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Hess Corporation Essay

3173 words - 13 pages

HESS CORPORATION

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Table of Contents
Introduction 2
PESTEL Analysis 2
Political 2
Economic 4
Environmental 4
Technology 6
Natural Capitalization Aspects 6
Competitive Environment 7
Political and Economic Risk 8
Risk Management 8
Company Strategy and Financial Performance 9
New Developments and Innovation 11
Conclusion 12
Reference List 12

Hess Corporation
Introduction
The company is both an oil and gas producer and a leading competitor in deepwater development oil exploration and production. The assets of the company are focused in five ...view middle of the document...

For instance, the world experienced reactions from the Fukushima crisis in Japan. Additionally, the future political aspects will be shaped by the growth and demand of renewable energy. This is because the topic has become a world topic and a decision changer that has seen emergence of hybrid vehicles. The recently held world meeting on environmental safety shows the beginning of the reduction of dependence on fossil fuel. This will limit future use, exploration, and refining of oil and shale natural gas. To establish political significance, Hess Corporation became a participant and signatory of the Voluntary Principles on Security and Human Rights (HESS, 2013).
Methodology
The company adopted both primary and secondary methodologies of acquiring business opportunities and ventures. In primary method, the company started its own oil exploration ventures and eventually capitalised the newly found resources as its extraction and production bases. In specific areas, the company conducts production and exploration operations in the United States, Norway, Egypt, Equatorial Guinea, United Kingdom, Algeria, Denmark, Libya, Russia, Gabon, Ghana (HESS, 2013). In terms of secondary methodologies, the company has partnered with existing oil companies to produce the product from exixting oil fields. Specifically, the corporation has Joint Development project in Malaysia, Indonesia, Thailand, Australia, Brazil and Azerbaijan (HESS, 2013). Hess is a diverse company with financial markets activity through it trading arm, the Hess Energy Trading Company.
On March 4, 2013 Hess announced that it would sell its domestic refineries and retail operations and that it would also sell its holdings in Indonesia and Thailand (De La Merced, 2013). The company will focus exclusively on oil production as a strategy of expanding it operations in the industry.
Economic
The economic scenario is being shaped by competition for energy production and investment opportunities by companies. The energy industry is regarded as lucrative and there is increase in economic focus to sectors that are powered by fossil energy (Van, 2012). In the investment sector, competing companies in the United States are exploring for opportunities in energy and oil explorations. Additionally, Asian and countries from the East are investing in energy opportunities in the upcoming oil regions such as Canada and the Northeast corridor of the United States (HESS, 2013). This is an issue Hess Corporation as well as Department of Energy of the United States have to consider in formulating future plans.
Hess Corporation should pay close attention to the economic prospects because the Chinese are also venturing into the renewable energies industry. Just like they have succeeded in any industry, Chinese can create new energy technology such as energy saving equipment which can shape future revenue prospects in the market (HESS, 2013). They can produce equipments such as solar panels at extremely...

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