Business Wire | Oct 27, 2021 07:30AM EDT

Hess Reports Estimated Results for the Third Quarter of 2021

Oct. 27, 2021

NEW YORK--(BUSINESS WIRE)--Oct. 27, 2021--Hess Corporation (NYSE: HES) today reported net income of $115 million, or $0.37 per common share, in the third quarter of 2021, compared with a net loss of $243 million, or $0.80 per common share, in the third quarter of 2020. On an adjusted basis, the Corporation reported net income of $86 million, or $0.28 per common share, in the third quarter of 2021, compared with an adjusted loss of $216 million, or $0.71 per common share, in the prior-year quarter. The improvement in adjusted after-tax results compared with the prior-year period was primarily due to higher realized selling prices in the third quarter of 2021, partially offset by the impact of lower net production, including curtailed production in the Bakken related to the Tioga Gas Plant maintenance turnaround and reduced Gulf of Mexico production due to Hurricane Ida.

"Adjusted net income (loss)" is a non-GAAP financial measure. The 1. definition of this non-GAAP measure and a reconciliation to its nearest GAAP equivalent measure appears on pages 7 and 8.

"Our company continues to successfully execute our strategy - to grow our resource base, have a low cost of supply and sustain cash flow growth - while delivering industry leading environmental, social and governance performance and disclosure," CEO John Hess said. "We are well positioned to deliver strong and durable cash flow growth that 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 Nine Months Ended September 30, September 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions, except per share amounts)

Net Income (Loss) Attributable to Hess Corporation

Exploration and Production $ 178 $ (182) $ 461 $ (2,802)

Midstream 61 56 212 168

Corporate, Interest and Other (124) (117) (379) (362)

Net income (loss) attributable to $ 115 $ (243) $ 294 $ (2,996) Hess Corporation

Net income (loss) per common share $ 0.37 $ (0.80) $ 0.95 $ (9.83) (diluted)





Adjusted Net Income (Loss) Attributable to Hess Corporation

Exploration and Production $ 149 $ (156) $ 579 $ (525)

Midstream 61 56 212 168

Corporate, Interest and Other (124) (116) (379) (361)

Adjusted net income (loss) $ 86 $ (216) $ 412 $ (718) attributable to Hess Corporation

Adjusted net income (loss) per $ 0.28 $ (0.71) $ 1.33 $ (2.36) common share (diluted)



Weighted average number of shares 309.9 305.0 309.1 304.7 (diluted)



Exploration and Production:

E&P net income was $178 million in the third quarter of 2021, compared with a net loss of $182 million in the third quarter of 2020. On an adjusted basis, E&P's third quarter 2021 net income was $149 million compared with an adjusted net loss of $156 million in the prior-year quarter. The Corporation's average realized crude oil selling price, including the effect of hedging, was $63.17 per barrel in the third quarter of 2021, compared with $45.60 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the third quarter of 2021 was $32.88 per barrel, compared with $11.63 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.71 per mcf, compared with $2.94 per mcf in the third quarter of 2020.

Net production, excluding Libya, was 265,000 boepd in the third quarter of 2021, compared with 321,000 boepd in the third quarter of 2020, due to lower production in the Bakken and Gulf of Mexico, partially offset by higher production in Guyana. Net production for Libya was 19,000 boepd in the third quarter of 2021 compared with zero in the third 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 $12.76 per boe (excluding Libya: $13.45 per boe) in the third quarter of 2021, compared with $9.86 per boe excluding items affecting comparability of earnings between periods (excluding Libya: $9.69 per boe) in the prior-year quarter. The change in per unit cost reflects the impact of lower production volumes, and higher workover activity and production and severance taxes in North Dakota in the third quarter of this year. Income tax expense increased in the third quarter of 2021 compared with the year-ago period primarily due to higher production in Libya.

Operational Highlights for the Third Quarter of 2021:

Bakken (Onshore U.S.): Net production from the Bakken was 148,000 boepd compared with 198,000 boepd in the prior-year quarter, primarily due to the impact of lower drilling activity caused by a reduction in rig count from six to one during the first half of last year, lower NGL and natural gas volumes received under percentage of proceeds contracts due to higher commodity prices, curtailed production related to the planned Tioga Gas Plant maintenance turnaround completed in the quarter and the second quarter 2021 sale of Little Knife and Murphy Creek nonstrategic acreage interests. Net oil production was 78,000 barrels of oil per day (bopd) in the third quarter of 2021 and 108,000 bopd in the prior year quarter. NGL and natural gas volumes received under percentage of proceeds contracts were 9,000 boepd in the third quarter of 2021 compared with 22,000 boepd in the third quarter of 2020 due to higher realized NGL prices lowering volumes received as consideration for gas processing fees. In 2021, the Corporation added a second rig in February and a third rig in September. During the third quarter of 2021, we drilled 18 wells, completed 22 wells, and brought 19 new wells online.

Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 32,000 boepd, compared with 49,000 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, higher hurricane related downtime in the third quarter of 2021, and natural field decline. Net production from the Shenzi Field was 9,000 boepd in the third quarter of 2020.

