EX-99.1 2 q22024hesscorporationex991.htm EX-99.1 Document
Exhibit 99.1


hesslogoa01a.jpg
HESS CORPORATION
newsreleasea01a.jpg
HESS REPORTS ESTIMATED RESULTS FOR THE SECOND QUARTER OF 2024
Second Quarter Financial and Operational Highlights:
•Net income was $757 million, or $2.46 per share, compared with net income of $119 million, or $0.39 per share, in the second quarter of 2023
•Adjusted net income1 was $809 million, or $2.62 per share, compared with $201 million, or $0.65 per share, in the second quarter of 2023
•Oil and gas net production was 494,000 barrels of oil equivalent per day (boepd), up 28% from 387,000 boepd in the second quarter of 2023
•Bakken net production was 212,000 boepd, up 17% from 181,000 boepd in the second quarter of 2023; Guyana net production was 192,000 barrels of oil per day (bopd), up 75% from 110,000 bopd in the prior-year quarter
•E&P capital and exploratory expenditures were $1,151 million, compared with $933 million in the prior-year quarter
NEW YORK, July 31, 2024 — Hess Corporation (NYSE: HES) today reported net income of $757 million, or $2.46 per share, in the second quarter of 2024, compared with net income of $119 million, or $0.39 per share, in the second quarter of 2023. On an adjusted basis, the Corporation reported net income of $809 million, or $2.62 per share in the second quarter of 2024, compared with $201 million or $0.65 per share, in the prior-year quarter. The increase in adjusted after-tax earnings compared with the prior-year quarter primarily reflects higher production volumes and realized selling prices in the second 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.
1

After-tax income (loss) by major operating activity was as follows:
Three Months Ended
June 30,
(unaudited)		Six Months Ended
June 30,
(unaudited)
2024202320242023
(In millions, except per share amounts)
Net Income Attributable to Hess Corporation
Exploration and Production$765 $155 $1,762 $560 
Midstream66 62 133 123 
Corporate, Interest and Other(74)(98)(166)(218)
Net income attributable to Hess Corporation$757 $119 $1,729 $465 
Net income per share (diluted)$2.46 $0.39 $5.61 $1.51 
Adjusted Net Income Attributable to Hess Corporation
Exploration and Production$817 $237 $1,814 $642 
Midstream66 62 133 123 
Corporate, Interest and Other(74)(98)(166)(218)
Adjusted net income attributable to Hess Corporation$809 $201 $1,781 $547 
Adjusted net income per share (diluted)$2.62 $0.65 $5.78 $1.78 
Weighted average number of shares (diluted)308.3 307.5 308.1 307.4 
Exploration and Production:
E&P net income was $765 million in the second quarter of 2024, compared with $155 million in the second quarter of 2023. On an adjusted basis, E&P second quarter 2024 net income was $817 million, compared with $237 million in the prior-year quarter. The Corporation’s average realized crude oil selling price was $80.29 per barrel in the second quarter of 2024, compared with $71.13 per barrel, including the effect of hedging, in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the second quarter of 2024 was $20.07 per barrel, compared with $17.95 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.22 per mcf, compared with $3.82 per mcf in the second quarter of 2023.
Net production was 494,000 boepd in the second quarter of 2024, compared with 387,000 boepd in the second quarter of 2023, primarily due to higher production in Guyana and the Bakken. In the third quarter of 2024, E&P net production is expected to be in the range of 460,000 boepd to 470,000 boepd, primarily reflecting planned downtime in Guyana and Southeast Asia.
Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $11.69 per barrel of oil equivalent (boe) in the second quarter of 2024, compared with $13.97 per boe in the prior-year quarter, primarily due to higher production volumes.
2

