Hess Reports Estimated Results for the First Quarter of 2024

Business Wire04-25

Key Development: Sanctioned development of Whiptail, the sixth development on the Stabroek Block, offshore Guyana; expected to add gross production capacity of approximately 250,000 barrels of oil ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHess Reports Estimated Results for the First Quarter of 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-25 19:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/hess-reports-estimated-results-first-113000366.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Development:\n\nSanctioned development of Whiptail, the sixth development on the Stabroek Block, offshore Guyana; expected to add gross production capacity of approximately 250,000 barrels of oil ...</p>\n\n<a href=\"https://finance.yahoo.com/news/hess-reports-estimated-results-first-113000366.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HES","symbol_name":"赫斯","start_time":0,"source_url":"https://finance.yahoo.com/news/hess-reports-estimated-results-first-113000366.html","article_id":"2430940946","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ZR3ZgGqZAbIqmJrj2Uu7SQ--~B/aD0yODY7dz00ODA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/70b0329e845fca9f1872a5b11450e871"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2430940946","pubTimestamp":1714044600,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Sanctioned development of Whiptail, the sixth development on the Stabroek Block, offshore Guyana; expected to add gross production capacity of approximately 250,000 barrels of oil per day  by the end of 2027. Net income was $972 million, or $3.16 per share, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023. Oil and gas net production was 476,000 barrels of oil equivalent per day , up 27% from 374,000 boepd in the first quarter of 2023. Bakken net production was 190,000 boepd, up 17% from 163,000 boepd in the first quarter of 2023; Guyana net production was 190,000 bopd, up 70% from 112,000 bopd in the prior-year quarter. NEW YORK, April 25, 2024----Hess Corporation  today reported net income of $972 million, or $3.16 per share, in the first quarter of 2024, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023. The increase in after-tax earnings compared with the prior-year quarter primarily reflects higher p","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HES":"赫斯","LU1169590202.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"I\" (USD) ACC","LU1169589451.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"A\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","HESM":"Hess Midstream Partners LP","BK4588":"碎股","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0266512127.USD":"摩根大通环球自然资源 A(acc)","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","LU0122376428.USD":"贝莱德世界能源基金A2","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","BK4590":"PTP","NGL":"NGL Energy Partners LP","BK4213":"石油与天然气的勘探与生产","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4144":"石油与天然气的储存和运输","BK4585":"ETF&股票定投概念"},"translate_title":"赫斯报告2024年第一季度的估计结果","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NGL":1,"HES":1,"HESM":1},"content_text":"Key Development:\n\nSanctioned development of Whiptail, the sixth development on the Stabroek Block, offshore Guyana; expected to add gross production capacity of approximately 250,000 barrels of oil per day (bopd) by the end of 2027\n\nFirst Quarter Financial and Operational Highlights:\n\nNet income was $972 