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    Hess Reports Estimated Results for the Third Quarter of 2024

    10/30/24 7:30:00 AM ET
    $HES
    Integrated oil Companies
    Energy
    Get the next $HES alert in real time by email

    Third Quarter Financial and Operational Highlights:

    • In September, the Corporation announced a 14% increase in its quarterly dividend, to $0.50 per share ($2.00 per share annualized)
    • Net income was $498 million, or $1.62 per share, in the third quarter of 2024, compared with net income of $504 million, or $1.64 per share, in the third quarter of 2023
    • Adjusted net income1 was $660 million, or $2.14 per share, in the third quarter of 2024, compared with net income of $504 million, or $1.64 per share, in the third quarter of 2023
    • E&P oil and gas net production was 461,000 barrels of oil equivalent per day (boepd), up 17% from 395,000 boepd in the third quarter of 2023
    • Bakken net production was 206,000 boepd, up 8% from 190,000 boepd in the third quarter of 2023
    • Guyana net production was 170,000 barrels of oil per day (bopd), up 57% from 108,000 bopd in the third quarter of 2023
    • E&P capital and exploratory expenditures were $1,104 million, compared with $998 million in the prior-year quarter

    Updated 2024 Full Year Guidance:

    • E&P capital and exploratory expenditures are expected to be approximately $4.9 billion, up from previous guidance of $4.2 billion, reflecting the decision to accelerate the purchase of the Liza Destiny and Prosperity floating production, storage and offloading vessels (FPSOs) to the fourth quarter of 2024 instead of in 2025

    Hess Corporation (NYSE:HES) today reported net income of $498 million, or $1.62 per share, in the third quarter of 2024, compared with net income of $504 million, or $1.64 per share, in the third quarter of 2023. On an adjusted basis, the Corporation reported net income of $660 million, or $2.14 per share, in the third quarter of 2024. The increase in adjusted after-tax earnings compared with the prior-year quarter primarily reflects higher production volumes, partially offset by lower realized selling prices in the third quarter of 2024.

    1.

    "Adjusted net income" is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. As provided in the reconciliation, there were no items identified as affecting comparability of earnings between periods for the three months ended September 30, 2023, so net income in accordance with GAAP is shown for that period.

    After-tax income (loss) by major operating activity was as follows:

     

    Three Months Ended

    September 30,

    (unaudited)

     

    Nine Months Ended

    September 30,

    (unaudited)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (In millions, except per share amounts)

    Net Income Attributable to Hess Corporation

     

     

     

     

    Exploration and Production

    $

    489

     

     

    $

    529

     

     

    $

    2,251

     

     

    $

    1,089

     

    Midstream

     

    69

     

     

     

    66

     

     

     

    202

     

     

     

    189

     

    Corporate, Interest and Other

     

    (60

    )

     

     

    (91

    )

     

     

    (226

    )

     

     

    (309

    )

    Net income attributable to Hess Corporation

    $

    498

     

     

    $

    504

     

     

    $

    2,227

     

     

    $

    969

     

    Net income per share (diluted)

    $

    1.62

     

     

    $

    1.64

     

     

    $

    7.23

     

     

    $

    3.15

     

     

     

     

     

     

     

     

     

    Adjusted Net Income Attributable to Hess Corporation

     

     

     

     

    Exploration and Production

    $

    651

     

     

    $

    529

     

     

    $

    2,465

     

     

    $

    1,171

     

    Midstream

     

    69

     

     

     

    66

     

     

     

    202

     

     

     

    189

     

    Corporate, Interest and Other

     

    (60

    )

     

     

    (91

    )

     

     

    (226

    )

     

     

    (309

    )

    Adjusted net income attributable to Hess Corporation

    $

    660

     

     

    $

    504

     

     

    $

    2,441

     

     

    $

    1,051

     

    Adjusted net income per share (diluted)

    $

    2.14

     

     

    $

    1.64

     

     

    $

    7.92

     

     

    $

    3.42

     

     

     

     

     

     

     

     

     

    Weighted average number of shares (diluted)

     

    308.3

     

     

     

    307.7

     

     

     

    308.2

     

     

     

    307.5

     

     

     

     

     

     

     

     

     

    Exploration and Production:

         E&P net income was $489 million in the third quarter of 2024, compared with $529 million in the third quarter of 2023. On an adjusted basis, E&P third quarter 2024 net income was $651 million. The Corporation's average realized crude oil selling price was $77.06 per barrel in the third quarter of 2024, compared with $81.53 per barrel, including the effect of hedging, in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the third quarter of 2024 was $20.91 per barrel, compared with $20.17 per barrel in the prior-year quarter, while the average realized natural gas selling price was $3.81 per mcf, compared with $4.57 per mcf in the third quarter of 2023.

         Net production was 461,000 boepd in the third quarter of 2024, compared with 395,000 boepd in the third quarter of 2023, primarily due to higher production in Guyana. In the fourth quarter of 2024, E&P net production is expected to be in the range of 475,000 boepd to 485,000 boepd, primarily reflecting recovery from downtime in the third quarter of 2024 at Guyana and Southeast Asia partially offset by planned maintenance at the Tubular Bells production facility in the fourth quarter of 2024.

         Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $13.84 per barrel of oil equivalent (boe) in the third quarter of 2024, compared with $14.04 per boe in the prior-year quarter.

    Operational Highlights for the Third Quarter of 2024:

         Bakken (Onshore U.S.): Net production from the Bakken was 206,000 boepd in the third quarter of 2024, compared with 190,000 boepd in the prior-year quarter, primarily reflecting increased drilling and completion activity. NGL and natural gas volumes received under percentage of proceeds contracts were 22,000 boepd in the third quarter of 2024, compared with 19,000 boepd in the third quarter of 2023. During the third quarter of 2024, the Corporation operated four rigs and drilled 32 wells, completed 36 wells, and brought 37 new wells online. The Corporation plans to continue operating four drilling rigs in the fourth quarter of 2024. Bakken net production is forecasted to be in the range of 200,000 boepd to 205,000 boepd in the fourth quarter of 2024, reflecting lower anticipated volumes received under percentage of proceeds contracts.

         Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico in the third quarter of 2024 was 38,000 boepd, compared with 28,000 boepd in the prior-year quarter, primarily due to start-up of the Pickerel well (Hess – 100%) that achieved first production in late June 2024 as a tieback to the Tubular Bells production facility, partially offset by hurricane-related downtime.

         Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 170,000 bopd2 in the third quarter of 2024, compared with 108,000 bopd2 in the prior-year quarter, primarily due to the start-up of the third development on the block, Payara, which commenced production in November 2023. Guyana net production is forecasted to be in the range of 185,000 bopd2 to 190,000 bopd2 in the fourth quarter of 2024, reflecting recovery from planned downtime in the third quarter. In the third quarter of 2024, 14 cargos of crude oil were sold from Guyana, compared with nine cargos in the prior-year quarter. In the fourth quarter of 2024, 15 cargos of crude oil are expected to be sold.

         The fourth development on the block, Yellowtail, was sanctioned in April 2022 with a production capacity of approximately 250,000 gross bopd and first production expected in 2025. The fifth development, Uaru, was sanctioned in April 2023 with a production capacity of approximately 250,000 gross bopd and first production expected in 2026. The sixth development, Whiptail, was sanctioned in April 2024 and is expected to add production capacity of approximately 250,000 gross bopd by the end of 2027. The application for the environmental permit for the seventh development, Hammerhead, has been filed with Guyana's Environmental Protection Agency. Pending government and regulatory approval and project sanctioning, the development is expected to have a production capacity in the range of 120,000 to 180,000 gross bopd, with first oil anticipated in 2029.

         Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 47,000 boepd in the third quarter of 2024, compared with 69,000 boepd in the prior-year quarter, primarily due to planned and unplanned maintenance at JDA and planned maintenance at North Malay Basin during the third quarter of 2024.

    Midstream:

         The Midstream segment had net income of $69 million in the third quarter of 2024, compared with net income of $66 million in the prior-year quarter.

         In September 2024, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP (HESM), repurchased approximately 2.8 million HESM Opco Class B units held by Hess Corporation and Global Infrastructure Partners for $100 million, of which the Corporation received $38 million. The Corporation continues to own approximately 37.8% of HESM on a consolidated basis.

    Corporate, Interest and Other:

         After-tax expense for Corporate, Interest and Other was $60 million in the third quarter of 2024, compared with $91 million in the third quarter of 2023, reflecting higher capitalized interest.

    Capital and Exploratory Expenditures:

         E&P capital and exploratory expenditures were $1,104 million in the third quarter of 2024, compared with $998 million in the prior-year quarter, primarily due to higher development activities in Guyana. Full year 2024 E&P capital and exploratory expenditures are expected to be approximately $4.9 billion, reflecting the decision to accelerate the purchase of the Liza Destiny and Prosperity FPSOs to the fourth quarter of 2024 instead of in 2025, for approximately $635 million.

         Midstream capital expenditures were $96 million in the third quarter of 2024 and $65 million in the prior-year quarter.

    Liquidity:

         Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $1.9 billion and debt and finance lease obligations totaling $5.3 billion at September 30, 2024. The Midstream segment had cash and cash equivalents of $11 million and total debt of $3.5 billion at September 30, 2024. The Corporation's debt to capitalization ratio as defined in its debt covenants was 28.9% at September 30, 2024 and 33.6% at December 31, 2023. In July 2024, the Corporation repaid $300 million principal amount of senior unsecured notes. In September 2024, the Corporation increased its quarterly dividend to $0.50 per share, commencing in the third quarter.

        Net cash provided by operating activities was $1,510 million in the third quarter of 2024, compared with $986 million in the third quarter of 2023. Net cash provided by operating activities before changes in operating assets and liabilities3 was $1,511 million in the third quarter of 2024, compared with $1,249 million in the prior-year quarter, primarily due to higher production volumes, partially offset by lower realized selling prices in the third quarter of 2024. During the third quarter of 2024 and the third quarter of 2023, changes in operating assets and liabilities decreased cash flow from operating activities by $1 million and $263 million, respectively.

    Items Affecting Comparability of Earnings Between Periods:

         The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:

     

    Three Months Ended

    September 30,

    (unaudited)

     

    Nine Months Ended

    September 30,

    (unaudited)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

     

    2023

     

     

    (In millions)

    Exploration and Production

    $

    (162

    )

     

    $

    —

     

    $

    (214

    )

     

    $

    (82

    )

    Midstream

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

    Corporate, Interest and Other

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

    Total items affecting comparability of earnings between periods

    $

    (162

    )

     

    $

    —

     

    $

    (214

    )

     

    $

    (82

    )

         Third Quarter 2024: E&P results include a noncash charge of $92 million ($92 million after income taxes) to fully impair the net book value of the Corporation's interests in the Conger asset due to a mechanical issue on a producing well, and a charge of $40 million ($38 million after income taxes) resulting from updates to the Corporation's estimated abandonment liabilities for uneconomic properties primarily in the Gulf of Mexico. E&P results also include a noncash charge of $35 million ($32 million after income taxes) recorded to Other, net in the income statement, resulting from amendments to the Corporation's pension plan in the United Kingdom, associated with the purchase of a bulk annuity policy as part of the ongoing process to settle the plan's liabilities.

    2.

    Net production from Guyana included 25,000 bopd of tax barrels in the third quarter of 2024 and 14,000 bopd of tax barrels in the third quarter of 2023. Net production guidance for Guyana for the fourth quarter of 2024 includes tax barrels of approximately 25,000 bopd.

    3.

    "Net cash provided by (used in) operating activities before changes in operating assets and liabilities" is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively.