Guyana (Offshore): At the Stabroek Block (Hess - 30%), the Corporation's net production from the Liza Field was 32,000 bopd in the third quarter of 2021 compared with 19,000 bopd in the prior-year quarter. The Liza Unity FPSO, with an expected capacity of 220,000 gross bopd, arrived at the Stabroek Block on October 25 th, and startup of Phase 2 of the Liza Field development 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. 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.

Since July, the operator, Esso Exploration and Production Guyana Limited, has announced the 19th, 20th and 21st significant discoveries at Whiptail, Pinktail and Cataback, and earlier this month increased the gross discovered recoverable resource estimate for the block to approximately 10 billion boe, up from the previous estimate of more than 9 billion boe.

The Whiptail-1 well encountered 246 feet of net pay in high quality oil bearing sandstone reservoirs, and the Whiptail-2 well, which is located 3 miles northeast of Whiptail-1 encountered 167 feet of net pay in high quality oil bearing sandstone reservoirs. The Pinktail well encountered 220 feet of net pay in high quality oil bearing sandstone reservoirs. Pinktail is located approximately 21.7 miles southeast of the Liza Phase 1 development and approximately 3.7 miles southeast of Yellowtail-1. The Cataback well encountered 243 feet of net pay in high quality hydrocarbon bearing sandstone reservoirs of which 102 feet is oil bearing. Cataback is located approximately 3.7 miles east of the Turbot-1 well.

Following the completion of the Cataback well, the Noble Tom Madden commenced Phase 2 drilling and completion activities. The Stena Carron completed drill stem tests on Uaru-1 and Mako-2 and is currently performing a drill stem test on Longtail-2. Following the completion of the Pinktail well, the Noble Don Taylor commenced development drilling at Payara. The Noble Sam Croft and Noble Bob Douglas are currently drilling and completing Phase 2 development wells, and the Stena Drillmax left the Stabroek Block following the completion of the Whiptail-1 well and will return in the fourth quarter to drill the Fangtooth prospect.

South East Asia (Offshore): Net production at North Malay Basin and JDA was 50,000 boepd in both the current quarter and prior-year quarter.

Denmark (Offshore): In August, the Corporation completed the sale of its interests in Denmark for adjusted proceeds of approximately $130 million. Net production from Denmark was 3,000 boepd in the third quarter of 2021 compared with 5,000 boepd in the prior-year quarter.

Midstream:

The Midstream segment had net income of $61 million in the third quarter of 2021, compared with net income of $56 million in the prior-year quarter, primarily due to higher revenue from minimum volume commitments and tariff rates partially offset by costs associated with the planned Tioga Gas Plant maintenance turnaround, which was safely and successfully completed.

In August 2021, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP, completed the purchase of approximately 31 million of HESM Opco Class B units from Hess Corporation and Global Infrastructure Partners for $750 million. The Corporation received net proceeds of $375 million. The purchase was financed by the issuance of $750 million of 4.250% senior unsecured notes due 2030 by HESM Opco. In October 2021, Hess Midstream LP completed a public offering of approximately 8.6 million Class A shares held by Hess Corporation and Global Infrastructure Partners. The Corporation received net proceeds of approximately $108 million. After giving effect to these transactions, the Corporation owns an approximate 44% 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 third quarter of 2021, compared with $117 million in the third quarter of 2020.

Capital and Exploratory Expenditures:

E&P capital and exploratory expenditures were $498 million in the third quarter of 2021 compared with $331 million in the prior-year quarter, primarily due to higher drilling activity in the Bakken, Guyana and JDA, partially offset by lower drilling activity in the Gulf of Mexico. Midstream capital expenditures were $59 million in the third quarter of 2021, down from $66 million in the prior-year quarter.

Liquidity:

Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $2.41 billion and debt and finance lease obligations totaling $6.12 billion at September 30, 2021. The Midstream segment had cash and cash equivalents of $5 million and total debt of $2.6 billion at September 30, 2021. The Corporation's debt to capitalization ratio as defined in its debt covenants was 44.5% at September 30, 2021 and 47.5% at December 31, 2020.

During the quarter, the Corporation received net proceeds of approximately $130 million from the sale of its interests in Denmark and $375 million from the repurchase by HESM Opco of approximately 15.6 million Hess-owned Class B units. The Corporation also prepaid $500 million of its $1.0 billion term loan. In October, the Corporation received net proceeds of approximately $108 million from the public offering of approximately 4.3 million Hess-owned Class A shares of Hess Midstream LP.

Net cash provided by operating activities was $615 million in the third quarter of 2021, up from $136 million in the third quarter of 2020. Net cash provided by operating activities before changes in operating assets and liabilities2 was $631 million in the third quarter of 2021, compared with $468 million in the prior-year quarter primarily due to higher realized selling prices, partially offset by the impact of lower net production. Changes in operating assets and liabilities decreased cash flow from operating activities by $16 million during the third quarter of 2021 and by $332 million during the prior-year quarter.

