Hess Corporation BANK OF AMERICA GLOBAL ENERGY CONFERENCE November 16-17, 2022 Forward-Looking Statements & Other Information This presentation 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 simi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q DELAWARE (State or Other Jurisdiction of Incorporation or Organization) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-1204 HESS CORPORATION (Exact Name of Registrant as Specified in Its Charte ...

Hess Corporation (NYSE:HES) Q3 2022 Earnings Conference Call October 26, 2022 10:00 AM ET Company Participants Jay Wilson – Vice President-Investor Relations John Hess – Chief Executive Officer Greg Hill – Chief Operating Officer John Rielly – Chief Financial Officer Conference Call Participants Arun Jayaram – JPMorgan Securities Doug Leggate – Bank of America Stephen Richardson – Evercore Neil Mehta – Goldman Sachs Roger Read – Wells Fargo Paul Sankey – Sankey Research Bob Brackett – Bernstein Research Noe ...

Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-1204 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 HESS CORPORATION (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation or Organization) 13 ...

Financial Performance - Hess Corporation reported a net income attributable of $667 million in 2Q 2022, compared to a net loss of $73 million in 2Q 2021[2] - Adjusted net income attributable to Hess Corporation was $667 million in 2Q 2022, a significant increase from $74 million in 2Q 2021[3] - Exploration and Production's adjusted net income was $723 million in 2Q 2022, up from $122 million in 2Q 2021[3] - Midstream's adjusted net income was $65 million in 2Q 2022, a decrease from $76 million in 2Q 2021[3] - Corporate, Interest and Other expenses resulted in a loss of $121 million in 2Q 2022[3] Production and Capital Expenditures - Worldwide oil and gas production totaled 322 MBOEPD in 2Q 2022, compared to 328 MBOEPD in 2Q 2021[22] - United States production was 169 MBOEPD in 2Q 2022, a decrease from 211 MBOEPD in 2Q 2021[22] - Guyana production increased to 67 MBOEPD in 2Q 2022, up from 26 MBOEPD in 2Q 2021[22] - Exploration and Production capital and exploratory expenditures totaled $622 million in 2Q 2022, compared to $429 million in 2Q 2021[23] - Midstream capital expenditures were $72 million in 2Q 2022, compared to $47 million in 2Q 2021[23] Bakken Operations - Bakken net production averaged 140 MBOEPD in 2Q 2022[40] - Hess operated 3 drilling rigs in the Bakken during 2Q 2022, with an average spud-to-spud time of 13 days[54]

