Business Wire | Jul 28, 2021 07:30AM EDT

Hess Reports Estimated Results for the Second Quarter Of 2021

Jul. 28, 2021

NEW YORK--(BUSINESS WIRE)--Jul. 28, 2021--Hess Corporation (NYSE: HES) today reported a net loss of $73 million, or $0.24 per common share, in the second quarter of 2021, compared with a net loss of $320 million, or $1.05 per common share, in the second quarter of 2020. On an adjusted basis, net income in the second quarter of 2021 was $74 million, or $0.24 per common share. The improvement in adjusted after-tax results compared with the prior-year period primarily reflects higher realized selling prices in the second quarter of 2021.

"Our company is uniquely positioned to deliver industry leading cash flow growth over the next decade," CEO John Hess said. "In July, we paid down half of our $1 billion term loan maturing in March 2023 and, depending on market conditions, we plan to repay the balance in 2022. This debt reduction, combined with increasing cash flows from our Guyana developments, will allow us to significantly increase cash returns to shareholders in the coming years through dividend increases and opportunistic share repurchases."

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

Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions, except per share amounts)

Net Income (Loss) Attributable to Hess Corporation

Exploration and Production $ (25) $ (249) $ 283 $ (2,620)

Midstream 76 51 151 112

Corporate, Interest and Other (124) (122) (255) (245)

Net income (loss) attributable to $ (73) $ (320) $ 179 $ (2,753) Hess Corporation

Net income (loss) per common share $ (0.24) $ (1.05) $ 0.58 $ (9.04) (diluted)





Adjusted Net Income (Loss) Attributable to Hess Corporation

Exploration and Production $ 122 $ (249) $ 430 $ (369)

Midstream 76 51 151 112

Corporate, Interest and Other (124) (122) (255) (245)

Adjusted net income (loss) $ 74 $ (320) $ 326 $ (502) attributable to Hess Corporation

Adjusted net income (loss) per $ 0.24 $ (1.05) $ 1.06 $ (1.65) common share (diluted)



Weighted average number of shares 307.5 305.0 308.7 304.5 (diluted)



Exploration and Production:

E&P net loss was $25 million in the second quarter of 2021, compared with a net loss of $249 million in the second quarter of 2020. On an adjusted basis, E&P's second quarter 2021 net income was $122 million. The Corporation's average realized crude oil selling price, including the effect of hedging, was $59.79 per barrel in the second quarter of 2021, compared with $38.46 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the second quarter of 2021 was $23.12 per barrel, compared with $7.32 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.05 per mcf, compared with $2.41 per mcf in the second quarter of 2020.

Net production, excluding Libya, was 307,000 boepd in the second quarter of 2021, compared with 334,000 boepd in the second quarter of 2020, or 322,000 boepd pro forma for assets sold. Net production for Libya was 21,000 boepd in the second quarter of 2021 compared with zero in the second quarter of 2020 due to force majeure declared by the Libyan National Oil Corporation.

Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $11.63 per boe (excluding Libya: $12.16 per boe) in the second quarter of 2021, compared with $8.81 per boe (excluding Libya: $8.64 per boe) in the prior-year quarter. The increase was due to higher maintenance and workover activity and production and severance taxes. The increase in the effective tax rate in the second quarter of 2021 compared with the year-ago period was primarily driven by higher production in Libya.

Operational Highlights for the Second Quarter of 2021:

Bakken (Onshore U.S.): Net production from the Bakken was 159,000 boepd compared with 194,000 boepd in the prior-year quarter, primarily due to lower drilling activity caused by a reduction in rig count from six to one last year, and lower NGL and natural gas volumes received under percentage of proceeds contracts due to higher commodity prices. Net oil production was 79,000 barrels of oil per day (bopd) in the second quarter of 2021 and 108,000 bopd in the prior year quarter. NGL and natural gas volumes received under percentage of proceeds contracts were 14,000 boepd in the second quarter of 2021 compared with 22,000 boepd in the second quarter of 2020 due to higher realized NGL prices lowering volumes received as consideration for gas processing fees. The Corporation added a second rig in February 2021 and drilled 17 wells, completed 9 wells, and brought 9 new wells online during the second quarter. In September, the Corporation plans to add a third rig in the field.

In April, the Corporation completed the sale of its Little Knife and Murphy Creek nonstrategic acreage interests in the Bakken for net proceeds of $297 million, after closing adjustments. The sale consisted of approximately 78,700 net acres, which were located in the southernmost portion of the Corporation's Bakken position and not connected to Hess Midstream LP infrastructure.

Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 52,000 boepd, compared with 68,000 boepd in the prior-year quarter, primarily due to the sale of the Corporation's interest in the Shenzi Field in the fourth quarter of 2020. Net production from the Shenzi Field was 12,000 boepd in the second quarter of 2020.

Guyana (Offshore): At the Stabroek Block (Hess - 30%), the operator, Esso Exploration and Production Guyana Limited, announced a significant new oil discovery at Whiptail. The Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling is also ongoing at the Whiptail-2 well, which is located 3 miles northeast of Whiptail-1 and has encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling continues at both wells to test deeper targets, and results will be evaluated for future development. The Whiptail discovery is located approximately 4 miles southeast of the Uaru-1 discovery that was announced in January 2020 and approximately 3 miles west of the Yellowtail Field.