"Net cash provided by (used in) operating activities before changes in 2. 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.

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 Nine Months Ended September 30, September 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions)

Exploration and Production $ 29 $ (26) $ (118) $ (2,277)

Midstream - - - -

Corporate, Interest and Other - (1) - (1)

Total items affectingcomparability of earnings $ 29 $ (27) $ (118) $ (2,278) between periods

Third Quarter 2021: E&P results include a pre-tax gain of $29 million ($29 million after income taxes) associated with the sale of the Corporation's interests in Denmark.

Third Quarter 2020: Third quarter results included a pre-tax charge for severance of $27 million ($27 million after income taxes) related to cost reduction initiatives. The pre-tax amounts are reported in Operating costs and expenses ($20 million), General and administrative expenses ($6 million), and Exploration expenses ($1 million).

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 Nine Months Ended September 30, September 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions)

Net income (loss) attributable $ 115 $ (243) $ 294 $ (2,996) to Hess Corporation

Less: Total items affectingcomparability of earnings 29 (27) (118) (2,278) between periods

Adjusted net income (loss)attributable to Hess $ 86 $ (216) $ 412 $ (718) 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 Ended Nine Months Ended September 30, September 30, (unaudited) (unaudited)

2021 2020 2021 2020

(In millions)

Net cash provided by (used in)operating activities before $ 631 $ 468 $ 2,105 $ 1,271 changes in operating assets andliabilities

Changes in operating assets and (16) (332) (114) (424) liabilities

Net cash provided by (used in) $ 615 $ 136 $ 1,991 $ 847 operating activities

Hess Corporation will review third 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, 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; 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 exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform and 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 SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Third Third Second Quarter Quarter Quarter 2021 2020 2021

Income Statement



Revenues and non-operating income

Sales and other operating revenues $ 1,759 $ 1,159 $ 1,579

Gains (losses) on asset sales, net 29 - -

Other, net 23 17 19

Total revenues and non-operating income 1,811 1,176 1,598

Costs and expenses

Marketing, including purchased oil and gas 522 221 322

Operating costs and expenses 333 308 315

Production and severance taxes 42 34 44

Exploration expenses, including dry holes and 36 71 48 lease impairment

General and administrative expenses 76 84 84

Interest expense 125 118 118

Depreciation, depletion and amortization 349 518 385

Impairment and other - - 147

Total costs and expenses 1,483 1,354 1,463

Income (loss) before income taxes 328 (178) 135

Provision (benefit) for income taxes 143 5 122

Net income (loss) 185 (183) 13

Less: Net income (loss) attributable to 70 60 86 noncontrolling interests

Net income (loss) attributable to Hess $ 115 $ (243) $ (73) Corporation

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Nine Months Ended September 30,

2021

2020

Income Statement

Revenues and non-operating income

Sales and other operating revenues

$

5,236

$

3,346

Gains (losses) on asset sales, net

29

8

Other, net

63

33

Total revenues and non-operating income

5,328

3,387

Costs and expenses

Marketing, including purchased oil and gas

1,362

655

Operating costs and expenses

913

905

Production and severance taxes

123

92

Exploration expenses, including dry holes and lease impairment

117

291

General and administrative expenses

254

275

Interest expense

360

350

Depreciation, depletion and amortization

1,130

1,588

Impairment and other

147

2,126

Total costs and expenses

4,406

6,282

Income (loss) before income taxes

922

(2,895)

Provision (benefit) for income taxes

388

(83)

Net income (loss)

534

(2,812)

Less: Net income (loss) attributable to noncontrolling interests

240

184

Net income (loss) attributable to Hess Corporation

$

294

$

(2,996)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Nine Months Ended September 30,

2021 2020

Income Statement



Revenues and non-operating income

Sales and other operating revenues $ 5,236 $ 3,346

Gains (losses) on asset sales, net 29 8

Other, net 63 33

Total revenues and non-operating income 5,328 3,387

Costs and expenses

Marketing, including purchased oil and gas 1,362 655

Operating costs and expenses 913 905

Production and severance taxes 123 92

Exploration expenses, including dry holes and lease 117 291 impairment

General and administrative expenses 254 275

Interest expense 360 350

Depreciation, depletion and amortization 1,130 1,588

Impairment and other 147 2,126

Total costs and expenses 4,406 6,282

Income (loss) before income taxes 922 (2,895)

Provision (benefit) for income taxes 388 (83)

Net income (loss) 534 (2,812)

Less: Net income (loss) attributable to noncontrolling 240 184 interests

Net income (loss) attributable to Hess Corporation $ 294 $ (2,996)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