Operational Highlights for the Second Quarter of 2024:
Bakken (Onshore U.S.):  Net production from the Bakken was 212,000 boepd in the second quarter of 2024, compared with 181,000 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 26,000 boepd in the second quarter of 2024, compared with 22,000 boepd in the second quarter of 2023. During the second quarter of 2024, the Corporation operated four rigs and drilled 38 wells, completed 37 wells, and brought 31 new wells online. The Corporation plans to continue operating four drilling rigs in 2024. Bakken net production is forecasted to be in the range of 200,000 boepd to 205,000 boepd in the third quarter of 2024, reflecting lower anticipated volumes received under percentage of proceeds contracts and planned maintenance at our gas infrastructure.
Gulf of Mexico (Offshore U.S.):  Net production from the Gulf of Mexico in the second quarter of 2024 was 24,000 boepd, compared with 32,000 boepd in the prior-year quarter, reflecting planned maintenance at the Conger and Tubular Bells fields. The Pickerel-1 oil discovery (Hess – 100%) located in Mississippi Canyon Block 727 achieved first production in late June as a tieback to the Tubular Bells production facilities. In June, the Corporation spud an exploration well at the Vancouver prospect (Hess – 40%) located in Green Canyon Block 287. The exploration well results are anticipated in the third quarter.
Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 192,0002 bopd in the second quarter of 2024, compared with 110,0002 bopd in the prior-year quarter. The third development on the block, Payara, which commenced production in November 2023, reached its initial production capacity of approximately 220,000 gross bopd in January 2024. Guyana net production is forecasted to be in the range of 170,000 bopd2 to 175,000 bopd2 in the third quarter reflecting downtime associated with the Liza Destiny and the Liza Unity floating production, storage and offloading vessels related to pipeline and field hook-up for the Gas to Energy project, and production optimization work at the Liza Unity. In the second quarter of 2024, 14 cargos of crude oil were sold from Guyana, compared with nine cargos in the prior-year quarter. In the third quarter of 2024, 14 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
3

and regulatory approval and project sanctioning, the development is expected to have a production capacity in the range of 120,000 gross bopd to 180,000 gross bopd with first oil anticipated in 2029.
Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 66,000 boepd in the second quarter of 2024, compared with 64,000 boepd in the prior-year quarter.
Midstream:
The Midstream segment had net income of $66 million in the second quarter of 2024, compared with net income of $62 million in the prior-year quarter.
In June 2024, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP (HESM), repurchased approximately 2.7 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 $74 million in the second quarter of 2024, compared with $98 million in the second quarter of 2023, reflecting higher capitalized interest.
Capital and Exploratory Expenditures:
E&P capital and exploratory expenditures were $1,151 million in the second quarter of 2024, compared with $933 million in the prior-year quarter, primarily due to higher development activities in Guyana, and higher drilling activity in the Gulf of Mexico and the Bakken. Third quarter 2024 E&P capital and exploratory expenditures are expected to be approximately $1,125 million.
Midstream capital expenditures were $73 million in the second quarter of 2024 and $52 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 $5.6 billion at June 30, 2024. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 30.8% at June 30, 2024 and 33.6% at December 31, 2023. In July 2024, the Corporation repaid $300 million principal amount of senior unsecured notes, which are classified as current portion of long-term debt, in the consolidated balance sheet at June 30, 2024.
The Midstream segment had cash and cash equivalents of $100 million and total debt of $3.5 billion at June 30, 2024. In May 2024, HESM Opco issued $600 million of 6.500% fixed-rate senior unsecured notes due 2029. Net proceeds from the borrowings were primarily used to reduce debt
4