The Corporation's net production from the Liza Field was 26,000 bopd in the second quarter of 2021 compared with 22,000 bopd in the prior-year quarter. Startup of Phase 2 of the Liza Field development, which will utilize the Liza Unity floating production, storage and offloading vessel (FPSO) with an expected capacity of 220,000 gross bopd, remains on track for early 2022. The third development, Payara, will utilize the Prosperity FPSO with an expected capacity of 220,000 gross bopd; first oil is expected in 2024. A fourth development, Yellowtail, has been identified on the Stabroek Block with anticipated startup in 2025, pending government approvals and project sanctioning. The Mako-2 appraisal well completed in the second quarter confirmed the quality, thickness and areal extent of the reservoir. When integrated with the previously announced results at Uaru-2, the combined discovered resource at Mako and Uaru is expected to support a fifth FPSO on the Stabroek Block. We expect to have at least six FPSOs on the Stabroek Block by 2027 with the potential for up to 10 FPSOs to develop the current discovered recoverable resource base.

The Longtail-3 well encountered 230 feet of net pay, including newly identified, high quality hydrocarbon bearing reservoirs below the original Longtail-1 discovery intervals. The well was drilled in more than 6,100 feet of water and is located approximately 2 miles south of the Longtail-1 well.

The Koebi-1 exploration well was drilled to a depth of 20,700 feet and did not encounter commercial quantities of hydrocarbons. Second quarter results include a charge of $12 million in exploration expenses for well costs incurred.

The Stena DrillMax is continuing drilling operations at Whiptail-1 and the Noble Don Taylor is continuing drilling operations at Whiptail-2. The Stena Carron is performing a drill stem test on the Uaru-1 well. The Noble Tom Madden, the Noble Bob Douglas and the Noble Sam Croft are drilling and completing Phase 2 development wells.

South East Asia (Offshore): Net production at the North Malay Basin and JDA was 66,000 boepd, compared with 44,000 boepd in the prior-year quarter, reflecting higher natural gas nominations due to a recovery in economic activity.

Midstream:

The Midstream segment had net income of $76 million in the second quarter of 2021, compared with net income of $51 million in the prior-year quarter, primarily due to higher revenue from minimum volume commitments and tariff rates.

Hess Midstream LP today announced an agreement to purchase approximately 31 million Class B units of its consolidated subsidiary, Hess Midstream Operations LP, from its sponsors, Hess Corporation and Global Infrastructure Partners, for approximately $750 million. The Corporation is expected to receive net proceeds of approximately $375 million. After giving effect to this transaction, which is expected to be completed in the third quarter of 2021, the Corporation will own an approximate 45% interest in Hess Midstream LP, on a consolidated basis.

Corporate, Interest and Other:

After-tax expense for Corporate, Interest and Other was $124 million in the second quarter of 2021, compared with $122 million in the second quarter of 2020.

Capital and Exploratory Expenditures:

E&P capital and exploratory expenditures were $429 million in the second quarter of 2021 compared with $453 million in the prior-year quarter, primarily due to lower drilling activity in the Bakken and Gulf of Mexico, partially offset by increased exploration and development activity in Guyana. Midstream capital expenditures were $47 million in the second quarter of 2021, down from $79 million in the prior-year quarter.

Liquidity:

Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $2.42 billion and debt and finance lease obligations totaling $6.6 billion at June 30, 2021. The Midstream segment had cash and cash equivalents of $6 million and total debt of $1.8 billion at June 30, 2021. The Corporation's debt to capitalization ratio as defined in its debt covenants was 47.2% at June 30, 2021 and 47.5% at December 31, 2020. The Corporation has no material near-term debt maturities aside from the $1.0 billion term loan, which matures in March 2023. In July 2021, the Corporation prepaid $500 million principal amount of the term loan, which was classified as current maturities of long-term debt, in the consolidated balance sheet at June 30, 2021.

Net cash provided by operating activities was $785 million in the second quarter of 2021, up from $266 million in the second quarter of 2020 primarily due to higher realized selling prices. Net cash provided by operating activities before changes in operating assets and liabilities2 was $659 million in the second quarter of 2021, compared with $301 million in the prior-year quarter. Changes in operating assets and liabilities increased cash flow from operating activities by $126 million during the second quarter of 2021 and decreased cash flow from operating activities by $35 million during the prior-year quarter.

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 Six Months Ended Ended June 30, June 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions)

Exploration and Production $ (147) $ - $ (147) $ (2,251)

Midstream - - - -

Corporate, Interest and Other - - - -

Total items affecting comparability $ (147) $ - $ (147) $ (2,251) of earnings between periods

Second Quarter 2021: E&P results include a charge of $147 million ($147 million after income taxes) in connection with estimated future abandonment obligations of Fieldwood Energy LLC in the West Delta 79/86 field (West Delta Field) in the Gulf of Mexico. In June 2021, the U.S. Bankruptcy Court approved Fieldwood's bankruptcy plan which includes discharging decommissioning obligations, subject to conditions precedent, for certain of Fieldwood's assets. Those obligations will transfer to former owners of the properties, including Hess with respect to the West Delta Field, which Hess sold in 2004. Potential recoveries from other parties that previously owned an interest in the West Delta Field have not been recognized as of June 30, 2021.