September 30, 2021

December 31, 2020

Balance Sheet Information

Assets

Cash and cash equivalents

$

2,419

$

1,739

Other current assets

1,473

1,342

Property, plant and equipment - net

13,954

14,115

Operating lease right-of-use assets - net

364

426

Finance lease right-of-use assets - net

150

168

Other long-term assets

1,130

1,031

Total assets

$

19,490

$

18,821

Liabilities and equity

Current maturities of long-term debt

$

514

$

10

Current portion of operating and finance lease obligations

88

81

Other current liabilities

2,147

1,532

Long-term debt

7,993

8,286

Long-term operating lease obligations

410

478

Long-term finance lease obligations

205

220

Other long-term liabilities

1,877

1,879

Total equity excluding other comprehensive income (loss)

6,405

6,121

Accumulated other comprehensive income (loss)

(796)

(755)

Noncontrolling interests

647

969

Total liabilities and equity

$

19,490

$

18,821

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

September December 30, 31, 2021 2020

Balance Sheet Information

Assets

Cash and cash equivalents $ 2,419 $ 1,739

Other current assets 1,473 1,342

Property, plant and equipment - net 13,954 14,115

Operating lease right-of-use assets - net 364 426

Finance lease right-of-use assets - net 150 168

Other long-term assets 1,130 1,031

Total assets $ 19,490 $ 18,821

Liabilities and equity

Current maturities of long-term debt $ 514 $ 10

Current portion of operating and finance lease 88 81 obligations

Other current liabilities 2,147 1,532

Long-term debt 7,993 8,286

Long-term operating lease obligations 410 478

Long-term finance lease obligations 205 220

Other long-term liabilities 1,877 1,879

Total equity excluding other comprehensive income 6,405 6,121 (loss)

Accumulated other comprehensive income (loss) (796) (755)

Noncontrolling interests 647 969

Total liabilities and equity $ 19,490 $ 18,821

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

September 30, 2021

December 31, 2020

Total Debt

Hess Corporation

$

5,894

$

6,386

Midstream (a)

2,613

1,910

Hess Consolidated

$

8,507

$

8,296

* Midstream debt is non-recourse to Hess Corporation. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

September 30, December 31, 2021 2020

Total Debt

Hess Corporation $ 5,894 $ 6,386

Midstream (a) 2,613 1,910

Hess Consolidated $ 8,507 $ 8,296

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

Debt to Capitalization Ratio (a)

Hess Consolidated 58.3 % 57.4 %

Hess Corporation as defined in debt covenants 44.5 % 47.5 %

* Includes finance lease obligations. Three Months Ended Nine Months Ended September 30, September 30,

2021 2020 2021 2020

Interest Expense

Hess Corporation $ 97 $ 95 $ 286 $ 279

Midstream (a) 28 23 74 71

Hess Consolidated $ 125 $ 118 $ 360 $ 350

* Midstream interest expense is reported in the Midstream operating segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Third Third Second Quarter Quarter Quarter 2021 2020 2021

Cash Flow Information



Cash Flows from Operating Activities

Net income (loss) $ 185 $ (183) $ 13

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

(Gains) losses on asset sales, net (29) - -

Depreciation, depletion and amortization 349 518 385

Impairment and other - - 147

Exploratory dry hole costs 2 31 9

Exploration lease and other impairment 5 10 6

Pension settlement loss 1 - 3

Stock compensation expense 17 16 19

Noncash (gains) losses on commodity 64 68 64 derivatives, net

Provision (benefit) for deferred income 37 8 13 taxes and other tax accruals

Net cash provided by (used in) operatingactivities before changes in operating 631 468 659 assets and liabilities

Changes in operating assets and (16) (332) 126 liabilities

Net cash provided by (used in) operating 615 136 785 activities

Cash Flows from Investing Activities

Additions to property, plant and equipment (431) (327) (329) - E&P

Additions to property, plant and equipment (67) (99) (26) - Midstream

Proceeds from asset sales, net of cash 130 - 297 sold

Other, net (2) - (2)

Net cash provided by (used in) investing (370) (426) (60) activities

Cash Flows from Financing Activities

Net borrowings (repayments) of debt with 43 74 (65) maturities of 90 days or less

Debt with maturities of greater than 90 days:

Borrowings 750 - -

Repayments (503) - (2)

Payments on finance lease obligations (3) (3) (2)

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

Employee stock options exercised - - 63

Noncontrolling interests, net (452) (66) (70)

Other, net (14) - (8)

Net cash provided by (used in) financing (256) (71) (161) activities

Net Increase (Decrease) in Cash and Cash (11) (361) 564 Equivalents

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

Cash and Cash Equivalents at End of Period $ 2,419 $ 1,285 $ 2,430



Additions to Property, Plant and Equipment included within Investing Activities

Capital expenditures incurred $ (528) $ (367) $ (443)

Increase (decrease) in related liabilities 30 (59) 88

Additions to property, plant and equipment $ (498) $ (426) $ (355)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Nine Months Ended September 30,

2021

2020

Cash Flow Information

Cash Flows from Operating Activities

Net income (loss)

$

534

$

(2,812)

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

(Gains) losses on asset sales, net

(29)

(8)

Depreciation, depletion and amortization

1,130

1,588

Impairment and other

147

2,126

Exploratory dry hole costs

11

166

Exploration lease and other impairment

15

48

Pension settlement loss

5

-

Stock compensation expense

61

63

Noncash (gains) losses on commodity derivatives, net

152

187

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

79

(87)

