British oil entrepreneur Lord Cowdray founded the Amerada Corporation in 1919 to explore for oil in North America. The fledgling company experiences growth for most of the 1920s but struggled against the hard economic times of the Great Depression. During this period they faced uncertain demand and their first loss in 1930.
In 1941 the company reorganized, taking on the name of their primary subsidiary Amerada Petroleum Company.
After the World War II Amerada grew and had $100 million in sales in 1955.
In 1966 the British government sold a 10% stake in the company that they had acquired during the war to Hess Oil and Chemical, founded by Leon Hess.
Hess and Amerada merged in 1968 in a $2.4 billion deal. This merger combined the production abilities of Amerada with Hess’ refinery and marketing operation. The new company was known as Amerada Hess Corp.
In 2001 Amerada Hess bought the oil exploration company Triton Energy Limited for $3.2 billion. This gave Amerada Hess access to long life international reserves.
Amerada Hess Corp. changed their name to Hess Corp. in 2006.
Today Hess has exploration and production operations in the United States, United Kingdom, Norway, Denmark, Russia, Equatorial Guinea, Algeria, Lisbon, Gabon, Egypt, Ghana, Malaysia, Thailand, Indonesia, Australia, Brazil, Azerbaijan, and St. Lucia. They are active in the financial markets through the Hess Energy Trading Company (HETCO).
Hess is part of the Fortune 500 and had $37.9 billion in revenue in 2011.
Hess Corporation
British oil entrepreneur Lord Cowdray founded the Amerada Corporation in 1919 to explore for oil in North America. The fledgling company experiences growth for most of the 1920s but struggled against the hard economic times of the Great Depression. During this period they faced uncertain demand and their first loss in 1930.
In 1941 the company reorganized, taking on the name of their primary subsidiary Amerada Petroleum Company.
After the World War II Amerada grew and had $100 million in sales in 1955.
History
In 1966 the British government sold a 10% stake in the company that they had acquired during the war to Hess Oil and Chemical, founded by Leon Hess.
Hess and Amerada merged in 1968 in a $2.4 billion deal. This merger combined the production abilities of Amerada with Hess’ refinery and marketing operation. The new company was known as Amerada Hess Corp.
In 2001 Amerada Hess bought the oil exploration company Triton Energy Limited for $3.2 billion. This gave Amerada Hess access to long life international reserves.
Amerada Hess Corp. changed their name to Hess Corp. in 2006.
Today Hess has exploration and production operations in the United States, United Kingdom, Norway, Denmark, Russia, Equatorial Guinea, Algeria, Lisbon, Gabon, Egypt, Ghana, Malaysia, Thailand, Indonesia, Australia, Brazil, Azerbaijan, and St. Lucia. They are active in the financial markets through the Hess Energy Trading Company (HETCO).
Hess is part of the Fortune 500 and had $37.9 billion in revenue in 2011.