outstanding under HESM Opco’s revolving credit facility.
Net cash provided by operating activities was $1,893 million in the second quarter of 2024, compared with $974 million in the second quarter of 2023. Net cash provided by operating activities before changes in operating assets and liabilities3 was $1,592 million in the second quarter of 2024, compared with $974 million in the prior-year quarter, primarily due to higher production volumes and realized selling prices in the second quarter of 2024. Changes in operating assets and liabilities increased cash flow from operating activities by $301 million in the second quarter of 2024.
Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
Three Months Ended
June 30,
(unaudited)		Six Months Ended
June 30,
(unaudited)
2024202320242023
(In millions)
Exploration and Production$(52)$(82)$(52)$(82)
Midstream— — — — 
Corporate, Interest and Other— — — — 
Total items affecting comparability of earnings between periods$(52)$(82)$(52)$(82)
Second Quarter 2024: E&P results include a charge of $48 million ($38 million after income taxes) to write-off previously capitalized exploration wells, and a charge of $18 million ($14 million after income taxes) related to materials and supplies inventory recorded to operating costs and expenses, both in the JDA, based on the regulator's notification that the existing production sharing contract (PSC) for Block A-18 will not be re-awarded to the existing PSC contractors upon its expiration in 2029.
Second Quarter 2023: E&P results included a charge of $82 million ($82 million after income taxes) that resulted from updates to the Corporation’s estimated abandonment obligations in the West Delta Field in the Gulf of Mexico. These abandonment obligations were assigned to the Corporation as a former owner after they were discharged from Fieldwood Energy LLC as part of its approved bankruptcy plan in 2021.
2.Net production from Guyana included 29,000 bopd of tax barrels in the second quarter of 2024 and 13,000 bopd of tax barrels in the second quarter of 2023. Net production guidance for Guyana for the third quarter of 2024 includes tax barrels in the range of 25,000 bopd to 30,000 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.
5

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
June 30,
(unaudited)		Six Months Ended
June 30,
(unaudited)
 2024202320242023
 (In millions)
Net income attributable to Hess Corporation$757 $119 $1,729 $465 
Less: Total items affecting comparability of earnings between periods(52)(82)(52)(82)
Adjusted net income attributable to Hess Corporation$809 $201 $1,781 $547 
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
June 30,
(unaudited)		Six Months Ended
June 30,
(unaudited)
2024202320242023
(In millions)
Net cash provided by (used in) operating activities before changes in operating assets and liabilities$1,592 $974 $3,321 $2,006 
Changes in operating assets and liabilities301 — (543)(394)
Net cash provided by (used in) operating activities$1,893 $974 $2,778 $1,612 
Investor Conference Call:
Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its second 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
6

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.
For Hess Corporation    
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contacts:
Lorrie Hecker
(212) 536-8250
Liz James
FGS Global
(281) 881-5170
7

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Second
Quarter
2024		Second
Quarter
2023		First
Quarter
2024
Income Statement
Revenues and non-operating income
Sales and other operating revenues$3,202 $2,289 $3,309 
Other, net53 31 32 
Total revenues and non-operating income3,255 2,320 3,341 
Costs and expenses
Marketing, including purchased oil and gas632 547 622 
Operating costs and expenses490 454 412 
Production and severance taxes64 46 56 
Exploration expenses, including dry holes and lease impairment101 99 42 
General and administrative expenses115 108 124 
Interest expense106 122 113 
Depreciation, depletion and amortization600 497 557 
Impairment and other— 82 — 
Total costs and expenses2,108 1,955 1,926 
Income before income taxes1,147 365 1,415 
Provision for income taxes296 160 348 
Net income851 205 1,067 
Less: Net income attributable to noncontrolling interests94 86 95 
Net income attributable to Hess Corporation$757 $119 $972 


8

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Six Months Ended
 June 30,
Income Statement20242023
Revenues and non-operating income
Sales and other operating revenues$6,511 $4,700 
Other, net85 73 
Total revenues and non-operating income6,596 4,773 
Costs and expenses
Marketing, including purchased oil and gas1,254 1,150 
Operating costs and expenses902 836 
Production and severance taxes120 94 
Exploration expenses, including dry holes and lease impairment143 165 
General and administrative expenses239 244 
Interest expense219 245 
Depreciation, depletion and amortization1,157 988 
Impairment and other— 82 
Total costs and expenses4,034 3,804 
Income before income taxes2,562 969 
Provision for income taxes644 336 
Net income1,918 633 
Less: Net income attributable to noncontrolling interests189 168 
Net income attributable to Hess Corporation$1,729 $465 