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

2,105

1,271

Changes in operating assets and liabilities

(114)

(424)

Net cash provided by (used in) operating activities

1,991

847

Cash Flows from Investing Activities

Additions to property, plant and equipment - E&P

(1,118)

(1,577)

Additions to property, plant and equipment - Midstream

(120)

(246)

Proceeds from asset sales, net of cash sold

427

11

Other, net

(4)

(2)

Net cash provided by (used in) investing activities

(815)

(1,814)

Cash Flows from Financing Activities

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

(32)

146

Debt with maturities of greater than 90 days:

Borrowings

750

1,000

Repayments

(508)

-

Proceeds from sale of Class A shares of Hess Midstream LP

70

-

Payments on finance lease obligations

(7)

(6)

Cash dividends paid

(234)

(233)

Employee stock options exercised

75

15

Noncontrolling interests, net

(589)

(194)

Other, net

(21)

(21)

Net cash provided by (used in) financing activities

(496)

707

Net Increase (Decrease) in Cash and Cash Equivalents

680

(260)

Cash and Cash Equivalents at Beginning of Period

1,739

1,545

Cash and Cash Equivalents at End of Period

$

2,419

$

1,285

Additions to Property, Plant and Equipment included within Investing Activities

Capital expenditures incurred

$

(1,274)

$

(1,540)

Increase (decrease) in related liabilities

36

(283)

Additions to property, plant and equipment

$

(1,238)

$

(1,823)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Nine Months Ended September 30,

2021 2020

Cash Flow Information



Cash Flows from Operating Activities

Net income (loss) $ 534 $ (2,812)

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

(Gains) losses on asset sales, net (29) (8)

Depreciation, depletion and amortization 1,130 1,588

Impairment and other 147 2,126

Exploratory dry hole costs 11 166

Exploration lease and other impairment 15 48

Pension settlement loss 5 -

Stock compensation expense 61 63

Noncash (gains) losses on commodity derivatives, 152 187 net

Provision (benefit) for deferred income taxes and 79 (87) other tax accruals

Net cash provided by (used in) operating activities 2,105 1,271 before changes in operating assets and liabilities

Changes in operating assets and liabilities (114) (424)

Net cash provided by (used in) operating activities 1,991 847

Cash Flows from Investing Activities

Additions to property, plant and equipment - E&P (1,118) (1,577)

Additions to property, plant and equipment - (120) (246) Midstream

Proceeds from asset sales, net of cash sold 427 11

Other, net (4) (2)

Net cash provided by (used in) investing activities (815) (1,814)

Cash Flows from Financing Activities

Net borrowings (repayments) of debt with maturities (32) 146 of 90 days or less

Debt with maturities of greater than 90 days:

Borrowings 750 1,000

Repayments (508) -

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

Payments on finance lease obligations (7) (6)

Cash dividends paid (234) (233)

Employee stock options exercised 75 15

Noncontrolling interests, net (589) (194)

Other, net (21) (21)

Net cash provided by (used in) financing activities (496) 707

Net Increase (Decrease) in Cash and Cash 680 (260) Equivalents

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

Cash and Cash Equivalents at End of Period $ 2,419 $ 1,285



Additions to Property, Plant and Equipment included within Investing Activities

Capital expenditures incurred $ (1,274) $ (1,540)

Increase (decrease) in related liabilities 36 (283)

Additions to property, plant and equipment $ (1,238) $ (1,823)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Third Quarter 2021

