No. | No. | |||||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||
(d) | Exhibit | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Date: July 26, 2023 | ||||||||
HESS CORPORATION | ||||||||
By: | /s/John P. Rielly | |||||||
Name: | John P. Rielly | |||||||
Title: | Executive Vice President and | |||||||
Chief Financial Officer |
Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net Income Attributable to Hess Corporation | |||||||||||||||||||||||
Exploration and Production | $ | 155 | $ | 723 | $ | 560 | $ | 1,183 | |||||||||||||||
Midstream | 62 | 65 | 123 | 137 | |||||||||||||||||||
Corporate, Interest and Other | (98) | (121) | (218) | (236) | |||||||||||||||||||
Net income attributable to Hess Corporation | $ | 119 | $ | 667 | $ | 465 | $ | 1,084 | |||||||||||||||
Net income per share (diluted) | $ | 0.39 | $ | 2.15 | $ | 1.51 | $ | 3.49 | |||||||||||||||
Adjusted Net Income Attributable to Hess Corporation | |||||||||||||||||||||||
Exploration and Production | $ | 237 | $ | 723 | $ | 642 | $ | 1,183 | |||||||||||||||
Midstream | 62 | 65 | 123 | 137 | |||||||||||||||||||
Corporate, Interest and Other | (98) | (121) | (218) | (249) | |||||||||||||||||||
Adjusted net income attributable to Hess Corporation | $ | 201 | $ | 667 | $ | 547 | $ | 1,071 | |||||||||||||||
Adjusted net income per share (diluted) | $ | 0.65 | $ | 2.15 | $ | 1.78 | $ | 3.45 | |||||||||||||||
Weighted average number of shares (diluted) | 307.5 | 310.9 | 307.4 | 310.6 | |||||||||||||||||||
Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Exploration and Production | $ | (82) | $ | — | $ | (82) | $ | — | |||||||||||||||
Midstream | — | — | — | — | |||||||||||||||||||
Corporate, Interest and Other | — | — | — | 13 | |||||||||||||||||||
Total items affecting comparability of earnings between periods | $ | (82) | $ | — | $ | (82) | $ | 13 |
Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net income attributable to Hess Corporation | $ | 119 | $ | 667 | $ | 465 | $ | 1,084 | |||||||||||||||
Less: Total items affecting comparability of earnings between periods | (82) | — | (82) | 13 | |||||||||||||||||||
Adjusted net income attributable to Hess Corporation | $ | 201 | $ | 667 | $ | 547 | $ | 1,071 |
Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | $ | 974 | $ | 1,463 | $ | 2,006 | $ | 2,415 | |||||||||||||||
Changes in operating assets and liabilities | — | 46 | (394) | (1,062) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 974 | $ | 1,509 | $ | 1,612 | $ | 1,353 |
Second Quarter 2023 | Second Quarter 2022 | First Quarter 2023 | |||||||||||||||
Income Statement | |||||||||||||||||
Revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 2,289 | $ | 2,955 | $ | 2,411 | |||||||||||
Gains on asset sales, net | — | 3 | — | ||||||||||||||
Other, net | 31 | 30 | 42 | ||||||||||||||
Total revenues and non-operating income | 2,320 | 2,988 | 2,453 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas | 547 | 843 | 603 | ||||||||||||||
Operating costs and expenses | 454 | 356 | 382 | ||||||||||||||
Production and severance taxes | 46 | 67 | 48 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 99 | 33 | 66 | ||||||||||||||
General and administrative expenses | 108 | 95 | 136 | ||||||||||||||
Interest expense | 122 | 121 | 123 | ||||||||||||||
Depreciation, depletion and amortization | 497 | 391 | 491 | ||||||||||||||
Impairment and other | 82 | — | — | ||||||||||||||
Total costs and expenses | 1,955 | 1,906 | 1,849 | ||||||||||||||
Income before income taxes | 365 | 1,082 | 604 | ||||||||||||||
Provision for income taxes | 160 | 328 | 176 | ||||||||||||||
Net income | 205 | 754 | 428 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 86 | 87 | 82 | ||||||||||||||