    Reconciliation of U.S. GAAP to Non-GAAP Measures:

         The following table reconciles reported net income attributable to Hess Corporation and adjusted net income:

     

    Three Months Ended

    September 30,

    (unaudited)

     

    Nine Months Ended

    September 30,

    (unaudited)

     

     

    2024

     

     

    2023

     

     

    2024

     

     

     

    2023

     

     

    (In millions)

    Net income attributable to Hess Corporation

    $

    498

     

     

    $

    504

     

    $

    2,227

     

     

    $

    969

     

    Less: Total items affecting comparability of earnings between periods

     

    (162

    )

     

     

    —

     

     

    (214

    )

     

     

    (82

    )

    Adjusted net income attributable to Hess Corporation

    $

    660

     

     

    $

    504

     

    $

    2,441

     

     

    $

    1,051

     

         The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:

     

    Three Months Ended

    September 30,

    (unaudited)

     

    Nine Months Ended

    September 30,

    (unaudited)

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (In millions)

    Net cash provided by (used in) operating activities before changes in operating assets and liabilities

    $

    1,511

     

     

    $

    1,249

     

     

    $

    4,832

     

     

    $

    3,255

     

    Changes in operating assets and liabilities

     

    (1

    )

     

     

    (263

    )

     

     

    (544

    )

     

     

    (657

    )

    Net cash provided by (used in) operating activities

    $

    1,510

     

     

    $

    986

     

     

    $

    4,288

     

     

    $

    2,598

     

         Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its third quarter 2024 results.

         Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com.

    Forward-looking Statements

    This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate," "estimate," "expect," "forecast," "guidance," "could," "may," "should," "would," "believe," "intend," "project," "plan," "predict," "will," "target" and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected timing and completion of our proposed merger with Chevron.

    Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry; reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of HESM; risks and uncertainties associated with our proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC).

    As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

    Non-GAAP financial measures

    The Corporation has used non-GAAP financial measures in this earnings release. "Adjusted net income" presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. "Net cash provided by (used in) operating activities before changes in operating assets and liabilities" presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income to evaluate the Corporation's operating performance and believes that investors' understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation's ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income or net cash provided by (used in) operating activities. A reconciliation of reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income, and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities are provided in the release.

    Cautionary Note to Investors

    We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation's Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Third

    Quarter

    2024

     

    Third

    Quarter

    2023

     

    Second

    Quarter

    2024

    Income Statement

     

     

     

     

     

    Revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    3,191

     

    $

    2,800

     

    $

    3,202

    Gains on asset sales, net

     

    1

     

     

    2

     

     

    —

    Other, net

     

    5

     

     

    35

     

     

    53

    Total revenues and non-operating income

     

    3,197

     

     

    2,837

     

     

    3,255

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas

     

    713

     

     

    696

     

     

    632

    Operating costs and expenses

     

    527

     

     

    467

     

     

    490

    Production and severance taxes

     

    61

     

     

    61

     

     

    64

    Exploration expenses, including dry holes and lease impairment

     

    44

     

     

    65

     

     

    101

    General and administrative expenses

     

    118

     

     

    115

     

     

    115

    Interest expense

     

    100

     

     

    117

     

     

    106

    Depreciation, depletion and amortization

     

    638

     

     

    499

     

     

    600

    Impairment

     

    132

     

     

    —

     

     

    —

    Total costs and expenses

     

    2,333

     

     

    2,020

     

     

    2,108

    Income before income taxes

     

    864

     

     

    817

     

     

    1,147

    Provision for income taxes

     

    270

     

     

    215

     

     

    296

    Net income

     

    594

     

     

    602

     

     

    851

    Less: Net income attributable to noncontrolling interests

     

    96

     

     

    98

     

     

    94

    Net income attributable to Hess Corporation

    $

    498

     

    $

    504

     

    $

    757

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Nine Months Ended

    September 30,

    Income Statement

    2024

     

    2023

    Revenues and non-operating income

     

     

     

    Sales and other operating revenues

    $

    9,702

     

    $

    7,500

    Gains on asset sales, net

     

    1

     

     

    2

    Other, net

     

    90

     

     

    108

    Total revenues and non-operating income

     

    9,793

     

     

    7,610

    Costs and expenses

     

     

     

    Marketing, including purchased oil and gas

     

    1,967

     

     

    1,846

    Operating costs and expenses

     

    1,429

     

     

    1,303

    Production and severance taxes

     

    181

     

     

    155

    Exploration expenses, including dry holes and lease impairment

     

    187

     

     

    230

    General and administrative expenses

     

    357

     

     

    359

    Interest expense

     

    319

     

     

    362

    Depreciation, depletion and amortization

     

    1,795

     

     

    1,487

    Impairment

     

    132

     

     

    82

    Total costs and expenses

     

    6,367

     

     

    5,824

    Income before income taxes

     

    3,426

     

     

    1,786

    Provision for income taxes

     

    914

     

     

    551

    Net income

     

    2,512

     

     

    1,235

    Less: Net income attributable to noncontrolling interests

     

    285

     

     

    266

    Net income attributable to Hess Corporation

    $

    2,227

     

    $

    969

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     
     

     

    September 30,

    2024

     

    December 31,

    2023

    Balance Sheet Information

     

     

     

    Assets

     

     

     

    Cash and cash equivalents

    $

    1,864

     

     

    $

    1,688

     

    Other current assets

     

    1,843

     

     

     

    1,742

     

    Property, plant and equipment – net

     

    18,963

     

     

     

    17,432

     

    Operating lease right-of-use assets – net

     

    674

     

     

     

    720

     

    Finance lease right-of-use assets – net

     

    95

     

     

     

    108

     

    Other long-term assets

     

    2,794

     

     

     

    2,317

     

    Total assets

    $

    26,233

     

     

    $

    24,007

     

    Liabilities and equity

     

     

     

    Current portion of long-term debt

    $

    20

     

     

    $

    311

     

    Current portion of operating and finance lease obligations

     

    322

     

     

     

    370

     

    Other current liabilities

     

    2,598

     

     

     

    2,589

     

    Long-term debt

     

    8,576

     

     

     

    8,302

     

    Long-term operating lease obligations

     

    454

     

     

     

    459

     

    Long-term finance lease obligations

     

    138

     

     

     

    156

     

    Other long-term liabilities

     

    2,523

     

     

     

    2,218

     

    Total equity excluding accumulated other comprehensive income (loss)

     

    11,010

     

     

     

    9,120

     

    Accumulated other comprehensive income (loss)

     

    (189

    )

     

     

    (134

    )

    Noncontrolling interests

     

    781

     

     

     

    616

     

    Total liabilities and equity

    $

    26,233

     

     

    $

    24,007

     

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (
    IN MILLIONS)

     
     

     

    September 30,

    2024

     

    December 31,

    2023

    Total Debt

     

     

     

    Hess Corporation

    $

    5,106

     

    $

    5,402

    Midstream (a)

     

    3,490

     

     

    3,211

    Hess Consolidated

    $

    8,596

     

    $

    8,613

    (a) Midstream debt is non-recourse to Hess Corporation.