million, or $3.16 per share, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023\nOil and gas net production was 476,000 barrels of oil equivalent per day (boepd), up 27% from 374,000 boepd in the first quarter of 2023\nBakken net production was 190,000 boepd, up 17% from 163,000 boepd in the first quarter of 2023; Guyana net production was 190,000 bopd, up 70% from 112,000 bopd in the prior-year quarter\nE&P capital and exploratory expenditures were $927 million, compared with $765 million in the prior-year quarter\n\nNEW YORK, April 25, 2024--(BUSINESS WIRE)--   Hess Corporation (NYSE: HES) today reported net income of $972 million, or $3.16 per share, in the first quarter of 2024, compared with net income of $346 million, or $1.13 per share, in the first quarter of 2023. The increase in after-tax earnings compared with the prior-year quarter primarily reflects higher production volumes in the first quarter of 2024.\n   After-tax income (loss) by major operating activity was as follows:\n\n\n\n\nThree Months EndedMarch 31,(unaudited)\n\n\n\n\n2024\n\n\n2023\n\n\n\n(In millions, except per share amounts)\n\n\nNet Income Attributable to Hess Corporation\n\n\n\n\n\n\n\nExploration and Production\n$\n997\n\n$\n405\n\n\nMidstream\n\n67\n\n\n61\n\n\nCorporate, Interest and Other\n\n(92)\n\n\n(120)\n\n\nNet income attributable to Hess Corporation\n$\n972\n\n$\n346\n\n\nNet income per share (diluted)\n$\n3.16\n\n$\n1.13\n\n\n\n\n\n\n\n\n\n\nWeighted average number of shares (diluted)\n\n307.9\n\n\n307.3\n\n\n\nExploration and Production:\n   E&P net income was $997 million in the first quarter of 2024, compared with $405 million in the first quarter of 2023. The Corporation’s average realized crude oil selling price was $80.06 per barrel in the first quarter of 2024, compared with $74.23 per barrel, including the effect of hedging, in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the first quarter of 2024 was $22.97 per barrel, compared with $24.25 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.62 per mcf, compared with $4.39 per mcf in the first quarter of 2023.\n   Net production was 476,000 boepd in the first quarter of 2024, compared with 374,000 boepd in the first quarter of 2023, primarily due to higher production in Guyana and the Bakken. In the second quarter of 2024, E&P net production is expected to be in the range of 465,000 boepd to 475,000 boepd, reflecting planned maintenance in the Gulf of Mexico partially offset by growth in the Bakken.\n   Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $10.79 per barrel of oil equivalent (boe) in the first quarter of 2024, compared with $12.96 per boe in the prior-year quarter, primarily due to higher production volumes.\nOperational Highlights for the First Quarter of 2024:\n   Bakken (Onshore U.S.): Net production from the Bakken was 190,000 boepd in the first quarter of 2024, compared with 163,000 boepd in the prior-year quarter, primarily reflecting increased drilling and completion activity as well as higher NGL and natural gas volumes received under percentage of proceeds contracts due to lower commodity prices. NGL and natural gas volumes received under percentage of proceeds contracts were 19,000 boepd in the first quarter of 2024, compared with 14,000 boepd in the first quarter of 2023, due to increasing volumes received as consideration for gas processing fees. During the first quarter of 2024, the Corporation operated four rigs and drilled 31 wells, completed 21 wells, and brought 34 new wells online. The Corporation plans to continue operating four drilling rigs in 2024.