Hess Reports Estimated Results for the Fourth Quarter of 2023

Key Development:

• Commenced production from the Payara development at the Stabroek Block, offshore Guyana, in November; Payara reached its initial production capacity of approximately 220,000 gross barrels of oil per day (bopd) in January 2024

Fourth Quarter Financial and Operational Highlights:

• Net income was $413 million, or $1.34 per share, compared with $497 million, or $1.61 per share, in the fourth quarter of 2022
• Adjusted net income¹ was $501 million, or $1.63 per share, compared with $522 million, or $1.69 per share, in the fourth quarter of 2022
• Oil and gas net production was 418,000 barrels of oil equivalent per day (boepd), up 11% from 376,000 boepd, proforma for asset sold, in the fourth quarter of 2022
• Bakken net production was 194,000 boepd, up 23% from 158,000 boepd in the fourth quarter of 2022; Guyana net production was 128,000 bopd, compared with 116,000 bopd in the prior-year quarter
• E&P capital and exploratory expenditures were $1,480 million and included the purchase of the Liza Unity floating production, storage and offloading vessel (FPSO) for approximately $380 million, compared with $818 million in the prior-year quarter
• Year-end proved reserves are estimated to be 1.37 billion barrels of oil equivalent (boe); organic reserve replacement was 178% at a finding and development cost of $16.00 per boe