A global merchant commodities firm


About us

Hartree Partners, LP® is a global merchant commodities firm specializing in energy and its associated industries. We focus on identifying value in the production, refinement, transportation and consumption of tradable commodities and anticipating opportunities in the supply chain where they may be under or over-valued.

Founded originally as Hess Energy Trading Company LLC (HETCO) in 1997, Hartree has a global reach spanning 10 offices and approximately 85 traders and originators. The company’s rigorous research, analytical approach, and entrepreneurial culture have contributed to its strong track record and growth over that time.

Hartree Partners LP is owned by the company’s Managing Partners, senior staff, and Oaktree Capital.

Our History

Hartree Partners, LP was first established in 1997 as Hess Energy Trading Company LLC (HETCO). HETCO was founded as a joint venture between Hess Corporation and the founding partners who operated the company, Stephen Hendel and Stephen Semlitz. They continue to lead Hartree today.

In 2014, it was announced that funds controlled by Oaktree Capital would be acquiring Hess Corporation’s interests in HETCO with the new company taking the name Hartree Partners, LP.

Current traders and originators include those with experience from the energy industry, financial institutions and other merchant trading firms.

Our Founders

Stephen Hendel
Founding Managing Director

  • Co-founded Hartree in March 1997 with Stephen Semlitz
  • Prior to Hartree was a Partner at Goldman Sachs from 1988-1996, Co-Head of the J. Aron Commodity and Currency Division from 1994-1996, and Co-Head of Energy Trading from 1986-1996
  • Served in various precious metals/energy trading and management roles at Goldman Sachs and J. Aron from 1980-1985
  • Received a B.A. from Yale University and a J.D. from the University of Connecticut School of Law

Stephen Semlitz
Founding Managing Director

  • Co-founded Hartree in March 1997 with Stephen Hendel
  • Prior to Hartree was a Partner and Co-Head of Energy Trading at Goldman Sachs from 1985-1996, where he developed the energy business from inception
  • Was head Metals Trader at Goldman Sachs, 1980-1985
  • Joined J. Aron in 1978, which merged with Goldman Sachs in 1981
  • Received a B.S. and MBA from Cornell University

Guy Merison
Founding Managing Director

  • Joined Hartree as the firm’s first hire in March 1997
  • Prior to Hartree, worked at Odyssey Partners as a Portfolio Manager in charge of commodities
  • Managed the Products Trading, Grain Trading, and Derivatives Group at Goldman Sachs, 1986-1995
  • Czarnikow Schroeder USA, 1981-1986

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