Hess Corp

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New York City, N.Y.-based Hess Corp (NYSE: HES) is an integrated oil and gas company that owns over 1,200 filling stations primarily on the East Coast. In June, 2009, Hess was reported to be working with Seneca Resources to sign up three coalitions of landholders, each from a separate town in Broome County, New York, to a gas lease. The towns involved were Binghamton, Conklin and Kirkwood. The size of the area being considered for the lease was 30,000 acres. Exploration on any such lease would doubtless target the Marcellus shale.

A July, 2009 report indicated that Hess had signed a group of 700 Broome County, NY landowners to a 7.5 year lease covering 19,000 acres in Binghamton and Conklin for $66 million and 20% royalties. The company appears to be planning to lock up a thick finger of Marcellus shale extending from the Montrose, Pa., area up through eastern Broome County.

An August, 2009 there was news of Hess Corp striking a deal with a large group of landholders known as The Northern Wayne Property Owners Alliance to lease 62,000 acres in Wayne County, PA and partially extending into Susquehanna County. Tentative agreement with the group had been reached in July, 2009, and the deal included a total of 2600 parcels. Since July, the company had been busy researching titles on all of the various parcels of land. Often landowners owned multiple parcels, so there were far fewer owners than 2,600 in the group.

It was reported in October, 2009 that Hess had formed a 50-50 joint exploration agreement with Newfield Exploration Co to develop Hess' Marcellus shale leasehold.

  • Bill Drennen is Hess' Senior Vice President of Global Exploration and New Ventures.
  • Charlie Sheppard is a Vice President with the company.
  • Dawn Coughlin is Hess' Senior Manager-Environment.
  • Jon Pepper is a spokesman.
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