Hess Corporation (HES): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía global, Hess Corporation se erige como un jugador formidable, navegando estratégicamente el complejo panorama de la producción de petróleo, gas y energía renovable. Al aprovechar un modelo de negocio sofisticado que equilibra la exploración tradicional de petróleo con prácticas sostenibles innovadoras, Hess se ha posicionado como una potencia energética con visión de futuro. Su lienzo de modelo de negocio integral revela un enfoque multifacético que abarca asociaciones estratégicas, tecnologías de vanguardia y un compromiso de ofrecer soluciones energéticas de alta calidad en diversos mercados globales, lo que nos invita a explorar la intrincada mecánica detrás de su éxito corporativo.

Hess Corporation (HES) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con contratistas de perforación en alta mar

Hess Corporation mantiene asociaciones estratégicas con varios contratistas de perforación en alta mar:

Contratista	Valor de contrato	Duración
Transocean Ltd.	$ 425 millones	Acuerdo de 3 años
Perforación de diamantes en alta mar	$ 312 millones	Contrato de 2 años

Empresas conjuntas con compañías internacionales de exploración de petróleo y gas

Hess Corporation ha establecido importantes empresas conjuntas a nivel mundial:

• CNOOC Limited (China) - Asociación de exploración en alta mar
• Petrobras (Brasil) - Desarrollo de la cuenca previa
• Total SE (Guyana) - Exploración de bloques Stabroek

Socio de empresa conjunta	Inversión	Porcentaje de propiedad
CNOOC Limited	$ 1.2 mil millones	30%
Total SE (Guyana)	$ 2.5 mil millones	50%

Asociaciones tecnológicas para técnicas de exploración avanzada

Hess Corporation colabora con socios tecnológicos:

• Baker Hughes - Tecnologías de perforación avanzada
• Schlumberger - Imágenes sísmicas y caracterización de embalses
• Halliburton - Servicios de fractura hidráulica y finalización de pozos

Colaboración con organizaciones de sostenibilidad ambiental

Las asociaciones de sostenibilidad incluyen:

• Fondo Mundial de Vida Silvestre - Iniciativas de reducción de carbono
• Fondo de defensa ambiental - Reducción de emisiones de metano
• Fuerza de trabajo de aire limpio - Desarrollo de tecnología climática

Organización	Inversión anual de sostenibilidad	Área de enfoque
Fondo Mundial de Vida Silvestre	$ 15 millones	Neutralidad de carbono
Fondo de Defensa Ambiental	$ 10 millones	Reducción de metano

Hess Corporation (HES) - Modelo de negocio: actividades clave

Exploración de petróleo crudo y gas natural

Hess Corporation explora los recursos de petróleo y gas en regiones clave:

Región	Superficie de exploración	Reservas estimadas
Guayana	1.4 millones de acres	11 mil millones de barriles de aceite equivalente
Formación Bakken (Dakota del Norte)	500,000 acres netos	1.200 millones de barriles de aceite equivalente

Operaciones de perforación en alta mar

Las actividades de perforación en alta mar incluyen:

• Operaciones de aguas profundas en el Golfo de México
• Exploración de Guyana en alta mar
• Inversión anual de perforación en alta mar: $ 1.8 mil millones

Producción y refinación de petróleo

Métrica de producción	2023 datos
Producción total	394,000 barriles netos de aceite equivalente por día
División de producción	55% de líquidos, 45% de gas natural
Regiones de producción	Bakken, Golfo de México, Guyana

Comercio y marketing global de energía

Las actividades comerciales incluyen:

• Volumen comercial de futuros de petróleo crudo: 2.5 millones de barriles diariamente
• Comercio de gas natural en múltiples mercados
• Ingresos comerciales globales: $ 3.2 mil millones en 2023

Desarrollo de energía renovable

Inversiones de energía renovable:

Sector renovable	Monto de la inversión	Capacidad proyectada
Energía eólica	$ 450 millones	500 MW para 2026
Proyectos solares	$ 250 millones	300 MW para 2027