9

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
June 30,
2024		December 31,
2023
Balance Sheet Information
Assets
Cash and cash equivalents$2,025 $1,688 
Other current assets1,808 1,742 
Property, plant and equipment – net18,429 17,432 
Operating lease right-of-use assets – net772 720 
Finance lease right-of-use assets – net100 108 
Other long-term assets2,676 2,317 
Total assets$25,810 $24,007 
Liabilities and equity
Current portion of long-term debt$317 $311 
Current portion of operating and finance lease obligations354 370 
Other current liabilities2,350 2,589 
Long-term debt8,548 8,302 
Long-term operating lease obligations520 459 
Long-term finance lease obligations145 156 
Other long-term liabilities2,375 2,218 
Total equity excluding accumulated other comprehensive income (loss)10,645 9,120 
Accumulated other comprehensive income (loss)(158)(134)
Noncontrolling interests714 616 
Total liabilities and equity$25,810 $24,007 

10

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
June 30,
2024		December 31,
2023
Total Debt
Hess Corporation$5,405 $5,402 
Midstream (a)3,460 3,211 
Hess Consolidated$8,865 $8,613 
(a) Midstream debt is non-recourse to Hess Corporation.
June 30,
2024		December 31,
2023
Debt to Capitalization Ratio (a)
Hess Consolidated44.6 %47.8 %
Hess Corporation as defined in debt covenants30.8 %33.6 %
(a)Includes finance lease obligations.
Three Months Ended
 June 30,		Six Months Ended
 June 30,
2024202320242023
Interest Expense
Gross interest expense – Hess Corporation$86 $88 $173 $174 
Less: Capitalized interest – Hess Corporation(30)(10)(53)(15)
Interest expense – Hess Corporation56 78 120 159 
Interest expense – Midstream (a)50 44 99 86 
Interest expense – Hess Consolidated$106 $122 $219 $245 
(a)Midstream interest expense is reported in the Midstream operating segment.
11

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Second
Quarter
2024		Second
Quarter
2023		First
Quarter
2024
Cash Flow Information
Cash Flows from Operating Activities
Net income$851 $205 $1,067 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization600 497 557 
Impairment and other— 82 — 
Exploratory dry hole costs63 62 — 
Exploration lease impairment7 8 3 
Stock compensation expense20 18 39 
Noncash (gains) losses on commodity derivatives, net— 52 — 
Provision (benefit) for deferred income taxes and other tax accruals51 50 63 
Net cash provided by (used in) operating activities before changes in operating assets and liabilities1,592 974 1,729 
Changes in operating assets and liabilities301 — (844)
Net cash provided by (used in) operating activities1,893 974 885 
Cash Flows from Investing Activities   
Additions to property, plant and equipment - E&P(1,087)(778)(902)
Additions to property, plant and equipment - Midstream(64)(43)(55)
Other, net(1)— (1)
Net cash provided by (used in) investing activities(1,152)(821)(958)
Cash Flows from Financing Activities   
Net borrowings (repayments) of debt with maturities of 90 days or less(455)77 115 
Debt with maturities of greater than 90 days:
Borrowings600 — — 
Repayments(2)— (3)
Cash dividends paid(134)(134)(137)
Proceeds from sale of Class A shares of Hess Midstream LP— 167 — 
Noncontrolling interests, net(154)(132)(151)
Employee stock options exercised2 1 11 
Payments on finance lease obligations(2)(2)(3)
Other, net(9)(4)(9)
Net cash provided by (used in) financing activities(154)(27)(177)
Net Increase (Decrease) in Cash and Cash Equivalents587 126 (250)
Cash and Cash Equivalents at Beginning of Period1,438 2,100 1,688 
Cash and Cash Equivalents at End of Period$2,025 $2,226 $1,438 
Additions to Property, Plant and Equipment included within Investing Activities
Capital expenditures incurred$(1,193)$(956)$(923)
Increase (decrease) in related liabilities42 135 (34)
Additions to property, plant and equipment$(1,151)$(821)$(957)