Net income attributable to Hess Corporation | $ | 119 | $ | 667 | $ | 346 |
Six Months Ended June 30, | |||||||||||
Income Statement | 2023 | 2022 | |||||||||
Revenues and non-operating income | |||||||||||
Sales and other operating revenues | $ | 4,700 | $ | 5,268 | |||||||
Gains on asset sales, net | — | 25 | |||||||||
Other, net | 73 | 66 | |||||||||
Total revenues and non-operating income | 4,773 | 5,359 | |||||||||
Costs and expenses | |||||||||||
Marketing, including purchased oil and gas | 1,150 | 1,525 | |||||||||
Operating costs and expenses | 836 | 669 | |||||||||
Production and severance taxes | 94 | 128 | |||||||||
Exploration expenses, including dry holes and lease impairment | 165 | 76 | |||||||||
General and administrative expenses | 244 | 205 | |||||||||
Interest expense | 245 | 244 | |||||||||
Depreciation, depletion and amortization | 988 | 728 | |||||||||
Impairment and other | 82 | — | |||||||||
Total costs and expenses | 3,804 | 3,575 | |||||||||
Income before income taxes | 969 | 1,784 | |||||||||
Provision for income taxes | 336 | 525 | |||||||||
Net income | 633 | 1,259 | |||||||||
Less: Net income attributable to noncontrolling interests | 168 | 175 | |||||||||
Net income attributable to Hess Corporation | $ | 465 | $ | 1,084 |
June 30, 2023 | December 31, 2022 | ||||||||||
Balance Sheet Information | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 2,226 | $ | 2,486 | |||||||
Other current assets | 1,478 | 1,445 | |||||||||
Property, plant and equipment – net | 15,741 | 15,098 | |||||||||
Operating lease right-of-use assets – net | 515 | 570 | |||||||||
Finance lease right-of-use assets – net | 117 | 126 | |||||||||
Other long-term assets | 2,153 | 1,970 | |||||||||
Total assets | $ | 22,230 | $ | 21,695 | |||||||
Liabilities and equity | |||||||||||
Current portion of long-term debt | $ | 8 | $ | 3 | |||||||
Current portion of operating and finance lease obligations | 222 | 221 | |||||||||
Other current liabilities | 2,173 | 2,172 | |||||||||
Long-term debt | 8,459 | 8,278 | |||||||||
Long-term operating lease obligations | 407 | 469 | |||||||||
Long-term finance lease obligations | 168 | 179 | |||||||||
Other long-term liabilities | 1,891 | 1,877 | |||||||||
Total equity excluding accumulated other comprehensive income (loss) | 8,419 | 7,986 | |||||||||
Accumulated other comprehensive income (loss) | (147) | (131) | |||||||||
Noncontrolling interests | 630 | 641 | |||||||||
Total liabilities and equity | $ | 22,230 | $ | 21,695 |
June 30, 2023 | December 31, 2022 | ||||||||||
Total Debt | |||||||||||
Hess Corporation | $ | 5,398 | $ | 5,395 | |||||||
Midstream (a) | 3,069 | 2,886 | |||||||||
Hess Consolidated | $ | 8,467 | $ | 8,281 |
June 30, 2023 | December 31, 2022 | ||||||||||
Debt to Capitalization Ratio (a) | |||||||||||
Hess Consolidated | 49.3 | % | 50.0 | % | |||||||
Hess Corporation as defined in debt covenants | 35.1 | % | 36.1 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Gross interest expense – Hess Corporation | $ | 88 | $ | 86 | $ | 174 | $ | 178 | |||||||||||||||
Less: Capitalized interest – Hess Corporation | (10) | (3) | (15) | (3) | |||||||||||||||||||
Interest expense – Hess Corporation | 78 | 83 | 159 | 175 | |||||||||||||||||||
Interest expense – Midstream (a) | 44 | 38 | 86 | 69 | |||||||||||||||||||
Interest expense – Hess Consolidated | $ | 122 | $ | 121 | $ | 245 | $ | 244 |
Second Quarter 2023 | Second Quarter 2022 | First Quarter 2023 | |||||||||||||||
Cash Flow Information | |||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income | $ | 205 | $ | 754 | $ | 428 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||