\n   Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico in the first quarter of 2024 was 31,000 boepd, compared with 33,000 boepd in the prior-year quarter.\n   Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 190,0001 bopd in the first quarter of 2024, compared with 112,0001 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. In the first quarter of 2024, 15 cargos of crude oil were sold from Guyana, compared with nine cargos in the prior-year quarter. In the second quarter of 2024, 13 cargos of crude oil are expected to be sold.\n   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.\n   The successful Bluefin-1 exploration well encountered approximately 197 feet of high-quality hydrocarbon bearing sandstone reservoirs. The well was drilled in 4,244 feet of water and is located approximately 5 miles southeast of the Sailfin-1 discovery.\n   Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 65,000 boepd in the first quarter of 2024, compared with 66,000 boepd in the prior-year quarter.\nMidstream:\n   The Midstream segment had net income of $67 million in the first quarter of 2024, compared with net income of $61 million in the prior-year quarter.\n   In March 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 repurchase of the Class B units was financed by HESM Opco’s revolving credit facility. The Corporation continues to own approximately 37.8% of HESM on a consolidated basis.\nCorporate, Interest and Other:\n   After-tax expense for Corporate, Interest and Other was $92 million in the first quarter of 2024, compared with $120 million in the first quarter of 2023. Corporate and other expenses decreased by $11 million in the first quarter of 2024, primarily due to lower legal and professional fees. Interest expense decreased by $17 million in the first quarter of 2024, reflecting higher capitalized interest.\nCapital and Exploratory Expenditures:\n   E&P capital and exploratory expenditures were $927 million in the first quarter of 2024, compared with $765 million in the prior-year quarter, primarily due to increased drilling activity in the Gulf of Mexico. Full year 2024 E&P capital and exploratory expenditures are expected to be approximately $4.2 billion.\n   Midstream capital expenditures were $35 million in the first quarter of 2024 and $57 million in the prior-year quarter.\nLiquidity:\n   Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $1.4 billion and debt and finance lease obligations totaling $5.6 billion at March 31, 2024. The Midstream segment had cash and cash equivalents of $5 million and total debt of $3.3 billion at March 31, 2024. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 31.9% at March 31, 2024 and 33.6% at December 31, 2023.\n   Net cash provided by operating activities was $885 million in the first quarter of 2024, compared with $638 million in the first quarter of 2023. Net cash provided by operating activities before changes in operating assets and liabilities2 was $1,729 million in the first quarter of 2024, compared with $1,032 million in the prior-year quarter, primarily due to higher production volumes. Changes in operating assets and liabilities decreased cash flow from operating activities by $844 million in the first quarter of 2024, primarily due to an increase in accounts receivable related to Guyana oil liftings and a decrease in accrued liabilities which includes a payment in connection with the HONX, Inc. settlement. Changes in operating assets and liabilities decreased cash flow from operating activities by $394 million in the first quarter of 2023.