Hess Reports Estimated Results for the Fourth Quarter of 2024

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today reported net income of $542 million, or $1.76 per share, in the fourth quarter of 2024, compared with net income of $413 million, or $1.34 per share, in the fourth quarter of 2023. On an adjusted basis, the Corporation reported net income of $501 million, or $1.63 per share, in the fourth quarter of 2023. The increase in adjusted after-tax earnings compared with the prior-year quarter primarily reflects higher production volumes, partially offset by lower realized selling prices and higher exploration expenses in the fourth quarter of 2024. 1. “Adjusted net income” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. As provided in the reconciliation, there were no items identified as affecting comparability of earnings between periods for the three months ended December 31, 2024, so net income in accordance with GAAP is shown for that period. After-tax income (loss) by major operating activity was as follows: Three Months Ended December 31, (unaudited) Year Ended December 31, (unaudited) 2024 2023 2024 2023 (In millions, except per share amounts) Net Income Attributable to Hess Corporation Exploration and Production $ 529 $ 512 $ 2,780 $ 1,601 Midstream 74 63 276 252 Corporate, Interest and Other (61 ) (162 ) (287 ) (471 ) Net income attributable to Hess Corporation $ 542 $ 413 $ 2,769 $ 1,382 Net income per share (diluted) $ 1.76 $ 1.34 $ 8.98 $ 4.49 Adjusted Net Income Attributable to Hess Corporation Exploration and Production $ 529 $ 531 $ 2,994 $ 1,702 Midstream 74 63 276 252 Corporate, Interest and Other (61 ) (93 ) (287 ) (402 ) Adjusted net income attributable to Hess Corporation $ 542 $ 501 $ 2,983 $ 1,552 Adjusted net income per share (diluted) $ 1.76 $ 1.63 $ 9.68 $ 5.05 Weighted average number of shares (diluted) 308.5 307.9 308.3 307.6 Exploration and Production: E&P net income was $529 million in the fourth quarter of 2024, compared with $512 million in the fourth quarter of 2023. On an adjusted basis, E&P net income was $531 million in the fourth quarter of 2023. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $72.10 per barrel in the fourth quarter of 2024, compared with $76.63 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the fourth quarter of 2024 was $23.05 per barrel, compared with $20.92 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.10 per mcf, compared with $4.51 per mcf in the fourth quarter of 2023. Net production was 495,000 boepd in the fourth quarter of 2024, compared with 418,000 boepd, in the fourth quarter of 2023, primarily due to higher production in Guyana and the Bakken. In the first quarter of 2025, E&P net production is expected to be in the range of 465,000 boepd to 475,000 boepd, reflecting planned maintenance and lower tax barrels at Guyana and the impact of winter weather in the Bakken. Cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $12.95 per boe in the fourth quarter of 2024, compared with $13.29 per boe in the prior-year quarter. Oil and Gas Reserves Estimates: Oil and gas proved reserves at December 31, 2024, which are subject to final review, were 1.44 billion boe, compared with 1.37 billion boe at December 31, 2023. Net proved reserve additions and revisions in 2024 totaled 247 million boe, primarily from Guyana and the Bakken. The Corporation replaced 138% of its 2024 production at a finding and development cost of $19.67 per boe. Operational Highlights for the Fourth Quarter of 2024: Bakken (Onshore U.S.): Net production from the Bakken was 208,000 boepd in the fourth quarter of 2024, compared with 194,000 boepd in the prior-year quarter, primarily reflecting increased drilling and completion activity. NGL and natural gas volumes received under percentage of proceeds contracts were 20,000 boepd in the fourth quarter of 2024, compared with 19,000 boepd in the prior-year quarter. During the fourth quarter of 2024, the Corporation operated four rigs and drilled 35 wells, completed 26 wells, and brought 29 new wells online. The Corporation plans to continue operating four drilling rigs in 2025. Bakken net production is forecasted to be in the range of 195,000 boepd to 200,000 boepd in the first quarter of 2025, reflecting the impact of winter weather. Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 30,000 boepd in both the fourth quarter of 2024 and the fourth quarter of 2023. In late December, drilling was completed at the Vancouver exploration well (Hess – 40%) located in Green Canyon Block 287, which did not encounter commercial quantities of hydrocarbons. Fourth quarter 2024 results include $92 million in exploration expense for well costs incurred through December 31, 2024. Guyana (Offshore): At the Stabroek Block (Hess – 30%), net production totaled 195,000 bopd2 in the fourth quarter of 2024, compared with 128,000 bopd2 in the prior-year quarter, primarily due to start-up of the third development on the block, Payara, which commenced production in November 2023. Guyana net production is forecasted to be in the range of 180,000 bopd2 to 185,000 bopd2 in the first quarter of 2025, reflecting planned maintenance at the Payara development and lower tax barrels of approximately 9,000 bopd in the first quarter of 2025 as compared with the fourth quarter of 2024. In the fourth quarter of 2024, 16 cargos of crude oil were sold from Guyana, compared with 10 cargos in the prior-year quarter. In the first quarter of 2025, 14 cargos of crude oil are expected to be sold. The fourth development on the block, Yellowtail, was sanctioned in April 2022 with a production capacity of approximately 250,000 gross bopd and first production expected in the fourth quarter of 2025. The fifth development, Uaru, was sanctioned in April 2023 with a production capacity of approximately 250,000 gross bopd and first production expected in 2026. The sixth development, Whiptail, was sanctioned in April 2024 and is expected to add production capacity of approximately 250,000 gross bopd by the end of 2027. The application for the environmental permit for the seventh development, Hammerhead, has been filed with Guyana's Environmental Protection Agency. Pending government and regulatory approval and project sanctioning, the development is expected to have a production capacity in the range of 120,000 to 180,000 gross bopd, with first oil anticipated in 2029. Southeast Asia (Offshore): Net production at North Malay Basin and JDA was 62,000 boepd in the fourth quarter of 2024, compared with 66,000 boepd in the prior-year quarter. Midstream: The Midstream segment had net income of $74 million in the fourth quarter of 2024, compared with net income of $63 million in the prior-year quarter. Corporate, Interest and Other: After-tax expense for Corporate, Interest and Other was $61 million in the fourth quarter of 2024, compared with $162 million in the fourth quarter of 2023. On an adjusted basis, after-tax expense for Corporate, Interest and Other was $93 million in the fourth quarter of 2023. The decrease in after-tax expense on an adjusted basis compared with the prior-year quarter primarily reflects higher capitalized interest in the fourth quarter of 2024. Capital and Exploratory Expenditures: E&P capital and exploratory expenditures were $1,677 million in the fourth quarter of 2024, including the purchases of the Liza Destiny and Prosperity FPSOs for approximately $635 million, compared with $1,480 million in the prior-year quarter, which included the purchase of the Liza Unity FPSO for approximately $380 million. Full year 2025 E&P capital and exploratory expenditures are expected to be approximately $4.5 billion, which includes capitalized interest of approximately $240 million. Midstream capital expenditures were $84 million in the fourth quarter of 2024 and $72 million in the prior-year quarter. Liquidity: Excluding the Midstream segment, Hess Corporation had cash and cash equivalents of $1.2 billion and debt and finance lease obligations totaling $5.3 billion at December 31, 2024. The Midstream segment had cash and cash equivalents of $5 million and