Third Quarter 2020

Second Quarter 2021

Capital and Exploratory Expenditures

E&P Capital and exploratory expenditures

United States

North Dakota

$

169

$

86

$

112

Offshore and Other

16

61

25

Total United States

185

147

137

Guyana

264

160

250

Malaysia and JDA

42

21

36

Other

7

3

6

E&P Capital and exploratory expenditures

$

498

$

331

$

429

Total exploration expenses charged to income included above

$

29

$

30

$

33

Midstream Capital expenditures

$

59

$

66

$

47

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

Third Third Second Quarter Quarter Quarter 2021 2020 2021

Capital and Exploratory Expenditures



E&P Capital and exploratory expenditures

United States

North Dakota $ 169 $ 86 $ 112

Offshore and Other 16 61 25

Total United States 185 147 137

Guyana 264 160 250

Malaysia and JDA 42 21 36

Other 7 3 6

E&P Capital and exploratory expenditures $ 498 $ 331 $ 429



Total exploration expenses charged to income $ 29 $ 30 $ 33 included above



Midstream Capital expenditures $ 59 $ 66 $ 47

Nine Months Ended September 30,

2021

2020

Capital and Exploratory Expenditures

E&P Capital and exploratory expenditures

United States

North Dakota

$

369

$

589

Offshore and Other

72

218

Total United States

441

807

Guyana

686

519

Malaysia and JDA

91

74

Other

18

15

E&P Capital and exploratory expenditures

$

1,236

$

1,415

Total exploration expenses charged to income included above

$

91

$

77

Midstream Capital expenditures

$

129

$

202

Nine Months Ended September 30,

2021 2020

Capital and Exploratory Expenditures



E&P Capital and exploratory expenditures

United States

North Dakota $ 369 $ 589

Offshore and Other 72 218

Total United States 441 807

Guyana 686 519

Malaysia and JDA 91 74

Other 18 15

E&P Capital and exploratory expenditures $ 1,236 $ 1,415



Total exploration expenses charged to income included $ 91 $ 77 above



Midstream Capital expenditures $ 129 $ 202

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

Third Quarter 2021

Income Statement

United States

International

Total

Total revenues and non-operating income

Sales and other operating revenues

$

1,280

$

479

$

1,759

Gains (losses) on asset sales, net

-

29

29

Other, net

12

7

19

Total revenues and non-operating income

1,292

515

1,807

Costs and expenses

Marketing, including purchased oil and gas (a)

542

-

542

Operating costs and expenses

150

99

249

Production and severance taxes

41

1

42

Midstream tariffs

270

-

270

Exploration expenses, including dry holes and lease impairment

21

15

36

General and administrative expenses

35

7

42

Depreciation, depletion and amortization

229

79

308

Total costs and expenses

1,288

201

1,489

Results of operations before income taxes

4

314

318

Provision (benefit) for income taxes

-

140

140

Net income (loss) attributable to Hess Corporation

$

4

(b)

$

174

(c)

$

178

Third Quarter 2020

Income Statement

United States

International

Total

Total revenues and non-operating income

Sales and other operating revenues

$

918

$

241

$

1,159

Other, net

6

4

10

Total revenues and non-operating income

924

245

1,169

Costs and expenses

Marketing, including purchased oil and gas (a)

246

(2)

244

Operating costs and expenses

138

90

228

Production and severance taxes

33

1

34

Midstream tariffs

237

-

237

Exploration expenses, including dry holes and lease impairment

69

2

71

General and administrative expenses

46

7

53

Depreciation, depletion and amortization

388

90

478

Total costs and expenses

1,157

188

1,345

Results of operations before income taxes

(233)

57

(176)

Provision (benefit) for income taxes

-

6

6

Net income (loss) attributable to Hess Corporation

$

(233)

(d)

$

51

(e)

$

(182)

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $50 million (noncash premium amortization: $50 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $14 million (noncash premium amortization: $14 million; cash settlement: $0 million). * Includes after-tax gains from realized crude oil hedging activities of $123 million (noncash premium amortization: $61 million; cash settlement: $184 million). * Includes after-tax gains from realized crude oil hedging activities of $20 million (noncash premium amortization: $7 million; cash settlement: $27 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

Third Quarter 2021

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating revenues $ 1,280 $ 479 $ 1,759

Gains (losses) on asset sales, net - 29 29

Other, net 12 7 19

Total revenues and non-operating 1,292 515 1,807 income

Costs and expenses

Marketing, including purchased oil 542 - 542 and gas (a)

Operating costs and expenses 150 99 249

Production and severance taxes 41 1 42

Midstream tariffs 270 - 270

Exploration expenses, including dry 21 15 36 holes and lease impairment

General and administrative expenses 35 7 42

Depreciation, depletion and 229 79 308 amortization

Total costs and expenses 1,288 201 1,489

Results of operations before income 4 314 318 taxes

Provision (benefit) for income taxes - 140 140

Net income (loss) attributable to $ 4 (b) $ 174 (c) $ 178 Hess Corporation



Third Quarter 2020

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating revenues $ 918 $ 241 $ 1,159

Other, net 6 4 10

Total revenues and non-operating 924 245 1,169 income

Costs and expenses

Marketing, including purchased oil 246 (2) 244 and gas (a)

Operating costs and expenses 138 90 228

Production and severance taxes 33 1 34

Midstream tariffs 237 - 237

Exploration expenses, including dry 69 2 71 holes and lease impairment

General and administrative expenses 46 7 53

Depreciation, depletion and 388 90 478 amortization

Total costs and expenses 1,157 188 1,345

Results of operations before income (233) 57 (176) taxes

Provision (benefit) for income taxes - 6 6

Net income (loss) attributable to $ (233) (d) $ 51 (e) $ (182) Hess Corporation

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $50 million (noncash premium amortization: $50 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $14 million (noncash premium amortization: $14 million; cash settlement: $0 million). * Includes after-tax gains from realized crude oil hedging activities of $123 million (noncash premium amortization: $61 million; cash settlement: $184 million). * Includes after-tax gains from realized crude oil hedging activities of $20 million (noncash premium amortization: $7 million; cash settlement: $27 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION 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

* 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). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

Nine Months Ended September 30, 2021

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating $ 3,766 $ 1,470 $ 5,236 revenues

Gains (losses) on asset sales, - 29 29 net

Other, net 35 14 49

Total revenues and 3,801 1,513 5,314 non-operating income

Costs and expenses

Marketing, including purchased 1,397 30 1,427 oil and gas (a)

