In: Business and Management

Submitted By UOP12345
Words 3364
Pages 14
The Hess Corporation is a leading pioneer in the energy industry sector, which conducts Marketing and Refining (M&R) as well as Exploration and Production (E&P) operations in 23 countries. They have a concentrated focus in the exploration, production, purchase, transportation, and sale of crude oil and natural gas as well as markets refined petroleum products, natural gas, and electricity. This company owns thousands of Hess gas stations, which include small convenience stores or Dunkin Donuts stores, throughout the East Coast of the United States to hundreds of thousands of acres of land in the North Dakota Bakken oil shale play. Internationally, Hess Corporation owns many other hundreds of thousands of acres in land where they conduct other exploration and production of crude oil and natural gas.
Hess Corporation currently has a net income of $1.7 billion and transports more than 700,000 barrels of crude oil and other products daily via tankers, barges, pipelines, and production platform sales. However, there have been some important market changes and trends, which companies like Hess Corporation must pay close attention. Adapting to change is essential in the world of business. During today's economy and competitive environment, organizations can be certain of uncertainty. Change is occurring everywhere and is forcing business executives to review how the evaluate markets, technology, human resources, and competitiveness.
For example, prior to the invention of the Internet, companies like Blockbuster Video and even the United States postal service enjoyed smooth sailing profits from video rentals and standard postage fees. However, because of the Internet, local video store rentals became a thing of the past as did sending someone a letter or a birthday card in the mail. Technology was evolving and more people were renting their videos online from…...