total debt of $3.5 billion at December 31, 2024. The Corporation’s debt to capitalization ratio as defined in its debt covenants was 28.3% at December 31, 2024 and 33.6% at December 31, 2023. Net cash provided by operating activities was $1,312 million in the fourth quarter of 2024, compared with $1,344 million in the prior-year quarter. Net cash provided by operating activities before changes in operating assets and liabilities3 was $1,521 million in the fourth quarter of 2024, compared with $1,239 million in the prior-year quarter, primarily due to higher production volumes, partially offset by lower realized selling prices in the fourth quarter of 2024. Changes in operating assets and liabilities decreased cash flow from operating activities by $209 million during the fourth quarter of 2024 and increased cash flow from operating activities by $105 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 Ended December 31, (unaudited) Year Ended December 31, (unaudited) 2024 2023 2024 2023 (In millions) Exploration and Production $ — $ (19 ) $ (214 ) $ (101 ) Midstream — — — — Corporate, Interest and Other — (69 ) — (69 ) Total items affecting comparability of earnings between periods $ — $ (88 ) $ (214 ) $ (170 ) Fourth Quarter 2023: E&P results included a pre-tax charge of $52 million ($52 million after income taxes) to write off the Huron exploration well in the Gulf of Mexico, which was completed in 2022, based on the decision by the Corporation and its partners in the fourth quarter of 2023 to exit the project. E&P results also included a noncash income tax benefit of $33 million resulting from the reversal of a valuation allowance against net deferred tax assets in Malaysia. Corporate and other results included a pre-tax charge of $52 million ($52 million after income taxes) for litigation related costs associated with the Corporation's former downstream business, HONX, Inc., which are included in General and administrative expenses in the income statement. Corporate and other results also included a noncash charge to recognize unamortized pension actuarial losses of $17 million ($17 million after income taxes) resulting from the payment of lump sums to certain participants in the pension plan. The charge is included in Other, net in the income statement. 2. Net production from Guyana included 29,000 bopd of tax barrels in the fourth quarter of 2024 and 16,000 bopd of tax barrels in the fourth quarter of 2023. Net production guidance for Guyana for the first quarter of 2025 includes tax barrels of approximately 20,000 bopd. 3. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” is a non-GAAP financial measure. The reconciliation to its nearest GAAP equivalent measure, and its definition, appear on pages 6 and 7, respectively. Reconciliation of U.S. GAAP to Non-GAAP Measures: The following table reconciles reported net income attributable to Hess Corporation and adjusted net income: Three Months Ended December 31, (unaudited) Year Ended December 31, (unaudited) 2024 2023 2024 2023 (In millions) Net income attributable to Hess Corporation $ 542 $ 413 $ 2,769 $ 1,382 Less: Total items affecting comparability of earnings between periods — (88 ) (214 ) (170 ) Adjusted net income attributable to Hess Corporation $ 542 $ 501 $ 2,983 $ 1,552 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 December 31, (unaudited) Year Ended December 31, (unaudited) 2024 2023 2024 2023 (In millions) Net cash provided by (used in) operating activities before changes in operating assets and liabilities $ 1,521 $ 1,239 $ 6,353 $ 4,494 Changes in operating assets and liabilities (209 ) 105 (753 ) (552 ) Net cash provided by (used in) operating activities $ 1,312 $ 1,344 $ 5,600 $ 3,942 Due to the pending merger with Chevron Corporation (Chevron), the Corporation will not host a conference call to review its fourth quarter 2024 results. Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at www.hess.com. Forward-looking Statements This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, NGL and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected timing and completion of our proposed merger with Chevron. Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices of crude oil, NGL and natural gas and competition in the oil and gas exploration and production industry; reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels; changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases; operational changes and expenditures due to climate change and sustainability related initiatives; disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services; any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets; liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of HESM; risks and uncertainties associated with our proposed merger with Chevron; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission (SEC). As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Non-GAAP financial measures The Corporation has used non-GAAP financial measures in this earnings release. “Adjusted net income” presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. “Net cash provided by (used in) operating activities before changes in operating assets and liabilities” presented in this release is defined as Net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses adjusted net income to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations. Management believes that net cash provided by (used in) operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income or net cash provided by (used in) operating activities. A reconciliation of reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income, and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to net cash provided by (used in) operating activities before changes in operating assets and liabilities are provided in the release. Cautionary Note to Investors We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) Fourth Quarter 2024 Fourth Quarter 2023 Third Quarter 2024 Income Statement Revenues and non-operating income Sales and other operating revenues $ 3,194 $ 3,011 $ 3,191 Gains on asset sales, net — — 1 Other, net 31 24 5 Total revenues and non-operating income 3,225 3,035 3,197 Costs and expenses Marketing, including purchased oil and gas 653 886 713 Operating costs and expenses 532 473 527 Production and severance taxes 53 61 61 Exploration expenses, including dry holes and lease impairment 139 87 44 General and administrative expenses 135 168 118 Interest expense 93 116 100 Depreciation, depletion and amortization 692 559 638 Impairment — — 132 Total costs and expenses 2,297 2,350 2,333 Income before income taxes 928 685 864 Provision for income taxes 288 182 270 Net income 640 503 594 Less: Net income attributable to noncontrolling interests 98 90 96 Net income attributable to Hess Corporation $ 542 $ 413 $ 498 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) Year Ended December 31, Income Statement 2024 2023 Revenues and non-operating income Sales and other operating revenues $ 12,896 $ 10,511 Gains on asset sales, net 1 2 Other, net 121 132 Total revenues and non-operating income 13,018 10,645 Costs and expenses Marketing, including purchased oil and gas 2,620 2,732 Operating costs and expenses 1,961 1,776 Production and severance taxes 234 216 Exploration expenses, including dry holes and lease impairment 326 317 General and administrative expenses 492 527 Interest expense 412 478 Depreciation, depletion and amortization 2,487 2,046 Impairment 132 82 Total costs and expenses 8,664 8,174 Income before income taxes 4,354 2,471 Provision for income taxes 1,202 733 Net income 3,152 1,738 Less: Net income attributable to noncontrolling interests 383 356 Net income attributable to Hess Corporation $ 2,769 $ 1,382 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) December 31, 2024 December 31, 2023 Balance Sheet Information Assets Cash and cash equivalents $ 1,171 $ 1,688 Other current assets 2,002 1,742 Property, plant and equipment – net 19,921 17,432 Operating lease right-of-use assets – net 652 720 Finance lease right-of-use assets – net 90 108 Other long-term assets 