2. "Net cash provided by (used in) operating activities before changes in operating assets and liabilities" is a non-GAAP financial measure. The definition of this non-GAAP measure and a reconciliation to its nearest GAAP equivalent measure appears on pages 7 and 8.

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

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

Three Months Ended Six Months Ended June 30, June 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions)

Net income (loss) attributable to $ (73) $ (320) $ 179 $ (2,753) Hess Corporation

Less: Total items affectingcomparability of earnings between (147) - (147) (2,251) periods

Adjusted net income (loss) $ 74 $ (320) $ 326 $ (502) attributable to Hess Corporation

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 Six Months Ended Ended June 30, June 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions)

Net cash provided by (used in)operating activities before changes in $ 659 $ 301 $ 1,474 $ 803 operating assets and liabilities

Changes in operating assets and 126 (35) (98) (92) liabilities

Net cash provided by (used in) $ 785 $ 266 $ 1,376 $ 711 operating activities

Hess Corporation will review second quarter financial and operating results and other matters on a webcast at 10 a.m. today (EDT). For details about the event, refer to the Investor Relations section of our website at www.hess.com.

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, proposed asset sale and the Midstream Class B unit repurchase; and future economic and market conditions in the oil and gas industry.

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, including as a result of the global COVID-19 pandemic; reduced demand for our products, including due to the global COVID-19 pandemic or the outbreak of any other public health threat, or due to the impact of 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 as well as fracking bans; disruption or interruption of our operations due to catastrophic events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks or health measures related to the COVID-19 pandemic; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control; the ability to satisfy the closing conditions of the proposed asset sale and the Midstream Class B unit repurchase; 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 weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation, including heightened risks associated with being a general partner of Hess Midstream LP; 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 (loss)" presented in this release is defined as reported net income (loss) 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 (loss) 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 (loss) or net cash provided by (used in) operating activities. A reconciliation of reported net income (loss) attributable to Hess Corporation (U.S. GAAP) to adjusted net income (loss), 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 SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)

Second Second First Quarter Quarter Quarter 2021 2020 2021

Income Statement



Revenues and non-operating income

Sales and other operating revenues $ 1,579 $ 833 $ 1,898

Other, net 19 9 21

Total revenues and non-operating income 1,598 842 1,919

Costs and expenses

Marketing, including purchased oil and gas 322 56 518

Operating costs and expenses 315 294 265

Production and severance taxes 44 16 37

Exploration expenses, including dry holes and 48 31 33 lease impairment

General and administrative expenses 84 89 94

Interest expense 118 119 117

Depreciation, depletion and amortization 385 509 396

Impairment and other 147 - -

Total costs and expenses 1,463 1,114 1,460

Income (loss) before income taxes 135 (272) 459

Provision (benefit) for income taxes 122 (9) 123

Net income (loss) 13 (263) 336

Less: Net income (loss) attributable to 86 57 84 noncontrolling interests

Net income (loss) attributable to Hess $ (73) $ (320) $ 252 Corporation

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

Six Months Ended

June 30,

2021

2020

Income Statement

Revenues and non-operating income

Sales and other operating revenues

$

3,477

$

2,187

Other, net

40

24

Total revenues and non-operating income

3,517

2,211

Costs and expenses

Marketing, including purchased oil and gas

840

434

Operating costs and expenses

580

597

Production and severance taxes

81

58

Exploration expenses, including dry holes and lease impairment

81

220

General and administrative expenses

178

191

Interest expense

235

232

Depreciation, depletion and amortization

781

1,070

Impairment and other

147

2,126

Total costs and expenses

2,923

4,928

Income (loss) before income taxes

594

(2,717)

Provision (benefit) for income taxes

245

(88)

Net income (loss)

349

(2,629)

Less: Net income (loss) attributable to noncontrolling interests

170

124

Net income (loss) attributable to Hess Corporation

$

179

$

(2,753)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)

Six Months Ended June 30,

2021 2020

Income Statement



Revenues and non-operating income

Sales and other operating revenues $ 3,477 $ 2,187

Other, net 40 24

Total revenues and non-operating income 3,517 2,211

Costs and expenses

Marketing, including purchased oil and gas 840 434

Operating costs and expenses 580 597

Production and severance taxes 81 58

Exploration expenses, including dry holes and lease 81 220 impairment

General and administrative expenses 178 191

Interest expense 235 232

Depreciation, depletion and amortization 781 1,070

Impairment and other 147 2,126

Total costs and expenses 2,923 4,928

Income (loss) before income taxes 594 (2,717)

Provision (benefit) for income taxes 245 (88)

Net income (loss) 349 (2,629)

Less: Net income (loss) attributable to noncontrolling 170 124 interests

Net income (loss) attributable to Hess Corporation $ 179 $ (2,753)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

June 30, 2021

December 31, 2020

Balance Sheet Information

Assets

Cash and cash equivalents

$

2,430

$

1,739

Other current assets

1,539

1,342

Property, plant and equipment - net

13,622

14,115

Operating lease right-of-use assets - net

373

426

Finance lease right-of-use assets - net

155

168

Other long-term assets

1,012

1,031

Total assets

$

19,131

$

18,821

Liabilities and equity

Current maturities of long-term debt

$

511

$

10

Current portion of operating and finance lease obligations

90

81

Other current liabilities

1,914

1,532

Long-term debt

7,712

8,286

Long-term operating lease obligations

421

478

Long-term finance lease obligations

210

220

Other long-term liabilities

1,741

1,879

Total equity excluding other comprehensive income (loss)

