HESS CORPORATION FIR TREE CAPITAL MANAGEMENT LP holding in Q4 2015 Form 13-F

Hess Corporation is engaged in the exploration and production of crude oil, natural gas liquids, and natural gas. Its primary production operations are located in the United States, Guyana, and the Malaysia/Thailand Joint Development Area. Exploration efforts are concentrated offshore in Guyana, the U.S. Gulf of Mexico, and Suriname. Hess operates floating production storage and offloading units in Guyana and has plans for expansion. Additionally, Hess has a midstream segment through a significant ownership interest in Hess Midstream LP, which provides services like gathering, processing, and transporting oil and gas, primarily in the Bakken shale play in North Dakota.

Hess generates revenue through the sale of crude oil, natural gas liquids, and natural gas. The company's main customer base includes entities with long-term sales commitments, especially for natural gas and related products. Its operations are structured around its exploration and production activities, with additional revenue generated from its midstream operations. The company's performance is directly impacted by factors such as production volumes, average selling prices of oil and gas, and production costs. The merger agreement with Chevron Corporation is a significant development that could influence Hess's business operations, pending the resolution of arbitration related to its Guyana operations.

Hess's primary clients include those involved in long-term sales agreements for its oil and gas products. The company's operational structure includes significant interests in production blocks and midstream services, providing a diversified approach to its energy production and distribution. Key factors affecting Hess's business performance include the efficiency of its production operations, market prices for its products, and the successful management of its exploration and production assets.