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: October 25, 2023 | ||||||||
HESS CORPORATION | ||||||||
By: | /s/John P. Rielly | |||||||
Name: | John P. Rielly | |||||||
Title: | Executive Vice President and | |||||||
Chief Financial Officer |
Three Months Ended September 30, (unaudited) | Nine Months Ended September 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net Income Attributable to Hess Corporation | |||||||||||||||||||||||
Exploration and Production | $ | 529 | $ | 572 | $ | 1,089 | $ | 1,755 | |||||||||||||||
Midstream | 66 | 68 | 189 | 205 | |||||||||||||||||||
Corporate, Interest and Other | (91) | (125) | (309) | (361) | |||||||||||||||||||
Net income attributable to Hess Corporation | $ | 504 | $ | 515 | $ | 969 | $ | 1,599 | |||||||||||||||
Net income per share (diluted) | $ | 1.64 | $ | 1.67 | $ | 3.15 | $ | 5.16 | |||||||||||||||
Adjusted Net Income Attributable to Hess Corporation | |||||||||||||||||||||||
Exploration and Production | $ | 529 | $ | 626 | $ | 1,171 | $ | 1,809 | |||||||||||||||
Midstream | 66 | 68 | 189 | 205 | |||||||||||||||||||
Corporate, Interest and Other | (91) | (111) | (309) | (360) | |||||||||||||||||||
Adjusted net income attributable to Hess Corporation | $ | 504 | $ | 583 | $ | 1,051 | $ | 1,654 | |||||||||||||||
Adjusted net income per share (diluted) | $ | 1.64 | $ | 1.89 | $ | 3.42 | $ | 5.33 | |||||||||||||||
Weighted average number of shares (diluted) | 307.7 | 308.9 | 307.5 | 310.1 | |||||||||||||||||||
Three Months Ended September 30, (unaudited) | Nine Months Ended September 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Exploration and Production | $ | — | $ | (54) | $ | (82) | $ | (54) | |||||||||||||||
Midstream | — | — | — | — | |||||||||||||||||||
Corporate, Interest and Other | — | (14) | — | (1) | |||||||||||||||||||
Total items affecting comparability of earnings between periods | $ | — | $ | (68) | $ | (82) | $ | (55) |
Three Months Ended September 30, (unaudited) | Nine Months Ended September 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net income attributable to Hess Corporation | $ | 504 | $ | 515 | $ | 969 | $ | 1,599 | |||||||||||||||
Less: Total items affecting comparability of earnings between periods | — | (68) | (82) | (55) | |||||||||||||||||||
Adjusted net income attributable to Hess Corporation | $ | 504 | $ | 583 | $ | 1,051 | $ | 1,654 |
Three Months Ended September 30, (unaudited) | Nine Months Ended September 30, (unaudited) | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | $ | 1,249 | $ | 1,405 | $ | 3,255 | $ | 3,820 | |||||||||||||||
Changes in operating assets and liabilities | (263) | (66) | (657) | (1,128) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 986 | $ | 1,339 | $ | 2,598 | $ | 2,692 |
Third Quarter 2023 | Third Quarter 2022 | Second Quarter 2023 | |||||||||||||||
Income Statement | |||||||||||||||||
Revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 2,800 | $ | 3,122 | $ | 2,289 | |||||||||||
Gains on asset sales, net | 2 | — | — | ||||||||||||||
Other, net | 35 | 35 | 31 | ||||||||||||||
Total revenues and non-operating income | 2,837 | 3,157 | 2,320 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas | 696 | 982 | 547 | ||||||||||||||
Operating costs and expenses | 467 | 398 | 454 | ||||||||||||||
Production and severance taxes | 61 | 72 | 46 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 65 | 58 | 99 | ||||||||||||||
General and administrative expenses | 115 | 109 | 108 | ||||||||||||||
Interest expense | 117 | 125 | 122 | ||||||||||||||
