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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):  January 29, 2025
HESS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DENo.1-1204No.13-4921002
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1185 Avenue of the Americas
New York, New York   10036
(Address of Principal Executive Offices)   (Zip Code)
Registrant's Telephone Number, Including Area Code:  (212) 997-8500
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐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))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockHESNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.  Results of Operations and Financial Condition.
On January 29, 2025, Hess Corporation issued a news release reporting estimated results for the fourth quarter of 2024.  A copy of this news release is attached hereto as Exhibit 99(1) and is hereby incorporated by reference.
Item 9.01.  Financial Statements and Exhibits.
(d)Exhibit
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:  January 29, 2025
HESS CORPORATION
By:/s/John P. Rielly
Name:John P. Rielly
Title:Executive Vice President and
Chief Financial Officer

Exhibit 99.1


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HESS CORPORATION
newsreleasea01.jpg
HESS REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2024
Fourth Quarter Financial and Operational Highlights:
•Net income was $542 million, or $1.76 per share, compared with $413 million, or $1.34 per share, in the fourth quarter of 2023; adjusted net income1 in the fourth quarter of 2023 was $501 million, or $1.63 per share
•Oil and gas net production was 495,000 barrels of oil equivalent per day (boepd), up 18% from 418,000 boepd in the fourth quarter of 2023
•Bakken net production was 208,000 boepd, up 7% from 194,000 boepd in the fourth quarter of 2023
•Guyana net production was 195,000 barrels of oil per day (bopd), up 52% from 128,000 bopd in the fourth quarter of 2023
•E&P capital and exploratory expenditures were $1,677 million, including the purchases of the Liza Destiny and Prosperity floating production, storage and offloading vessels (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
•Year-end proved reserves are estimated to be 1.44 billion barrels of oil equivalent (boe); organic reserve replacement was 138% at a finding and development cost of $19.67 per boe
NEW YORK, January 29, 2025 — 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.
1

After-tax income (loss) by major operating activity was as follows:
Three Months Ended
December 31,
(unaudited)		Year Ended
December 31,
(unaudited)
2024202320242023
(In millions, except per share amounts)
Net Income Attributable to Hess Corporation
Exploration and Production$529 $512 $2,780 $1,601 
Midstream74 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 
Midstream74 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.
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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
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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
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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 $105 million during the prior-year quarter.
Items Affecting Comparability of Earnings Between Periods:
The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:
Three Months Ended
December 31,
(unaudited)		Year Ended
December 31,
(unaudited)
2024202320242023
(In millions)
Exploration and Production$— $(19)$(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.
5

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)
 2024202320242023
 (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)
2024202320242023
(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;
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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.

For Hess Corporation    
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contacts:
Lorrie Hecker
(212) 536-8250
Nick Rust
FGS Global
(917) 439-0307
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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, net31 24 5 
Total revenues and non-operating income3,225 3,035 3,197 
Costs and expenses
Marketing, including purchased oil and gas653 886 713 
Operating costs and expenses532 473 527 
Production and severance taxes53 61 61 
Exploration expenses, including dry holes and lease impairment139 87 44 
General and administrative expenses135 168 118 
Interest expense93 116 100 
Depreciation, depletion and amortization692 559 638 
Impairment— — 132 
Total costs and expenses2,297 2,350 2,333 
Income before income taxes928 685 864 
Provision for income taxes288 182 270 
Net income640 503 594 
Less: Net income attributable to noncontrolling interests98 90 96 
Net income attributable to Hess Corporation$542 $413 $498 


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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Year Ended
 December 31,
Income Statement20242023
Revenues and non-operating income
Sales and other operating revenues$12,896 $10,511 
Gains on asset sales, net1 2 
Other, net121 132 
Total revenues and non-operating income13,018 10,645 
Costs and expenses
Marketing, including purchased oil and gas2,620 2,732 
Operating costs and expenses1,961 1,776 
Production and severance taxes234 216 
Exploration expenses, including dry holes and lease impairment326 317 
General and administrative expenses492 527 
Interest expense412 478 
Depreciation, depletion and amortization2,487 2,046 
Impairment132 82 
Total costs and expenses8,664 8,174 
Income before income taxes4,354 2,471 
Provision for income taxes1,202 733 
Net income3,152 1,738 
Less: Net income attributable to noncontrolling interests383 356 
Net income attributable to Hess Corporation$2,769 $1,382 
9