Operating costs and expenses 443 268 711

Production and severance taxes 119 4 123

Midstream tariffs 802 - 802

Exploration expenses, including 77 40 117 dry holes and lease impairment

General and administrative 118 22 140 expenses

Depreciation, depletion and 757 250 1,007 amortization

Impairment and other 147 - 147

Total costs and expenses 3,860 614 4,474

Results of operations before (59) 899 840 income taxes

Provision (benefit) for income - 379 379 taxes

Net income (loss) attributable $ (59) (b) $ 520 (c) $ 461 to Hess Corporation



Nine Months Ended September 30, 2020

Income Statement United International Total States



Total revenues and non-operating income

Sales and other operating $ 2,700 $ 646 $ 3,346 revenues

Other, net 6 11 17

Total revenues and 2,706 657 3,363 non-operating income



Costs and expenses

Marketing, including purchased 776 (10) 766 oil and gas (a)

Operating costs and expenses 406 239 645

Production and severance taxes 88 4 92

Midstream tariffs 703 - 703

Exploration expenses, including 248 43 291 dry holes and lease impairment

General and administrative 133 22 155 expenses

Depreciation, depletion and 1,155 314 1,469 amortization

Impairment and other 697 1,429 2,126

Total costs and expenses 4,206 2,041 6,247

Results of operations before (1,500) (1,384) (2,884) income taxes

Provision (benefit) for income - (82) (82) taxes

Net income (loss) attributable $ (1,500) (d) $ (1,302) (e) $ (2,802) to Hess Corporation

* Includes amounts charged from the Midstream segment. * Includes after-tax losses from realized crude oil hedging activities of $140 million (noncash premium amortization: $140 million; cash settlement: $0 million). * Includes after-tax losses from realized crude oil hedging activities of $35 million (noncash premium amortization: $35 million; cash settlement: $0 million). * Includes after-tax gains from realized crude oil hedging activities of $368 million (noncash premium amortization: $167 million; cash settlement: $535 million). * Includes after-tax gains from realized crude oil hedging activities of $67 million (noncash premium amortization: $20 million; cash settlement: $87 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

Third Third Second Quarter Quarter Quarter 2021 2020 2021

Net Production Per Day (in thousands)



Crude oil - barrels

United States

North Dakota 78 108 79

Offshore (a) 20 34 33

Total United States 98 142 112

Guyana 32 19 26

Malaysia and JDA 3 3 4

Other (b) 20 4 24

Total 153 168 166



Natural gas liquids - barrels

United States

North Dakota 44 58 52

Offshore (a) 3 5 5

Total United States 47 63 57



Natural gas - mcf

United States

North Dakota 158 194 167

Offshore 52 60 85

Total United States 210 254 252

Malaysia and JDA 284 282 371

Other (b) 9 4 9

Total 503 540 632



Barrels of oil equivalent 284 321 328

* 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 9,000 boepd in the third quarter of 2020. * Other includes production from Denmark and Libya. Denmark net production was 3,000 boepd in the third quarter of 2021, 5,000 boepd in the third quarter of 2020 and 4,000 boepd in the second quarter of 2021. Libya net production was 19,000 boepd in the third quarter of 2021, 0 boepd in the third quarter of 2020 and 21,000 boepd in the second quarter of 2021. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

Nine Months Ended September 30,

2021 2020

Net Production Per Day (in thousands)



Crude oil - barrels

United States

North Dakota 80 110

Offshore (a) 30 43

Total United States 110 153

Guyana 30 19

Malaysia and JDA 4 3

Other (b) 22 7

Total 166 182



Natural gas liquids - barrels

United States

North Dakota 48 54

Offshore (a) 4 6

Total United States 52 60



Natural gas - mcf

United States

North Dakota 159 178

Offshore 77 91

Total United States 236 269

Malaysia and JDA 339 284

Other (b) 9 7

Total 584 560



Barrels of oil equivalent 315 335

* 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 11,000 boepd in the first nine months of 2020. * Other includes production from Denmark and Libya. Denmark net production was 4,000 boepd in the first nine months of 2021 and 6,000 boepd in the first nine months of 2020. Libya net production was 19,000 boepd in the first nine months of 2021 and 2,000 boepd in the first nine months of 2020. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

Third Third Second Quarter Quarter Quarter 2021 2020 2021

Sales Volumes Per Day (in thousands) (a)

Crude oil - barrels 148 164 157

Natural gas liquids - barrels 47 63 57

Natural gas - mcf 503 540 632

Barrels of oil equivalent 279 317 319



Sales Volumes (in thousands) (a)

Crude oil - barrels 13,627 15,134 14,293

Natural gas liquids - barrels 4,338 5,768 5,142

Natural gas - mcf 46,317 49,674 57,557

Barrels of oil equivalent 25,685 29,181 29,028

Nine Months Ended September 30,

2021

2020

Sales Volumes Per Day (in thousands) (a)