Depreciation, depletion and amortization | 499 | 471 | 497 | ||||||||||||||
Impairment and other | — | 54 | 82 | ||||||||||||||
Total costs and expenses | 2,020 | 2,269 | 1,955 | ||||||||||||||
Income before income taxes | 817 | 888 | 365 | ||||||||||||||
Provision for income taxes | 215 | 282 | 160 | ||||||||||||||
Net income | 602 | 606 | 205 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 98 | 91 | 86 | ||||||||||||||
Net income attributable to Hess Corporation | $ | 504 | $ | 515 | $ | 119 |
Nine Months Ended September 30, | |||||||||||
Income Statement | 2023 | 2022 | |||||||||
Revenues and non-operating income | |||||||||||
Sales and other operating revenues | $ | 7,500 | $ | 8,390 | |||||||
Gains on asset sales, net | 2 | 25 | |||||||||
Other, net | 108 | 101 | |||||||||
Total revenues and non-operating income | 7,610 | 8,516 | |||||||||
Costs and expenses | |||||||||||
Marketing, including purchased oil and gas | 1,846 | 2,507 | |||||||||
Operating costs and expenses | 1,303 | 1,067 | |||||||||
Production and severance taxes | 155 | 200 | |||||||||
Exploration expenses, including dry holes and lease impairment | 230 | 134 | |||||||||
General and administrative expenses | 359 | 314 | |||||||||
Interest expense | 362 | 369 | |||||||||
Depreciation, depletion and amortization | 1,487 | 1,199 | |||||||||
Impairment and other | 82 | 54 | |||||||||
Total costs and expenses | 5,824 | 5,844 | |||||||||
Income before income taxes | 1,786 | 2,672 | |||||||||
Provision for income taxes | 551 | 807 | |||||||||
Net income | 1,235 | 1,865 | |||||||||
Less: Net income attributable to noncontrolling interests | 266 | 266 | |||||||||
Net income attributable to Hess Corporation | $ | 969 | $ | 1,599 |
September 30, 2023 | December 31, 2022 | ||||||||||
Balance Sheet Information | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 2,018 | $ | 2,486 | |||||||
Other current assets | 1,898 | 1,445 | |||||||||
Property, plant and equipment – net | 16,421 | 15,098 | |||||||||
Operating lease right-of-use assets – net | 481 | 570 | |||||||||
Finance lease right-of-use assets – net | 113 | 126 | |||||||||
Other long-term assets | 2,270 | 1,970 | |||||||||
Total assets | $ | 23,201 | $ | 21,695 | |||||||
Liabilities and equity | |||||||||||
Current portion of long-term debt | $ | 307 | $ | 3 | |||||||
Current portion of operating and finance lease obligations | 200 | 221 | |||||||||
Other current liabilities | 2,489 | 2,172 | |||||||||
Long-term debt | 8,241 | 8,278 | |||||||||
Long-term operating lease obligations | 392 | 469 | |||||||||
Long-term finance lease obligations | 163 | 179 | |||||||||
Other long-term liabilities | 2,110 | 1,877 | |||||||||
Total equity excluding accumulated other comprehensive income (loss) | 8,823 | 7,986 | |||||||||
Accumulated other comprehensive income (loss) | (192) | (131) | |||||||||
Noncontrolling interests | 668 | 641 | |||||||||
Total liabilities and equity | $ | 23,201 | $ | 21,695 |
September 30, 2023 | December 31, 2022 | ||||||||||
Total Debt | |||||||||||
Hess Corporation | $ | 5,400 | $ | 5,395 | |||||||
Midstream (a) | 3,148 | 2,886 | |||||||||
Hess Consolidated | $ | 8,548 | $ | 8,281 |
September 30, 2023 | December 31, 2022 | ||||||||||
Debt to Capitalization Ratio (a) | |||||||||||
Hess Consolidated | 48.4 | % | 50.0 | % | |||||||
Hess Corporation as defined in debt covenants | 34.3 | % | 36.1 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Gross interest expense – Hess Corporation | $ | 85 | $ | 88 | $ | 259 | $ | 266 | |||||||||||||||