12

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Six Months Ended
 June 30,
20242023
Cash Flow Information
Cash Flows from Operating Activities
Net income$1,918 $633 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization1,157 988 
Impairment and other— 82 
Exploratory dry hole costs63 93 
Exploration lease impairment10 13 
Stock compensation expense59 53 
Noncash (gains) losses on commodity derivatives, net— 52 
Provision (benefit) for deferred income taxes and other tax accruals114 92 
Net cash provided by (used in) operating activities before changes in operating assets and liabilities3,321 2,006 
Changes in operating assets and liabilities(543)(394)
Net cash provided by (used in) operating activities2,778 1,612 
Cash Flows from Investing Activities  
Additions to property, plant and equipment - E&P(1,989)(1,551)
Additions to property, plant and equipment - Midstream(119)(107)
Other, net(2)(4)
Net cash provided by (used in) investing activities(2,110)(1,662)
Cash Flows from Financing Activities  
Net borrowings (repayments) of debt with maturities of 90 days or less(340)180 
Debt with maturities of greater than 90 days:
Borrowings600 — 
Repayments(5)— 
Cash dividends paid(271)(271)
Common stock acquired and retired— (20)
Proceeds from sale of Class A shares of Hess Midstream LP— 167 
Noncontrolling interests, net(305)(263)
Employee stock options exercised13 4 
Payments on finance lease obligations(5)(4)
Other, net(18)(3)
Net cash provided by (used in) financing activities(331)(210)
Net Increase (Decrease) in Cash and Cash Equivalents337 (260)
Cash and Cash Equivalents at Beginning of Period1,688 2,486 
Cash and Cash Equivalents at End of Period$2,025 $2,226 
Additions to Property, Plant and Equipment included within Investing Activities
Capital expenditures incurred$(2,116)$(1,748)
Increase (decrease) in related liabilities8 90 
Additions to property, plant and equipment$(2,108)$(1,658)
13

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Second
Quarter
2024		Second
Quarter
2023		First
Quarter
2024
Capital and Exploratory Expenditures
E&P Capital and exploratory expenditures
United States
North Dakota$318 $264 $288 
Offshore and Other138 82 159 
Total United States456 346 447 
Guyana642 508 447 
Malaysia and JDA43 44 28 
Other (a)10 35 5 
 E&P Capital and exploratory expenditures$1,151 $933 $927 
Total exploration expenses charged to income included above$31 $29 $39 
Midstream Capital expenditures$73 $52 $35 
(a)Other in 2023 includes capital and exploratory expenditures mainly associated with Canada.

Six Months Ended
 June 30,
20242023
Capital and Exploratory Expenditures
E&P Capital and exploratory expenditures
United States
North Dakota$606 $496 
Offshore and Other297 111 
Total United States903 607 
Guyana1,089 962 
Malaysia and JDA71 91 
Other (a)15 38 
 E&P Capital and exploratory expenditures$2,078 $1,698 
Total exploration expenses charged to income included above$70 $59 
Midstream Capital expenditures$108 $109 
(a)Other in 2023 includes capital and exploratory expenditures mainly associated with Canada.


14

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)
Second Quarter 2024
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$1,540 $1,655  $3,195 
Other, net12 19  31 
Total revenues and non-operating income1,552  1,674  3,226 
Costs and expenses     
Marketing, including purchased oil and gas (a)617 34  651 
Operating costs and expenses229 177  406 
Production and severance taxes61 3  64 
Midstream tariffs335 —  335 
Exploration expenses, including dry holes and lease impairment25 76  101 
General and administrative expenses65 9  74 
Depreciation, depletion and amortization266 284  550 
Total costs and expenses1,598  583  2,181 
Results of operations before income taxes(46) 1,091  1,045 
Provision for income taxes— 280  280 
Net income (loss) attributable to Hess Corporation$(46)$811 $765 
Second Quarter 2023
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income     
Sales and other operating revenues$1,299 $988  $2,287 
Other, net6 2  8 
Total revenues and non-operating income1,305  990  2,295 
Costs and expenses     
Marketing, including purchased oil and gas (a)537 27  564 
Operating costs and expenses241 143  384 
Production and severance taxes45 1  46 
Midstream tariffs302 —  302 
Exploration expenses, including dry holes and lease impairment23 76  99 
General and administrative expenses50 11  61 
Depreciation, depletion and amortization212 238  450 
Impairment and other82 — 82 
Total costs and expenses1,492  496  1,988 
Results of operations before income taxes(187) 494  307 
Provision for income taxes— 152 152 
Net income (loss) attributable to Hess Corporation$(187)(b)$342 (c)$155 
(a)Includes amounts charged from the Midstream segment.
(b)Includes after-tax losses from realized crude oil hedging activities of $34 million (noncash premium amortization: $34 million; cash settlement:  $0 million).  
(c)Includes after-tax losses from realized crude oil hedging activities of $18 million (noncash premium amortization: $18 million; cash settlement:  $0 million).

