Hess Corporation, commonly referred to as Hess, is a prominent American energy company headquartered in New York City. Founded in 1933, Hess has established itself as a key player in the oil and gas industry, with significant operations in the United States, particularly in the Bakken formation, as well as in offshore regions of South America and the North Sea.
The company focuses on exploration and production, refining, and marketing of petroleum products. Hess is renowned for its commitment to sustainable practices and innovation, particularly in its exploration techniques and environmental stewardship. With a strong market position, Hess has achieved notable milestones, including advancements in technology that enhance efficiency and reduce environmental impact. As a leader in the energy sector, Hess continues to shape the future of energy with its unique approach to resource management and sustainability.
+14 vs industry average
Hess’s score of 33 is higher than 62% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Gas/Diesel Oil has above-average carbon intensity
Industry performance
The Gas/Diesel Oil industry has reduced its overall emissions by 41% since 2019
Emissions trajectory 2020 – 2026
Reported emissions
Scope 3 accounts for ••• of total emissions.
Hess's reported carbon emissions
Hess Corporation, headquartered in the US, is committed to achieving net zero Scope 1 and 2 greenhouse gas (GHG) emissions on an equity basis by 2050. The company also aims to reduce the GHG emissions intensity of its operated assets by 44.0% by 2025, against a 2017 baseline of 30 kg CO2e per BOE, targeting an intensity of 17 kg CO2e per BOE. In the near term, Hess committed to a 25% reduction in the GHG emissions intensity of its operated assets by 2020, using a 2014 baseline. In 2023, Hess reported total global GHG emissions of approximately 57.44 billion kg CO2e. This comprised approximately 2.14 billion kg CO2e for Scope 1 emissions and approximately 464 million kg CO2e for Scope 2 emissions (location-based). Scope 3 emissions for the same year totalled approximately 55.1 billion kg CO2e, with the majority attributed to the use of sold products (approximately 53.3 billion kg CO2e) and processing of sold products (approximately 1.8 billion kg CO2e). Business travel accounted for approximately 2.3 million kg CO2e. For 2022, Hess reported total global GHG emissions of approximately 50.43 billion kg CO2e. This included approximately 2.23 billion kg CO2e for Scope 1 and approximately 436 million kg CO2e for Scope 2 (location-based). Scope 3 emissions were approximately 48.2 billion kg CO2e, with the use of sold products representing approximately 46.5 billion kg CO2e and processing of sold products accounting for approximately 1.7 billion kg CO2e. Business travel emissions were approximately 1.4 million kg CO2e. In 2021, total global GHG emissions were approximately 45.85 billion kg CO2e, with Scope 1 at about 2.45 billion kg CO2e and Scope 2 at approximately 388 million kg CO2e (location-based). Scope 3 emissions were approximately 43.4 billion kg CO2e, primarily from the use of sold products (about 42 billion kg CO2e) and processing of sold products (approximately 1.4 billion kg CO2e). Business travel contributed approximately 300,000 kg CO2e. Previous years' data shows: * **2020:** Approximately 49.16 billion kg CO2e in total emissions, with Scope 1 at about 3.13 billion kg CO2e and Scope 2 at approximately 428 million kg CO2e (location-based), and Scope 3 at about 45.8 billion kg CO2e. * **2019:** Approximately 47.33 billion kg CO2e in total emissions, with Scope 1 at about 3.83 billion kg CO2e and Scope 2 at approximately 428 million kg CO2e (location-based), and Scope 3 at about 43.5 billion kg CO2e. * **2018:** Approximately 42.5 billion kg CO2e in total emissions, with Scope 1 at about 3.5 billion kg CO2e and Scope 2 at approximately 350 million kg CO2e (location-based), and Scope 3 at about 38.7 billion kg CO2e. * **2017:** Total emissions are not explicitly provided as a sum, but Scope 1 was approximately 2.42 billion kg CO2e and Scope 2 was approximately 330.71 million kg CO2e (location-based). Scope 3 comprised of business travel (approximately 4.6 million kg CO2e), use of sold products (approximately 41.85 billion kg CO2e), and processing of sold products (approximately 1.81 billion kg CO2e). * **2016:** Approximately 56.6 billion kg CO2e in total emissions, with Scope 1 at about 4.1 billion kg CO2e and Scope 2 at approximately 500 million kg CO2e, and Scope 3 at about 51.6 billion kg CO2e. * **2015:** Approximately 14.8 billion kg CO2e in total emissions, with Scope 1 at about 5.1 billion kg CO2e and Scope 2 at approximately 600 million kg CO2e. Scope 3 was reported at 9.7 billion kg CO2e, attributed to the use of sold products. * **2014:** Approximately 16.3 billion kg CO2e in total emissions, with Scope 1 at about 4.8 billion kg CO2e and Scope 2 at approximately 600 million kg CO2e. Scope 3 was reported at 11.5 billion kg CO2e, attributed to the use of sold products. * **2013:** Approximately 18.3 billion kg CO2e in total emissions, with Scope 1 at about 4.4 billion kg CO2e and Scope 2 at approximately 800 million kg CO2e. Scope 3 was reported at 13.9 billion kg CO2e, attributed to the use of sold products. * **2012:** Approximately 27.1 billion kg CO2e in total emissions, with Scope 1 at about 5 billion kg CO2e and Scope 2 at approximately 800 million kg CO2e. Scope 3 was reported at 22.1 billion kg CO2e, attributed to the use of sold products. * **2008:** Total emissions were approximately 124.8 billion kg CO2e, comprising Scope 1 and 2 emissions of approximately 10.8 billion kg CO2e and Scope 3 emissions of approximately 114 billion kg CO2e. * **2007:** Scope 1 emissions were approximately 6.4 billion kg CO2e, with processing emissions of approximately 128 million kg CO2e and stationary combustion emissions of approximately 3.2 billion kg CO2e. Scope 3 emissions were approximately 768.8 million kg CO2e, attributed to investments. * **2006:** Scope 1 emissions were approximately 5.36 billion kg CO2e. * **2005:** Scope 1 emissions were approximately 5.05 billion kg CO2e. * **2004:** Scope 1 emissions were approximately 5.58 billion kg CO2e. * **2003:** Scope 1 emissions were approximately 5.13 billion kg CO2e. * **2002:** Scope 1 emissions were approximately 5.44 billion kg CO2e. Hess Corporation's emissions data is reported on a global basis. The company currently operates as a subsidiary of Chevron Corporation.
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Hess’s Climate Goals (2030 & 2050)
5 goals2050
Achieve net zero Scope 1 and 2 GHG emissions on an equity ba…
Achieve net zero Scope 1 and 2 GHG emissions on an equity basis by 2050
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
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Scope 3 top emissions categories
3 of 15 categories disclosedSee all scope 3 categories
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Climate initiatives
Science Based Targets Initiative
Carbon Disclosure Project
The Climate Pledge
UN Global Compact Climate Champions initiative
RE 100
Climate Action 100
Inherited from Chevron CorporationEmissions comparison with industry peers
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Hess
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