Hess Corporation (HES) - Modelo de negocios: recursos clave

Extensos activos de perforación en alta mar

Hess Corporation posee y opera activos de perforación en alta mar con las siguientes especificaciones:

Tipo de activo	Número/cantidad	Ubicación
Plataformas de perforación en alta mar	4 plataformas activas	Guyana, Golfo de México
Plataformas de producción en alta mar	3 plataformas principales	Formación Bakken, Dakota del Norte

Tecnología de exploración geológica avanzada

Los recursos tecnológicos incluyen:

• Sistemas de imágenes sísmicas 3D
• Software de mapeo de subsuelo avanzado
• Plataformas de análisis de datos en tiempo real

Fuerza laboral de ingeniería petrolera calificada

Composición de la fuerza laboral a partir de 2024:

Categoría de empleado	Número de empleados
Fuerza de trabajo total	1.700 empleados
Ingenieros de petróleo	425 profesionales

Reservas mundiales de petróleo y gas

Detalles de reserva:

Tipo de reserva	Cantidad	Valor estimado
Reservas totalmente probadas	1.200 millones de barriles	$ 68.4 mil millones
Reservas de Guyana	11 mil millones de barriles	$ 44.6 mil millones

Capital financiero para proyectos de exploración

Asignación de recursos financieros:

Métrica financiera	Cantidad
Presupuesto de exploración anual	$ 2.3 mil millones
Activos de efectivo y líquido	$ 3.7 mil millones

Hess Corporation (HES) - Modelo de negocio: propuestas de valor

Productos energéticos de alta calidad para mercados globales

La cartera de productos de energía de Hess Corporation a partir de 2024 incluye:

Categoría de productos	Volumen de producción anual	Regiones de mercado
Petróleo crudo	326,000 barriles por día	América del Norte, Guyana, el sudeste asiático
Gas natural	182,000 millones de pies cúbicos por día	Estados Unidos, plataformas en alta mar

Compromiso con la producción de energía sostenible y responsable

Métricas de sostenibilidad para Hess Corporation en 2024:

• Objetivo de reducción de emisiones de carbono: 50% para 2030
• Inversión de energía renovable: $ 1.2 mil millones anualmente
• Gasto de cumplimiento ambiental: $ 287 millones

Cartera diversificada en sectores de energía tradicional y renovable

Sector energético	Monto de la inversión	Porcentaje de cartera
Exploración de petróleo en alta mar	$ 3.4 mil millones	62%
Proyectos de energía renovable	$ 1.2 mil millones	22%
Infraestructura de gas natural	$ 800 millones	16%

Tecnologías innovadoras de exploración y producción

Desglose de inversión tecnológica:

• Presupuesto de transformación digital: $ 215 millones
• Tecnología avanzada de imágenes sísmicas: $ 87 millones
• Inteligencia artificial en exploración: $ 42 millones

Suministro de energía confiable para mercados industriales y de consumo

Segmento de mercado	Volumen de suministro anual	Base de clientes
Clientes industriales	128 millones de barriles	Fabricación, generación de energía
Mercados de consumo	92 millones de barriles	Retail, transporte

Hess Corporation (HES) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con consumidores de energía industrial

Hess Corporation mantiene contratos estratégicos a largo plazo con consumidores de energía industrial en múltiples sectores. A partir de 2023, la Compañía ha establecido acuerdos de suministro de energía con 47 clientes industriales principales, que representan $ 3.2 mil millones en valor del contrato anual.

Tipo de contrato	Número de clientes	Valor anual del contrato
Suministro de energía a largo plazo	47	$ 3.2 mil millones
Soluciones de energía empresarial	23	$ 1.7 mil millones

Plataformas de participación de clientes digitales

Hess Corporation ha invertido $ 42 millones en tecnologías de participación de clientes digitales en 2023, que incluyen:

• Aplicación móvil con seguimiento de consumo de energía en tiempo real
• Portal de servicio al cliente en línea
• CHATBOT

Comunicación transparente sobre la producción de energía

La compañía publica informes trimestrales de sostenibilidad que detallan las métricas de producción de energía, con un 98% de accesibilidad al cliente para las plataformas de informes digitales.