6,324

6,121

Accumulated other comprehensive income (loss)

(836)

(755)

Noncontrolling interests

1,044

969

Total liabilities and equity

$

19,131

$

18,821

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)



June 30, December 2021 31, 2020

Balance Sheet Information

Assets

Cash and cash equivalents $ 2,430 $ 1,739

Other current assets 1,539 1,342

Property, plant and equipment - net 13,622 14,115

Operating lease right-of-use assets - net 373 426

Finance lease right-of-use assets - net 155 168

Other long-term assets 1,012 1,031

Total assets $ 19,131 $ 18,821

Liabilities and equity

Current maturities of long-term debt $ 511 $ 10

Current portion of operating and finance lease 90 81 obligations

Other current liabilities 1,914 1,532

Long-term debt 7,712 8,286

Long-term operating lease obligations 421 478

Long-term finance lease obligations 210 220

Other long-term liabilities 1,741 1,879

Total equity excluding other comprehensive income 6,324 6,121 (loss)

Accumulated other comprehensive income (loss) (836) (755)

Noncontrolling interests 1,044 969

Total liabilities and equity $ 19,131 $ 18,821

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

June 30, 2021

December 31, 2020

Total Debt

Hess Corporation

$

6,391

$

6,386

Midstream (a)

1,832

1,910

Hess Consolidated

$

8,223

$

8,296

* Midstream debt is non-recourse to Hess Corporation.HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)

June 30, December 31, 2021 2020

Total Debt

Hess Corporation $ 6,391 $ 6,386

Midstream (a) 1,832 1,910

Hess Consolidated $ 8,223 $ 8,296

* Midstream debt is non-recourse to Hess Corporation. June 30, December 31, 2020 2021

Debt to Capitalization Ratio (a)

Hess Consolidated 56.4 % 57.4 %

Hess Corporation as defined in debt covenants 47.2 % 47.5 %

* Includes finance lease obligations. Three Months Ended Six Months Ended June 30, June 30,

2021 2020 2021 2020

Interest Expense

Hess Corporation $ 95 $ 96 $ 189 $ 184

Midstream (a) 23 23 46 48

Hess Consolidated $ 118 $ 119 $ 235 $ 232

* Midstream interest expense is reported in the Midstream operating segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)



Second Second First Quarter Quarter Quarter 2021 2020 2021

Cash Flow Information



Cash Flows from Operating Activities

Net income (loss) $ 13 $ (263) $ 336

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

(Gains) losses on asset sales, net - (8) -

Depreciation, depletion and amortization 385 509 396

Impairment and other 147 - -

Exploratory dry hole costs 9 - -

Exploration lease and other impairment 6 6 4

Pension settlement loss 3 - 1

Stock compensation expense 19 18 25

Noncash (gains) losses on commodity 64 49 24 derivatives, net

Provision (benefit) for deferred income taxes 13 (10) 29 and other tax accruals

Net cash provided by (used in) operatingactivities before changes in operating assets 659 301 815 and liabilities

Changes in operating assets and liabilities 126 (35) (224)

Net cash provided by (used in) operating 785 266 591 activities

Cash Flows from Investing Activities

Additions to property, plant and equipment - (329) (510) (358) E&P

Additions to property, plant and equipment - (26) (69) (27) Midstream

Proceeds from asset sales, net of cash sold 297 11 -

Other, net (2) (2) -

Net cash provided by (used in) investing (60) (570) (385) activities

Cash Flows from Financing Activities

Net borrowings (repayments) of debt with (65) 12 (10) maturities of 90 days or less

Debt with maturities of greater than 90 days:

Borrowings - - -

Repayments (2) - (3)

Proceeds from sale of Class A shares of Hess - - 70 Midstream LP

Payments on finance lease obligations (2) (2) (2)

Cash dividends paid (77) (76) (80)

Employee stock options exercised 63 - 12

Noncontrolling interests, net (70) (65) (67)

Other, net (8) 1 1

Net cash provided by (used in) financing (161) (130) (79) activities

Net Increase (Decrease) in Cash and Cash 564 (434) 127 Equivalents

Cash and Cash Equivalents at Beginning of 1,866 2,080 1,739 Period

Cash and Cash Equivalents at End of Period $ 2,430 $ 1,646 $ 1,866



Additions to Property, Plant and Equipment included within Investing Activities

Capital expenditures incurred $ (443) $ (507) $ (303)

Increase (decrease) in related liabilities 88 (72) (82)

Additions to property, plant and equipment $ (355) $ (579) $ (385)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

Six Months Ended June 30,

2021

2020

Cash Flow Information

Cash Flows from Operating Activities

Net income (loss)

$

349

$

(2,629)

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

(Gains) losses on asset sales, net

-

(8)

Depreciation, depletion and amortization

781

1,070

Impairment and other

147

2,126

Exploratory dry hole costs

9

135

Exploration lease and other impairment

10

38

Pension settlement loss

4

-

Stock compensation expense

44

47

Noncash (gains) losses on commodity derivatives, net

88

119

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

42

(95)