(Gains) losses on asset sales, net | — | (3) | — | ||||||||||||||
Depreciation, depletion and amortization | 497 | 391 | 491 | ||||||||||||||
Impairment and other | 82 | — | — | ||||||||||||||
Exploratory dry hole costs | 62 | — | 31 | ||||||||||||||
Exploration lease impairment | 8 | 4 | 5 | ||||||||||||||
Pension settlement loss | — | 2 | — | ||||||||||||||
Stock compensation expense | 18 | 16 | 35 | ||||||||||||||
Noncash (gains) losses on commodity derivatives, net | 52 | 163 | — | ||||||||||||||
Provision (benefit) for deferred income taxes and other tax accruals | 50 | 136 | 42 | ||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | 974 | 1,463 | 1,032 | ||||||||||||||
Changes in operating assets and liabilities | — | 46 | (394) | ||||||||||||||
Net cash provided by (used in) operating activities | 974 | 1,509 | 638 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Additions to property, plant and equipment - E&P | (778) | (607) | (773) | ||||||||||||||
Additions to property, plant and equipment - Midstream | (43) | (56) | (64) | ||||||||||||||
Proceeds from asset sales, net of cash sold | — | 4 | — | ||||||||||||||
Other, net | — | — | (4) | ||||||||||||||
Net cash provided by (used in) investing activities | (821) | (659) | (841) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Net borrowings (repayments) of debt with maturities of 90 days or less | 77 | (14) | 103 | ||||||||||||||
Debt with maturities of greater than 90 days: | |||||||||||||||||
Borrowings | — | 400 | — | ||||||||||||||
Repayments | — | (5) | — | ||||||||||||||
Cash dividends paid | (134) | (116) | (137) | ||||||||||||||
Common stock acquired and retired | — | (190) | (20) | ||||||||||||||
Proceeds from sale of Class A shares of Hess Midstream LP | 167 | 146 | — | ||||||||||||||
Noncontrolling interests, net | (132) | (277) | (131) | ||||||||||||||
Employee stock options exercised | 1 | 7 | 3 | ||||||||||||||
Payments on finance lease obligations | (2) | (2) | (2) | ||||||||||||||
Other, net | (4) | (10) | 1 | ||||||||||||||
Net cash provided by (used in) financing activities | (27) | (61) | (183) | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 126 | 789 | (386) | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2,100 | 1,370 | 2,486 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 2,226 | $ | 2,159 | $ | 2,100 | |||||||||||
Additions to Property, Plant and Equipment included within Investing Activities | |||||||||||||||||
Capital expenditures incurred | $ | (956) | $ | (665) | $ | (792) | |||||||||||
Increase (decrease) in related liabilities | 135 | 2 | (45) | ||||||||||||||
Additions to property, plant and equipment | $ | (821) | $ | (663) | $ | (837) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flow Information | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 633 | $ | 1,259 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
(Gains) losses on asset sales, net | — | (25) | |||||||||
Depreciation, depletion and amortization | 988 | 728 | |||||||||
Impairment and other | 82 | — | |||||||||
Exploratory dry hole costs | 93 | — | |||||||||
Exploration lease impairment | 13 | 10 | |||||||||
Pension settlement loss | — | 2 | |||||||||
Stock compensation expense | 53 | 49 | |||||||||
Noncash (gains) losses on commodity derivatives, net | 52 | 218 | |||||||||
Provision (benefit) for deferred income taxes and other tax accruals | 92 | 174 | |||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | 2,006 | 2,415 | |||||||||
Changes in operating assets and liabilities | (394) | (1,062) | |||||||||
Net cash provided by (used in) operating activities | 1,612 | 1,353 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Additions to property, plant and equipment - E&P | (1,551) | (1,098) | |||||||||