\n\n\n\n\n\n\n1. Net production from Guyana included 33,000 bopd of tax barrels in the first quarter of 2024 and 15,000 bopd of tax barrels in the first quarter of 2023.\n\n\n\n\n\n2. \"Net cash provided by (used in) operating activities before changes in operating assets and liabilities\" is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 5 and 6, respectively.\n\n\n\nReconciliation of U.S. GAAP to Non-GAAP Measure:\n   The following table reconciles reported net cash provided by (used in) operating activities from net cash provided by (used in) operating activities before changes in operating assets and liabilities:\n\n\n\n\nThree Months EndedMarch 31,(unaudited)\n\n\n\n2024\n\n2023\n\n\n\n(In millions)\n\n\nNet cash provided by (used in) operating activities before changes in operating assets and liabilities\n$\n1,729\n\n$\n1,032\n\n\nChanges in operating assets and liabilities\n\n(844)\n\n\n(394)\n\n\nNet cash provided by (used in) operating activities\n$\n885\n\n$\n638\n\n\n\nInvestor Conference Call:\n   Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its first quarter 2024 results.\n   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.\nForward-looking Statements\nThis 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.\nForward-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).\nAs 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.\nNon-GAAP financial measure\nThe Corporation has used a non-GAAP financial measure in this earnings release. \"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 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. This measure is not, and should not be viewed as, a substitute for U.S. GAAP net cash provided by (used in) operating activities. 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 is provided in the release.\nCautionary Note to Investors\nWe 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.\n\n\n\n \n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n\n\n\n\n \n\n\n\nFirstQuarter2024\n\nFirstQuarter2023\n\nFourthQuarter2023\n\n\nIncome Statement\n\n\n\n\n\n\n\nRevenues and non-operating income\n\n\n\n\n\n\n\nSales and other operating revenues\n$\n3,309\n\n$\n2,411\n\n$\n3,011\n\n\nOther, net\n\n32\n\n\n42\n\n\n24\n\n\nTotal revenues and non-operating income\n\n3,341\n\n\n2,453\n\n\n3,035\n\n\nCosts and expenses\n\n\n\n\n\n\n\nMarketing, including purchased oil and gas\n\n622\n\n\n603\n\n\n886\n\n\nOperating costs and expenses\n\n412\n\n\n382\n\n\n473\n\n\nProduction and severance taxes\n\n56\n\n\n48\n\n\n61\n\n\nExploration expenses, including dry holes and lease impairment\n\n42\n\n\n66\n\n\n87\n\n\nGeneral and administrative expenses\n\n124\n\n\n136\n\n\n168\n\n\nInterest expense\n\n113\n\n\n123\n\n\n116\n\n\nDepreciation, depletion and amortization\n\n557\n\n\n491\n\n\n559\n\n\nTotal costs and expenses\n\n1,926\n\n\n1,849\n\n\n2,350\n\n\nIncome before income taxes\n\n1,415\n\n\n604\n\n\n685\n\n\nProvision for income taxes\n\n348\n\n\n176\n\n\n182\n\n\nNet income\n\n1,067\n\n\n428\n\n\n503\n\n\nLess: Net income attributable to noncontrolling interests\n\n95\n\n\n82\n\n\n90\n\n\nNet income attributable to Hess Corporation\n$\n972\n\n$\n346\n\n$\n413\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n\n\n \n\n\n\nMarch 31,2024\n\nDecember 31,2023\n\n\nBalance Sheet Information\n\n\n\n\n\nAssets\n\n\n\n\n\nCash and cash equivalents\n$\n1,438\n\n$\n1,688\n\n\nOther current