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 assets2,002 1,742 
Property, plant and equipment – net19,921 17,432 
Operating lease right-of-use assets – net652 720 
Finance lease right-of-use assets – net90 108 
Other long-term assets2,715 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 obligations346 370 
Other current liabilities2,457 2,589 
Long-term debt8,555 8,302 
Long-term operating lease obligations404 459 
Long-term finance lease obligations132 156 
Other long-term liabilities2,631 2,218 
Total equity excluding other comprehensive income (loss)11,424 9,120 
Accumulated other comprehensive income (loss)(208)(134)
Noncontrolling interests787 616 
Total liabilities and equity$26,551 $24,007 

10

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 Consolidated42.1 %47.8 %
Hess Corporation as defined in debt covenants28.3 %33.6 %
(a)Includes finance lease obligations.
Three Months Ended
 December 31,		Year Ended
 December 31,
2024202320242023
Interest Expense
Gross interest expense – Hess Corporation$83 $88 $340 $347 
Less: Capitalized interest – Hess Corporation(42)(19)(132)(48)
Interest expense – Hess Corporation41 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.
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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 amortization692 559 638 
Impairment— — 132 
Exploratory dry hole costs92 50 4 
Exploration lease impairment6 3 6 
Pension prior service cost— — 35 
Pension settlement loss— 17 — 
Stock compensation expense21 18 20 
Noncash (gains) losses on commodity derivatives, net— 52 — 
Provision (benefit) for deferred income taxes and other tax accruals70 37 83 
Net cash provided by (used in) operating activities before changes in operating assets and liabilities1,521 1,239 1,511 
Changes in operating assets and liabilities(209)105 (1)
Net cash provided by (used in) operating activities1,312 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 sold15 — 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 exercised8 — — 
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 Period1,864 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)

12

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)
Year Ended
 December 31,
20242023
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 amortization2,487 2,046 
Impairment132 82 
Exploratory dry hole costs159 147 
Exploration lease impairment22 27 
Pension prior service cost35 — 
Pension settlement loss— 17 
Stock compensation expense100 87 
Noncash (gains) losses on commodity derivatives, net— 156 
Provision (benefit) for deferred income taxes and other tax accruals267 196 
Net cash provided by (used in) operating activities before changes in operating assets and liabilities6,353 4,494 
Changes in operating assets and liabilities(753)(552)
Net cash provided by (used in) operating activities5,600 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 sold16 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:
Borrowings600 — 
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 exercised21 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 Year1,688 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)$(4,279)
Increase (decrease) in related liabilities56 171 
Additions to property, plant and equipment$(4,946)$(4,108)
13

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 Other104 64 77 
Total United States435 377 419 
Guyana1,209 1,047 634 
Malaysia and JDA27 55 49 
Other6 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,
20242023
Capital and Exploratory Expenditures
E&P Capital and exploratory expenditures
United States
North Dakota$1,279 $1,138 
Offshore and Other478 290 
Total United States1,757 1,428 
Guyana2,932 2,518 
Malaysia and JDA147 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.