Hess Corporation (NYSE:HES) Q2 2022 Results Conference Call July 27, 2022 10:00 AM ET Company Participants Jay Wilson - VP, IR John Hess - CEO Greg Hill - COO John Rielly - CFO Conference Call Participants Arun Jayaram - JPMorgan Doug Leggate - Bank of America Paul Cheng - Scotiabank Jeanine Wai - Barclays Ryan Todd - Piper Sandler Neil Mehta - Goldman Sachs Roger Read - Wells Fargo Vin Lovaglio - Mizuho David Deckelbaum - Cowen Operator Good day, ladies and gentlemen, and welcome to the Second Quarter 2022 ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Unaudited Q1 2022 financials show net income of **$417 million**, total assets **$19.8 billion**, and **$500 million** debt repayment [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) Q1 2022 net income rose to **$417 million** on **$2.37 billion** revenue, with cash decreasing to **$1.37 billion** due to debt repayment Consolidated Balance Sheet Highlights (In millions) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,370 | $2,713 | | Total current assets | $3,266 | $4,346 | | Property, plant and equipment — net | $14,489 | $14,182 | | Total Assets | $19,798 | $20,515 | | Total current liabilities | $2,303 | $3,064 | | Long-term debt | $7,934 | $7,941 | | Total Liabilities | $12,750 | $13,489 | | Total Equity | $7,048 | $7,026 | Consolidated Income Statement Highlights (In millions, except per share amounts) | Account | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Sales and other operating revenues | $2,313 | $1,898 | | Total revenues and non-operating income | $2,371 | $1,919 | | Net Income Attributable to Hess Corporation | $417 | $252 | | Diluted EPS | $1.34 | $0.82 | Consolidated Cash Flow Highlights (In millions) | Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | ($156) | $591 | | Net cash provided by (used in) investing activities | ($522) | ($385) | | Net cash provided by (used in) financing activities | ($665) | ($79) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail **$120 million** increase in capitalized exploration, **$500 million** debt repayment, crude oil as primary revenue, and **$325 million** hedge restructuring - Capitalized exploratory well costs pending determination of proved reserves increased by **$120 million** during Q1 2022, reaching a balance of **$801 million**, primarily related to drilling on the Stabroek Block, Guyana, and the Huron prospect in the Gulf of Mexico[24](index=24&type=chunk) - In February 2022, the company repaid the remaining **$500 million** outstanding under its **$1 billion** term loan, which was previously scheduled to mature in March 2023[33](index=33&type=chunk) Disaggregated Revenue from Contracts with Customers (Q1 2022, In millions) | Revenue Source | Amount | | :--- | :--- | | Crude oil revenue | $1,239 | | Natural gas liquids revenue | $181 | | Natural gas revenue | $280 | | Sales of purchased oil and gas | $699 | | **Total E&P Revenue** | **$2,399** | - In Q1 2022, the company purchased WTI and Brent call options for **$325 million** to remove the ceiling price on its price collars for the period of April 1 to December 31, 2022, while floor prices of **$60/bbl** for WTI and **$65/bbl** for Brent remain in place[56](index=56&type=chunk) - In April 2022, Hess Corporation received total proceeds of **$346 million** from two Hess Midstream equity transactions, reducing its consolidated ownership in Hess Midstream from approximately **43.5%** to **41.0%**[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2022 adjusted net income of **$404 million** driven by higher prices, with focus on Guyana development and **$500 million** debt repayment - Adjusted net income for Q1 2022 was **$404 million**, compared to **$252 million** in Q1 2021, driven by higher realized selling prices, partially offset by lower sales volumes[75](index=75&type=chunk)[84](index=84&type=chunk) - The company repaid the remaining **$500 million** of its term loan and increased its quarterly dividend by **50%** in March 2022[72](index=72&type=chunk) - 2022 net production guidance (ex-Libya) is at the low end of **325,000** to **330,000 boepd**, with E&P capex guidance of **~$2.6 billion** and a potential increase of **$180-$200 million** due to adding a fourth Bakken rig and cost inflation[73](index=73&type=chunk)[74](index=74&type=chunk) [Exploration and Production Results](index=19&type=section&id=Exploration%20and%20Production%20Results) E&P net income increased to **$460 million** in Q1 2022 due to higher prices, despite production decreasing to **276,000 boepd** Average Realized Selling Prices | Product | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Crude Oil (per barrel, incl. hedging) | $86.75 | $50.02 | | NGL (per barrel) | $39.79 | $29.49 | | Natural Gas (per mcf) | $5.28 | $4.90 | Net Production Volumes (kboepd, ex-Libya) | Region | Q1 2022 (kboepd) | Q1 2021 (kboepd) | | :--- | :--- | :--- | | North Dakota | 152 | 158 | | Gulf of Mexico | 30 | 56 | | Guyana | 30 | 31 | | Malaysia/JDA & Other | 64 | 70 | | **Total (ex-Libya)** | **276** | **315** | - In Guyana, the Yellowtail development was sanctioned and is expected to produce approximately **250,000 gross bopd** starting in 2025, with new discoveries announced at Barreleye, Lukanani, and