2,715 2,317 Total assets $ 26,551 $ 24,007 Liabilities and equity Current portion of long-term debt $ 23 $ 311 Current portion of operating and finance lease obligations 346 370 Other current liabilities 2,457 2,589 Long-term debt 8,555 8,302 Long-term operating lease obligations 404 459 Long-term finance lease obligations 132 156 Other long-term liabilities 2,631 2,218 Total equity excluding other comprehensive income (loss) 11,424 9,120 Accumulated other comprehensive income (loss) (208 ) (134 ) Noncontrolling interests 787 616 Total liabilities and equity $ 26,551 $ 24,007 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) December 31, 2024 December 31, 2023 Total Debt Hess Corporation $ 5,106 $ 5,402 Midstream (a) 3,472 3,211 Hess Consolidated $ 8,578 $ 8,613 (a) Midstream debt is non-recourse to Hess Corporation. December 31, 2024 December 31, 2023 Debt to Capitalization Ratio (a) Hess Consolidated 42.1% 47.8% Hess Corporation as defined in debt covenants 28.3% 33.6% (a) Includes finance lease obligations. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Interest Expense Gross interest expense – Hess Corporation $ 83 $ 88 $ 340 $ 347 Less: Capitalized interest – Hess Corporation (42 ) (19 ) (132 ) (48 ) Interest expense – Hess Corporation 41 69 208 299 Interest expense – Midstream (a) 52 47 204 179 Interest expense – Hess Consolidated $ 93 $ 116 $ 412 $ 478 (a) Midstream interest expense is reported in the Midstream operating segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) Fourth Quarter 2024 Fourth Quarter 2023 Third Quarter 2024 Cash Flow Information Cash Flows from Operating Activities Net income $ 640 $ 503 $ 594 Adjustments to reconcile net income to net cash provided by (used in) operating activities: (Gains) losses on asset sales, net — — (1 ) Depreciation, depletion and amortization 692 559 638 Impairment — — 132 Exploratory dry hole costs 92 50 4 Exploration lease impairment 6 3 6 Pension prior service cost — — 35 Pension settlement loss — 17 — Stock compensation expense 21 18 20 Noncash (gains) losses on commodity derivatives, net — 52 — Provision (benefit) for deferred income taxes and other tax accruals 70 37 83 Net cash provided by (used in) operating activities before changes in operating assets and liabilities 1,521 1,239 1,511 Changes in operating assets and liabilities (209 ) 105 (1 ) Net cash provided by (used in) operating activities 1,312 1,344 1,510 Cash Flows from Investing Activities Additions to property, plant and equipment - E&P (1,661 ) (1,380 ) (990 ) Additions to property, plant and equipment - Midstream (95 ) (64 ) (92 ) Proceeds from asset sales, net of cash sold 15 — 1 Other, net — (3 ) (5 ) Net cash provided by (used in) investing activities (1,741 ) (1,447 ) (1,086 ) Cash Flows from Financing Activities Net borrowings (repayments) of debt with maturities of 90 days or less (15 ) 64 30 Debt with maturities of greater than 90 days: Borrowings — — — Repayments (5 ) (3 ) (303 ) Cash dividends paid (154 ) (134 ) (154 ) Noncontrolling interests, net (92 ) (151 ) (154 ) Employee stock options exercised 8 — — Payments on finance lease obligations (3 ) (3 ) (3 ) Other, net (3 ) — (1 ) Net cash provided by (used in) financing activities (264 ) (227 ) (585 ) Net Increase (Decrease) in Cash and Cash Equivalents (693 ) (330 ) (161 ) Cash and Cash Equivalents at Beginning of Period 1,864 2,018 2,025 Cash and Cash Equivalents at End of Period $ 1,171 $ 1,688 $ 1,864 Additions to Property, Plant and Equipment included within Investing Activities Capital expenditures incurred $ (1,720 ) $ (1,518 ) $ (1,166 ) Increase (decrease) in related liabilities (36 ) 74 84 Additions to property, plant and equipment $ (1,756 ) $ (1,444 ) $ (1,082 ) HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) Year Ended December 31, 2024 2023 Cash Flow Information Cash Flows from Operating Activities Net income $ 3,152 $ 1,738 Adjustments to reconcile net income to net cash provided by (used in) operating activities: (Gains) losses on asset sales, net (1 ) (2 ) Depreciation, depletion and