Additions to property, plant and equipment - Midstream | (107) | (111) | |||||||||
Proceeds from asset sales, net of cash sold | — | 28 | |||||||||
Other, net | (4) | — | |||||||||
Net cash provided by (used in) investing activities | (1,662) | (1,181) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net borrowings (repayments) of debt with maturities of 90 days or less | 180 | (13) | |||||||||
Debt with maturities of greater than 90 days: | |||||||||||
Borrowings | — | 400 | |||||||||
Repayments | — | (510) | |||||||||
Cash dividends paid | (271) | (235) | |||||||||
Common stock acquired and retired | (20) | (190) | |||||||||
Proceeds from sale of Class A shares of Hess Midstream LP | 167 | 146 | |||||||||
Noncontrolling interests, net | (263) | (351) | |||||||||
Employee stock options exercised | 4 | 40 | |||||||||
Payments on finance lease obligations | (4) | (4) | |||||||||
Other, net | (3) | (9) | |||||||||
Net cash provided by (used in) financing activities | (210) | (726) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (260) | (554) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 2,486 | 2,713 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2,226 | $ | 2,159 | |||||||
Additions to Property, Plant and Equipment included within Investing Activities | |||||||||||
Capital expenditures incurred | $ | (1,748) | $ | (1,245) | |||||||
Increase (decrease) in related liabilities | 90 | 36 | |||||||||
Additions to property, plant and equipment | $ | (1,658) | $ | (1,209) |
Second Quarter 2023 | Second Quarter 2022 | First Quarter 2023 | |||||||||||||||
Capital and Exploratory Expenditures | |||||||||||||||||
E&P Capital and exploratory expenditures | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 264 | $ | 188 | $ | 232 | |||||||||||
Offshore and Other | 82 | 72 | 29 | ||||||||||||||
Total United States | 346 | 260 | 261 | ||||||||||||||
Guyana | 508 | 286 | 454 | ||||||||||||||
Malaysia and JDA | 44 | 66 | 47 | ||||||||||||||
Other (a) | 35 | 10 | 3 | ||||||||||||||
E&P Capital and exploratory expenditures | $ | 933 | $ | 622 | $ | 765 | |||||||||||
Total exploration expenses charged to income included above | $ | 29 | $ | 29 | $ | 30 | |||||||||||
Midstream Capital expenditures | $ | 52 | $ | 72 | $ | 57 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Capital and Exploratory Expenditures | |||||||||||
E&P Capital and exploratory expenditures | |||||||||||
United States | |||||||||||
North Dakota | $ | 496 | $ | 323 | |||||||
Offshore and Other | 111 | 128 | |||||||||
Total United States | 607 | 451 | |||||||||
Guyana | 962 | 605 | |||||||||
Malaysia and JDA | 91 | 125 | |||||||||
Other (a) | 38 | 21 | |||||||||
E&P Capital and exploratory expenditures | $ | 1,698 | $ | 1,202 | |||||||
Total exploration expenses charged to income included above | $ | 59 | $ | 66 | |||||||
Midstream Capital expenditures | $ | 109 | $ | 109 |
Second Quarter 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 1,299 | $ | 988 | $ | 2,287 | |||||||||||
Other, net | 6 | 2 | 8 | ||||||||||||||
Total revenues and non-operating income | 1,305 | 990 | 2,295 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 537 | 27 | 564 | ||||||||||||||
Operating costs and expenses | 241 | 143 | 384 | ||||||||||||||
Production and severance taxes | 45 | 1 | 46 | ||||||||||||||
Midstream tariffs | 302 | — | 302 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 23 | 76 | 99 | ||||||||||||||
General and administrative expenses | 50 | 11 | 61 | ||||||||||||||
Depreciation, depletion and amortization | 212 | 238 | 450 | ||||||||||||||
Impairment and other | 82 | — | 82 | ||||||||||||||
