Hess is an oil and gas exploration and production (E&P) company that finds, develops, and produces crude oil, natural gas liquids, and natural gas, selling primarily to refiners, marketers, and utilities. Hess' two core producing assets are the Bakken shale in North Dakota (~204,000 boepd in 2024) and a 30% non-operated interest in the Stabroek Block offshore Guyana (~186,000 bopd net in 2024), operated by ExxonMobil. Guyana is Hess' highest-margin asset, with lifting costs around $6.73/boe versus ~$27/boe in the Bakken, and Hess is actively growing Guyana production through a phased FPSO buildout — three FPSOs are producing today, three more are under construction targeting first oil in 2025–2027, and Hess and its partners are targeting ~1.7M gross bopd of capacity across eight FPSOs by 2030. The Bakken is a more mature, steady-state business where Hess plans to hold production roughly flat. Hess also owns ~38% of Hess Midstream, a publicly traded partnership that gathers, processes, and transports crude oil, gas, and NGLs in the Bakken under fee-based contracts with minimum volume commitments. Hess has a pending merger with Chevron, announced in 2023, though the deal is delayed by an arbitration dispute over whether ExxonMobil and CNOOC hold a right of first refusal on the Stabroek Block.