amortization 2,487 2,046 Impairment 132 82 Exploratory dry hole costs 159 147 Exploration lease impairment 22 27 Pension prior service cost 35 — Pension settlement loss — 17 Stock compensation expense 100 87 Noncash (gains) losses on commodity derivatives, net — 156 Provision (benefit) for deferred income taxes and other tax accruals 267 196 Net cash provided by (used in) operating activities before changes in operating assets and liabilities 6,353 4,494 Changes in operating assets and liabilities (753 ) (552 ) Net cash provided by (used in) operating activities 5,600 3,942 Cash Flows from Investing Activities Additions to property, plant and equipment - E&P (4,640 ) (3,884 ) Additions to property, plant and equipment - Midstream (306 ) (224 ) Proceeds from asset sales, net of cash sold 16 3 Other, net (7 ) (8 ) Net cash provided by (used in) investing activities (4,937 ) (4,113 ) Cash Flows from Financing Activities Net borrowings (repayments) of debt with maturities of 90 days or less (325 ) 322 Debt with maturities of greater than 90 days: Borrowings 600 — Repayments (313 ) (3 ) Cash dividends paid (579 ) (539 ) Common stock acquired and retired — (20 ) Proceeds from sale of Class A shares of Hess Midstream LP — 167 Noncontrolling interests, net (551 ) (550 ) Employee stock options exercised 21 10 Payments on finance lease obligations (11 ) (10 ) Other, net (22 ) (4 ) Net cash provided by (used in) financing activities (1,180 ) (627 ) Net Increase (Decrease) in Cash and Cash Equivalents (517 ) (798 ) Cash and Cash Equivalents at Beginning of Year 1,688 2,486 Cash and Cash Equivalents at End of Year $ 1,171 $ 1,688 Additions to Property, Plant and Equipment included within Investing Activities Capital expenditures incurred $ (5,002 ) $ (4,279 ) Increase (decrease) in related liabilities 56 171 Additions to property, plant and equipment $ (4,946 ) $ (4,108 ) HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS) Fourth Quarter 2024 Fourth Quarter 2023 Third Quarter 2024 Capital and Exploratory Expenditures E&P Capital and exploratory expenditures United States North Dakota $ 331 $ 313 $ 342 Offshore and Other 104 64 77 Total United States 435 377 419 Guyana 1,209 1,047 634 Malaysia and JDA 27 55 49 Other 6 1 2 E&P Capital and exploratory expenditures $ 1,677 $ 1,480 $ 1,104 Total exploration expenses charged to income included above $ 41 $ 34 $ 34 Midstream Capital expenditures $ 84 $ 72 $ 96 Year Ended December 31, 2024 2023 Capital and Exploratory Expenditures E&P Capital and exploratory expenditures United States North Dakota $ 1,279 $ 1,138 Offshore and Other 478 290 Total United States 1,757 1,428 Guyana 2,932 2,518 Malaysia and JDA 147 189 Other (a) 23 41 E&P Capital and exploratory expenditures $ 4,859 $ 4,176 Total exploration expenses charged to income included above $ 145 $ 143 Midstream Capital expenditures $ 288 $ 246 (a) Other in 2023 includes capital and exploratory expenditures associated with Canada. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS) Fourth Quarter 2024 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 1,546 $ 1,642 $ 3,188 Other, net 12 — 12 Total revenues and non-operating income 1,558 1,642 3,200 Costs and expenses Marketing, including purchased oil and gas (a) 628 46 674 Operating costs and expenses 258 186 444 Production and severance taxes 52 1 53 Midstream tariffs 364 — 364 Exploration expenses, including dry holes and lease impairment 124 15 139 General and administrative expenses 81 11 92 Depreciation, depletion and amortization 282 358 640 Total costs and expenses 1,789 617 2,406 Results of operations before income taxes (231 ) 1,025 794 Provision for income taxes — 265 265 Net income (loss) attributable to Hess Corporation $ (231 ) $ 760 $ 529 Fourth Quarter 2023 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 1,766 $ 1,240 $ 3,006 Other, net 11 5 16 Total revenues and non-operating income 1,777 1,245 3,022 Costs and expenses Marketing, including purchased oil and gas (a) 867 40 907 Operating costs and expenses 229 159 388 Production and severance taxes 56 5 