Hess Corporation (HES): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da energia global, a Hess Corporation permanece como um participante formidável, navegando estrategicamente no complexo cenário de petróleo, gás e produção de energia renovável. Ao alavancar um modelo de negócios sofisticado que equilibra a exploração tradicional de petróleo com práticas sustentáveis ​​inovadoras, Hess se posicionou como uma potência energética com visão de futuro. Sua abrangente modelo de negócios revela uma abordagem multifacetada que abrange parcerias estratégicas, tecnologias de ponta e um compromisso de fornecer soluções de energia de alta qualidade em diversos mercados globais-invidando-nos a explorar a mecânica intrincada por trás de seu sucesso corporativo.

Hess Corporation (HES) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com empreiteiros de perfuração offshore

A Hess Corporation mantém parcerias estratégicas com vários empreiteiros de perfuração offshore:

Contratante	Valor do contrato	Duração
Transocean Ltd.	US $ 425 milhões	Contrato de 3 anos
Perfuração offshore de diamante	US $ 312 milhões	Contrato de 2 anos

Joint ventures com empresas internacionais de exploração de petróleo e gás

A Hess Corporation estabeleceu joint ventures significativos em todo o mundo:

• CNOOC Limited (China) - Parceria de Exploração Offshore
• Petrobras (Brasil) - Desenvolvimento de Bacia Pré -Salt
• Total SE (Guiana) - Exploração do bloco Stabroek

Parceiro de joint venture	Investimento	Porcentagem de propriedade
CNOOC Limited	US $ 1,2 bilhão	30%
Total SE (Guiana)	US $ 2,5 bilhões	50%

Parcerias de tecnologia para técnicas avançadas de exploração

A Hess Corporation colabora com os parceiros de tecnologia:

• Baker Hughes - Tecnologias avançadas de perfuração
• Schlumberger - Imagem sísmica e caracterização do reservatório
• Halliburton - Serviços de fraturamento e conclusão hidráulica e bem

Colaboração com organizações de sustentabilidade ambiental

As parcerias de sustentabilidade incluem:

• World Wildlife Fund - Iniciativas de redução de carbono
• Fundo de Defesa Ambiental - redução de emissão de metano
• Força -Tarefa do Ar Limpo - Desenvolvimento de Tecnologia Climática

Organização	Investimento anual de sustentabilidade	Área de foco
World Wildlife Fund	US $ 15 milhões	Neutralidade de carbono
Fundo de Defesa Ambiental	US $ 10 milhões	Redução de metano

Hess Corporation (Hes) - Modelo de Negócios: Atividades -chave

Exploração de petróleo e gás natural

A Hess Corporation explora os recursos de petróleo e gás em regiões -chave:

Região	Área de exploração	Reservas estimadas
Guiana	1,4 milhão de acres	11 bilhões de barris de petróleo equivalente
Formação Bakken (Dakota do Norte)	500.000 acres líquidos	1,2 bilhão de barris de petróleo equivalente

Operações de perfuração offshore

As atividades de perfuração offshore incluem:

• Operações de águas profundas no Golfo do México
• Exploração offshore da Guiana
• Investimento anual de perfuração offshore: US $ 1,8 bilhão

Produção de petróleo e refino

Métrica de produção	2023 dados
Produção total	394.000 barris líquidos de petróleo equivalente por dia
Divisão de produção	55% líquidos, 45% de gás natural
Regiões de produção	Bakken, Golfo do México, Guiana

Comércio global de energia e marketing

As atividades comerciais incluem:

• Volume de negociação de futuros de petróleo bruto: 2,5 milhões de barris diariamente
• Negociação de gás natural em vários mercados
• Receitas de negociação global: US $ 3,2 bilhões em 2023

Desenvolvimento de energia renovável

Investimentos de energia renovável:

Setor renovável	Valor do investimento	Capacidade projetada
Energia eólica	US $ 450 milhões	500 MW até 2026
Projetos solares	US $ 250 milhões	300 MW até 2027