15

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)
 First Quarter 2024
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$1,523 $1,780 $3,303 
Other, net10 1 11 
Total revenues and non-operating income1,533  1,781 3,314 
Costs and expenses    
Marketing, including purchased oil and gas (a)589 51 640 
Operating costs and expenses205 133 338 
Production and severance taxes54 2 56 
Midstream tariffs328 — 328 
Exploration expenses, including dry holes and lease impairment34 8 42 
General and administrative expenses64 8 72 
Depreciation, depletion and amortization244 263 507 
Total costs and expenses1,518  465 1,983 
Results of operations before income taxes15  1,316 1,331 
Provision for income taxes— 334 334 
Net income (loss) attributable to Hess Corporation$15 $982 $997 
(a)Includes amounts charged from the Midstream segment.



16

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)
 Six Months Ended June 30, 2024
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$3,063 $3,435 $6,498 
Other, net22 20 42 
Total revenues and non-operating income3,085  3,455 6,540 
Costs and expenses    
Marketing, including purchased oil and gas (a)1,206 85 1,291 
Operating costs and expenses434 310 744 
Production and severance taxes115 5 120 
Midstream tariffs663 — 663 
Exploration expenses, including dry holes and lease impairment59 84 143 
General and administrative expenses129 17 146 
Depreciation, depletion and amortization510 547 1,057 
Total costs and expenses3,116  1,048 4,164 
Results of operations before income taxes(31) 2,407 2,376 
Provision for income taxes— 614 614 
Net income (loss) attributable to Hess Corporation$(31)$1,793 $1,762 
 Six Months Ended June 30, 2023
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$2,664 $2,032 $4,696 
Other, net15 7 22 
Total revenues and non-operating income2,679  2,039 4,718 
Costs and expenses    
Marketing, including purchased oil and gas (a)1,121 62 1,183 
Operating costs and expenses446 261 707 
Production and severance taxes91 3 94 
Midstream tariffs585 — 585 
Exploration expenses, including dry holes and lease impairment43 122 165 
General and administrative expenses104 23 127 
Depreciation, depletion and amortization415 478 893 
Impairment and other82 — 82 
Total costs and expenses2,887  949 3,836 
Results of operations before income taxes(208) 1,090 882 
Provision for income taxes— 322 322 
Net income (loss) attributable to Hess Corporation$(208)(b)$768 (c)$560 
(a)Includes amounts charged from the Midstream segment.
(b)Includes after-tax losses from realized crude oil hedging activities of $61 million (noncash premium amortization: $61 million; cash settlement: $0 million).
(c)Includes after-tax losses from realized crude oil hedging activities of $25 million (noncash premium amortization: $25 million; cash settlement: $0 million).

17

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Second
Quarter
2024		Second
Quarter
2023		First
Quarter
2024
Net Production Per Day (in thousands)
Crude oil - barrels
United States
North Dakota93 79 88 
Offshore18 23 22 
Total United States111 102 110 
Guyana (a)192 110 190 
Malaysia and JDA5 4 5 
Total308 216 305 
Natural gas liquids - barrels
United States
North Dakota76 68 69 
Offshore1 1 2 
Total United States77 69 71 
Natural gas - mcf
United States
North Dakota256 206 200 
Offshore28 45 41 
Total United States284 251 241 
Malaysia and JDA369 359 358 
Total653 610 599 
Barrels of oil equivalent494 387 476 
(a)Production from Guyana includes 29,000 bopd of tax barrels in the second quarter of 2024, 13,000 bopd of tax barrels in the second quarter of 2023 and 33,000 bopd of tax barrels in the first quarter of 2024.