     

    September 30,

    2024

     

    December 31,

    2023

    Debt to Capitalization Ratio (a)

     

     

     

    Hess Consolidated

    43.0%

     

    47.8%

    Hess Corporation as defined in debt covenants

    28.9%

     

    33.6%

    (a) Includes finance lease obligations.

     

     

    Three Months Ended

    September 30,

     

    Nine Months Ended

    September 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Interest Expense

     

     

     

     

     

     

     

    Gross interest expense – Hess Corporation

    $

    84

     

     

    $

    85

     

     

    $

    257

     

     

    $

    259

     

    Less: Capitalized interest – Hess Corporation

     

    (37

    )

     

     

    (14

    )

     

     

    (90

    )

     

     

    (29

    )

    Interest expense – Hess Corporation

     

    47

     

     

     

    71

     

     

     

    167

     

     

     

    230

     

    Interest expense – Midstream (a)

     

    53

     

     

     

    46

     

     

     

    152

     

     

     

    132

     

    Interest expense – Hess Consolidated

    $

    100

     

     

    $

    117

     

     

    $

    319

     

     

    $

    362

     

    (a) Midstream interest expense is reported in the Midstream operating segment.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Third

    Quarter

    2024

     

    Third

    Quarter

    2023

     

    Second

    Quarter

    2024

    Cash Flow Information

     

     

     

     

     

    Cash Flows from Operating Activities

     

     

     

     

     

    Net income

    $

    594

     

     

    $

    602

     

     

    $

    851

     

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:

     

     

     

     

     

    (Gains) on asset sales, net

     

    (1

    )

     

     

    (2

    )

     

     

    —

     

    Depreciation, depletion and amortization

     

    638

     

     

     

    499

     

     

     

    600

     

    Impairment

     

    132

     

     

     

    —

     

     

     

    —

     

    Exploratory dry hole costs

     

    4

     

     

     

    4

     

     

     

    63

     

    Exploration lease impairment

     

    6

     

     

     

    11

     

     

     

    7

     

    Pension prior service cost

     

    35

     

     

     

    —

     

     

     

    —

     

    Stock compensation expense

     

    20

     

     

     

    16

     

     

     

    20

     

    Noncash (gains) losses on commodity derivatives, net

     

    —

     

     

     

    52

     

     

     

    —

     

    Provision (benefit) for deferred income taxes and other tax accruals

     

    83

     

     

     

    67

     

     

     

    51

     

    Net cash provided by (used in) operating activities before changes in operating assets and liabilities

     

    1,511

     

     

     

    1,249

     

     

     

    1,592

     

    Changes in operating assets and liabilities

     

    (1

    )

     

     

    (263

    )

     

     

    301

     

    Net cash provided by (used in) operating activities

     

    1,510

     

     

     

    986

     

     

     

    1,893

     

    Cash Flows from Investing Activities

     

     

     

     

     

    Additions to property, plant and equipment - E&P

     

    (990

    )

     

     

    (953

    )

     

     

    (1,087

    )

    Additions to property, plant and equipment - Midstream

     

    (92

    )

     

     

    (53

    )

     

     

    (64

    )

    Proceeds from asset sales, net of cash sold

     

    1

     

     

     

    3

     

     

     

    —

     

    Other, net

     

    (5

    )

     

     

    (1

    )

     

     

    (1

    )

    Net cash provided by (used in) investing activities

     

    (1,086

    )

     

     

    (1,004

    )

     

     

    (1,152

    )

    Cash Flows from Financing Activities

     

     

     

     

     

    Net borrowings (repayments) of debt with maturities of 90 days or less

     

    30

     

     

     

    78

     

     

     

    (455

    )

    Debt with maturities of greater than 90 days:

     

     

     

     

     

    Borrowings

     

    —

     

     

     

    —

     

     

     

    600

     

    Repayments

     

    (303

    )

     

     

    —

     

     

     

    (2

    )

    Cash dividends paid

     

    (154

    )

     

     

    (134

    )

     

     

    (134

    )

    Noncontrolling interests, net

     

    (154

    )

     

     

    (136

    )

     

     

    (154

    )

    Employee stock options exercised

     

    —

     

     

     

    6

     

     

     

    2

     

    Payments on finance lease obligations

     

    (3

    )

     

     

    (3

    )

     

     

    (2

    )

    Other, net

     

    (1

    )

     

     

    (1

    )

     

     

    (9

    )

    Net cash provided by (used in) financing activities

     

    (585

    )

     

     

    (190

    )

     

     

    (154

    )

    Net Increase (Decrease) in Cash and Cash Equivalents

     

    (161

    )

     

     

    (208

    )

     

     

    587

     

    Cash and Cash Equivalents at Beginning of Period

     

    2,025

     

     

     

    2,226

     

     

     

    1,438

     

    Cash and Cash Equivalents at End of Period

    $

    1,864

     

     

    $

    2,018

     

     

    $

    2,025

     

     

     

     

     

     

     

    Additions to Property, Plant and Equipment included within Investing Activities

    Capital expenditures incurred

    $

    (1,166

    )

     

    $

    (1,013

    )

     

    $

    (1,193

    )

    Increase (decrease) in related liabilities

     

    84

     

     

     

    7

     

     

     

    42

     

    Additions to property, plant and equipment

    $

    (1,082

    )