Less: Capitalized interest – Hess Corporation | (14) | (3) | (29) | (6) | |||||||||||||||||||
Interest expense – Hess Corporation | 71 | 85 | 230 | 260 | |||||||||||||||||||
Interest expense – Midstream (a) | 46 | 40 | 132 | 109 | |||||||||||||||||||
Interest expense – Hess Consolidated | $ | 117 | $ | 125 | $ | 362 | $ | 369 |
Third Quarter 2023 | Third Quarter 2022 | Second Quarter 2023 | |||||||||||||||
Cash Flow Information | |||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income | $ | 602 | $ | 606 | $ | 205 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||
(Gains) losses on asset sales, net | (2) | — | — | ||||||||||||||
Depreciation, depletion and amortization | 499 | 471 | 497 | ||||||||||||||
Impairment and other | — | 54 | 82 | ||||||||||||||
Exploratory dry hole costs | 4 | 19 | 62 | ||||||||||||||
Exploration lease impairment | 11 | 4 | 8 | ||||||||||||||
Stock compensation expense | 16 | 17 | 18 | ||||||||||||||
Noncash (gains) losses on commodity derivatives, net | 52 | 165 | 52 | ||||||||||||||
Provision (benefit) for deferred income taxes and other tax accruals | 67 | 69 | 50 | ||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | 1,249 | 1,405 | 974 | ||||||||||||||
Changes in operating assets and liabilities | (263) | (66) | — | ||||||||||||||
Net cash provided by (used in) operating activities | 986 | 1,339 | 974 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Additions to property, plant and equipment - E&P | (953) | (657) | (778) | ||||||||||||||
Additions to property, plant and equipment - Midstream | (53) | (66) | (43) | ||||||||||||||
Proceeds from asset sales, net of cash sold | 3 | — | — | ||||||||||||||
Other, net | (1) | (4) | — | ||||||||||||||
Net cash provided by (used in) investing activities | (1,004) | (727) | (821) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Net borrowings (repayments) of debt with maturities of 90 days or less | 78 | (48) | 77 | ||||||||||||||
Debt with maturities of greater than 90 days: | |||||||||||||||||
Borrowings | — | 20 | — | ||||||||||||||
Repayments | — | — | — | ||||||||||||||
Cash dividends paid | (134) | (115) | (134) | ||||||||||||||
Common stock acquired and retired | — | (150) | — | ||||||||||||||
Proceeds from sale of Class A shares of Hess Midstream LP | — | — | 167 | ||||||||||||||
Noncontrolling interests, net | (136) | (79) | (132) | ||||||||||||||
Employee stock options exercised | 6 | 4 | 1 | ||||||||||||||
Payments on finance lease obligations | (3) | (1) | (2) | ||||||||||||||
Other, net | (1) | (18) | (4) | ||||||||||||||
Net cash provided by (used in) financing activities | (190) | (387) | (27) | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (208) | 225 | 126 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2,226 | 2,159 | 2,100 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 2,018 | $ | 2,384 | $ | 2,226 | |||||||||||
Additions to Property, Plant and Equipment included within Investing Activities | |||||||||||||||||
Capital expenditures incurred | $ | (1,013) | $ | (726) | $ | (956) | |||||||||||
Increase (decrease) in related liabilities | 7 | 3 | 135 | ||||||||||||||
Additions to property, plant and equipment | $ | (1,006) | $ | (723) | $ | (821) |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flow Information | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 1,235 | $ | 1,865 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
(Gains) losses on asset sales, net | (2) | (25) | |||||||||
Depreciation, depletion and amortization | 1,487 | 1,199 | |||||||||