assets\n\n2,186\n\n\n1,742\n\n\nProperty, plant and equipment – net\n\n17,827\n\n\n17,432\n\n\nOperating lease right-of-use assets – net\n\n658\n\n\n720\n\n\nFinance lease right-of-use assets – net\n\n104\n\n\n108\n\n\nOther long-term assets\n\n2,506\n\n\n2,317\n\n\nTotal assets\n$\n24,719\n\n$\n24,007\n\n\nLiabilities and equity\n\n\n\n\n\nCurrent portion of long-term debt\n$\n314\n\n$\n311\n\n\nCurrent portion of operating and finance lease obligations\n\n365\n\n\n370\n\n\nOther current liabilities\n\n2,272\n\n\n2,589\n\n\nLong-term debt\n\n8,415\n\n\n8,302\n\n\nLong-term operating lease obligations\n\n398\n\n\n459\n\n\nLong-term finance lease obligations\n\n151\n\n\n156\n\n\nOther long-term liabilities\n\n2,273\n\n\n2,218\n\n\nTotal equity excluding accumulated other comprehensive income (loss)\n\n10,002\n\n\n9,120\n\n\nAccumulated other comprehensive income (loss)\n\n(134)\n\n\n(134)\n\n\nNoncontrolling interests\n\n663\n\n\n616\n\n\nTotal liabilities and equity\n$\n24,719\n\n$\n24,007\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n\n\n \n\n\n\nMarch 31,2024\n\nDecember 31,2023\n\n\nTotal Debt\n\n\n\n\n\nHess Corporation\n$\n5,404\n\n$\n5,402\n\n\nMidstream (a)\n\n3,325\n\n\n3,211\n\n\nHess Consolidated\n$\n8,729\n\n$\n8,613\n\n\n(a) Midstream debt is non-recourse to Hess Corporation.\n\n\n\n\n \n\n\n\n\n\n\n \nMarch 31,2024\n\nDecember 31,2023\n\n\nDebt to Capitalization Ratio (a)\n\n\n\n\n\nHess Consolidated\n45.8 %\n\n47.8 %\n\n\nHess Corporation as defined in debt covenants\n31.9 %\n\n33.6 %\n\n\n(a) Includes finance lease obligations.\n\n\n \n\n\n\n\n\n\n \nThree Months EndedMarch 31,\n\n\n\n\n2024\n\n\n2023\n\n\nInterest Expense\n\n\n\n\n\nGross interest expense – Hess Corporation\n$\n87\n\n$\n86\n\n\nLess: Capitalized interest – Hess Corporation\n\n(23)\n\n\n(5)\n\n\nInterest expense – Hess Corporation\n\n64\n\n\n81\n\n\nInterest expense – Midstream (a)\n\n49\n\n\n42\n\n\nInterest expense – Hess Consolidated\n$\n113\n\n$\n123\n\n\n(a) Midstream interest expense is reported in the Midstream operating segment.\n\n\n\n\n \n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n\n\n\n\n \n\n\n\nFirstQuarter2024\n\nFirstQuarter2023\n\nFourthQuarter2023\n\n\nCash Flow Information\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash Flows from Operating Activities\n\n\n\n\n\n\n\nNet income\n$\n1,067\n\n$\n428\n\n$\n503\n\n\nAdjustments to reconcile net income to net cash provided by (used in) operating activities:\n\n\n\n\n\n\n\nDepreciation, depletion and amortization\n\n557\n\n\n491\n\n\n559\n\n\nExploratory dry hole costs\n\n—\n\n\n31\n\n\n50\n\n\nExploration lease impairment\n\n3\n\n\n5\n\n\n3\n\n\nPension settlement loss\n\n—\n\n\n—\n\n\n17\n\n\nStock compensation expense\n\n39\n\n\n35\n\n\n18\n\n\nNoncash (gains) losses on commodity derivatives, net\n\n—\n\n\n—\n\n\n52\n\n\nProvision (benefit) for deferred income taxes and other tax accruals\n\n63\n\n\n42\n\n\n37\n\n\nNet cash provided by (used in) operating activities before changes in operating assets and liabilities\n\n1,729\n\n\n1,032\n\n\n1,239\n\n\nChanges in operating assets and liabilities\n\n(844)\n\n\n(394)\n\n\n105\n\n\nNet cash provided by (used in) operating activities\n\n885\n\n\n638\n\n\n1,344\n\n\nCash Flows from Investing Activities\n\n\n\n\n\n\n\nAdditions to property, plant and equipment - E&P\n\n(902)\n\n\n(773)\n\n\n(1,380)\n\n\nAdditions to property, plant and equipment - Midstream\n\n(55)\n\n\n(64)\n\n\n(64)\n\n\nOther, net\n\n(1)\n\n\n(4)\n\n\n(3)\n\n\nNet cash provided by (used