     

    $

    (1,006

    )

     

    $

    (1,151

    )

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Nine Months Ended

    September 30,

     

     

    2024

     

     

     

    2023

     

     

     

     

     

    Cash Flow Information

     

     

     

    Cash Flows from Operating Activities

     

     

     

    Net income

    $

    2,512

     

     

    $

    1,235

     

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:

     

     

     

    (Gains) on asset sales, net

     

    (1

    )

     

     

    (2

    )

    Depreciation, depletion and amortization

     

    1,795

     

     

     

    1,487

     

    Impairment

     

    132

     

     

     

    82

     

    Exploratory dry hole costs

     

    67

     

     

     

    97

     

    Exploration lease impairment

     

    16

     

     

     

    24

     

    Pension prior service cost

     

    35

     

     

     

    —

     

    Stock compensation expense

     

    79

     

     

     

    69

     

    Noncash (gains) losses on commodity derivatives, net

     

    —

     

     

     

    104

     

    Provision (benefit) for deferred income taxes and other tax accruals

     

    197

     

     

     

    159

     

    Net cash provided by (used in) operating activities before changes in operating assets and liabilities

     

    4,832

     

     

     

    3,255

     

    Changes in operating assets and liabilities

     

    (544

    )

     

     

    (657

    )

    Net cash provided by (used in) operating activities

     

    4,288

     

     

     

    2,598

     

    Cash Flows from Investing Activities

     

     

     

    Additions to property, plant and equipment - E&P

     

    (2,979

    )

     

     

    (2,504

    )

    Additions to property, plant and equipment - Midstream

     

    (211

    )

     

     

    (160

    )

    Proceeds from asset sales, net of cash sold

     

    1

     

     

     

    3

     

    Other, net

     

    (7

    )

     

     

    (5

    )

    Net cash provided by (used in) investing activities

     

    (3,196

    )

     

     

    (2,666

    )

    Cash Flows from Financing Activities

     

     

     

    Net borrowings (repayments) of debt with maturities of 90 days or less

     

    (310

    )

     

     

    258

     

    Debt with maturities of greater than 90 days:

     

     

     

    Borrowings

     

    600

     

     

     

    —

     

    Repayments

     

    (308

    )

     

     

    —

     

    Cash dividends paid

     

    (425

    )

     

     

    (405

    )

    Common stock acquired and retired

     

    —

     

     

     

    (20

    )

    Proceeds from sale of Class A shares of Hess Midstream LP

     

    —

     

     

     

    167

     

    Noncontrolling interests, net

     

    (459

    )

     

     

    (399

    )

    Employee stock options exercised

     

    13

     

     

     

    10

     

    Payments on finance lease obligations

     

    (8

    )

     

     

    (7

    )

    Other, net

     

    (19

    )

     

     

    (4

    )

    Net cash provided by (used in) financing activities

     

    (916

    )

     

     

    (400

    )

    Net Increase (Decrease) in Cash and Cash Equivalents

     

    176

     

     

     

    (468

    )

    Cash and Cash Equivalents at Beginning of Period

     

    1,688

     

     

     

    2,486

     

    Cash and Cash Equivalents at End of Period

    $

    1,864

     

     

    $

    2,018

     

     

     

     

     

    Additions to Property, Plant and Equipment included within Investing Activities

    Capital expenditures incurred

    $

    (3,282

    )

     

    $

    (2,761

    )

    Increase (decrease) in related liabilities

     

    92

     

     

     

    97

     

    Additions to property, plant and equipment

    $

    (3,190

    )

     

    $

    (2,664

    )

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Third

    Quarter

    2024

     

    Third

    Quarter

    2023

     

    Second

    Quarter

    2024

    Capital and Exploratory Expenditures

     

     

     

     

     

    E&P Capital and exploratory expenditures

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    342

     

    $

    329

     

    $

    318

    Offshore and Other

     

    77

     

     

    115

     

     

    138

    Total United States

     

    419

     

     

    444

     

     

    456

    Guyana

     

    634

     

     

    509

     

     

    642

    Malaysia and JDA

     

    49

     

     

    43

     

     

    43

    Other

     

    2

     

     

    2

     

     

    10

    E&P Capital and exploratory expenditures

    $

    1,104

     

    $

    998

     

    $

    1,151

     

     

     

     

     

     

    Total exploration expenses charged to income included above

    $

    34

     

    $

    50

     

    $

    31

     

     

     

     

     

     

    Midstream Capital expenditures

    $

    96

     

    $

    65

     

    $

    73

     

     

    Nine Months Ended

    September 30,

     

    2024

     

    2023

     

     

     

     

    Capital and Exploratory Expenditures

     

     

     

    E&P Capital and exploratory expenditures

     

     

     

    United States

     

     

     

    North Dakota

    $

    948

     

    $

    825

    Offshore and Other

     

    374

     

     

    226

    Total United States

     

    1,322

     

     

    1,051

    Guyana

     

    1,723

     

     

    1,471

    Malaysia and JDA

     

    120

     

     

    134

    Other (a)

     

    17

     

     

    40

    E&P Capital and exploratory expenditures

    $

    3,182

     

    $

    2,696

     

     

     

     

    Total exploration expenses charged to income included above

    $

    104

     

    $

    109

     

     

     

     

    Midstream Capital expenditures

    $

    204

     

    $

    174

    (a) Other in 2023 includes capital and exploratory expenditures mainly associated with Canada.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Third Quarter 2024

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    1,674

     

     

    $

    1,509

     

     

    $

    3,183

     

    Gains on asset sales, net

     

    1

     

     

     

    —

     

     

     

    1

     

    Other, net

     

    8

     

     

     

    (25

    )

     

     

    (17

    )

    Total revenues and non-operating income

     

    1,683

     

     

     

    1,484

     

     

     

    3,167

     

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    689

     

     

     

    41

     

     

     

    730

     

    Operating costs and expenses

     

    263

     

     

     

    180

     

     

     

    443

     

    Production and severance taxes

     

    55

     

     

     

    6

     

     

     

    61

     