Patwa[69](index=69&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) E&P Unit Costs (per boe) | Cost Category | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Cash operating costs | $13.79 | $9.81 | | DD&A | $10.96 | $11.83 | | **Total Production Unit Costs** | **$24.75** | **$21.64** | [Midstream Results](index=25&type=section&id=Midstream%20Results) Midstream net income was **$72 million** in Q1 2022, with revenues increasing to **$312 million** due to higher volume commitments Midstream Financial Summary (In millions) | Account | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Sales and other operating revenues | $312 | $289 | | Results of Operations Before Income Taxes | $165 | $162 | | Net Income Attributable to Hess Corporation | $72 | $75 | - The increase in revenue was primarily associated with higher minimum volume commitments, while the increase in costs was due to higher rail transport costs, DD&A on new assets, and higher interest expense[111](index=111&type=chunk)[112](index=112&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) Total liquidity was **$4.94 billion** as of March 31, 2022, with **$156 million** net cash used in operations due to working capital changes and debt repayment Liquidity Position (March 31, 2022) | Item | Amount (In billions) | | :--- | :--- | | Cash and cash equivalents (ex-Midstream) | $1.37 | | Available Revolving Credit Facility | $3.50 | | **Total Liquidity** | **~$4.94** | - Net cash used in operating activities was **$156 million**, impacted by a **$1.108 billion** use of cash from changes in operating assets and liabilities, including a **$325 million** payment for hedge restructuring and approximately **$470 million** for Libyan income tax and royalty payments[122](index=122&type=chunk) - In Q1 2022, the company repaid the remaining **$500 million** of its term loan, with financing activities also including **$119 million** in dividend payments[123](index=123&type=chunk) - The company plans to return up to **75%** of its annual adjusted free cash flow to shareholders through dividend increases and/or stock repurchases[125](index=125&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages commodity price, interest rate, and foreign currency risks, with sensitivities noted for crude oil options and long-term debt - A **10%** increase/decrease in forward WTI and Brent crude oil prices would decrease/increase the fair value of the company's put options by approximately **$15 million** and **$20 million**, respectively[138](index=138&type=chunk) - A **15%** increase/decrease in interest rates would decrease/increase the fair value of the company's long-term debt by approximately **$420 million** and **$440 million**, respectively[137](index=137&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) CEO and CFO confirmed effective disclosure controls and procedures, with no material changes to internal control over financial reporting - Based on their evaluation as of March 31, 2022, the CEO and CFO concluded that the Corporation's disclosure controls and procedures were effective[145](index=145&type=chunk) - No change in internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting was identified in Q1 2022[146](index=146&type=chunk) [PART II - OTHER INFORMATION](index=32&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including environmental and asbestos claims, with no material adverse effect expected - Information regarding legal proceedings is detailed in Note 10 of the Notes to Consolidated Financial Statements[148](index=148&type=chunk) - Key ongoing legal matters include lawsuits related to MTBE, environmental remediation for the Lower Passaic River and Gowanus Canal, climate change litigation, and asbestos claims, which are being managed through a Chapter 11 process for a subsidiary[43](index=43&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data - The exhibits filed with the report include CEO/CFO certifications (31 and 32), a form of performance award agreement (10(1)), and Inline XBRL documents (101)[151](index=151&type=chunk)

Hess Corporation (NYSE:HES) Q1 2022 Results Conference Call April 27, 2022 10:00 AM ET Company Participants Jay Wilson - VP, IR John Hess - CEO Greg Hill - COO John Rielly - CFO Conference Call Participants Doug Leggate - Bank of America Paul Cheng - Scotiabank Arun Jayaram - JP Morgan Jeanine Wai - Barclays Neil Mehta - Goldman Sachs Roger Read - Wells Fargo Bob Brackett - Bernstein Operator Good day, ladies and gentlemen, and welcome to the First Quarter 2022 Hess Corporation Conference Call. My name is L ...

Supplemental Earnings Information First Quarter 2022 HESS OPERATING RESULTS 1 Reported Net Income (Loss), Items Affecting Comparability & Adjusted Net Income (Loss) by Operating Activity Items Affecting Comparability of Earnings - Income (Expense) Exploration and Production $ - $ - $ - Midstream - - - Corporate and Other 13 - - Total items affecting comparability of earnings between periods $ 13 $ - $ - | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------ ...

Hess Corporation INVESTOR RELATIONS PRESENTATION February 2022 Forward-Looking Statements & Other Information This presentation 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 ...