in) investing activities\n\n(958)\n\n\n(841)\n\n\n(1,447)\n\n\nCash Flows from Financing Activities\n\n\n\n\n\n\n\nNet borrowings (repayments) of debt with maturities of 90 days or less\n\n115\n\n\n103\n\n\n64\n\n\nDebt with maturities of greater than 90 days:\n\n\n\n\n\n\n\nBorrowings\n\n—\n\n\n—\n\n\n—\n\n\nRepayments\n\n(3)\n\n\n—\n\n\n(3)\n\n\nCash dividends paid\n\n(137)\n\n\n(137)\n\n\n(134)\n\n\nCommon stock acquired and retired\n\n—\n\n\n(20)\n\n\n—\n\n\nNoncontrolling interests, net\n\n(151)\n\n\n(131)\n\n\n(151)\n\n\nEmployee stock options exercised\n\n11\n\n\n3\n\n\n—\n\n\nPayments on finance lease obligations\n\n(3)\n\n\n(2)\n\n\n(3)\n\n\nOther, net\n\n(9)\n\n\n1\n\n\n—\n\n\nNet cash provided by (used in) financing activities\n\n(177)\n\n\n(183)\n\n\n(227)\n\n\nNet Increase (Decrease) in Cash and Cash Equivalents\n\n(250)\n\n\n(386)\n\n\n(330)\n\n\nCash and Cash Equivalents at Beginning of Period\n\n1,688\n\n\n2,486\n\n\n2,018\n\n\nCash and Cash Equivalents at End of Period\n$\n1,438\n\n$\n2,100\n\n$\n1,688\n\n\n\n\n\n\n\n\n\n\nAdditions to Property, Plant and Equipment included within Investing Activities\n\n\nCapital expenditures incurred\n$\n(923)\n\n$\n(792)\n\n$\n(1,518)\n\n\nIncrease (decrease) in related liabilities\n\n(34)\n\n\n(45)\n\n\n74\n\n\nAdditions to property, plant and equipment\n$\n(957)\n\n$\n(837)\n\n$\n(1,444)\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n\n\n\n\n \n\n\n\nFirstQuarter2024\n\nFirstQuarter2023\n\nFourthQuarter2023\n\n\nCapital and Exploratory Expenditures\n\n\n\n\n\n\n\nE&P Capital and exploratory expenditures\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n$\n288\n\n$\n232\n\n$\n313\n\n\nOffshore and Other\n\n159\n\n\n29\n\n\n64\n\n\nTotal United States\n\n447\n\n\n261\n\n\n377\n\n\nGuyana\n\n447\n\n\n454\n\n\n1,047\n\n\nMalaysia and JDA\n\n28\n\n\n47\n\n\n55\n\n\nOther\n\n5\n\n\n3\n\n\n1\n\n\nE&P Capital and exploratory expenditures\n$\n927\n\n$\n765\n\n$\n1,480\n\n\n\n\n\n\n\n\n\n\nTotal exploration expenses charged to income included above\n$\n39\n\n$\n30\n\n$\n34\n\n\n\n\n\n\n\n\n\n\nMidstream Capital expenditures\n$\n35\n\n$\n57\n\n$\n72\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nEXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n \n\n\n\nFirst Quarter 2024\n\n\nIncome Statement\nUnited States\n\n\nInternational\n\n\nTotal\n\n\nTotal revenues and non-operating income\n\n\n\n\n\n\n\n\n\nSales and other operating revenues\n$\n1,523\n\n\n$\n1,780\n\n\n$\n3,303\n\n\nOther, net\n\n10\n\n\n\n1\n\n\n\n11\n\n\nTotal revenues and non-operating income\n\n1,533\n\n\n\n1,781\n\n\n\n3,314\n\n\nCosts and expenses\n\n\n\n\n\n\n\n\n\nMarketing, including purchased oil and gas (a)\n\n589\n\n\n\n51\n\n\n\n640\n\n\nOperating costs and expenses\n\n205\n\n\n\n133\n\n\n\n338\n\n\nProduction and severance taxes\n\n54\n\n\n\n2\n\n\n\n56\n\n\nMidstream tariffs\n\n328\n\n\n\n—\n\n\n\n328\n\n\nExploration expenses, including dry holes and lease impairment\n\n34\n\n\n\n8\n\n\n\n42\n\n\nGeneral and administrative expenses\n\n64\n\n\n\n8\n\n\n\n72\n\n\nDepreciation, depletion and amortization\n\n244\n\n\n\n263\n\n\n\n507\n\n\nTotal costs and expenses\n\n1,518\n\n\n\n465\n\n\n\n1,983\n\n\nResults of operations before income taxes\n\n15\n\n\n\n1,316\n\n\n\n1,331\n\n\nProvision for income taxes\n\n—\n\n\n\n334\n\n\n\n334\n\n\nNet income (loss) attributable to Hess Corporation\n$\n15\n\n\n$\n982\n\n\n$\n997\n\n\n\n\n\n\n\n\n\n\n\n\n\nFirst Quarter 2023\n\n\nIncome Statement\nUnited States\n\n\nInternational\n\n\nTotal\n\n\nTotal