    Midstream tariffs

     

    349

     

     

     

    —

     

     

     

    349

     

    Exploration expenses, including dry holes and lease impairment

     

    36

     

     

     

    8

     

     

     

    44

     

    General and administrative expenses

     

    76

     

     

     

    7

     

     

     

    83

     

    Depreciation, depletion and amortization

     

    323

     

     

     

    262

     

     

     

    585

     

    Impairment

     

    127

     

     

     

    5

     

     

     

    132

     

    Total costs and expenses

     

    1,918

     

     

     

    509

     

     

     

    2,427

     

    Results of operations before income taxes

     

    (235

    )

     

     

    975

     

     

     

    740

     

    Provision for income taxes

     

    —

     

     

     

    251

     

     

     

    251

     

    Net income (loss) attributable to Hess Corporation

    $

    (235

    )

     

    $

    724

     

     

    $

    489

     

     

     

     

     

     

     

     

    Third Quarter 2023

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    1,651

     

     

    $

    1,147

     

     

    $

    2,798

     

    Other, net

     

    4

     

     

     

    8

     

     

     

    12

     

    Total revenues and non-operating income

     

    1,655

     

     

     

    1,155

     

     

     

    2,810

     

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    693

     

     

     

    26

     

     

     

    719

     

    Operating costs and expenses

     

    226

     

     

     

    158

     

     

     

    384

     

    Production and severance taxes

     

    59

     

     

     

    2

     

     

     

    61

     

    Midstream tariffs

     

    332

     

     

     

    —

     

     

     

    332

     

    Exploration expenses, including dry holes and lease impairment

     

    45

     

     

     

    20

     

     

     

    65

     

    General and administrative expenses

     

    56

     

     

     

    10

     

     

     

    66

     

    Depreciation, depletion and amortization

     

    234

     

     

     

    217

     

     

     

    451

     

    Total costs and expenses

     

    1,645

     

     

     

    433

     

     

     

    2,078

     

    Results of operations before income taxes

     

    10

     

     

     

    722

     

     

     

    732

     

    Provision for income taxes

     

    —

     

     

     

    203

     

     

     

    203

     

    Net income (loss) attributable to Hess Corporation

    $

    10

     

    (b)

    $

    519

     

    (c)

    $

    529

     

    (a) Includes amounts charged from the Midstream segment.

    (b) Includes after-tax losses from realized crude oil hedging activities of $33 million (noncash premium amortization: $33 million; cash settlement: $0 million).

    (c) Includes after-tax losses from realized crude oil hedging activities of $19 million (noncash premium amortization: $19 million; cash settlement: $0 million).

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

    (IN MILLIONS)

     

     

    Second Quarter 2024

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    1,540

     

     

    $

    1,655

     

    $

    3,195

    Other, net

     

    12

     

     

     

    19

     

     

    31

    Total revenues and non-operating income

     

    1,552

     

     

     

    1,674

     

     

    3,226

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    617

     

     

     

    34

     

     

    651

    Operating costs and expenses

     

    229

     

     

     

    177

     

     

    406

    Production and severance taxes

     

    61

     

     

     

    3

     

     

    64

    Midstream tariffs

     

    335

     

     

     

    —

     

     

    335

    Exploration expenses, including dry holes and lease impairment

     

    25

     

     

     

    76

     

     

    101

    General and administrative expenses

     

    65

     

     

     

    9

     

     

    74

    Depreciation, depletion and amortization

     

    266

     

     

     

    284

     

     

    550

    Total costs and expenses

     

    1,598

     

     

     

    583

     

     

    2,181

    Results of operations before income taxes

     

    (46

    )

     

     

    1,091

     

     

    1,045

    Provision for income taxes

     

    —

     

     

     

    280

     

     

    280

    Net income (loss) attributable to Hess Corporation

    $

    (46

    )

     

    $

    811

     

    $

    765

    (a) Includes amounts charged from the Midstream segment.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

    (IN MILLIONS)

     
     

     

    Nine Months Ended September 30, 2024

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    4,737

     

     

    $

    4,944

     

     

    $

    9,681

    Gains on asset sales, net

     

    1

     

     

     

    —

     

     

     

    1

    Other, net

     

    30

     

     

     

    (5

    )

     

     

    25

    Total revenues and non-operating income

     

    4,768

     

     

     

    4,939

     

     

     

    9,707

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    1,895

     

     

     

    126

     

     

     

    2,021

    Operating costs and expenses

     

    697

     

     

     

    490

     

     

     

    1,187

    Production and severance taxes

     

    170

     

     

     

    11

     

     

     

    181

    Midstream tariffs

     

    1,012

     

     

     

    —

     

     

     

    1,012

    Exploration expenses, including dry holes and lease impairment

     

    95

     

     

     

    92

     

     

     

    187

    General and administrative expenses

     

    205

     

     

     

    24

     

     

     

    229

    Depreciation, depletion and amortization

     

    833

     

     

     

    809

     

     

     

    1,642

    Impairment

     

    127

     

     

     

    5

     

     

     

    132

    Total costs and expenses

     

    5,034

     

     

     

    1,557

     

     

     

    6,591

    Results of operations before income taxes

     

    (266

    )

     

     

    3,382

     

     

     

    3,116

    Provision for income taxes

     

    —

     

     

     

    865

     

     

     

    865

    Net income (loss) attributable to Hess Corporation

    $

    (266

    )

     

    $

    2,517

     

     

    $

    2,251

     

    Nine Months Ended September 30, 2023

    Income Statement

    United States

     

    International

     

    Total

    Total revenues and non-operating income

     

     

     

     

     

    Sales and other operating revenues

    $

    4,315

     

     

    $

    3,179

     

    $

    7,494

    Other, net

     

    19

     

     

     

    15

     

     

    34

    Total revenues and non-operating income

     

    4,334

     

     

     

    3,194

     

     

    7,528

    Costs and expenses

     

     

     

     

     

    Marketing, including purchased oil and gas (a)

     

    1,814

     

     

     

    88

     

     

    1,902

    Operating costs and expenses

     