Hess Corporation (Hes) - Modelo de Negócios: Recursos -Principais

Extensos ativos de perfuração offshore

A Hess Corporation possui e opera ativos de perfuração offshore com as seguintes especificações:

Tipo de ativo	Número/quantidade	Localização
Platas de perfuração offshore	4 plataformas ativas	Guiana, Golfo do México
Plataformas de produção offshore	3 plataformas principais	Formação Bakken, Dakota do Norte

Tecnologia avançada de exploração geológica

Os recursos tecnológicos incluem:

• Sistemas de imagem sísmica 3D
• Software avançado de mapeamento de subsuperfície
• Plataformas de análise de dados em tempo real

Força de trabalho de engenharia de petróleo qualificada

Composição da força de trabalho a partir de 2024:

Categoria de funcionários	Número de funcionários
Força de trabalho total	1.700 funcionários
Engenheiros de Petróleo	425 profissionais

Reservas globais de petróleo e gás

Detalhes da reserva:

Tipo de reserva	Quantidade	Valor estimado
Reservas comprovadas totais	1,2 bilhão de barris	US $ 68,4 bilhões
Reservas da Guiana	11 bilhões de barris	US $ 44,6 bilhões

Capital financeiro para projetos de exploração

Alocação de recursos financeiros:

Métrica financeira	Quantia
Orçamento de exploração anual	US $ 2,3 bilhões
Caixa e ativos líquidos	US $ 3,7 bilhões

Hess Corporation (Hes) - Modelo de Negócios: Proposições de Valor

Produtos de energia de alta qualidade para mercados globais

O portfólio de produtos de energia da Hess Corporation, a partir de 2024, inclui:

Categoria de produto	Volume anual de produção	Regiões de mercado
Petróleo bruto	326.000 barris por dia	América do Norte, Guiana, Sudeste Asiático
Gás natural	182.000 milhões de pés cúbicos por dia	Estados Unidos, plataformas offshore

Compromisso com produção de energia sustentável e responsável

Métricas de sustentabilidade para a Hess Corporation em 2024:

• Alvo de redução de emissões de carbono: 50% até 2030
• Investimento de energia renovável: US $ 1,2 bilhão anualmente
• Gastos de conformidade ambiental: US $ 287 milhões

Portfólio diversificado em setores de energia tradicional e renovável

Setor de energia	Valor do investimento	Porcentagem de portfólio
Exploração offshore de petróleo	US $ 3,4 bilhões	62%
Projetos de energia renovável	US $ 1,2 bilhão	22%
Infraestrutura de gás natural	US $ 800 milhões	16%

Tecnologias inovadoras de exploração e produção

Redução de investimentos em tecnologia:

• Orçamento de transformação digital: US $ 215 milhões
• Tecnologia avançada de imagem sísmica: US $ 87 milhões
• Inteligência artificial em exploração: US $ 42 milhões

Fornecimento de energia confiável para mercados industriais e de consumo

Segmento de mercado	Volume anual de oferta	Base de clientes
Clientes industriais	128 milhões de barris	Fabricação, geração de energia
Mercados de consumo	92 milhões de barris	Varejo, transporte

Hess Corporation (HES) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com consumidores de energia industrial

A Hess Corporation mantém contratos estratégicos de longo prazo com consumidores de energia industrial em vários setores. A partir de 2023, a Companhia estabeleceu acordos de fornecimento de energia com 47 principais clientes industriais, representando US $ 3,2 bilhões em valor anual do contrato.

Tipo de contrato	Número de clientes	Valor anual do contrato
Fornecimento de energia de longo prazo	47	US $ 3,2 bilhões
Enterprise Energy Solutions	23	US $ 1,7 bilhão

Plataformas de engajamento de clientes digitais

A Hess Corporation investiu US $ 42 milhões em tecnologias de engajamento de clientes digitais em 2023, incluindo:

• Aplicativo móvel com rastreamento de consumo de energia em tempo real
• Portal de atendimento ao cliente online
• Suporte ao cliente de IA, chatbot

Comunicação transparente sobre produção de energia

A empresa publica relatórios trimestrais de sustentabilidade detalhando as métricas de produção de energia, com 98% de acessibilidade ao cliente para plataformas de relatórios digitais.