Impairment and other | 82 | 54 | |||||||||
Exploratory dry hole costs | 97 | 19 | |||||||||
Exploration lease impairment | 24 | 14 | |||||||||
Pension settlement loss | — | 2 | |||||||||
Stock compensation expense | 69 | 66 | |||||||||
Noncash (gains) losses on commodity derivatives, net | 104 | 383 | |||||||||
Provision (benefit) for deferred income taxes and other tax accruals | 159 | 243 | |||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | 3,255 | 3,820 | |||||||||
Changes in operating assets and liabilities | (657) | (1,128) | |||||||||
Net cash provided by (used in) operating activities | 2,598 | 2,692 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Additions to property, plant and equipment - E&P | (2,504) | (1,755) | |||||||||
Additions to property, plant and equipment - Midstream | (160) | (177) | |||||||||
Proceeds from asset sales, net of cash sold | 3 | 28 | |||||||||
Other, net | (5) | (4) | |||||||||
Net cash provided by (used in) investing activities | (2,666) | (1,908) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net borrowings (repayments) of debt with maturities of 90 days or less | 258 | (61) | |||||||||
Debt with maturities of greater than 90 days: | |||||||||||
Borrowings | — | 420 | |||||||||
Repayments | — | (510) | |||||||||
Cash dividends paid | (405) | (350) | |||||||||
Common stock acquired and retired | (20) | (340) | |||||||||
Proceeds from sale of Class A shares of Hess Midstream LP | 167 | 146 | |||||||||
Noncontrolling interests, net | (399) | (430) | |||||||||
Employee stock options exercised | 10 | 44 | |||||||||
Payments on finance lease obligations | (7) | (5) | |||||||||
Other, net | (4) | (27) | |||||||||
Net cash provided by (used in) financing activities | (400) | (1,113) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (468) | (329) | |||||||||
Cash and Cash Equivalents at Beginning of Period | 2,486 | 2,713 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2,018 | $ | 2,384 | |||||||
Additions to Property, Plant and Equipment included within Investing Activities | |||||||||||
Capital expenditures incurred | $ | (2,761) | $ | (1,971) | |||||||
Increase (decrease) in related liabilities | 97 | 39 | |||||||||
Additions to property, plant and equipment | $ | (2,664) | $ | (1,932) |
Third Quarter 2023 | Third Quarter 2022 | Second Quarter 2023 | |||||||||||||||
Capital and Exploratory Expenditures | |||||||||||||||||
E&P Capital and exploratory expenditures | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 329 | $ | 226 | $ | 264 | |||||||||||
Offshore and Other | 115 | 57 | 82 | ||||||||||||||
Total United States | 444 | 283 | 346 | ||||||||||||||
Guyana | 509 | 301 | 508 | ||||||||||||||
Malaysia and JDA | 43 | 92 | 44 | ||||||||||||||
Other (a) | 2 | 25 | 35 | ||||||||||||||
E&P Capital and exploratory expenditures | $ | 998 | $ | 701 | $ | 933 | |||||||||||
Total exploration expenses charged to income included above | $ | 50 | $ | 35 | $ | 29 | |||||||||||
Midstream Capital expenditures | $ | 65 | $ | 60 | $ | 52 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Capital and Exploratory Expenditures | |||||||||||
E&P Capital and exploratory expenditures | |||||||||||
United States | |||||||||||
North Dakota | $ | 825 | $ | 549 | |||||||
Offshore and Other | 226 | 185 | |||||||||
Total United States | 1,051 | 734 | |||||||||
Guyana | 1,471 | 906 | |||||||||
Malaysia and JDA | 134 | 217 | |||||||||
Other (a) | 40 | 46 | |||||||||
E&P Capital and exploratory expenditures | $ | 2,696 | $ | 1,903 | |||||||
