Oconto Electric Cooperative is a member-owned rural electric distribution utility. The co-op was originally formed in 1936, during a time period where large investor-owned utilities refused to bring electric power to the rural areas of this country. Their excuse, it would cost too much to build the system, farmers couldn't afford to pay for the electricity, and the investment would not provide them with a profitable return. With the formation of the Rural Electrification Administration (1935) and the passing of the Rural Electrification Act (1936), numerous rural areas throughout the United States began organizing their own electric cooperatives to bring power to the countryside. On October 13, 1937, Oconto Electric energized its system for the first time. The original system included 75 miles of line and five meters. In the next few years the system grew to over 1,000 meters, and Oconto Electric was here to stay. Today, OEC is one of over 900 rural electric co-ops in the United States, and one of 26 in the State of Wisconsin. OEC's present electric distribution system includes about 9,000 services and 1,300 miles of line throughout parts of Oconto, Marinette, Shawano and Menominee Counties in northeastern Wisconsin. A rural electric cooperative is a private, nonprofit enterprise, locally owned and managed, and incorporated under State law. It is owned by the members it serves, and each member has one vote in the affairs of the cooperative, regardless of the amount of electricity they use. Electric cooperatives have adopted plans whereby any revenues in excess of expenses are capital and are assigned to the individual members on a patronage basis. They provide retiring this capital as the board of directors determines. Under the by-laws of an electric cooperative, there is one annual membership meeting each year, at which consumers elect a board of directors from among their membership. The directors elect their own officers and employ a manager to run the co-op. Employees are responsible to the manager, the manager is responsible to the board, and the board is responsible to the membership at large.
Hess Corporation (Hess) is a global integrated energy company that operates in two segments: Exploration and Production (E&P) and Marketing and Refining (M&R). The E&P segment explores for, develops, produces, purchases, transports and sells crude oil and natural gas. These exploration and production activities take place principally in Algeria, Australia, Azerbaijan, Brazil, Denmark, Egypt, Equatorial Guinea, Gabon, Ghana, Indonesia, Libya, Malaysia, Norway, Russia, Thailand, the United Kingdom and the United States. The M&R segment manufactures, purchases, transports, trades and markets refined petroleum products, natural gas and electricity. As of December 31, 2007, the Company owned a 50% interest in a refinery joint venture in the United States Virgin Islands, and another refining facility, terminals and retail gasoline stations located on the East Coast of the United States. (Source: 10-K)
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