    672

     

     

     

    419

     

     

    1,091

    Production and severance taxes

     

    150

     

     

     

    5

     

     

    155

    Midstream tariffs

     

    917

     

     

     

    —

     

     

    917

    Exploration expenses, including dry holes and lease impairment

     

    88

     

     

     

    142

     

     

    230

    General and administrative expenses

     

    160

     

     

     

    33

     

     

    193

    Depreciation, depletion and amortization

     

    649

     

     

     

    695

     

     

    1,344

    Impairment

     

    82

     

     

     

    —

     

     

    82

    Total costs and expenses

     

    4,532

     

     

     

    1,382

     

     

    5,914

    Results of operations before income taxes

     

    (198

    )

     

     

    1,812

     

     

    1,614

    Provision for income taxes

     

    —

     

     

     

    525

     

     

    525

    Net income (loss) attributable to Hess Corporation

    $

    (198

    )

    (b)

    $

    1,287

    (c)

    $

    1,089

    (a) Includes amounts charged from the Midstream segment.

    (b) Includes after-tax losses from realized crude oil hedging activities of $94 million (noncash premium amortization: $94 million; cash settlement: $0 million).

    (c) Includes after-tax losses from realized crude oil hedging activities of $44 million (noncash premium amortization: $44 million; cash settlement: $0 million).

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     
     

     

    Third

    Quarter

    2024

     

    Third

    Quarter

    2023

     

    Second

    Quarter

    2024

    Net Production Per Day (in thousands)

     

     

     

     

     

    Crude oil - barrels

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    91

     

    87

     

    93

    Offshore

    28

     

    21

     

    18

    Total United States

    119

     

    108

     

    111

    Guyana (a)

    170

     

    108

     

    192

    Malaysia and JDA

    4

     

    5

     

    5

    Total

    293

     

    221

     

    308

     

     

     

     

     

     

    Natural gas liquids - barrels

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    75

     

    70

     

    76

    Offshore

    3

     

    1

     

    1

    Total United States

    78

     

    71

     

    77

     

     

     

     

     

     

    Natural gas - mcf

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    238

     

    195

     

    256

    Offshore

    42

     

    37

     

    28

    Total United States

    280

     

    232

     

    284

    Malaysia and JDA

    258

     

    383

     

    369

    Total

    538

     

    615

     

    653

     

     

     

     

     

     

    Barrels of oil equivalent

    461

     

    395

     

    494

    (a) Production from Guyana includes 25,000 bopd of tax barrels in the third quarter of 2024, 14,000 bopd of tax barrels in the third quarter of 2023 and 29,000 bopd of tax barrels in the second quarter of 2024.

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     
     

     

    Nine Months Ended

    September 30,

     

    2024

     

    2023

    Net Production Per Day (in thousands)

     

     

     

    Crude oil - barrels

     

     

     

    United States

     

     

     

    North Dakota

    91

     

    81

    Offshore

    23

     

    22

    Total United States

    114

     

    103

    Guyana (a)

    183

     

    110

    Malaysia and JDA

    5

     

    4

    Total

    302

     

    217

     

     

     

     

    Natural gas liquids - barrels

     

     

     

    United States

     

     

     

    North Dakota

    73

     

    66

    Offshore

    3

     

    2

    Total United States

    76

     

    68

     

     

     

     

    Natural gas - mcf

     

     

     

    United States

     

     

     

    North Dakota

    232

     

    187

    Offshore

    37

     

    43

    Total United States

    269

     

    230

    Malaysia and JDA

    327

     

    370

    Total

    596

     

    600

     

     

     

     

    Barrels of oil equivalent

    477

     

    385

    (a) Production from Guyana includes 29,000 bopd of tax barrels in the first nine months of 2024 and 14,000 bopd of tax barrels in the first nine months of 2023.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     
     

     

    Third

    Quarter

    2024

     

    Third

    Quarter

    2023

     

    Second

    Quarter

    2024

    Sales Volumes Per Day (in thousands) (a)

     

     

     

     

     

    Crude oil – barrels

    295

     

    223

     

    293

    Natural gas liquids – barrels

    77

     

    71

     

    76

    Natural gas – mcf

    538

     

    615

     

    653

    Barrels of oil equivalent

    462

     

    397

     

    478

     

     

     

     

     

     

    Sales Volumes (in thousands) (a)

     

     

     

     

     

    Crude oil – barrels

    27,185

     

    20,519

     

    26,677

    Natural gas liquids – barrels

    7,113

     

    6,500

     

    6,925

    Natural gas – mcf

    49,492

     

    56,553

     

    59,402

    Barrels of oil equivalent

    42,547

     

    36,445

     

    43,502

     

     

    Nine Months Ended

    September 30,

     

    2024

     

    2023

    Sales Volumes Per Day (in thousands) (a)

     

     

     

    Crude oil – barrels

    299

     

    218

    Natural gas liquids – barrels

    76

     

    67

    Natural gas – mcf

    596

     

    600

    Barrels of oil equivalent

    474

     

    385

     

     

     

     

    Sales Volumes (in thousands) (a)

     

     

     

    Crude oil – barrels

    81,915

     

    59,420

    Natural gas liquids – barrels

    20,688

     

    18,345

    Natural gas – mcf

    163,389

     

    163,793

    Barrels of oil equivalent

    129,835

     

    105,064

    (a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported.