Total exploration expenses charged to income included above | $ | 109 | $ | 101 | |||||||
Midstream Capital expenditures | $ | 174 | $ | 169 |
Third Quarter 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 1,651 | $ | 1,147 | $ | 2,798 | |||||||||||
Other, net | 4 | 8 | 12 | ||||||||||||||
Total revenues and non-operating income | 1,655 | 1,155 | 2,810 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 693 | 26 | 719 | ||||||||||||||
Operating costs and expenses | 226 | 158 | 384 | ||||||||||||||
Production and severance taxes | 59 | 2 | 61 | ||||||||||||||
Midstream tariffs | 332 | — | 332 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 45 | 20 | 65 | ||||||||||||||
General and administrative expenses | 56 | 10 | 66 | ||||||||||||||
Depreciation, depletion and amortization | 234 | 217 | 451 | ||||||||||||||
Total costs and expenses | 1,645 | 433 | 2,078 | ||||||||||||||
Results of operations before income taxes | 10 | 722 | 732 | ||||||||||||||
Provision for income taxes | — | 203 | 203 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 10 | (b) | $ | 519 | (c) | $ | 529 | |||||||||
Third Quarter 2022 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 2,022 | $ | 1,100 | $ | 3,122 | |||||||||||
Other, net | 16 | 6 | 22 | ||||||||||||||
Total revenues and non-operating income | 2,038 | 1,106 | 3,144 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 972 | 27 | 999 | ||||||||||||||
Operating costs and expenses | 194 | 128 | 322 | ||||||||||||||
Production and severance taxes | 67 | 5 | 72 | ||||||||||||||
Midstream tariffs | 313 | — | 313 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 33 | 25 | 58 | ||||||||||||||
General and administrative expenses | 45 | 9 | 54 | ||||||||||||||
Depreciation, depletion and amortization | 208 | 217 | 425 | ||||||||||||||
Impairment and other | 54 | — | 54 | ||||||||||||||
Total costs and expenses | 1,886 | 411 | 2,297 | ||||||||||||||
Results of operations before income taxes | 152 | 695 | 847 | ||||||||||||||
Provision for income taxes | — | 275 | 275 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 152 | (d) | $ | 420 | (e) | $ | 572 |
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 |
Nine Months Ended September 30, 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 4,315 | $ | 3,179 | $ | 7,494 | |||||||||||
Other, net | 19 | 15 | 34 | ||||||||||||||
Total revenues and non-operating income | 4,334 | 3,194 | 7,528 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 1,814 | 88 | 1,902 | ||||||||||||||
Operating costs and expenses | 672 | 419 | 1,091 | ||||||||||||||
Production and severance taxes | 150 | 5 | 155 | ||||||||||||||
Midstream tariffs | 917 | — | 917 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 88 | 142 | 230 | ||||||||||||||
General and administrative expenses | 160 | 33 | 193 | ||||||||||||||
Depreciation, depletion and amortization | 649 | 695 | 1,344 | ||||||||||||||
Impairment and other | 82 | — | 82 | ||||||||||||||
Total costs and expenses | 4,532 | 1,382 | 5,914 | ||||||||||||||
Results of operations before income taxes | (198) | 1,812 | 1,614 | ||||||||||||||
Provision for income taxes | — | 525 | 525 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | (198) | (b) | $ | 1,287 | (c) | $ | 1,089 |
Nine Months Ended September 30, 2022 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 5,586 | $ | 2,804 | $ | 8,390 | |||||||||||
Other, net | 68 | 13 | 81 | ||||||||||||||
Total revenues and non-operating income | 5,654 | 2,817 | 8,471 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 2,500 | 60 | 2,560 | ||||||||||||||