revenues and non-operating income\n\n\n\n\n\n\n\n\n\nSales and other operating revenues\n$\n1,365\n\n\n$\n1,044\n\n\n$\n2,409\n\n\nOther, net\n\n9\n\n\n\n5\n\n\n\n14\n\n\nTotal revenues and non-operating income\n\n1,374\n\n\n\n1,049\n\n\n\n2,423\n\n\nCosts and expenses\n\n\n\n\n\n\n\n\n\nMarketing, including purchased oil and gas (a)\n\n584\n\n\n\n35\n\n\n\n619\n\n\nOperating costs and expenses\n\n205\n\n\n\n118\n\n\n\n323\n\n\nProduction and severance taxes\n\n46\n\n\n\n2\n\n\n\n48\n\n\nMidstream tariffs\n\n283\n\n\n\n—\n\n\n\n283\n\n\nExploration expenses, including dry holes and lease impairment\n\n20\n\n\n\n46\n\n\n\n66\n\n\nGeneral and administrative expenses\n\n54\n\n\n\n12\n\n\n\n66\n\n\nDepreciation, depletion and amortization\n\n203\n\n\n\n240\n\n\n\n443\n\n\nTotal costs and expenses\n\n1,395\n\n\n\n453\n\n\n\n1,848\n\n\nResults of operations before income taxes\n\n(21)\n\n\n\n596\n\n\n\n575\n\n\nProvision for income taxes\n\n—\n\n\n\n170\n\n\n\n170\n\n\nNet income (loss) attributable to Hess Corporation\n$\n(21)\n(b)\n$\n426\n(c)\n$\n405\n\n\n(a) Includes amounts charged from the Midstream segment.\n\n\n(b) Includes after-tax losses from realized crude oil hedging activities of $27 million (noncash premium amortization: $27 million; cash settlement: $0 million).\n\n\n(c) Includes after-tax losses from realized crude oil hedging activities of $7 million (noncash premium amortization: $7 million; cash settlement: $0 million).\n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nEXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)\n\n\n(IN MILLIONS)\n\n\n\n \n\n\n\nFourth Quarter 2023\n\n\nIncome Statement\nUnited States\n\n\nInternational\n\n\nTotal\n\n\nTotal revenues and non-operating income\n\n\n\n\n\n\n\n\n\nSales and other operating revenues\n$\n1,766\n\n\n$\n1,240\n\n\n$\n3,006\n\n\nOther, net\n\n11\n\n\n\n5\n\n\n\n16\n\n\nTotal revenues and non-operating income\n\n1,777\n\n\n\n1,245\n\n\n\n3,022\n\n\nCosts and expenses\n\n\n\n\n\n\n\n\n\nMarketing, including purchased oil and gas (a)\n\n867\n\n\n\n40\n\n\n\n907\n\n\nOperating costs and expenses\n\n229\n\n\n\n159\n\n\n\n388\n\n\nProduction and severance taxes\n\n56\n\n\n\n5\n\n\n\n61\n\n\nMidstream tariffs\n\n328\n\n\n\n—\n\n\n\n328\n\n\nExploration expenses, including dry holes and lease impairment\n\n82\n\n\n\n5\n\n\n\n87\n\n\nGeneral and administrative expenses\n\n53\n\n\n\n8\n\n\n\n61\n\n\nDepreciation, depletion and amortization\n\n255\n\n\n\n253\n\n\n\n508\n\n\nTotal costs and expenses\n\n1,870\n\n\n\n470\n\n\n\n2,340\n\n\nResults of operations before income taxes\n\n(93)\n\n\n\n775\n\n\n\n682\n\n\nProvision for income taxes\n\n—\n\n\n\n170\n\n\n\n170\n\n\nNet income (loss) attributable to Hess Corporation\n$\n(93)\n(b)\n$\n605\n(c)\n$\n512\n\n\n(a) Includes amounts charged from the Midstream segment.\n\n\n(b) Includes after-tax losses from realized crude oil hedging activities of $34 million (noncash premium amortization: $34 million; cash settlement: $0 million).\n\n\n(c) Includes after-tax losses from realized crude oil hedging activities of $18 million (noncash premium amortization: $18 million; cash settlement: $0 million).