61 Midstream tariffs 328 — 328 Exploration expenses, including dry holes and lease impairment 82 5 87 General and administrative expenses 53 8 61 Depreciation, depletion and amortization 255 253 508 Total costs and expenses 1,870 470 2,340 Results of operations before income taxes (93 ) 775 682 Provision for income taxes — 170 170 Net income (loss) attributable to Hess Corporation $ (93 ) (b) $ 605 (c) $ 512 (a) Includes amounts charged from the Midstream segment. (b) Includes after-tax losses from realized crude oil hedging activities of $34 million (noncash premium amortization: $34 million; cash settlement: $0 million). (c) Includes after-tax losses from realized crude oil hedging activities of $18 million (noncash premium amortization: $18 million; cash settlement: $0 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS) Third Quarter 2024 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 1,674 $ 1,509 $ 3,183 Gains on asset sales, net 1 — 1 Other, net 8 (25 ) (17 ) Total revenues and non-operating income 1,683 1,484 3,167 Costs and expenses Marketing, including purchased oil and gas (a) 689 41 730 Operating costs and expenses 263 180 443 Production and severance taxes 55 6 61 Midstream tariffs 349 — 349 Exploration expenses, including dry holes and lease impairment 36 8 44 General and administrative expenses 76 7 83 Depreciation, depletion and amortization 323 262 585 Impairment 127 5 132 Total costs and expenses 1,918 509 2,427 Results of operations before income taxes (235 ) 975 740 Provision for income taxes — 251 251 Net income (loss) attributable to Hess Corporation $ (235 ) $ 724 $ 489 (a) Includes amounts charged from the Midstream segment. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS) Year Ended December 31, 2024 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 6,283 $ 6,586 $ 12,869 Gains on asset sales, net 1 — 1 Other, net 42 (5 ) 37 Total revenues and non-operating income 6,326 6,581 12,907 Costs and expenses Marketing, including purchased oil and gas (a) 2,523 172 2,695 Operating costs and expenses 955 676 1,631 Production and severance taxes 222 12 234 Midstream tariffs 1,376 — 1,376 Exploration expenses, including dry holes and lease impairment 219 107 326 General and administrative expenses 286 35 321 Depreciation, depletion and amortization 1,115 1,167 2,282 Impairment 127 5 132 Total costs and expenses 6,823 2,174 8,997 Results of operations before income taxes (497 ) 4,407 3,910 Provision for income taxes — 1,130 1,130 Net income (loss) attributable to Hess Corporation $ (497 ) $ 3,277 $ 2,780 Year Ended December 31, 2023 Income Statement United States International Total Total revenues and non-operating income Sales and other operating revenues $ 6,081 $ 4,419 $ 10,500 Other, net 30 20 50 Total revenues and non-operating income 6,111 4,439 10,550 Costs and expenses Marketing, including purchased oil and gas (a) 2,681 128 2,809 Operating costs and expenses 901 578 1,479 Production and severance taxes 206 10 216 Midstream tariffs 1,245 — 1,245 Exploration expenses, including dry holes and lease impairment 170 147 317 General and administrative expenses 213 41 254 Depreciation, depletion and amortization 904 948 1,852 Impairment 82 — 82 Total costs and expenses 6,402 1,852 8,254 Results of operations before income taxes (291 ) 2,587 2,296 Provision for income taxes — 695 695 Net income (loss) attributable to Hess Corporation $ (291 ) (b) $ 1,892 (c) $ 1,601 (a) Includes amounts charged from the Midstream segment. (b) Includes after-tax losses from realized crude oil hedging activities of $128 million (noncash premium amortization: $128 million; cash settlement: $0 million). (c) Includes after-tax losses from realized crude oil hedging activities of $62 million (noncash premium amortization: $62 million; cash settlement: $0 million). HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA Fourth Quarter 2024 Fourth Quarter 2023 Third Quarter 2024 Net Production Per Day (in thousands) Crude oil - barrels United States North Dakota 93 89 91 Offshore 22 21 28 Total United States 115 110 119 Guyana (a) 195 128 170 Malaysia and JDA 5 6 4 Total 315 244 293 Natural gas liquids - barrels United States North Dakota 76 71 75 Offshore 3 2 3 Total United States 79 73 78 Natural gas - mcf United States North Dakota 232 204 238 Offshore 30 42 42 Total United States 262 246 280 Malaysia and JDA 345 362 258 Total 607 608 538 Barrels of oil equivalent 495 418 461 (a) Production from Guyana includes 29,000 bopd of tax barrels in the fourth quarter of 2024, 16,000 bopd of tax barrels in the fourth quarter of 2023 and 25,000 bopd of tax barrels in the third quarter of 2024. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA Year Ended December 31, 2024 2023 Net Production Per Day (in thousands) Crude oil - barrels United States North Dakota 91 83 Offshore 23 22 Total United States 114 105 Guyana (a) 186 115 Malaysia and JDA 5 5 Total 305 225 Natural gas liquids - barrels United States North Dakota 74 67 Offshore 2 2 Total United States 76 69 Natural gas - mcf United States North Dakota 232 191 Offshore 35 43 Total United States 267 234 Malaysia and JDA 332 368 Total 599 602 Barrels of oil equivalent 481 394 (a) Production from Guyana includes 29,000 bopd of tax barrels in 2024 and 14,000 bopd in 2023. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA Fourth Quarter 2024 Fourth Quarter 2023 Third Quarter 2024 Sales Volumes Per Day (in thousands) (a) Crude oil – barrels 319 245 295 Natural gas liquids – barrels 80 74 77 Natural gas – mcf 607 608 538 Barrels of oil equivalent 500 420 462 Sales Volumes (in thousands) (a) Crude oil – barrels 29,369 22,521 27,185 Natural gas liquids – barrels 7,363 6,839 7,113 Natural gas – mcf 55,880 55,957 49,492 Barrels of oil equivalent 46,045 38,686 42,547 Year Ended December 31, 2024 2023 Sales Volumes Per Day (in thousands) (a) Crude oil – barrels 304 225 Natural gas liquids – barrels 77 69 Natural gas – mcf 599 602 Barrels of oil equivalent 481 394 Sales Volumes (in thousands) (a) Crude oil – barrels 111,284 81,941 Natural gas liquids – barrels 28,051 25,184 Natural gas – mcf 219,269 219,750 Barrels of oil equivalent 175,880 143,750 (a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported. HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA Fourth Quarter 2024 Fourth Quarter 2023 Third Quarter 2024 Average Selling Prices Crude oil - per barrel (including hedging) United States North Dakota $ 68.10 $ 70.69 $ 72.74 Offshore 69.94 73.68 75.32 Total United States 68.47 71.28 73.35 Guyana 74.19 81.50 79.51 Malaysia and JDA 72.07 73.44 80.24 Worldwide 72.10 76.63 77.06 Crude oil - per barrel (excluding hedging) United States North Dakota $ 68.10 $ 74.03 $ 72.74 Offshore 69.94 76.98 75.32 Total United States 68.47 74.62 73.35 Guyana 74.19 83.09 79.51 Malaysia and JDA 72.07 73.44 80.24 Worldwide 72.10 78.95 77.06 Natural gas liquids - per barrel United States North Dakota $ 23.03 $ 20.95 $ 20.87 Offshore 23.74 19.26 21.67 Worldwide 23.05 20.92 20.91 Natural gas - per mcf United States North Dakota $ 1.22 $ 1.52 $ 0.97 Offshore 1.91 2.26 1.65 Total United States 1.30 1.65 1.07 Malaysia and JDA 6.24 6.45 6.78 Worldwide 4.10 4.51 3.81 HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION OPERATING DATA Year Ended December 31, 2024 2023 Average Selling Prices Crude oil - per barrel (including hedging) United States North Dakota $ 72.11 $ 70.44 Offshore 75.07 72.06 Total United States 72.70 70.80 Guyana 80.04 80.72 Malaysia and JDA 77.76 75.51 Worldwide 77.28 75.97 Crude oil - per barrel (excluding hedging) United States North Dakota $ 72.11 $ 73.80 Offshore 75.07 75.39 Total United States 72.70 74.15 Guyana 80.04 82.20 Malaysia and JDA 77.76 75.51 Worldwide 77.28 78.29 Natural gas liquids - per barrel United States North Dakota $ 21.75 $ 20.77 Offshore 21.73 20.87 Worldwide 21.75 20.77 Natural gas - per mcf United States North Dakota $ 1.17 $ 1.68 Offshore 1.78 2.16 Total United States 1.25 1.76 Malaysia and JDA 6.57 5.95 Worldwide 4.20 4.32

Hess Reports Estimated Results for the Fourth Quarter of 2024

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