Soluciones de energía personalizadas

Hess ofrece soluciones energéticas segmentadas en el mercado en diferentes industrias:

Segmento de mercado	Soluciones personalizadas	Cuota de mercado
Fabricación	Paquetes de energía especializados	37%
Transporte	Contratos de energía renovable	28%
Cuidado de la salud	Planes de energía sostenible	15%

Reputación del mercado mundial de energía

Hess Corporation mantiene un B+ Calificación de satisfacción del cliente En todos los mercados globales, con una tasa de retención de clientes del 89% en 2023.

• Base de clientes globales: 672 clientes empresariales
• Presencia del mercado internacional: 14 países
• Inversión de retención de clientes: $ 56 millones anuales

Hess Corporation (HES) - Modelo de negocios: canales

Ventas directas a clientes industriales

En 2023, Hess Corporation generó $ 8.1 mil millones en ingresos totales de las ventas directas de energía industrial.

Segmento de clientes	Volumen de ventas anual	Contribución de ingresos
Refinerías de petróleo	3.2 millones de barriles	$ 2.4 mil millones
Empresas de generación de energía	1.7 millones de barriles	$ 1.6 mil millones
Sector manufacturero	1.1 millones de barriles	$ 1.2 mil millones

Plataformas de comercio de energía

Hess utiliza múltiples plataformas de comercio de energía digital con $ 3.5 mil millones en transacciones comerciales anuales.

• Plataforma de futuros de NyMex
• Intercontinental Exchange (ICE)
• Sistema de comercio terminal de Bloomberg

Canal de marketing en línea y ventas digitales

Los canales de ventas digitales generaron $ 650 millones en ingresos en 2023.

Canal digital	Ingresos anuales	Penetración del mercado
Sitio web corporativo	$ 180 millones	27.7%
Aplicación móvil	$ 270 millones	41.5%
Portal en línea B2B	$ 200 millones	30.8%

Redes de asociación estratégica

Hess mantiene asociaciones estratégicas valoradas en $ 2.3 mil millones en 2023.

• Empresa conjunta de Chevron Corporation
• Acuerdos de exploración exxonmobil
• Colaboración de shell midstream

Infraestructura de distribución global

Hess opera una red de distribución global con 42 terminales internacionales.

Región	Número de terminales	Volumen de distribución anual
América del norte	18 terminales	2.4 millones de barriles
Europa	12 terminales	1.6 millones de barriles
Asia-Pacífico	8 terminales	1.1 millones de barriles
Oriente Medio	4 terminales	0.5 millones de barriles

Hess Corporation (HES) - Modelo de negocios: segmentos de clientes

Consumidores de energía industrial

Hess Corporation sirve a los consumidores de energía industrial con ventas anuales de productos de petróleo de 114,000 barriles por día en 2023. Los segmentos industriales clave incluyen:

• Instalaciones de fabricación
• Plantas de procesamiento químico
• Operaciones de maquinaria pesada

Segmento de la industria	Consumo de energía (barriles/día)	Contribución anual de ingresos
Fabricación	45,600	$ 672 millones
Procesamiento químico	38,200	$ 563 millones
Maquinaria pesada	30,200	$ 445 millones

Compañías de servicios públicos

Hess suministra a las compañías de servicios públicos 89,000 barriles de productos energéticos diariamente en 2023.

Tipo de utilidad	Suministro de energía (barriles/día)	Valor de contrato
Generación de energía	52,000	$ 412 millones
Proveedores de electricidad regionales	37,000	$ 293 millones

Mercados internacionales de energía

Hess opera en mercados internacionales con ventas de energía global que alcanzan 156,000 barriles por día en 2023.

Región	Ventas diarias de barril	Ingresos anuales del mercado
Europa	42,000	$ 556 millones
Asia-Pacífico	64,000	$ 845 millones
América Latina	50,000	$ 662 millones

Proyectos del gobierno y de infraestructura

Hess apoya la infraestructura gubernamental con suministros de energía por un total de 67,000 barriles diarios en 2023.