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

1,474

803

Changes in operating assets and liabilities

(98)

(92)

Net cash provided by (used in) operating activities

1,376

711

Cash Flows from Investing Activities

Additions to property, plant and equipment - E&P

(687)

(1,250)

Additions to property, plant and equipment - Midstream

(53)

(147)

Proceeds from asset sales, net of cash sold

297

11

Other, net

(2)

(2)

Net cash provided by (used in) investing activities

(445)

(1,388)

Cash Flows from Financing Activities

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

(75)

72

Debt with maturities of greater than 90 days:

Borrowings

-

1,000

Repayments

(5)

-

Proceeds from sale of Class A shares of Hess Midstream LP

70

-

Payments on finance lease obligations

(4)

(3)

Cash dividends paid

(157)

(157)

Employee stock options exercised

75

15

Noncontrolling interests, net

(137)

(128)

Other, net

(7)

(21)

Net cash provided by (used in) financing activities

(240)

778

Net Increase (Decrease) in Cash and Cash Equivalents

691

101

Cash and Cash Equivalents at Beginning of Period

1,739

1,545

Cash and Cash Equivalents at End of Period

$

2,430

$

1,646

Additions to Property, Plant and Equipment included within Investing Activities

Capital expenditures incurred

$

(746)

$

(1,173)

Increase (decrease) in related liabilities

6

(224)

Additions to property, plant and equipment

$

(740)

$

(1,397)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)

Six Months Ended June 30,

2021 2020

Cash Flow Information



Cash Flows from Operating Activities

Net income (loss) $ 349 $ (2,629)

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

(Gains) losses on asset sales, net - (8)

Depreciation, depletion and amortization 781 1,070

Impairment and other 147 2,126

Exploratory dry hole costs 9 135

Exploration lease and other impairment 10 38

Pension settlement loss 4 -

Stock compensation expense 44 47

Noncash (gains) losses on commodity derivatives, net 88 119

Provision (benefit) for deferred income taxes and other 42 (95) tax accruals

Net cash provided by (used in) operating activities 1,474 803 before changes in operating assets and liabilities

Changes in operating assets and liabilities (98) (92)

Net cash provided by (used in) operating activities 1,376 711

Cash Flows from Investing Activities

Additions to property, plant and equipment - E&P (687) (1,250)

Additions to property, plant and equipment - Midstream (53) (147)

Proceeds from asset sales, net of cash sold 297 11

Other, net (2) (2)

Net cash provided by (used in) investing activities (445) (1,388)

Cash Flows from Financing Activities

Net borrowings (repayments) of debt with maturities of (75) 72 90 days or less

Debt with maturities of greater than 90 days:

Borrowings - 1,000

Repayments (5) -

Proceeds from sale of Class A shares of Hess Midstream 70 - LP

Payments on finance lease obligations (4) (3)

Cash dividends paid (157) (157)

Employee stock options exercised 75 15

Noncontrolling interests, net (137) (128)

Other, net (7) (21)

Net cash provided by (used in) financing activities (240) 778

Net Increase (Decrease) in Cash and Cash Equivalents 691 101

Cash and Cash Equivalents at Beginning of Period 1,739 1,545

Cash and Cash Equivalents at End of Period $ 2,430 $ 1,646



Additions to Property, Plant and Equipment included within Investing Activities

Capital expenditures incurred $ (746) $ (1,173)

Increase (decrease) in related liabilities 6 (224)

Additions to property, plant and equipment $ (740) $ (1,397)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

Second Quarter 2021

Second Quarter 2020

First Quarter 2021

Capital and Exploratory Expenditures

E&P Capital and exploratory expenditures

United States

North Dakota

$

112

$

181

$

88

Offshore and Other

25

64

31

Total United States

137

245

119

Guyana

250

183

172

Malaysia and JDA

36

21

13

Other

6

4

5

E&P Capital and exploratory expenditures

$

429

$

453

$

309

Total exploration expenses charged to income included above

$

33

$

25

$

29

Midstream Capital expenditures

$

47

$

79

$

23

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESSUPPLEMENTAL FINANCIAL DATA (UNAUDITED)(IN MILLIONS)

Second Second First Quarter Quarter Quarter 2021 2020 2021

Capital and Exploratory Expenditures



E&P Capital and exploratory expenditures

United States

North Dakota $ 112 $ 181 $ 88

Offshore and Other 25 64 31

Total United States 137 245 119

Guyana 250 183 172

Malaysia and JDA 36 21 13

Other 6 4 5

E&P Capital and exploratory expenditures $ 429 $ 453 $ 309



Total exploration expenses charged to income $ 33 $ 25 $ 29 included above



Midstream Capital expenditures $ 47 $ 79 $ 23

Six Months Ended June 30,

2021

2020

Capital and Exploratory Expenditures

E&P Capital and exploratory expenditures

United States

North Dakota

$

200

$

503

Offshore and Other

56

157

Total United States

256

660

Guyana

422

359

Malaysia and JDA

49

53

Other

11

12

E&P Capital and exploratory expenditures

$

738

$

1,084

Total exploration expenses charged to income included above

$

62

$

47

Midstream Capital expenditures

$

70

$

136

Six Months Ended June 30,

2021 2020

Capital and Exploratory Expenditures



E&P Capital and exploratory expenditures

United States

North Dakota $ 200 $ 503

Offshore and Other 56 157

Total United States 256 660

Guyana 422 359

Malaysia and JDA 49 53

Other 11 12

E&P Capital and exploratory expenditures $ 738 $ 1,084



Total exploration expenses charged to income included above $ 62 $ 47



Midstream Capital expenditures $ 70 $ 136

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)

