Arvid Orbeck, Jr.: Hess Oil and Gas’ Environmental Expenditures
by Arvid Orbeck Jr
Entrepreneur Arvid Orbeck, Jr.’s work within the area of environmental remediation is extensive. His accomplishments include numerous patents and innovations, and he has worked with Hess Oil and Gas to remediate the impact of oil drilling.
Hess’ commitment to the environment is substantial. During 2008, it allocated $15 million in order to comply with state, local, and federal guidelines pertaining to environmental standards. Remediation is performed as needed in areas where the company’s actions, or actions of the past owners, have caused contamination in water or soil. These sites include offshore areas, terminals, gas stations, and refineries. Hess keeps a large reserve fund for remediation; during 2008, its reserve totaled $61 million. During the same year, the company spent roughly $23 million on remediation projects. 2008 also saw the beginning of the Hess Remediation Alliance, which aligns the company with its remediation contractors. The Alliance facilitates cost-effective, innovative approaches to the area of environmental liability.