• Instalaciones militares
• Infraestructura de transporte
• Requisitos de energía del sector público

Segmento de infraestructura	Suministro diario de barril	Valor de contrato
Sector militar	28,000	$ 376 millones
Transporte	39,000	$ 518 millones

Proveedores de energía comercial y residencial

Hess atiende a mercados comerciales y residenciales con 95,000 barriles de productos energéticos diariamente en 2023.

Segmento de mercado	Suministro diario de barril	Ingresos anuales
Propiedades comerciales	62,000	$ 824 millones
Servicios residenciales	33,000	$ 438 millones

Hess Corporation (HES) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

En 2022, Hess Corporation informó gastos de exploración y perforación de $ 1.17 mil millones. El capital aguas arriba y los gastos exploratorios de la compañía totalizaron $ 2.85 mil millones para el año fiscal.

Categoría de gastos	Monto ($ mil millones)
Gastos de exploración total	1.17
Gastos de capital aguas arriba	2.85

Inversiones de tecnología y equipos

Hess Corporation invirtió $ 3.2 mil millones en gastos de capital Para el año 2022, con una asignación significativa hacia tecnologías de perforación avanzadas y actualizaciones de equipos.

• Inversiones de equipos de perforación en alta mar: $ 750 millones
• Actualizaciones de infraestructura tecnológica: $ 450 millones
• Tecnologías de imágenes y exploración sísmicas: $ 350 millones

Costos de investigación y desarrollo

La compañía asignó aproximadamente $ 180 millones a iniciativas de investigación y desarrollo en 2022, centrándose en tecnologías de extracción innovadora y soluciones de energía sostenible.

Área de enfoque de I + D	Inversión ($ millones)
Tecnologías de extracción avanzadas	85
Investigación de energía sostenible	65
Innovación digital	30

Iniciativas de cumplimiento ambiental y sostenibilidad

Hess Corporation gastado $ 220 millones en programas de cumplimiento ambiental y sostenibilidad En 2022, abordando los requisitos regulatorios y las estrategias de reducción de carbono.

• Tecnologías de reducción de emisiones de carbono: $ 95 millones
• Sistemas de monitoreo ambiental: $ 65 millones
• Implementación de práctica sostenible: $ 60 millones

Gastos operativos y logísticos globales

Los costos operativos globales de la compañía para 2022 fueron de aproximadamente $ 1.5 mil millones, que cubren la logística internacional, el transporte y la gestión operativa.

Categoría de gastos operativos	Cantidad ($ millones)
Transporte y logística	650
Gestión de Operaciones Globales	450
Optimización de la cadena de suministro	400

Hess Corporation (HES) - Modelo de negocios: flujos de ingresos

Ventas de petróleo crudo

Para el año fiscal 2023, Hess Corporation reportó ingresos totales de ventas de petróleo crudo de $ 6.98 mil millones. Los volúmenes de producción promediaron 394,000 barriles de petróleo por día.

Región	Producción de aceite (barriles/día)	Ingresos ($ M)
Bakken, Dakota del Norte	186,000	3,245
Guayana	158,000	2,760
Otros internacionales	50,000	975

Ingresos de producción de gas natural

Los ingresos de producción de gas natural para 2023 totalizaron $ 1.42 mil millones, con una producción diaria promedio de 316 millones de pies cúbicos.

• Producción de esquisto de Marcellus: 210 millones de pies cúbicos/día
• Otras regiones nacionales de gas: 106 millones de pies cúbicos/día

Ingresos de comercio y marketing de energía

El segmento de comercio y marketing de energía generó $ 2.3 mil millones en ingresos para 2023.

Segmento comercial	Ingresos ($ M)
Comercio de productos refinados	1,380
Marketing de petróleo crudo	920

Inversiones de proyectos de energía renovable

Las inversiones de energía renovable contribuyeron con $ 215 millones en ingresos para 2023.

Actividades de comercio y cobertura del mercado global

El comercio de cobertura y derivados generó $ 385 millones en ingresos netos para 2023.

Actividad de cobertura	Valor nocional ($ m)	Ingresos netos ($ M)
Futuros de petróleo	2,100	245
Derivados de gas natural	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.