Soluções de energia personalizadas

Hess oferece soluções de energia segmentadas pelo mercado em diferentes indústrias:

Segmento de mercado	Soluções personalizadas	Quota de mercado
Fabricação	Pacotes de energia especializados	37%
Transporte	Contratos de energia renovável	28%
Assistência médica	Planos de energia sustentável	15%

Reputação do mercado de energia global

Hess Corporation mantém um Classificação de satisfação do cliente B+ Nos mercados globais, com a taxa de retenção de clientes de 89% em 2023.

• Base global de clientes: 672 clientes corporativos
• Presença do mercado internacional: 14 países
• Investimento de retenção de clientes: US $ 56 milhões anualmente

Hess Corporation (Hes) - Modelo de Negócios: Canais

Vendas diretas para clientes industriais

Em 2023, a Hess Corporation gerou US $ 8,1 bilhões em receita total das vendas diretas de energia industrial.

Segmento de clientes	Volume anual de vendas	Contribuição da receita
Refinarias de petróleo	3,2 milhões de barris	US $ 2,4 bilhões
Empresas de geração de energia	1,7 milhão de barris	US $ 1,6 bilhão
Setor de manufatura	1,1 milhão de barris	US $ 1,2 bilhão

Plataformas de negociação de energia

A Hess utiliza várias plataformas de negociação de energia digital com US $ 3,5 bilhões em transações anuais de negociação.

• Plataforma Futures Nymex
• Intercontinental Exchange (gelo)
• Bloomberg Terminal Trading System

Canais de marketing on -line e vendas digitais

Os canais de vendas digitais geraram US $ 650 milhões em receita em 2023.

Canal digital	Receita anual	Penetração de mercado
Site corporativo	US $ 180 milhões	27.7%
Aplicativo móvel	US $ 270 milhões	41.5%
B2B Portal Online	US $ 200 milhões	30.8%

Redes de parceria estratégica

Hess mantém parcerias estratégicas avaliadas em US $ 2,3 bilhões em 2023.

• Joint venture da Chevron Corporation
• Acordos de exploração da ExxonMobil
• Colaboração do Midstream da Shell

Infraestrutura de distribuição global

A HESS opera uma rede de distribuição global com 42 terminais internacionais.

Região	Número de terminais	Volume anual de distribuição
América do Norte	18 terminais	2,4 milhões de barris
Europa	12 terminais	1,6 milhão de barris
Ásia-Pacífico	8 terminais	1,1 milhão de barris
Médio Oriente	4 terminais	0,5 milhão de barris

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

Consumidores de energia industrial

A Hess Corporation atende consumidores de energia industrial com vendas anuais de produtos petrolíferos de 114.000 barris por dia em 2023. Os principais segmentos industriais incluem:

• Instalações de fabricação
• Plantas de processamento químico
• Operações de máquinas pesadas

Segmento da indústria	Consumo de energia (barris/dia)	Contribuição anual da receita
Fabricação	45,600	US $ 672 milhões
Processamento químico	38,200	US $ 563 milhões
Máquinas pesadas	30,200	US $ 445 milhões

Empresas de serviços públicos

A Hess fornece empresas de serviços públicos com 89.000 barris de produtos energéticos diariamente em 2023.

Tipo de utilidade	Fornecimento de energia (barris/dia)	Valor do contrato
Geração de energia	52,000	US $ 412 milhões
Provedores regionais de eletricidade	37,000	US $ 293 milhões

Mercados internacionais de energia

A HESS opera em mercados internacionais com vendas globais de energia atingindo 156.000 barris por dia em 2023.

Região	Vendas diárias de barril	Receita anual de mercado
Europa	42,000	US $ 556 milhões
Ásia-Pacífico	64,000	US $ 845 milhões
América latina	50,000	US $ 662 milhões

Projetos de governo e infraestrutura

A HESS apóia a infraestrutura do governo com suprimentos de energia, totalizando 67.000 barris diariamente em 2023.