14

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)
Fourth Quarter 2024
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$1,546 $1,642  $3,188 
Other, net12 —  12 
Total revenues and non-operating income1,558  1,642  3,200 
Costs and expenses     
Marketing, including purchased oil and gas (a)628 46  674 
Operating costs and expenses258 186  444 
Production and severance taxes52 1  53 
Midstream tariffs364 —  364 
Exploration expenses, including dry holes and lease impairment124 15  139 
General and administrative expenses81 11  92 
Depreciation, depletion and amortization282 358  640 
Total costs and expenses1,789  617  2,406 
Results of operations before income taxes(231) 1,025  794 
Provision for income taxes— 265  265 
Net income (loss) attributable to Hess Corporation$(231)$760 $529 
Fourth Quarter 2023
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income     
Sales and other operating revenues$1,766 $1,240  $3,006 
Other, net11 5  16 
Total revenues and non-operating income1,777  1,245  3,022 
Costs and expenses     
Marketing, including purchased oil and gas (a)867 40  907 
Operating costs and expenses229 159  388 
Production and severance taxes56 5  61 
Midstream tariffs328 —  328 
Exploration expenses, including dry holes and lease impairment82 5  87 
General and administrative expenses53 8  61 
Depreciation, depletion and amortization255 253  508 
Total costs and expenses1,870  470  2,340 
Results of operations before income taxes(93) 775  682 
Provision for income taxes— 170 170 
Net income (loss) attributable to Hess Corporation$(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).
15

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)
 Third Quarter 2024
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$1,674 $1,509 $3,183 
Gains on asset sales, net1 — 1 
Other, net8 (25)(17)
Total revenues and non-operating income1,683  1,484 3,167 
Costs and expenses    
Marketing, including purchased oil and gas (a)689 41 730 
Operating costs and expenses263 180 443 
Production and severance taxes55 6 61 
Midstream tariffs349 — 349 
Exploration expenses, including dry holes and lease impairment36 8 44 
General and administrative expenses76 7 83 
Depreciation, depletion and amortization323 262 585 
Impairment127 5 132 
Total costs and expenses1,918  509 2,427 
Results of operations before income taxes(235) 975 740 
Provision for income taxes— 251 251 
Net income (loss) attributable to Hess Corporation$(235)$724 $489 
(a)Includes amounts charged from the Midstream segment.


16

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS)
 Year Ended December 31, 2024
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$6,283 $6,586 $12,869 
Gains on asset sales, net1 — 1 
Other, net42 (5)37 
Total revenues and non-operating income6,326  6,581 12,907 
Costs and expenses    
Marketing, including purchased oil and gas (a)2,523 172 2,695 
Operating costs and expenses955 676 1,631 
Production and severance taxes222 12 234 
Midstream tariffs1,376 — 1,376 
Exploration expenses, including dry holes and lease impairment219 107 326 
General and administrative expenses286 35 321 
Depreciation, depletion and amortization1,115 1,167 2,282 
Impairment127 5 132 
Total costs and expenses6,823  2,174 8,997 
Results of operations before income taxes(497) 4,407 3,910 
Provision for income taxes— 1,130 1,130 
Net income (loss) attributable to Hess Corporation$(497)$3,277 $2,780 
 Year Ended December 31, 2023
Income StatementUnited StatesInternationalTotal
Total revenues and non-operating income
Sales and other operating revenues$6,081 $4,419 $10,500 
Other, net30 20 50 
Total revenues and non-operating income6,111  4,439 10,550 
Costs and expenses    
Marketing, including purchased oil and gas (a)2,681 128 2,809 
Operating costs and expenses901 578 1,479 
Production and severance taxes206 10 216 
Midstream tariffs1,245 — 1,245 
Exploration expenses, including dry holes and lease impairment170 147 317 
General and administrative expenses213 41 254 
Depreciation, depletion and amortization904 948 1,852 
Impairment82 — 82 
Total costs and expenses6,402  1,852 8,254 
Results of operations before income taxes(291) 2,587 2,296 
Provision for income taxes— 695 695 
Net income (loss) attributable to Hess Corporation$(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).

17

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 Dakota93 89 91 
Offshore22 21 28 
Total United States115 110 119 
Guyana (a)195 128 170 
Malaysia and JDA5 6 4 
Total315 244 293 
Natural gas liquids - barrels
United States
North Dakota76 71 75 
Offshore3 2 3 
Total United States79 73 78 
Natural gas - mcf
United States
North Dakota232 204 238 
Offshore30 42 42 
Total United States262 246 280 
Malaysia and JDA345 362 258 
Total607 608 538 
Barrels of oil equivalent495 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.