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     
     

     

    Third

    Quarter

    2024

     

    Third

    Quarter

    2023

     

    Second

    Quarter

    2024

    Average Selling Prices

     

     

     

     

     

    Crude oil - per barrel (including hedging)

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    72.74

     

    $

    76.06

     

    $

    75.84

    Offshore

     

    75.32

     

     

    78.50

     

     

    80.21

    Total United States

     

    73.35

     

     

    76.56

     

     

    76.54

    Guyana

     

    79.51

     

     

    86.24

     

     

    82.53

    Malaysia and JDA

     

    80.24

     

     

    87.21

     

     

    82.77

    Worldwide

     

    77.06

     

     

    81.53

     

     

    80.29

     

     

     

     

     

     

    Crude oil - per barrel (excluding hedging)

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    72.74

     

    $

    79.43

     

    $

    75.84

    Offshore

     

    75.32

     

     

    81.86

     

     

    80.21

    Total United States

     

    73.35

     

     

    79.92

     

     

    76.54

    Guyana

     

    79.51

     

     

    88.06

     

     

    82.53

    Malaysia and JDA

     

    80.24

     

     

    87.21

     

     

    82.77

    Worldwide

     

    77.06

     

     

    84.07

     

     

    80.29

     

     

     

     

     

     

    Natural gas liquids - per barrel

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    20.87

     

    $

    20.17

     

    $

    20.08

    Offshore

     

    21.67

     

     

    20.15

     

     

    19.60

    Worldwide

     

    20.91

     

     

    20.17

     

     

    20.07

     

     

     

     

     

     

    Natural gas - per mcf

     

     

     

     

     

    United States

     

     

     

     

     

    North Dakota

    $

    0.97

     

    $

    1.56

     

    $

    0.81

    Offshore

     

    1.65

     

     

    2.35

     

     

    1.33

    Total United States

     

    1.07

     

     

    1.69

     

     

    0.86

    Malaysia and JDA

     

    6.78

     

     

    6.32

     

     

    6.81

    Worldwide

     

    3.81

     

     

    4.57

     

     

    4.22

     

    HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

    EXPLORATION AND PRODUCTION OPERATING DATA

     
     

     

    Nine Months Ended

    September 30,

     

    2024

     

    2023

    Average Selling Prices

     

     

     

    Crude oil - per barrel (including hedging)

     

     

     

    United States

     

     

     

    North Dakota

    $

    73.47

     

    $

    70.35

    Offshore

     

    76.77

     

     

    71.55

    Total United States

     

    74.13

     

     

    70.62

    Guyana

     

    82.18

     

     

    80.41

    Malaysia and JDA

     

    81.35

     

     

    76.84

    Worldwide

     

    79.14

     

     

    75.72

     

     

     

     

    Crude oil - per barrel (excluding hedging)

     

     

     

    United States

     

     

     

    North Dakota

    $

    73.47

     

    $

    73.72

    Offshore

     

    76.77

     

     

    74.89

    Total United States

     

    74.13

     

     

    73.98

    Guyana

     

    82.18

     

     

    81.86

    Malaysia and JDA

     

    81.35

     

     

    76.84

    Worldwide

     

    79.14

     

     

    78.04

     

     

     

     

    Natural gas liquids - per barrel

     

     

     

    United States

     

     

     

    North Dakota

    $

    21.30

     

    $

    20.70

    Offshore

     

    21.08

     

     

    21.52

    Worldwide

     

    21.29

     

     

    20.72

     

     

     

     

    Natural gas - per mcf

     

     

     

    United States

     

     

     

    North Dakota

    $

    1.15

     

    $

    1.73

    Offshore

     

    1.74

     

     

    2.12

    Total United States

     

    1.23

     

     

    1.81

    Malaysia and JDA

     

    6.68

     

     

    5.78

    Worldwide

     

    4.23

     

     

    4.26

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241030493909/en/

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    • Hess Reports Estimated Results for the First Quarter of 2025

      Key Development: The fourth and largest oil development on the Stabroek Block to date, Yellowtail, is on track to start up in the third quarter of 2025 with an initial gross production capacity of approximately 250,000 barrels of oil per day (bopd) utilizing the ONE GUYANA floating production, storage and offloading vessel (FPSO), which arrived offshore Guyana on April 15th First Quarter Financial and Operational Highlights: Net income was $430 million, or $1.39 per share, compared with $972 million, or $3.16 per share, in the first quarter of 2024; adjusted net income1 in the first quarter of 2025 was $559 million, or $1.81 per share Oil and gas net production was 476,000 barrels

      4/30/25 7:30:00 AM ET
      $HES
      Integrated oil Companies
      Energy
    • Hess Schedules Earnings Release Date

      Hess Corporation (NYSE:HES) announced today that on Wednesday, April 30 it will issue its first quarter earnings press release and post supplemental earnings information on its website at www.hess.com. The company will not hold a conference call due to the definitive agreement announced on October 23, 2023 for Hess to be acquired by Chevron, subject to the agreement's closing conditions. Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/. Forward-looking Statements Certain statements in this release may constitute "forward-lookin

      4/10/25 11:32:00 AM ET
      $HES
      Integrated oil Companies
      Energy
    • Hess Announces Regular Quarterly Dividend On Common Stock

      The Board of Directors of Hess Corporation (NYSE:HES) today declared a regular quarterly dividend of 50 cents per share payable on the Common Stock of the Corporation on March 31, 2025 to holders of record at the close of business on March 17, 2025. Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250305937421/en/ For Hess Corporation Investor Contact: Jay Wilson (212) 536-8940 Media Contact: Lorrie Hecker (212) 536-8250 [email protected]  

      3/5/25 4:25:00 PM ET
      $HES
      Integrated oil Companies
      Energy

    $HES
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Chief Executive Officer Hess John B sold $55,612,539 worth of shares (350,000 units at $158.89) (SEC Form 4)

      4 - HESS CORP (0000004447) (Issuer)

      3/28/25 8:03:44 PM ET
      $HES
      Integrated oil Companies
      Energy
    • COO and President, E&P Hill Gregory P. exercised 57,858 shares at a strike of $64.48 and sold $9,063,880 worth of shares (57,858 units at $156.66) (SEC Form 4)

      4 - HESS CORP (0000004447) (Issuer)

      3/24/25 4:41:22 PM ET
      $HES
      Integrated oil Companies
      Energy
    • EVP, Gen Counsel & Secretary Goodell Timothy B. was granted 22,220 shares and covered exercise/tax liability with 5,553 shares, increasing direct ownership by 10% to 190,092 units (SEC Form 4)

      4 - HESS CORP (0000004447) (Issuer)

      3/10/25 5:00:30 PM ET
      $HES
      Integrated oil Companies
      Energy