\n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nEXPLORATION AND PRODUCTION OPERATING DATA\n\n\n\n\n\n\n\n \n\n\n\nFirstQuarter2024\n\nFirstQuarter2023\n\nFourthQuarter2023\n\n\nNet Production Per Day (in thousands)\n\n\n\n\n\n\n\nCrude oil - barrels\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n88\n\n76\n\n89\n\n\nOffshore\n22\n\n24\n\n21\n\n\nTotal United States\n110\n\n100\n\n110\n\n\nGuyana (a)\n190\n\n112\n\n128\n\n\nMalaysia and JDA\n5\n\n4\n\n6\n\n\nTotal\n305\n\n216\n\n244\n\n\n\n\n\n\n\n\n\n\nNatural gas liquids - barrels\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n69\n\n61\n\n71\n\n\nOffshore\n2\n\n1\n\n2\n\n\nTotal United States\n71\n\n62\n\n73\n\n\n\n\n\n\n\n\n\n\nNatural gas - mcf\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n200\n\n158\n\n204\n\n\nOffshore\n41\n\n47\n\n42\n\n\nTotal United States\n241\n\n205\n\n246\n\n\nMalaysia and JDA\n358\n\n369\n\n362\n\n\nTotal\n599\n\n574\n\n608\n\n\n\n\n\n\n\n\n\n\nBarrels of oil equivalent\n476\n\n374\n\n418\n\n\n(a) Production from Guyana includes 33,000 bopd of tax barrels in the first quarter of 2024, 15,000 bopd of tax barrels in the first quarter of 2023 and 16,000 bopd of tax barrels in the fourth quarter of 2023.\n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nEXPLORATION AND PRODUCTION OPERATING DATA\n\n\n\n\n\n\n\n \n\n\n\nFirstQuarter2024\n\nFirstQuarter2023\n\nFourthQuarter2023\n\n\nSales Volumes Per Day (in thousands) (a)\n\n\n\n\n\n\n\nCrude oil – barrels\n308\n\n213\n\n245\n\n\nNatural gas liquids – barrels\n73\n\n64\n\n74\n\n\nNatural gas – mcf\n599\n\n574\n\n608\n\n\nBarrels of oil equivalent\n481\n\n373\n\n420\n\n\n\n\n\n\n\n\n\n\nSales Volumes (in thousands) (a)\n\n\n\n\n\n\n\nCrude oil – barrels\n28,053\n\n19,161\n\n22,521\n\n\nNatural gas liquids – barrels\n6,650\n\n5,761\n\n6,839\n\n\nNatural gas – mcf\n54,495\n\n51,692\n\n55,957\n\n\nBarrels of oil equivalent\n43,786\n\n33,537\n\n38,686\n\n\n(a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported.\n\n\n\n\n\n\nHESS CORPORATION AND CONSOLIDATED SUBSIDIARIES\n\n\nEXPLORATION AND PRODUCTION OPERATING DATA\n\n\n\n\n\n\n\n \n\n\n\nFirstQuarter2024\n\nFirstQuarter2023\n\nFourthQuarter2023\n\n\nAverage Selling Prices\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCrude oil - per barrel (including hedging)\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n$\n71.75\n\n$\n68.63\n\n$\n70.69\n\n\nOffshore\n\n75.86\n\n\n68.12\n\n\n73.68\n\n\nTotal United States\n\n72.58\n\n\n68.50\n\n\n71.28\n\n\nGuyana\n\n84.27\n\n\n79.15\n\n\n81.50\n\n\nMalaysia and JDA\n\n81.10\n\n\n72.91\n\n\n73.44\n\n\nWorldwide\n\n80.06\n\n\n74.23\n\n\n76.63\n\n\n\n\n\n\n\n\n\n\nCrude oil - per barrel (excluding hedging)\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n$\n71.75\n\n$\n71.78\n\n$\n74.03\n\n\nOffshore\n\n75.86\n\n\n71.27\n\n\n76.98\n\n\nTotal United States\n\n72.58\n\n\n71.65\n\n\n74.62\n\n\nGuyana\n\n84.27\n\n\n79.86\n\n\n83.09\n\n\nMalaysia and JDA\n\n81.10\n\n\n72.91\n\n\n73.44\n\n\nWorldwide\n\n80.06\n\n\n76.02\n\n\n78.95\n\n\n\n\n\n\n\n\n\n\nNatural gas liquids - per barrel\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n$\n23.03\n\n$\n24.25\n\n$\n20.95\n\n\nOffshore\n\n21.36\n\n\n24.28\n\n\n19.26\n\n\nWorldwide\n\n22.97\n\n\n24.25\n\n\n20.92\n\n\n\n\n\n\n\n\n\n\nNatural gas - per mcf\n\n\n\n\n\n\n\nUnited States\n\n\n\n\n\n\n\nNorth Dakota\n$\n1.80\n\n$\n2.54\n\n$\n1.52\n\n\nOffshore\n\n2.11\n\n\n2.42\n\n\n2.26\n\n\nTotal United States\n\n1.85\n\n\n2.51\n\n\n1.65\n\n\nMalaysia and JDA\n\n6.49\n\n\n5.44\n\n\n6.45\n\n\nWorldwide\n\n4.62\n\n\n4.39\n\n\n4.51\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240425213571/en/\nContacts\nFor Hess Corporation\nInvestor Contact:\nJay Wilson(212) 536-8940\nMedia Contacts:\nLorrie Hecker(212) 536-8250\nLiz JamesFGS Global(281) 881-5170","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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