• Instalações militares
• Infraestrutura de transporte
• Requisitos de energia do setor público

Segmento de infraestrutura	Fornecimento diário de barril	Valor do contrato
Setor militar	28,000	US $ 376 milhões
Transporte	39,000	US $ 518 milhões

Provedores de energia comercial e residencial

Hess atende mercados comerciais e residenciais com 95.000 barris de produtos energéticos diariamente em 2023.

Segmento de mercado	Fornecimento diário de barril	Receita anual
Propriedades comerciais	62,000	US $ 824 milhões
Serviços residenciais	33,000	US $ 438 milhões

Hess Corporation (HES) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Em 2022, a Hess Corporation relatou despesas de exploração e perfuração de US $ 1,17 bilhão. O capital a montante da empresa e as despesas exploratórias totalizaram US $ 2,85 bilhões no ano fiscal.

Categoria de despesa	Valor (US $ bilhão)
Despesas totais de exploração	1.17
Despesas de capital a montante	2.85

Investimentos de tecnologia e equipamentos

A Hess Corporation investiu US $ 3,2 bilhões em despesas de capital Para o ano de 2022, com alocação significativa em relação a tecnologias avançadas de perfuração e atualizações de equipamentos.

• Investimentos de equipamentos de perfuração offshore: US $ 750 milhões
• Atualizações de infraestrutura tecnológica: US $ 450 milhões
• Tecnologias de imagem e exploração sísmicas: US $ 350 milhões

Custos de pesquisa e desenvolvimento

A empresa alocou aproximadamente US $ 180 milhões para iniciativas de pesquisa e desenvolvimento em 2022, com foco em tecnologias de extração inovadora e soluções de energia sustentável.

Área de foco em P&D	Investimento (US $ milhões)
Tecnologias de extração avançada	85
Pesquisa de energia sustentável	65
Inovação digital	30

Iniciativas de conformidade ambiental e sustentabilidade

Hess Corporation gasto US $ 220 milhões em programas de conformidade ambiental e sustentabilidade Em 2022, atendendo aos requisitos regulatórios e estratégias de redução de carbono.

• Tecnologias de redução de emissões de carbono: US $ 95 milhões
• Sistemas de monitoramento ambiental: US $ 65 milhões
• Implementação da prática sustentável: US $ 60 milhões

Despesas operacionais e de logística globais

Os custos operacionais globais da Companhia para 2022 foram de aproximadamente US $ 1,5 bilhão, cobrindo a logística, transporte e gerenciamento operacional internacionais.

Categoria de despesa operacional	Valor (US $ milhões)
Transporte e logística	650
Gerenciamento de operações globais	450
Otimização da cadeia de suprimentos	400

Hess Corporation (HES) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto

Para o ano fiscal de 2023, a Hess Corporation registrou uma receita total de vendas de petróleo de US $ 6,98 bilhões. Os volumes de produção tiveram uma média de 394.000 barris de petróleo por dia.

Região	Produção de petróleo (barris/dia)	Receita ($ m)
Bakken, Dakota do Norte	186,000	3,245
Guiana	158,000	2,760
Outro Internacional	50,000	975

Receitas de produção de gás natural

As receitas de produção de gás natural para 2023 totalizaram US $ 1,42 bilhão, com produção média diária de 316 milhões de pés cúbicos.

• Marcellus Shale Produção: 210 milhões de pés cúbicos/dia
• Outras regiões de gás domésticas: 106 milhões de pés cúbicos/dia

Negociação de energia e receita de marketing

O segmento de negociação e marketing de energia gerou US $ 2,3 bilhões em receita para 2023.

Segmento de negociação	Receita ($ m)
Negociação de produtos refinados	1,380
Marketing de petróleo bruto	920

Investimentos de projeto de energia renovável

Os investimentos em energia renovável contribuíram com US $ 215 milhões em receita para 2023.

Atividades globais de negociação e hedge de mercado

A negociação de hedge e derivativos gerou US $ 385 milhões em lucro líquido para 2023.

Atividade de hedge	Valor nocional ($ m)	Lucro líquido ($ m)
Futuros de petróleo	2,100	245
Derivados de gás 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.