18

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Year Ended
 December 31,
20242023
Net Production Per Day (in thousands)
Crude oil - barrels
United States
North Dakota91 83 
Offshore23 22 
Total United States114 105 
Guyana (a)186 115 
Malaysia and JDA5 5 
Total305 225 
Natural gas liquids - barrels
United States
North Dakota74 67 
Offshore2 2 
Total United States76 69 
Natural gas - mcf
United States
North Dakota232 191 
Offshore35 43 
Total United States267 234 
Malaysia and JDA332 368 
Total599 602 
Barrels of oil equivalent481 394 
(a)Production from Guyana includes 29,000 bopd of tax barrels in 2024 and 14,000 bopd in 2023.




19

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 – barrels319 245 295 
Natural gas liquids – barrels80 74 77 
Natural gas – mcf607 608 538 
Barrels of oil equivalent500 420 462 
Sales Volumes (in thousands) (a)
Crude oil – barrels29,369 22,521 27,185 
Natural gas liquids – barrels7,363 6,839 7,113 
Natural gas – mcf55,880 55,957 49,492 
Barrels of oil equivalent46,045 38,686 42,547 
Year Ended
 December 31,
20242023
Sales Volumes Per Day (in thousands) (a)
Crude oil – barrels304 225 
Natural gas liquids – barrels77 69 
Natural gas – mcf599 602 
Barrels of oil equivalent481 394 
Sales Volumes (in thousands) (a)
Crude oil – barrels111,284 81,941 
Natural gas liquids – barrels28,051 25,184 
Natural gas – mcf219,269 219,750 
Barrels of oil equivalent175,880 143,750 
(a)Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported.
20

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 
Offshore69.94 73.68 75.32 
Total United States68.47 71.28 73.35 
Guyana74.19 81.50 79.51 
Malaysia and JDA72.07 73.44 80.24 
Worldwide72.10 76.63 77.06 
Crude oil - per barrel (excluding hedging)
United States
North Dakota$68.10 $74.03 $72.74 
Offshore69.94 76.98 75.32 
Total United States68.47 74.62 73.35 
Guyana74.19 83.09 79.51 
Malaysia and JDA72.07 73.44 80.24 
Worldwide72.10 78.95 77.06 
Natural gas liquids - per barrel
United States
North Dakota$23.03 $20.95 $20.87 
Offshore23.74 19.26 21.67 
Worldwide23.05 20.92 20.91 
Natural gas - per mcf
United States
North Dakota$1.22 $1.52 $0.97 
Offshore1.91 2.26 1.65 
Total United States1.30 1.65 1.07 
Malaysia and JDA6.24 6.45 6.78 
Worldwide4.10 4.51 3.81 


21


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION OPERATING DATA
Year Ended
 December 31,
20242023
Average Selling Prices  
Crude oil - per barrel (including hedging)  
United States  
North Dakota$72.11 $70.44 
Offshore75.07 72.06 
Total United States72.70 70.80 
Guyana80.04 80.72 
Malaysia and JDA77.76 75.51 
Worldwide77.28 75.97 
Crude oil - per barrel (excluding hedging)
United States
North Dakota$72.11 $73.80 
Offshore75.07 75.39 
Total United States72.70 74.15 
Guyana80.04 82.20 
Malaysia and JDA77.76 75.51 
Worldwide77.28 78.29 
Natural gas liquids - per barrel
United States
North Dakota$21.75 $20.77 
Offshore21.73 20.87 
Worldwide21.75 20.77 
Natural gas - per mcf
United States
North Dakota$1.17 $1.68 
Offshore1.78 2.16 
Total United States1.25 1.76 
Malaysia and JDA6.57 5.95 
Worldwide4.20 4.32 
22
v3.24.4
Cover
Jan. 29, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 29, 2025
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
Hess (NYSE:HES)
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