Hess Corporation Releases Annual Sustainability Report
Hess Corporation Logo header
SEARCH

Hess Corporation Releases Annual Sustainability Report

  • CSR report cover
07.09.2015

Report Earns GRI Application Rating of A+ for Seventh Consecutive Year

Hess Corporation released its 2014 Corporate Sustainability Report, providing a comprehensive look at the company’s strategy and performance on significant environmental, social and governance programs and initiatives. An electronic version is published on the company’s website at http://www.hess.com/sustainability/sustainability-reports.

Hess Corporation’s 18th annual sustainability report was prepared in accordance with the Global Reporting Initiative (GRI) G.3.1 sustainability reporting principles and guidance. For the seventh consecutive year, the report has a self-declared GRI A+ application level that has been third-party assured by ERM Certification and Verification Services.

“Our company is committed to being a trusted energy partner that helps meet the world’s growing energy needs in a safe, environmentally responsible, socially sensitive and profitable way,” said Hess CEO John Hess. “We are proud of our progress in 2014 to build a sustainable enterprise that makes a positive impact on the world around us.”

For 2014, Hess reported progress in key initiatives aimed at driving long-term sustainable performance. Highlights from this year’s report include:

  • Significant progress in safety performance: With an ultimate goal of zero incidents, the company’s combined employee and contractor Total Recordable Incident Rate in 2014 decreased by 23 percent and its Lost Time Incident Rate was down by 14 percent compared with previous year performance. With contractors comprising more than 80 percent of its workforce, Hess has incorporated environment, health and safety reviews into its procurement process.
  • Decreasing environmental impact: Between 2008 and 2014, the company has reduced net equity greenhouse gas emissions from its oil and gas operations by 40 percent, or over 4 million tonnes of absolute emissions through a combination of improved operating processes, asset sales and refinery closures. Hess completed expansion of its Tioga Gas Plant in North Dakota in 2014. The project was part of a more than $1.5 billion infrastructure investment in North Dakota made by Hess between 2012 and 2014 to support increased production, improved efficiency and significant reduction in the amount of natural gas flared at Hess’s operations. In 2014, Hess was recognized by CDP, an environmental not-for-profit organization, as a leader among S&P 500 companies for climate change disclosures in its 2014 Climate Disclosure Leadership Index, and was ranked No. 1 among U.S. energy producers in the 2014 Newsweek magazine Green Rankings of the largest 500 companies in the world.
  • Improving the quality of life in local communities: Hess’ social investment program in 2014 totaled more than $42 million, with about $34 million directed towards education projects and the balance directed primarily to economic development, health and capacity building. To operate effectively as a guest in host communities, the company introduced a standard enterprise stakeholder engagement process in 2014 that focuses on proactive relationship building and meaningful engagement.
  • Managing risk and achieving operational excellence: In 2014, Hess developed and began implementing an enhanced framework of global standards for environment, health and safety and social responsibility risk management. Hess was recognized as the highest ranking energy company on Corporate Responsibility magazine’s prestigious list of 100 Best Corporate Citizens for the seventh consecutive year.
Click here for the press release
Related News
  • Hess Announces Significant Reduction to 2020 Capital and Exploratory Budget

    Hess Corporation today announced a revised $2.2 billion capital and exploratory budget for 2020, an $800 million reduction from the previous budget of $3.0 billion. The company also announced a new $1.0 billion three year term loan agreement. These actions further strengthen the company’s cash position and financial liquidity in response to the sharp decline in oil prices.
    Full story
  • John Hess Discusses Oil Price Collapse, Company’s Unique Strengths on CNBC’s Fast Money

    CEO John Hess addressed the far-reaching impact of the oil price war on CNBC’s Fast Money on March 12, saying: “The economic problem we're facing today is a lot more than oil, and the oil price crash could be a catalyst that propels the world into an economic recession.”
    Full story
  • Hess Corporation to Give $12.5 Million Gift to the Salk Institute to Accelerate Development of Plant-Based Carbon Capture and Storage

    Salk’s Harnessing Plants Initiative (HPI) will receive a $12.5 million gift from Hess Corporation to advance two projects to enhance plants’ natural ability to store carbon and mitigate the effects of climate change: the CRoPS program and the Coastal Plant Restoration program. These projects build on the Salk discovery of a crucial gene that will help the team develop plants with larger root systems capable of absorbing and storing potentially billions of tons of carbon per year from the atmosphere.
    Full story