Total costs and expenses | 1,492 | 496 | 1,988 | ||||||||||||||
Results of operations before income taxes | (187) | 494 | 307 | ||||||||||||||
Provision for income taxes | — | 152 | 152 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | (187) | (b) | $ | 342 | (c) | $ | 155 | |||||||||
Second Quarter 2022 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 1,860 | $ | 1,095 | $ | 2,955 | |||||||||||
Other, net | 25 | 1 | 26 | ||||||||||||||
Total revenues and non-operating income | 1,885 | 1,096 | 2,981 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 827 | 31 | 858 | ||||||||||||||
Operating costs and expenses | 175 | 116 | 291 | ||||||||||||||
Production and severance taxes | 65 | 2 | 67 | ||||||||||||||
Midstream tariffs | 296 | — | 296 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 24 | 9 | 33 | ||||||||||||||
General and administrative expenses | 40 | 7 | 47 | ||||||||||||||
Depreciation, depletion and amortization | 192 | 153 | 345 | ||||||||||||||
Total costs and expenses | 1,619 | 318 | 1,937 | ||||||||||||||
Results of operations before income taxes | 266 | 778 | 1,044 | ||||||||||||||
Provision for income taxes | — | 321 | 321 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 266 | (d) | $ | 457 | (e) | $ | 723 |
First Quarter 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 1,365 | $ | 1,044 | $ | 2,409 | |||||||||||
Other, net | 9 | 5 | 14 | ||||||||||||||
Total revenues and non-operating income | 1,374 | 1,049 | 2,423 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 584 | 35 | 619 | ||||||||||||||
Operating costs and expenses | 205 | 118 | 323 | ||||||||||||||
Production and severance taxes | 46 | 2 | 48 | ||||||||||||||
Midstream tariffs | 283 | — | 283 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 20 | 46 | 66 | ||||||||||||||
General and administrative expenses | 54 | 12 | 66 | ||||||||||||||
Depreciation, depletion and amortization | 203 | 240 | 443 | ||||||||||||||
Total costs and expenses | 1,395 | 453 | 1,848 | ||||||||||||||
Results of operations before income taxes | (21) | 596 | 575 | ||||||||||||||
Provision for income taxes | — | 170 | 170 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | (21) | (b) | $ | 426 | (c) | $ | 405 |
Six Months Ended June 30, 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 2,664 | $ | 2,032 | $ | 4,696 | |||||||||||
Other, net | 15 | 7 | 22 | ||||||||||||||
Total revenues and non-operating income | 2,679 | 2,039 | 4,718 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 1,121 | 62 | 1,183 | ||||||||||||||
Operating costs and expenses | 446 | 261 | 707 | ||||||||||||||
Production and severance taxes | 91 | 3 | 94 | ||||||||||||||
Midstream tariffs | 585 | — | 585 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 43 | 122 | 165 | ||||||||||||||
General and administrative expenses | 104 | 23 | 127 | ||||||||||||||
Depreciation, depletion and amortization | 415 | 478 | 893 | ||||||||||||||
Impairment and other | 82 | — | 82 | ||||||||||||||
Total costs and expenses | 2,887 | 949 | 3,836 | ||||||||||||||
Results of operations before income taxes | (208) | 1,090 | 882 | ||||||||||||||
Provision for income taxes | — | 322 | 322 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | (208) | (b) | $ | 768 | (c) | $ | 560 |
Six Months Ended June 30, 2022 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 3,564 | $ | 1,704 | $ | 5,268 | |||||||||||
Other, net | 52 | 7 | 59 | ||||||||||||||
Total revenues and non-operating income | 3,616 | 1,711 | 5,327 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 1,528 | 33 | 1,561 | ||||||||||||||
Operating costs and expenses | 319 | 223 | 542 | ||||||||||||||
Production and severance taxes | 123 | 5 | 128 | ||||||||||||||