Second Quarter 2021

Income Statement

United States

International

Total

Total revenues and non-operating income

Sales and other operating revenues

$

1,088

$

491

$

1,579

Other, net

11

3

14

Total revenues and non-operating income

1,099

494

1,593

Costs and expenses

Marketing, including purchased oil and gas (a)

335

8

343

Operating costs and expenses

158

96

254

Production and severance taxes

42

2

44

Midstream tariffs

270

-

270

Exploration expenses, including dry holes and lease impairment

26

22

48

General and administrative expenses

41

8

49

Depreciation, depletion and amortization

260

84

344

Impairment and other

147

-

147

Total costs and expenses

1,279

220

1,499

Results of operations before income taxes

(180)

274

94

Provision (benefit) for income taxes

-

119

119

Net income (loss) attributable to Hess Corporation

$

(180)

(b)

$

155

(c)

$

(25)

Second Quarter 2020

Income Statement

United States

International

Total

Total revenues and non-operating income

Sales and other operating revenues

$

660

$

173

$

833

Other, net

(4)

3

(1)

Total revenues and non-operating income

656

176

832

Costs and expenses

Marketing, including purchased oil and gas (a)

111

(14)

97

Operating costs and expenses

131

72

203

Production and severance taxes

15

1

16

Midstream tariffs

225

-

225

Exploration expenses, including dry holes and lease impairment

23

8

31

General and administrative expenses

42

8

50

Depreciation, depletion and amortization

373

97

470

Total costs and expenses

920

172

1,092

Results of operations before income taxes

(264)

4

(260)

Provision (benefit) for income taxes

-

(11)

(11)

Net income (loss) attributable to Hess Corporation

$

(264)

(d)

$

15

(e)

$

(249)

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $51 million (noncash premium amortization: $51 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $13 million (noncash premium amortization: $13 million; cash settlement: $0 million). * Includes after-tax gains from realized crude oil hedging activities of $192 million (noncash premium amortization: $43 million; cash settlement: $235 million). * Includes after-tax gains from realized crude oil hedging activities of $36 million (noncash premium amortization: $6 million; cash settlement: $42 million).HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)(IN MILLIONS)

Second Quarter 2021

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating revenues $ 1,088 $ 491 $ 1,579

Other, net 11 3 14

Total revenues and non-operating 1,099 494 1,593 income

Costs and expenses

Marketing, including purchased oil 335 8 343 and gas (a)

Operating costs and expenses 158 96 254

Production and severance taxes 42 2 44

Midstream tariffs 270 - 270

Exploration expenses, including dry 26 22 48 holes and lease impairment

General and administrative expenses 41 8 49

Depreciation, depletion and 260 84 344 amortization

Impairment and other 147 - 147

Total costs and expenses 1,279 220 1,499

Results of operations before income (180) 274 94 taxes

Provision (benefit) for income taxes - 119 119

Net income (loss) attributable to $ (180) (b) $ 155 (c) $ (25) Hess Corporation



Second Quarter 2020

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating revenues $ 660 $ 173 $ 833

Other, net (4) 3 (1)

Total revenues and non-operating 656 176 832 income

Costs and expenses

Marketing, including purchased oil 111 (14) 97 and gas (a)

Operating costs and expenses 131 72 203

Production and severance taxes 15 1 16

Midstream tariffs 225 - 225

Exploration expenses, including dry 23 8 31 holes and lease impairment

General and administrative expenses 42 8 50

Depreciation, depletion and 373 97 470 amortization

Total costs and expenses 920 172 1,092

Results of operations before income (264) 4 (260) taxes

Provision (benefit) for income taxes - (11) (11)

Net income (loss) attributable to $ (264) (d) $ 15 (e) $ (249) Hess Corporation

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $51 million (noncash premium amortization: $51 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $13 million (noncash premium amortization: $13 million; cash settlement: $0 million). * Includes after-tax gains from realized crude oil hedging activities of $192 million (noncash premium amortization: $43 million; cash settlement: $235 million). * Includes after-tax gains from realized crude oil hedging activities of $36 million (noncash premium amortization: $6 million; cash settlement: $42 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)(IN MILLIONS)

First Quarter 2021

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating revenues $ 1,398 $ 500 $ 1,898

Other, net 12 4 16

Total revenues and non-operating 1,410 504 1,914 income

Costs and expenses

Marketing, including purchased oil 520 22 542 and gas (a)

Operating costs and expenses 135 73 208

Production and severance taxes 36 1 37

Midstream tariffs 262 - 262

Exploration expenses, including dry 30 3 33 holes and lease impairment

General and administrative expenses 42 7 49

Depreciation, depletion and 268 87 355 amortization

Total costs and expenses 1,293 193 1,486

Results of operations before income 117 311 428 taxes

Provision (benefit) for income taxes - 120 120

Net income (loss) attributable to $ 117 (b) $ 191 (c) $ 308 Hess Corporation

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $39 million (noncash premium amortization: $39 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $8 million (noncash premium amortization: $8 million; cash settlement: $0 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)(IN MILLIONS)