Crude oil - barrels

177

161

Natural gas liquids - barrels

52

60

Natural gas - mcf

584

560

Barrels of oil equivalent

326

314

Sales Volumes (in thousands) (a)

Crude oil - barrels (b)

48,315

43,950

Natural gas liquids - barrels

14,282

16,555

Natural gas - mcf

159,387

153,375

Barrels of oil equivalent

89,162

86,068

* 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 nine months of 2021 include 4.2 million barrels of crude oil that were stored on VLCCs at December 31, 2020 and sold in the first quarter of 2021. Nine Months Ended September 30,

2021 2020

Sales Volumes Per Day (in thousands) (a)

Crude oil - barrels 177 161

Natural gas liquids - barrels 52 60

Natural gas - mcf 584 560

Barrels of oil equivalent 326 314



Sales Volumes (in thousands) (a)

Crude oil - barrels (b) 48,315 43,950

Natural gas liquids - barrels 14,282 16,555

Natural gas - mcf 159,387 153,375

Barrels of oil equivalent 89,162 86,068

* 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 nine months of 2021 include 4.2 million barrels of crude oil that were stored on VLCCs at December 31, 2020 and sold in the first quarter of 2021. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

Third Third Second Quarter Quarter Quarter 2021 2020 2021

Average Selling Prices



Crude oil - per barrel (including hedging)

United States

North Dakota $ 59.65 $ 43.20 $ 56.75

Offshore 62.23 48.56 59.33

Total United States 60.14 44.55 57.52

Guyana 70.05 52.60 65.63

Malaysia and JDA 69.87 42.59 65.88

Other (a) 68.36 50.38 64.16

Worldwide 63.17 45.60 59.79



Crude oil - per barrel (excluding hedging)

United States

North Dakota $ 65.11 $ 33.69 $ 61.88

Offshore 67.88 38.39 64.42

Total United States 65.64 34.87 62.63

Guyana 73.12 42.82 68.44

Malaysia and JDA 69.87 42.59 65.88

Other (a) 71.43 44.38 68.08

Worldwide 67.88 36.17 64.27



Natural gas liquids - per barrel

United States

North Dakota $ 32.94 $ 11.68 $ 23.23

Offshore 32.00 11.03 21.84

Worldwide 32.88 11.63 23.12



Natural gas - per mcf

United States

North Dakota $ 3.75 $ 1.18 $ 2.40

Offshore 3.76 1.13 2.35

Total United States 3.75 1.17 2.38

Malaysia and JDA 5.45 4.53 5.22

Other (a) 3.62 2.87 2.96

Worldwide 4.71 2.94 4.05

* Other includes prices related to production from Denmark and Libya. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

Nine Months Ended September 30,

2021 2020

Average Selling Prices



Crude oil - per barrel (including hedging)

United States

North Dakota (a) $ 52.27 $ 42.61

Offshore 57.36 45.60

Total United States 53.46 43.54

Guyana 65.31 44.35

Malaysia and JDA 64.94 38.02

Other (b) 62.93 52.97

Worldwide 56.62 43.88



Crude oil - per barrel (excluding hedging)

United States

North Dakota (a) $ 56.37 $ 32.95

Offshore 61.91 35.64

Total United States 57.66 33.79

Guyana 67.72 33.10

Malaysia and JDA 64.94 38.02

Other (b) 65.91 41.72

Worldwide 60.33 34.02



Natural gas liquids - per barrel

United States

North Dakota $ 28.59 $ 9.57

Offshore 24.08 8.27

Worldwide 28.23 9.44



Natural gas - per mcf

United States

North Dakota $ 3.96 $ 1.13

Offshore 2.91 1.21

Total United States 3.62 1.16

Malaysia and JDA 5.22 4.44

Other (b) 3.05 3.81

Worldwide 4.54 2.85

* Excluding the two VLCC cargo sales in the first quarter of 2021 totaling 4.2 million barrels, the North Dakota crude oil price for the first nine months of 2021 excluding hedging was $59.99 per barrel and $55.29 per barrel including hedging. * Other includes prices related to production from Denmark and Libya. The following is a summary of the Corporation's outstanding commodity hedging program at September 30, 2021:

WTI Brent

2021 (Put options)

Barrels of oil per day 120,000 30,000

Average monthly floor price $55 $60

Contract period January 1 - December 31

2022 (Collars) (a)

Barrels of oil per day 80,000 30,000

Average monthly ceiling price $90 $95

Average monthly floor price $60 $65

Contract period January 1 - December 31

* Subsequent to quarter end, we acquired additional calendar 2022 collars with the same contract terms shown above, increasing the volumes hedged for 2022 to 90,000 bopd for WTI and 60,000 bopd for Brent. View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005241/en/

CONTACT: For Hess Corporation

CONTACT: Investor Contact:

CONTACT: Jay Wilson (212) 536-8940

CONTACT: Media Contacts:

CONTACT: Lorrie Hecker (212) 536-8250

CONTACT: Jamie Tully Sard Verbinnen & Co (917) 679-7908