Midstream tariffs | 583 | — | 583 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 56 | 20 | 76 | ||||||||||||||
General and administrative expenses | 89 | 15 | 104 | ||||||||||||||
Depreciation, depletion and amortization | 387 | 250 | 637 | ||||||||||||||
Total costs and expenses | 3,085 | 546 | 3,631 | ||||||||||||||
Results of operations before income taxes | 531 | 1,165 | 1,696 | ||||||||||||||
Provision for income taxes | — | 513 | 513 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 531 | (d) | $ | 652 | (e) | $ | 1,183 |
Second Quarter 2023 | Second Quarter 2022 | First Quarter 2023 | |||||||||||||||
Net Production Per Day (in thousands) | |||||||||||||||||
Crude oil - barrels | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 79 | 68 | 76 | ||||||||||||||
Offshore | 23 | 20 | 24 | ||||||||||||||
Total United States | 102 | 88 | 100 | ||||||||||||||
Guyana (a) | 110 | 67 | 112 | ||||||||||||||
Malaysia and JDA | 4 | 4 | 4 | ||||||||||||||
Other (b) | — | 17 | — | ||||||||||||||
Total | 216 | 176 | 216 | ||||||||||||||
Natural gas liquids - barrels | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 68 | 47 | 61 | ||||||||||||||
Offshore | 1 | 2 | 1 | ||||||||||||||
Total United States | 69 | 49 | 62 | ||||||||||||||
Natural gas - mcf | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 206 | 147 | 158 | ||||||||||||||
Offshore | 45 | 41 | 47 | ||||||||||||||
Total United States | 251 | 188 | 205 | ||||||||||||||
Malaysia and JDA | 359 | 381 | 369 | ||||||||||||||
Other (b) | — | 11 | — | ||||||||||||||
Total | 610 | 580 | 574 | ||||||||||||||
Barrels of oil equivalent | 387 | 322 | 374 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net Production Per Day (in thousands) | |||||||||||
Crude oil - barrels | |||||||||||
United States | |||||||||||
North Dakota | 78 | 73 | |||||||||
Offshore | 23 | 20 | |||||||||
Total United States | 101 | 93 | |||||||||
Guyana (a) | 111 | 49 | |||||||||
Malaysia and JDA | 4 | 3 | |||||||||
Other (b) | — | 18 | |||||||||
Total | 216 | 163 | |||||||||
Natural gas liquids - barrels | |||||||||||
United States | |||||||||||
North Dakota | 64 | 48 | |||||||||
Offshore | 2 | 2 | |||||||||
Total United States | 66 | 50 | |||||||||
Natural gas - mcf | |||||||||||
United States | |||||||||||
North Dakota | 182 | 152 | |||||||||
Offshore | 47 | 41 | |||||||||
Total United States | 229 | 193 | |||||||||
Malaysia and JDA | 363 | 373 | |||||||||
Other (b) | — | 12 | |||||||||
Total | 592 | 578 | |||||||||
Barrels of oil equivalent | 381 | 309 |
Second Quarter 2023 | Second Quarter 2022 | First Quarter 2023 | |||||||||||||||
Sales Volumes Per Day (in thousands) (a) | |||||||||||||||||
Crude oil – barrels | 217 | 173 | 213 | ||||||||||||||
Natural gas liquids – barrels | 67 | 46 | 64 | ||||||||||||||
Natural gas – mcf | 610 | 580 | 574 | ||||||||||||||
Barrels of oil equivalent | 386 | 316 | 373 | ||||||||||||||
Sales Volumes (in thousands) (a) | |||||||||||||||||
Crude oil – barrels | 19,740 | 15,763 | 19,161 | ||||||||||||||
Natural gas liquids – barrels | 6,084 | 4,180 | 5,761 | ||||||||||||||
Natural gas – mcf | 55,548 | 52,811 | 51,692 | ||||||||||||||
Barrels of oil equivalent | 35,082 | 28,745 | 33,537 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Sales Volumes Per Day (in thousands) (a) | |||||||||||
Crude oil – barrels | 215 | 157 | |||||||||
Natural gas liquids – barrels | 65 | 48 | |||||||||
Natural gas – mcf | 592 | 578 | |||||||||
Barrels of oil equivalent | 379 | 301 | |||||||||
Sales Volumes (in thousands) (a) | |||||||||||
Crude oil – barrels | 38,901 | 28,343 | |||||||||
Natural gas liquids – barrels | 11,845 | 8,719 | |||||||||