Six Months Ended June 30, 2021

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating $ 2,486 $ 991 $ 3,477 revenues

Other, net 23 7 30

Total revenues and non-operating 2,509 998 3,507 income

Costs and expenses

Marketing, including purchased 855 30 885 oil and gas (a)

Operating costs and expenses 293 169 462

Production and severance taxes 78 3 81

Midstream tariffs 532 - 532

Exploration expenses, including 56 25 81 dry holes and lease impairment

General and administrative 83 15 98 expenses

Depreciation, depletion and 528 171 699 amortization

Impairment and other 147 - 147

Total costs and expenses 2,572 413 2,985

Results of operations before (63) 585 522 income taxes

Provision (benefit) for income - 239 239 taxes

Net income (loss) attributable to $ (63) (b) $ 346 (c) $ 283 Hess Corporation



Six Months Ended June 30, 2020

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating $ 1,782 $ 405 $ 2,187 revenues

Other, net - 7 7

Total revenues and non-operating 1,782 412 2,194 income

Costs and expenses

Marketing, including purchased 530 (8) 522 oil and gas (a)

Operating costs and expenses 268 149 417

Production and severance taxes 55 3 58

Midstream tariffs 466 - 466

Exploration expenses, including 179 41 220 dry holes and lease impairment

General and administrative 87 15 102 expenses

Depreciation, depletion and 767 224 991 amortization

Impairment and other 697 1,429 2,126

Total costs and expenses 3,049 1,853 4,902

Results of operations before (1,267) (1,441) (2,708) income taxes

Provision (benefit) for income - (88) (88) taxes

Net income (loss) attributable to $ (1,267) (d) $ (1,353) (e) $ (2,620) Hess Corporation

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $90 million (noncash premium amortization: $90 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $21 million (noncash premium amortization: $21 million; cash settlement: $0 million). * Includes after-tax gains from realized crude oil hedging activities of $245 million (noncash premium amortization: $106 million; cash settlement: $351 million). * Includes after-tax gains from realized crude oil hedging activities of $47 million (noncash premium amortization: $13 million; cash settlement: $60 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION OPERATING DATA

Second Second First Quarter Quarter Quarter 2021 2020 2021

Net Production Per Day (in thousands)



Crude oil - barrels

United States

North Dakota 79 108 84

Offshore (a) 33 45 36

Total United States 112 153 120

Guyana 26 22 31

Malaysia and JDA 4 3 4

Other (b) 24 5 22

Total 166 183 177



Natural gas liquids - barrels

United States

North Dakota 52 57 49

Offshore (a) 5 6 4

Total United States 57 63 53



Natural gas - mcf

United States

North Dakota 167 177 151

Offshore 85 101 95

Total United States 252 278 246

Malaysia and JDA 371 245 360

Other (b) 9 5 11

Total 632 528 617



Barrels of oil equivalent 328 334 333

* The Corporation sold its working interest in the Shenzi Field in the deepwater Gulf of Mexico in the fourth quarter of 2020. Net production from the Shenzi Field was 12,000 boepd in the second quarter of 2020. * Other includes production from Denmark and Libya. Libya net production was 21,000 boepd in the second quarter of 2021, 0 boepd in the second quarter of 2020 and 18,000 boepd in the first quarter of 2021. Denmark net production was 4,000 boepd in the second quarter of 2021, 6,000 boepd in the second quarter of 2020 and 6,000 boepd in the first quarter of 2021.HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

Six Months Ended June 30,

2021 2020

Net Production Per Day (in thousands)



Crude oil - barrels

United States

North Dakota 82 111

Offshore (a) 34 47

Total United States 116 158

Guyana 29 18

Malaysia and JDA 4 3

Other (b) 23 8

Total 172 187



Natural gas liquids - barrels

United States

North Dakota 50 53

Offshore (a) 5 6

Total United States 55 59



Natural gas - mcf

United States

North Dakota 159 170

Offshore 90 107

Total United States 249 277

Malaysia and JDA 366 285

Other (b) 10 9

Total 625 571



Barrels of oil equivalent 331 341

* The Corporation sold its working interest in the Shenzi Field in the deepwater Gulf of Mexico in the fourth quarter of 2020. Net production from the Shenzi Field was 12,000 boepd in the first six months of 2020. * Other includes production from Denmark and Libya. Libya net production was 20,000 boepd in the first six months of 2021 and 3,000 boepd in the first six months of 2020. Denmark net production was 5,000 boepd in the first six months of 2021 and 7,000 boepd in the first six months of 2020. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION OPERATING DATA

Second Second First Quarter Quarter 2021 Quarter 2021 2020

Sales Volumes Per Day (in thousands) (a)

Crude oil - barrels 157 140 227

Natural gas liquids - barrels 57 63 53

Natural gas - mcf 632 528 617

Barrels of oil equivalent 319 291 383



Sales Volumes (in thousands) (a)