18

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Six Months Ended
 June 30,
20242023
Net Production Per Day (in thousands)
Crude oil - barrels
United States
North Dakota90 78 
Offshore20 23 
Total United States110 101 
Guyana (a)191 111 
Malaysia and JDA5 4 
Total306 216 
Natural gas liquids - barrels
United States
North Dakota73 64 
Offshore2 2 
Total United States75 66 
Natural gas - mcf
United States
North Dakota228 182 
Offshore35 47 
Total United States263 229 
Malaysia and JDA363 363 
Total626 592 
Barrels of oil equivalent485 381 
(a)Production from Guyana includes 31,000 bopd of tax barrels in the first six months of 2024 and 14,000 bopd of tax barrels in the first six months of 2023.

19


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Second
Quarter
2024		Second
Quarter
2023		First
Quarter
2024
Sales Volumes Per Day (in thousands) (a)
Crude oil – barrels293 217 308 
Natural gas liquids – barrels76 67 73 
Natural gas – mcf653 610 599 
Barrels of oil equivalent478 386 481 
Sales Volumes (in thousands) (a)
Crude oil – barrels26,677 19,740 28,053 
Natural gas liquids – barrels6,925 6,084 6,650 
Natural gas – mcf59,402 55,548 54,495 
Barrels of oil equivalent43,502 35,082 43,786 

Six Months Ended
 June 30,
20242023
Sales Volumes Per Day (in thousands) (a)
Crude oil – barrels301 215 
Natural gas liquids – barrels75 65 
Natural gas – mcf626 592 
Barrels of oil equivalent480 379 
Sales Volumes (in thousands) (a)
Crude oil – barrels54,730 38,901 
Natural gas liquids – barrels13,575 11,845 
Natural gas – mcf113,897 107,240 
Barrels of oil equivalent87,288 68,619 
(a)Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported.
20

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Second
Quarter
2024		Second
Quarter
2023		First
Quarter
2024
Average Selling Prices   
Crude oil - per barrel (including hedging)   
United States   
North Dakota$75.84 $65.67 $71.75 
Offshore80.21 68.32 75.86 
Total United States76.54 66.24 72.58 
Guyana82.53 75.82 84.27 
Malaysia and JDA82.77 68.87 81.10 
Worldwide80.29 71.13 80.06 
Crude oil - per barrel (excluding hedging)
United States
North Dakota$75.84 $69.22 $71.75 
Offshore80.21 71.86 75.86 
Total United States76.54 69.79 72.58 
Guyana82.53 77.64 84.27 
Malaysia and JDA82.77 68.87 81.10 
Worldwide80.29 73.74 80.06 
Natural gas liquids - per barrel
United States
North Dakota$20.08 $17.90 $23.03 
Offshore19.60 20.17 21.36 
Worldwide20.07 17.95 22.97 
Natural gas - per mcf
United States
North Dakota$0.81 $1.29 $1.80 
Offshore1.33 1.62 2.11 
Total United States0.86 1.35 1.85 
Malaysia and JDA6.81 5.56 6.49 
Worldwide4.22 3.82 4.62 
21

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Six Months Ended
 June 30,
20242023
Average Selling Prices  
Crude oil - per barrel (including hedging)  
United States  
North Dakota$73.84 $67.05 
Offshore77.78 68.22 
Total United States74.56 67.32 
Guyana83.43 77.50 
Malaysia and JDA81.94 71.02 
Worldwide80.17 72.66 
Crude oil - per barrel (excluding hedging)
United States
North Dakota$73.84 $70.41 
Offshore77.78 71.55 
Total United States74.56 70.68 
Guyana83.43 78.76 
Malaysia and JDA81.94 71.02 
Worldwide80.17 74.87 
Natural gas liquids - per barrel
United States
North Dakota$21.52 $20.99 
Offshore20.62 22.20 
Worldwide21.49 21.02 
Natural gas - per mcf
United States
North Dakota$1.24 $1.83 
Offshore1.79 2.03 
Total United States1.32 1.87 
Malaysia and JDA6.65 5.50 
Worldwide4.41 4.09 


22