Natural gas – mcf | 107,240 | 104,709 | |||||||||
Barrels of oil equivalent | 68,619 | 54,514 |
Second Quarter 2023 | Second Quarter 2022 | First Quarter 2023 | |||||||||||||||
Average Selling Prices | |||||||||||||||||
Crude oil - per barrel (including hedging) | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 65.67 | $ | 93.60 | $ | 68.63 | |||||||||||
Offshore | 68.32 | 95.22 | 68.12 | ||||||||||||||
Total United States | 66.24 | 93.96 | 68.50 | ||||||||||||||
Guyana | 75.82 | 104.19 | 79.15 | ||||||||||||||
Malaysia and JDA | 68.87 | 106.21 | 72.91 | ||||||||||||||
Other (a) | — | 105.21 | — | ||||||||||||||
Worldwide | 71.13 | 99.16 | 74.23 | ||||||||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 69.22 | $ | 106.01 | $ | 71.78 | |||||||||||
Offshore | 71.86 | 107.58 | 71.27 | ||||||||||||||
Total United States | 69.79 | 106.37 | 71.65 | ||||||||||||||
Guyana | 77.64 | 112.57 | 79.86 | ||||||||||||||
Malaysia and JDA | 68.87 | 106.21 | 72.91 | ||||||||||||||
Other (a) | — | 114.93 | — | ||||||||||||||
Worldwide | 73.74 | 109.51 | 76.02 | ||||||||||||||
Natural gas liquids - per barrel | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 17.90 | $ | 40.96 | $ | 24.25 | |||||||||||
Offshore | 20.17 | 39.88 | 24.28 | ||||||||||||||
Worldwide | 17.95 | 40.92 | 24.25 | ||||||||||||||
Natural gas - per mcf | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 1.29 | $ | 6.89 | $ | 2.54 | |||||||||||
Offshore | 1.62 | 7.63 | 2.42 | ||||||||||||||
Total United States | 1.35 | 7.06 | 2.51 | ||||||||||||||
Malaysia and JDA | 5.56 | 6.18 | 5.44 | ||||||||||||||
Other (a) | — | 5.36 | — | ||||||||||||||
Worldwide | 3.82 | 6.45 | 4.39 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Average Selling Prices | |||||||||||
Crude oil - per barrel (including hedging) | |||||||||||
United States | |||||||||||
North Dakota | $ | 67.05 | $ | 88.98 | |||||||
Offshore | 68.22 | 90.21 | |||||||||
Total United States | 67.32 | 89.25 | |||||||||
Guyana | 77.50 | 100.55 | |||||||||
Malaysia and JDA | 71.02 | 97.73 | |||||||||
Other (a) | — | 98.14 | |||||||||
Worldwide | 72.66 | 93.65 | |||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||
United States | |||||||||||
North Dakota | $ | 70.41 | $ | 98.46 | |||||||
Offshore | 71.55 | 99.58 | |||||||||
Total United States | 70.68 | 98.70 | |||||||||
Guyana | 78.76 | 109.06 | |||||||||
Malaysia and JDA | 71.02 | 97.73 | |||||||||
Other (a) | — | 108.06 | |||||||||
Worldwide | 74.87 | 102.65 | |||||||||
Natural gas liquids - per barrel | |||||||||||
United States | |||||||||||
North Dakota | $ | 20.99 | $ | 40.40 | |||||||
Offshore | 22.20 | 38.68 | |||||||||
Worldwide | 21.02 | 40.33 | |||||||||
Natural gas - per mcf | |||||||||||
United States | |||||||||||
North Dakota | $ | 1.83 | $ | 5.57 | |||||||
Offshore | 2.03 | 6.02 | |||||||||
Total United States | 1.87 | 5.67 | |||||||||
Malaysia and JDA | 5.50 | 6.00 | |||||||||
Other (a) | — | 5.07 | |||||||||
Worldwide | 4.09 | 5.87 |
WTI | Brent | ||||||||||
Barrels of oil per day | 80,000 | 50,000 | |||||||||
Average monthly floor price | $70 | $75 |
Cover |
Jul. 26, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 26, 2023 |
Entity Registrant Name | HESS CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-1204 |
Entity Tax Identification Number | 13-4921002 |
Entity Address, Address Line One | 1185 Avenue of the Americas |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10036 |
City Area Code | (212) |
Local Phone Number | 997-8500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | HES |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000004447 |
Amendment Flag | false |
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