Hess, headquartered in New York City, placed #394 in the 2016 list of Fortune 500 corporations.[3] 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.[4] Hess sold its gas station network to Marathon Petroleum (which operates under the retail brand Speedway); 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 (Hovensa JV with PDVSA); 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 (Bayonne Energy Center: ArcLight Capital and Newark Energy Center: Ares EIF). Hess also sold its 50% interest in its JV commodities trading arm HETCO (Hess Energy Trading Company) to Oaktree Capital.