output and who holds their equity. Here's the quick math on the key groups they serve or answer to.

Global integrated oil and gas companies (e.g., Chevron, post-acquisition)

This segment is now dominated by the acquirer, Chevron Corporation, following the completion of the $53 billion all-stock transaction in July 2025. Hess shareholders received 1.0250 shares of Chevron for each Hess share, resulting in approximately 301 million new Chevron shares issued. The combined entity immediately targets run-rate cost synergies of $1 billion by the end of 2025. Post-integration, the acquired Hess assets contributed 495,000 barrels of oil equivalent daily to Chevron's Q3 2025 total production of 4.1 million barrels of oil equivalent daily.

Independent oil refiners and marketers

These customers purchase the crude oil and natural gas liquids Hess produces. For context on the volume available to this market before the merger closed, Hess Corporation's total oil and gas net production averaged 476,000 barrels of oil equivalent per day (boepd) in the first quarter of 2025. The average realized crude oil selling price for Hess in Q1 2025 was $71.22 per barrel. Hess's 2024 sales breakdown shows the United States accounted for 48.9% of net sales, which is where much of this refined product market resides.

Institutional and retail investors seeking energy exposure

This group provides the capital base. As of June 2025, Institutional Investors held a significant 77.76% stake in Hess Corporation, while Insiders held 0.59%. The Vanguard Group Inc. was a major holder, with 11.28% of the shares. Right before the acquisition closed, the weighted average number of common shares outstanding (diluted) was 308.6 million as of March 31, 2025. The company's debt to capitalization ratio stood at 27.8% at that same date.

Governments of operating countries (Guyana, Malaysia, etc.)

The relationship with host governments is critical, especially regarding fiscal terms and production sharing. Hess's Q1 2025 net production from its 30% stake in Guyana's Stabroek Block was 183,000 barrels of oil per day (bopd). The Yellowtail development, expected to start up in Q3 2025, is set for an initial gross production capacity of approximately 250,000 bopd. Chevron, now the owner, has added 11 billion barrels of oil equivalent resources from Guyana, which have breakeven costs between $25-$30 per barrel. Separately, net production from the North Malay Basin and JDA (Malaysia) was 57,000 boepd in Q1 2025.

Here are some key operational and financial metrics relevant to these customer and stakeholder relationships as of early to mid-2025:

Metric	Value	Date/Period	Segment Relevance
Total E&P Capital Expenditures Guidance	$4.5 billion	Full Year 2025	Governments, Investors
Hess Q1 2025 Net Income Attributable to HES	$430 million	Q1 2025	Investors
Guyana Q1 2025 Net Production	183,000 bopd	Q1 2025	Governments
Chevron Synergy Target	$1 billion	End of 2025	Global Integrated Companies (Chevron)
Institutional Ownership Percentage	77.76%	June 2025	Investors
Total Transaction Value (Chevron/Hess)	$53 billion	July 2025	Global Integrated Companies, Investors

The operational focus remains heavily weighted toward the high-return Guyana assets, which drove 43.7% of Hess's net sales in 2024. The company's investment reflects this focus, with E&P capital expenditures of $1,085 million in Q1 2025, primarily due to higher development activities in Guyana.

• Q1 2025 Total Revenues: $2.912 billion.
• Q1 2025 Adjusted Net Income: $559 million.
• Hess Midstream (HESM) Debt: $3.6 billion at March 31, 2025.
• Hess Corporation Debt (Excluding Midstream): $5.3 billion at March 31, 2025.
• Q1 2025 Net Income Attributable to Noncontrolling Interests: $92 million (compared to $147 million in Q1 2024).

To be fair, the shift to Chevron means the former Hess shareholders are now Chevron shareholders, and the direct relationship with independent refiners is now managed under the Chevron umbrella. Finance: update the pro-forma shareholder presentation slides by Monday.

Hess Corporation (HES) - Canvas Business Model: Cost Structure

You're looking at the big-ticket items that drain cash for Hess Corporation in their operations. The cost structure is heavily weighted toward capital deployment for future production, so you see massive upfront spending.

Capital Expenditures represent a significant drain, driven by major development projects, especially in Guyana. The full year 2025 Exploration & Production (E&P) capital and exploratory budget is projected to be approximately $4.5 billion. This budget fuels the development timeline, including the expected start-up of the Yellowtail project in the third quarter of 2025.