Operating costs and expenses | 513 | 351 | 864 | ||||||||||||||
Production and severance taxes | 190 | 10 | 200 | ||||||||||||||
Midstream tariffs | 896 | — | 896 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 89 | 45 | 134 | ||||||||||||||
General and administrative expenses | 134 | 24 | 158 | ||||||||||||||
Depreciation, depletion and amortization | 595 | 467 | 1,062 | ||||||||||||||
Impairment and other | 54 | — | 54 | ||||||||||||||
Total costs and expenses | 4,971 | 957 | 5,928 | ||||||||||||||
Results of operations before income taxes | 683 | 1,860 | 2,543 | ||||||||||||||
Provision for income taxes | — | 788 | 788 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 683 | (d) | $ | 1,072 | (e) | $ | 1,755 |
Third Quarter 2023 | Third Quarter 2022 | Second Quarter 2023 | |||||||||||||||
Net Production Per Day (in thousands) | |||||||||||||||||
Crude oil - barrels | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 87 | 79 | 79 | ||||||||||||||
Offshore | 21 | 21 | 23 | ||||||||||||||
Total United States | 108 | 100 | 102 | ||||||||||||||
Guyana (a) | 108 | 98 | 110 | ||||||||||||||
Malaysia and JDA | 5 | 4 | 4 | ||||||||||||||
Other (b) | — | 15 | — | ||||||||||||||
Total | 221 | 217 | 216 | ||||||||||||||
Natural gas liquids - barrels | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 70 | 58 | 68 | ||||||||||||||
Offshore | 1 | 2 | 1 | ||||||||||||||
Total United States | 71 | 60 | 69 | ||||||||||||||
Natural gas - mcf | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 195 | 176 | 206 | ||||||||||||||
Offshore | 37 | 41 | 45 | ||||||||||||||
Total United States | 232 | 217 | 251 | ||||||||||||||
Malaysia and JDA | 383 | 320 | 359 | ||||||||||||||
Other (b) | — | 10 | — | ||||||||||||||
Total | 615 | 547 | 610 | ||||||||||||||
Barrels of oil equivalent | 395 | 368 | 387 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Net Production Per Day (in thousands) | |||||||||||
Crude oil - barrels | |||||||||||
United States | |||||||||||
North Dakota | 81 | 75 | |||||||||
Offshore | 22 | 20 | |||||||||
Total United States | 103 | 95 | |||||||||
Guyana (a) | 110 | 65 | |||||||||
Malaysia and JDA | 4 | 4 | |||||||||
Other (b) | — | 17 | |||||||||
Total | 217 | 181 | |||||||||
Natural gas liquids - barrels | |||||||||||
United States | |||||||||||
North Dakota | 66 | 51 | |||||||||
Offshore | 2 | 2 | |||||||||
Total United States | 68 | 53 | |||||||||
Natural gas - mcf | |||||||||||
United States | |||||||||||
North Dakota | 187 | 160 | |||||||||
Offshore | 43 | 42 | |||||||||
Total United States | 230 | 202 | |||||||||
Malaysia and JDA | 370 | 355 | |||||||||
Other (b) | — | 11 | |||||||||
Total | 600 | 568 | |||||||||
Barrels of oil equivalent | 385 | 329 |
Third Quarter 2023 | Third Quarter 2022 | Second Quarter 2023 | |||||||||||||||
Sales Volumes Per Day (in thousands) (a) | |||||||||||||||||
Crude oil – barrels | 223 | 208 | 217 | ||||||||||||||
Natural gas liquids – barrels | 71 | 58 | 67 | ||||||||||||||
Natural gas – mcf | 615 | 547 | 610 | ||||||||||||||
Barrels of oil equivalent | 397 | 357 | 386 | ||||||||||||||
Sales Volumes (in thousands) (a) | |||||||||||||||||
Crude oil – barrels | 20,519 | 19,118 | 19,740 | ||||||||||||||
Natural gas liquids – barrels | 6,500 | 5,299 | 6,084 | ||||||||||||||
Natural gas – mcf | 56,553 | 50,343 | 55,548 | ||||||||||||||
Barrels of oil equivalent | 36,445 | 32,807 | 35,082 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Sales Volumes Per Day (in thousands) (a) | |||||||||||
Crude oil – barrels | 218 | 174 | |||||||||
