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Hess Corporation

Hess Corporation (HES)

Hess Corporation, incorporated on February 7, 1920, is an exploration and production company. The Company is engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids (NGL) and natural gas. The Company's segments include Exploration and Production, and Midstream. Its Exploration and Production segment explores for, develops, produces, purchases and sells crude oil, NGLs and natural gas with production operations primarily in the United States, Denmark, the Malaysia/Thailand Joint Development Area (JDA), Malaysia and Norway. The Midstream segment provides fee-based services, including crude oil and natural gas gathering, processing of natural gas and the fractionation of NGLs, transportation of crude oil by rail car, terminaling and loading crude oil and NGLs, and the storage and terminaling of propane, primarily in the Bakken shale play of North Dakota.

The Company's Midstream assets include Natural Gas Gathering and Compression, Crude Oil Gathering, Tioga Gas Plant, Mentor Storage Terminal, Ramberg Terminal Facility, Tioga Rail Terminal, Crude Oil Rail Cars and Johnson's Corner Header System. A natural gas gathering and compression system located primarily in McKenzie, Williams and Mountrail Counties, North Dakota connects the Company and third-party owned or operated wells to the Tioga Gas Plant and third-party pipeline facilities. A crude oil gathering system located primarily in McKenzie, Williams and Mountrail Counties, North Dakota, connects Hess and third-party owned or operated wells to the Ramberg Terminal Facility, the Tioga Rail Terminal. As of December 31, 2018, a natural gas processing and fractionation plant was located in Tioga, North Dakota, with a processing capacity of 250 million cubic feet per day (mmcfd) and fractionation capacity of 60,000 barrels of oil equivalent per day (boepd). As of December 31, 2016, a propane storage cavern and rail and truck loading and unloading facility was located in Mentor, Minnesota, with approximately 328,000 barrel of oil equivalent (boe) of working storage capacity. Ramberg Terminal Facility is a crude oil pipeline and truck receipt terminal located in Williams County, North Dakota that is capable of delivering up to 282,000 barrels of oil per day (bopd) of crude oil into an interconnecting pipeline for transportation to the Tioga Rail Terminal and to multiple third-party pipelines and storage facilities. Tioga Rail Terminal is a 140,000 bopd crude oil and 30,000 boepd NGL rail loading terminal in Tioga, North Dakota that is connected to the Tioga Gas Plant, the Ramberg Terminal Facility and its crude oil gathering system. As of December 31, 2018, a total of 550 crude oil rail cars, which it operated as unit trains consisted of approximately 100 to 110 crude oil rail cars. It is constructing the Johnson's Corner Header System, a crude oil pipeline header system located in McKenzie County, North Dakota.

United States

The Company's production in the United States is from onshore properties, principally in the Bakken oil shale play in the Williston Basin of North Dakota, the Permian Basin of Texas and offshore properties in the Gulf of Mexico. As of December 31, 2018, the Company held 577,000 net acres in the Bakken with varying working interest percentages. As of December 31, 2018, it operated and held an interest in the Seminole-San Andres Unit in the Permian Basin. As of December 31, 2018, it held interests in 76 blocks in the deepwater Gulf of Mexico. As of December 31, 2018, it held approximately 190,000 net undeveloped acres, of which leases covering approximately 85,000 acres are due to expire in the next three years.

Africa

The Company has production from the Okume and Ceiba Fields at its operated offshore Block G. It had drilled seven exploration wells on the block at its operated offshore Deepwater Tano/Cape Three Points license as of December 31, 2018.

Asia and Other

The Company's production in Malaysia comes from its interest in Block PM301, which is adjacent to and is unitized with Block A-18 of the JDA and its interest in Blocks PM302, PM325 and PM326B located in the North Malay Basin (NMB), offshore Peninsular Malaysia, where it operates a multi-phase natural gas development project. At the WA-390-P and WA-474-P blocks in the Carnarvon Basin, offshore Western Australia covering approximately 658,000 acres, it had drilled 13 natural gas discoveries and six appraisal wells.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 0.0c 0%
2012 40.0c 100%
2013 70.0c 75.0%
2014 100.0c 42.9%
2015 100.0c 0%
2016 100.0c 0%
2017 100.0c 0%
2018 100.0c 0%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
14 Mar 2012 30 Mar 2012 2012 Interim Quarterly Paid 10c
14 Jun 2012 29 Jun 2012 2012 Interim Quarterly Paid 10c
13 Sep 2012 28 Sep 2012 2012 Interim Quarterly Paid 10c
13 Dec 2012 31 Dec 2012 2012 Final Quarterly Paid 10c
13 Mar 2013 29 Mar 2013 2013 Interim Quarterly Paid 10c
13 Jun 2013 28 Jun 2013 2013 Interim Quarterly Paid 10c
12 Sep 2013 30 Sep 2013 2013 Interim Quarterly Paid 25c
13 Dec 2013 31 Dec 2013 2013 Final Quarterly Paid 25c
18 Mar 2014 31 Mar 2014 2014 Interim Quarterly Paid 25c
12 Jun 2014 30 Jun 2014 2014 Interim Quarterly Paid 25c
12 Sep 2014 30 Sep 2014 2014 Interim Quarterly Paid 25c
15 Dec 2014 31 Dec 2014 2014 Final Quarterly Paid 25c
17 Mar 2015 31 Mar 2015 2015 Interim Quarterly Paid 25c
12 Jun 2015 30 Jun 2015 2015 Interim Quarterly Paid 25c
17 Sep 2015 30 Sep 2015 2015 Interim Quarterly Paid 25c
15 Dec 2015 31 Dec 2015 2015 Final Quarterly Paid 25c
15 Mar 2016 31 Mar 2016 2016 Interim Quarterly Paid 25c
14 Jun 2016 30 Jun 2016 2016 Interim Quarterly Paid 25c
15 Sep 2016 30 Sep 2016 2016 Interim Quarterly Paid 25c
15 Dec 2016 30 Dec 2016 2016 Final Quarterly Paid 25c
13 Mar 2017 31 Mar 2017 2017 Interim Quarterly Paid 25c
14 Jun 2017 30 Jun 2017 2017 Interim Quarterly Paid 25c
15 Sep 2017 29 Sep 2017 2017 Interim Quarterly Paid 25c
15 Dec 2017 29 Dec 2017 2017 Final Quarterly Paid 25c
16 Mar 2018 29 Mar 2018 2018 Interim Quarterly Paid 25c
15 Jun 2018 29 Jun 2018 2018 Interim Quarterly Paid 25c
14 Sep 2018 28 Sep 2018 2018 Interim Quarterly Paid 25c
14 Dec 2018 31 Dec 2018 2018 Final Quarterly Paid 25c
15 Mar 2019 29 Mar 2019 2019 Interim Quarterly Paid 25c
14 Jun 2019 28 Jun 2019 2019 Interim Quarterly Paid 25c
13 Sep 2019 30 Sep 2019 2019 Interim Quarterly Paid 25c
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Hess Corporation optimized dividend - 12 month history

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