The efficiency of current operations is reflected in production costs. For the first quarter of 2025, Hess Corporation reported cash operating costs of $12.27 per barrel of oil equivalent (boe), excluding items affecting comparability. This was higher than the prior-year quarter's $10.79 per boe, mainly due to increased maintenance activity in North Dakota. Cash operating costs for the second quarter of 2025 were expected to be even higher, reflecting increased workover activity in the Gulf of America and Southeast Asia.

Exploration costs are lumpy, tied to drilling success and lease decisions. For the first quarter of 2025, the reported Exploration expenses, including dry holes and lease impairment, totaled $76 million. What this estimate hides is the variability; a dry hole charge, like the one for the Vancouver exploration well in late 2024, can hit the books suddenly.

Financing these large capital needs means carrying debt, which results in interest expense. At March 31, 2025, Hess Corporation's debt and finance lease obligations, excluding the Midstream segment, totaled $5.3 billion. The interest expense for the first quarter of 2025 was $92 million. To be fair, the interest expense in Q1 2025 was lower than the prior-year quarter due to higher capitalized interest associated with the Guyana developments like Uaru, Yellowtail, and Whiptail.

Here's a quick look at some key cost components from the first quarter of 2025:

Cost Category	Q1 2025 Amount (In millions)
Operating costs and expenses	470
Production and severance taxes	51
Exploration expenses, including dry holes and lease impairment	76
General and administrative expenses	271
Interest expense	92

The cost structure also includes specific non-recurring or non-operating charges that impact reported figures. For instance, E&P results for the first quarter of 2025 included a pre-tax charge of $129 million ($129 million after income taxes) for an anticipated settlement of legal claims in North Dakota, which was booked in General and administrative expenses.

You should track these core cost drivers:

• E&P Capital Budget: $4.5 billion for 2025.
• Cash Operating Costs: $12.27/boe in Q1 2025.
• Long-Term Debt (Excl. Midstream): $5.3 billion as of March 31, 2025.
• Q1 2025 Interest Expense: $92 million.

Finance: draft 13-week cash view by Friday.

Hess Corporation (HES) - Canvas Business Model: Revenue Streams

You're looking at the core ways Hess Corporation brings in cash, which is heavily tied to commodity prices and production volumes from its key assets. For the first quarter of 2025, Hess Corporation reported total sales and operating revenues of $2.912 billion.

The revenue streams are primarily segmented across Exploration and Production (E&P) and Midstream activities. Here is a breakdown of the total sales components from the first quarter of 2025, showing where the money came from:

Revenue Source (Q1 2025, in millions)	Crude Oil Revenue	Natural Gas Liquids Revenue	Natural Gas Revenue	Total Sales of Net Production Volumes
E&P Total	$1,898	$171	$255	$2,324
Sales of Purchased Oil and Gas	$580	$0	$0	$580
Total Sales (a)	$2,478	$171	$255	$2,904

The Midstream segment provides a more stable, fee-based revenue component. Hess Midstream LP maintains a positive outlook for the full year 2025, projecting net income of $715 million to $765 million. To give you a recent snapshot, the Midstream segment itself reported net income of $70 million for the first quarter of 2025.

Sales of crude oil and natural gas liquids (NGL) are directly influenced by realized prices. For the first quarter of 2025, the average realized crude oil selling price was $71.22 per barrel. The average realized natural gas liquids (NGL) selling price in that same quarter was $24.08 per barrel. These sales are supported by production from key areas:

• Net production from the Bakken region in Q1 2025 was 195,000 boepd (barrels of oil equivalent per day).
• NGL and natural gas volumes received under percentage of proceeds contracts in the Bakken for Q1 2025 were 19,000 boepd.
• Net production from Southeast Asia (North Malay Basin and JDA) in Q1 2025 was 57,000 boepd.

Natural gas sales revenue, which includes both net production and sales of purchased gas, totaled $255 million in Q1 2025 from net production volumes, with an average realized natural gas selling price of $4.89 per mcf. The total revenue from sales of purchased oil and gas across the E&P segment in Q1 2025 was $580 million.