H-E-S-S, Hess, Hess, Hess! (The Financial History 2022 Edition)

The bears are out! 78 votes last week with the split, 54% bullish and 46% bearish.

Hit the poll if you are so inclined.

Before I begin, let me give credit where it is due. The book below is a great account of both Hess and Amerada that I relied on for the background to this history. Bravo Tina Davis and Jessica Resnick-Ault.

Football Season is officially back!

One thing I never knew is Leon Hess was once the sole owner of the NY Jets (hence the inspiration for the title of this history).

There are a few things unique to Hess .

• Hess started out as a downstream marketing company before acquiring Amerada and becoming an integrated entity. Some would call it a mini-Exxon. The only other two I can think of that did the same are Standard Oil and Shell T&T. The activist, Elliott Management would later force a breakup.

• Hess has had to battle activists but it has remained a fairly independent company never falling under the control of another oil company or large conglomerate. Quite remarkable for a ~100 year old oil & gas company

• There have only been two CEOs in the company’s history, John Hess and his father and founder, Leon Hess. Remarkable.