Natural gas liquids – barrels | 67 | 51 | |||||||||
Natural gas – mcf | 600 | 568 | |||||||||
Barrels of oil equivalent | 385 | 320 | |||||||||
Sales Volumes (in thousands) (a) | |||||||||||
Crude oil – barrels | 59,420 | 47,461 | |||||||||
Natural gas liquids – barrels | 18,345 | 14,018 | |||||||||
Natural gas – mcf | 163,793 | 155,052 | |||||||||
Barrels of oil equivalent | 105,064 | 87,321 |
Third Quarter 2023 | Third Quarter 2022 | Second Quarter 2023 | |||||||||||||||
Average Selling Prices | |||||||||||||||||
Crude oil - per barrel (including hedging) | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 76.06 | $ | 79.04 | $ | 65.67 | |||||||||||
Offshore | 78.50 | 78.80 | 68.32 | ||||||||||||||
Total United States | 76.56 | 79.00 | 66.24 | ||||||||||||||
Guyana | 86.24 | 92.02 | 75.82 | ||||||||||||||
Malaysia and JDA | 87.21 | 85.23 | 68.87 | ||||||||||||||
Other (a) | — | 87.90 | — | ||||||||||||||
Worldwide | 81.53 | 85.32 | 71.13 | ||||||||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 79.43 | $ | 89.80 | $ | 69.22 | |||||||||||
Offshore | 81.86 | 89.47 | 71.86 | ||||||||||||||
Total United States | 79.92 | 89.74 | 69.79 | ||||||||||||||
Guyana | 88.06 | 98.91 | 77.64 | ||||||||||||||
Malaysia and JDA | 87.21 | 85.23 | 68.87 | ||||||||||||||
Other (a) | — | 94.96 | — | ||||||||||||||
Worldwide | 84.07 | 93.95 | 73.74 | ||||||||||||||
Natural gas liquids - per barrel | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 20.17 | $ | 35.41 | $ | 17.90 | |||||||||||
Offshore | 20.15 | 36.30 | 20.17 | ||||||||||||||
Worldwide | 20.17 | 35.44 | 17.95 | ||||||||||||||
Natural gas - per mcf | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 1.56 | $ | 6.67 | $ | 1.29 | |||||||||||
Offshore | 2.35 | 8.12 | 1.62 | ||||||||||||||
Total United States | 1.69 | 6.94 | 1.35 | ||||||||||||||
Malaysia and JDA | 6.32 | 5.07 | 5.56 | ||||||||||||||
Other (a) | — | 7.03 | — | ||||||||||||||
Worldwide | 4.57 | 5.85 | 3.82 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Average Selling Prices | |||||||||||
Crude oil - per barrel (including hedging) | |||||||||||
United States | |||||||||||
North Dakota | $ | 70.35 | $ | 85.39 | |||||||
Offshore | 71.55 | 86.13 | |||||||||
Total United States | 70.62 | 85.56 | |||||||||
Guyana | 80.41 | 96.24 | |||||||||
Malaysia and JDA | 76.84 | 93.16 | |||||||||
Other (a) | — | 95.49 | |||||||||
Worldwide | 75.72 | 90.30 | |||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||
United States | |||||||||||
North Dakota | $ | 73.72 | $ | 95.33 | |||||||
Offshore | 74.89 | 95.96 | |||||||||
Total United States | 73.98 | 95.47 | |||||||||
Guyana | 81.86 | 103.94 | |||||||||
Malaysia and JDA | 76.84 | 93.16 | |||||||||
Other (a) | — | 104.67 | |||||||||
Worldwide | 78.04 | 99.14 | |||||||||
Natural gas liquids - per barrel | |||||||||||
United States | |||||||||||
North Dakota | $ | 20.70 | $ | 38.51 | |||||||
Offshore | 21.52 | 37.86 | |||||||||
Worldwide | 20.72 | 38.48 | |||||||||
Natural gas - per mcf | |||||||||||
United States | |||||||||||
North Dakota | $ | 1.73 | $ | 5.97 | |||||||
Offshore | 2.12 | 6.71 | |||||||||
Total United States | 1.81 | 6.13 | |||||||||
Malaysia and JDA | 5.78 | 5.72 | |||||||||
Other (a) | — | 5.65 | |||||||||
Worldwide | 4.26 | 5.86 |
WTI | Brent | ||||||||||
Barrels of oil per day | 80,000 | 50,000 | |||||||||
Average monthly floor price | $70 | $75 |
Cover |
Oct. 25, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 25, 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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