Hess Corporation "HES", formerly Amerada Hess Corporation "AHC", is a global independent energy company engaged in the exploration and production of crude oil and natural gas. Hess, headquartered in New York City, placed #394 in the 2016 list of Fortune 500 corporations. In 2014, Hess completed a multi-year transformation to an exploration and production company by exiting all downstream operations, generating approximately $13 billion from assets sales beginning in 2013. Hess sold its gas station network to Marathon Petroleum; sold its wholesale and retail oil, natural gas and electricity marketing business to Direct Energy; closed its refineries in Port Reading NJ and St. Croix USVI; sold its bulk storage and terminalling business mostly to Buckeye Partners; and sold its 50% interests in two New Jersey power plants to their respective JV partners. Hess also sold its 50% interest in its JV commodities trading arm HETCO to Oaktree Capital. HETCO is now known as Hartree Partners.