Crude oil - barrels (b) 14,293 12,764 20,395

Natural gas liquids - barrels 5,142 5,690 4,802

Natural gas - mcf 57,557 48,081 55,513

Barrels of oil equivalent 29,028 26,468 34,449

Six Months Ended June 30,

2021

2020

Sales Volumes Per Day (in thousands) (a)

Crude oil - barrels

192

158

Natural gas liquids - barrels

55

59

Natural gas - mcf

625

571

Barrels of oil equivalent

351

312

Sales Volumes (in thousands) (a)

Crude oil - barrels (b)

34,688

28,816

Natural gas liquids - barrels

9,944

10,787

Natural gas - mcf

113,070

103,701

Barrels of oil equivalent

63,477

56,887

* Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported. * Sales volumes for the first quarter of 2021 include 4.2 million barrels of crude oil that were stored on VLCCs at December 31, 2020. During the second quarter of 2020, 3.7 million barrels of crude oil were loaded on VLCCs for sale at a later date. Six Months Ended June 30,

2021 2020

Sales Volumes Per Day (in thousands) (a)

Crude oil - barrels 192 158

Natural gas liquids - barrels 55 59

Natural gas - mcf 625 571

Barrels of oil equivalent 351 312



Sales Volumes (in thousands) (a)

Crude oil - barrels (b) 34,688 28,816

Natural gas liquids - barrels 9,944 10,787

Natural gas - mcf 113,070 103,701

Barrels of oil equivalent 63,477 56,887

* Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported. * Sales volumes for the first quarter of 2021 include 4.2 million barrels of crude oil that were stored on VLCCs at December 31, 2020. During the second quarter of 2020, 3.7 million barrels of crude oil were loaded on VLCCs for sale at a later date. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION OPERATING DATA

Second Second First Quarter Quarter Quarter 2021 2020 2021

Average Selling Prices



Crude oil - per barrel (including hedging)

United States

North Dakota (a) $ 56.75 $ 38.23 $ 44.97

Offshore 59.33 39.10 53.03

Total United States 57.52 38.57 46.73

Guyana 65.63 35.28 60.37

Malaysia and JDA 65.88 15.62 63.27

Other (b) 64.16 50.29 57.66

Worldwide 59.79 38.46 50.02



Crude oil - per barrel (excluding hedging)

United States

North Dakota (a) $ 61.88 $ 18.93 $ 47.62

Offshore 64.42 22.78 56.53

Total United States 62.63 20.48 49.56

Guyana 68.44 19.23 61.85

Malaysia and JDA 65.88 15.62 63.27

Other (b) 68.08 29.16 59.61

Worldwide 64.27 20.63 52.52



Natural gas liquids - per barrel

United States

North Dakota $ 23.23 $ 7.59 $ 30.32

Offshore 21.84 4.71 21.25

Worldwide 23.12 7.32 29.49



Natural gas - per mcf

United States

North Dakota $ 2.40 $ 0.94 $ 5.93

Offshore 2.35 1.14 2.95

Total United States 2.38 1.01 4.78

Malaysia and JDA 5.22 3.97 5.04

Other (b) 2.96 3.51 2.69

Worldwide 4.05 2.41 4.90

* Excluding the two VLCC cargo sales in the first quarter totaling 4.2 million barrels, the first quarter 2021 North Dakota crude oil price excluding hedging was $53.30 per barrel and $49.73 per barrel including hedging. * Other includes prices related to production from Denmark and Libya. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIESEXPLORATION AND PRODUCTION OPERATING DATA

Six Months Ended June 30,

2021 2020

Average Selling Prices



Crude oil - per barrel (including hedging)

United States

North Dakota (a) $ 49.35 $ 42.26

Offshore 55.99 44.49

Total United States 51.00 43.03

Guyana 62.48 38.41

Malaysia and JDA 64.69 26.73

Other (b) 60.94 53.49

Worldwide 54.04 42.98



Crude oil - per barrel (excluding hedging)

United States

North Dakota (a) $ 52.91 $ 32.52

Offshore 60.24 34.61

Total United States 54.73 33.23

Guyana 64.48 26.11

Malaysia and JDA 64.69 26.73

Other (b) 63.88 41.19

Worldwide 57.36 32.90



Natural gas liquids - per barrel

United States

North Dakota $ 26.65 $ 8.39

Offshore 21.55 7.23

Worldwide 26.20 8.27



Natural gas - per mcf

United States

North Dakota $ 4.06 $ 1.10

Offshore 2.66 1.23

Total United States 3.56 1.15

Malaysia and JDA 5.13 4.39

Other (b) 2.82 4.03

Worldwide 4.47 2.81

* Excluding the two VLCC cargo sales in the first quarter totaling 4.2 million barrels, the North Dakota crude oil price for the first six months of 2021 excluding hedging was $57.39 per barrel and $53.08 per barrel including hedging. * Other includes prices related to production from Denmark and Libya. The following is a summary of the Corporation's outstanding crude oil put options for the remainder of 2021:

WTI Brent

Barrels of oil per day 120,000 30,000

Average monthly floor price $55 $60

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005196/en/

CONTACT: For Hess Corporation Investor Contact: Jay Wilson (212) 536-8940 Media Contacts: Lorrie Hecker (212) 536-8250 Jamie Tully Sard Verbinnen & Co (917) 679-7908