Hess

A glimpse of the savvy that built a global corporation from scratch

Hess: The Last Oil Baron profiles a titan of the oil industry, mapping the journey of the quintessential American dream. The story of Leon Hess follows an immigrant kosher butcher's son as he builds an oil dynasty that may never be matched. The multinational, multi-billion-dollar company began with a single second-hand delivery truck and the Rockefeller-caliber business acumen of one young man. Interviews with former employees, beneficiaries, and even his high school sweetheart provide an insider's perspective on the man behind the legacy, allowing today's aspiring entrepreneurs the opportunity to learn from one of the nation's most inspiring success stories.

Leon Hess built a global empire from the ground up. Along the way, he fought in a war, did business with Muammar Qaddafi, won a Super Bowl as the owner of the Jets, was involved in Watergate, and introduced the Hess toy truck that became a holiday tradition for millions of Americans. More than just a book of business strategy, Hess tells the story of a life fascinatingly lived, and the legacy he left behind.

• Discover the man behind the company, the Jets football team, and the iconic toy truck
• Learn how the actions of Leon Hess affected the modern push toward energy independence
• Study the strategy that turned a single-truck operation into a major integrated company
• Consider the challenges Hess Corp. faces to its family legacy today, and the solutions being implemented

Leon Hess' strategies and techniques can be emulated and imitated, but his entrepreneurial fire is something altogether more rare. Hess provides readers with a glimpse of the man whose unrivaled ambition changed an industry and a nation.

Preface vii

Chapter 1: Hess Family 1

Chapter 2: Hess at War 29

Chapter 3: After the War 41

Chapter 4: Amerada 55

Chapter 5: Hess Abroad 71

Chapter 6: Hess in DC 89

Chapter 7: Hess, Refined 107

Chapter 8: When You’re a Jet 127

Chapter 9: The Hess Truck’s Back 153

Chapter 10: Getting and Spending 163

Chapter 11: A New Hess 177

Chapter 12: Fight for Control 219

Chapter 13: The Last 245

Notes 253

References 263

Acknowledgments 271

About the Authors 273

Index 275

“Hess gives a vivid and compelling account of the way their company has tracked that changing world.” (Financial Times, December 2015)

TINA DAVIS is an editor for Bloomberg News and has been writing about energy issues for almost two decades. She previously worked for The Economist, the Sunday Times of London, and The Energy Daily.

JESSICA RESNICK-AULT is an editor for Thomson Reuters and has been writing about energy for more than a decade. She previously worked for Bloomberg News, Dow Jones Newswires, and The Providence Journal.

Why is Leon Hess given the title of the last oil baron? Hess: The Last Oil Baron profiles a brilliant yet very private man who created a multibillion-dollar, multinational, vertically integrated energy behemoth. Hess Corp. could do everything from finding oil in far-flung fields off the coast of Indonesia to selling you a tank of gas and a pack of gum at the local station on the corner.

Leon Hess was an immigrant kosher butcher's son from Asbury Park, New Jersey, who built an oil dynasty that may never be equaled. His journey began with a single second-hand delivery truck and the uncanny business sense of one young man. Hess: The Last Oil Baron is filled with interviews with former employees, beneficiaries, and even the manager of the football team he owned to offer a rare perspective on the man behind the legacy. His life and his company exemplified the dramatic changes in the U.S. and global energy industry in the 20th century.

Hess's remarkable story gives today's aspiring entrepreneurs the opportunity to learn from one of the nation's most inspiring success stories. However, there was more to Leon Hess than a man who built a global empire from the ground up. Hess fought in a war, did business with Muammar Qaddafi, won a Super Bowl as the owner of the Jets, was involved in Watergate, and introduced the Hess toy truck that became a holiday tradition for millions of Americans.

In the years following his death in 1999, Hess's legacy started to be erased from popular memory. Today, Leon's son and successor John is facing untold business challenges and what may be the end of the family era at Hess Corp. This compelling biography captures Leon Hess's extraordinary life story, the company he created, the man he was, and most important, the ways in which his life and industry changed the nation.

Why is Leon Hess given the title of the last oil baron? Hess: The Last Oil Baron profiles a brilliant yet very private man who created a multibillion-dollar, multinational, vertically integrated energy behemoth. Hess Corp. could do everything from finding oil in far-flung fields off the coast of Indonesia to selling you a tank of gas and a pack of gum at the local station on the corner.

Leon Hess was an immigrant kosher butcher's son from Asbury Park, New Jersey, who built an oil dynasty that may never be equaled. His journey began with a single second-hand delivery truck and the uncanny business sense of one young man. Hess: The Last Oil Baron is filled with interviews with former employees, beneficiaries, and even the manager of the football team he owned to offer a rare perspective on the man behind the legacy. His life and his company exemplified the dramatic changes in the U.S. and global energy industry in the 20th century.

Hess's remarkable story gives today's aspiring entrepreneurs the opportunity to learn from one of the nation's most inspiring success stories. However, there was more to Leon Hess than a man who built a global empire from the ground up. Hess fought in a war, did business with Muammar Qaddafi, won a Super Bowl as the owner of the Jets, was involved in Watergate, and introduced the Hess toy truck that became a holiday tradition for millions of Americans.

In the years following his death in 1999, Hess's legacy started to be erased from popular memory. Today, Leon's son and successor John is facing untold business challenges and what may be the end of the family era at Hess Corp. This compelling biography captures Leon Hess's extraordinary life story, the company he created, the man he was, and most important, the ways in which his life and industry changed the nation.