DE | No. | 1-1204 | No. | 13-4921002 | ||||||||||
(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 | ||||||
Common Stock | HES | New York Stock Exchange |
(d) | Exhibit | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Date: January 31, 2024 |
||||||||
HESS CORPORATION | ||||||||
By: | /s/John P. Rielly | |||||||
Name: | John P. Rielly | |||||||
Title: | Executive Vice President and | |||||||
Chief Financial Officer |
Three Months Ended December 31, (unaudited) |
Year Ended December 31, (unaudited) |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net Income Attributable to Hess Corporation | |||||||||||||||||||||||
Exploration and Production | $ | 512 | $ | 641 | $ | 1,601 | $ | 2,396 | |||||||||||||||
Midstream | 63 | 64 | 252 | 269 | |||||||||||||||||||
Corporate, Interest and Other | (162) | (208) | (471) | (569) | |||||||||||||||||||
Net income attributable to Hess Corporation | $ | 413 | $ | 497 | $ | 1,382 | $ | 2,096 | |||||||||||||||
Net income per share (diluted) | $ | 1.34 | $ | 1.61 | $ | 4.49 | $ | 6.77 | |||||||||||||||
Adjusted Net Income Attributable to Hess Corporation | |||||||||||||||||||||||
Exploration and Production | $ | 531 | $ | 565 | $ | 1,702 | $ | 2,374 | |||||||||||||||
Midstream | 63 | 64 | 252 | 269 | |||||||||||||||||||
Corporate, Interest and Other | (93) | (107) | (402) | (467) | |||||||||||||||||||
Adjusted net income attributable to Hess Corporation | $ | 501 | $ | 522 | $ | 1,552 | $ | 2,176 | |||||||||||||||
Adjusted net income per share (diluted) | $ | 1.63 | $ | 1.69 | $ | 5.05 | $ | 7.03 | |||||||||||||||
Weighted average number of shares (diluted) | 307.9 | 308.1 | 307.6 | 309.6 | |||||||||||||||||||
Three Months Ended December 31, (unaudited) |
Year Ended December 31, (unaudited) |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Exploration and Production | $ | (19) | $ | 76 | $ | (101) | $ | 22 | |||||||||||||||
Midstream | — | — | — | — | |||||||||||||||||||
Corporate, Interest and Other | (69) | (101) | (69) | (102) | |||||||||||||||||||
Total items affecting comparability of earnings between periods | $ | (88) | $ | (25) | $ | (170) | $ | (80) |
Three Months Ended December 31, (unaudited) |
Year Ended December 31, (unaudited) |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net income attributable to Hess Corporation | $ | 413 | $ | 497 | $ | 1,382 | $ | 2,096 | |||||||||||||||
Less: Total items affecting comparability of earnings between periods | (88) | (25) | (170) | (80) | |||||||||||||||||||
Adjusted net income attributable to Hess Corporation | $ | 501 | $ | 522 | $ | 1,552 | $ | 2,176 |
Three Months Ended December 31, (unaudited) |
Year Ended December 31, (unaudited) |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | $ | 1,239 | $ | 1,301 | $ | 4,494 | $ | 5,121 | |||||||||||||||
Changes in operating assets and liabilities | 105 | (49) | (552) | (1,177) | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,344 | $ | 1,252 | $ | 3,942 | $ | 3,944 |
Fourth Quarter 2023 |
Fourth Quarter 2022 |
Third Quarter 2023 |
|||||||||||||||
Income Statement | |||||||||||||||||
Revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 3,011 | $ | 2,934 | $ | 2,800 | |||||||||||
Gains on asset sales, net | — | 76 | 2 | ||||||||||||||
Other, net | 24 | 44 | 35 | ||||||||||||||
Total revenues and non-operating income | 3,035 | 3,054 | 2,837 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas | 886 | 821 | 696 | ||||||||||||||
Operating costs and expenses | 473 | 385 | 467 | ||||||||||||||
Production and severance taxes | 61 | 55 | 61 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 87 | 74 | 65 | ||||||||||||||
General and administrative expenses | 168 | 217 | 115 | ||||||||||||||
Interest expense | 116 | 124 | 117 | ||||||||||||||
Depreciation, depletion and amortization | 559 | 504 | 499 | ||||||||||||||
Total costs and expenses | 2,350 | 2,180 | 2,020 | ||||||||||||||
Income before income taxes | 685 | 874 | 817 | ||||||||||||||
Provision for income taxes | 182 | 292 | 215 | ||||||||||||||
Net income | 503 | 582 | 602 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | 90 | 85 | 98 | ||||||||||||||
Net income attributable to Hess Corporation | $ | 413 | $ | 497 | $ | 504 |
Year Ended December 31, |
|||||||||||
Income Statement | 2023 | 2022 | |||||||||
Revenues and non-operating income | |||||||||||
Sales and other operating revenues | $ | 10,511 | $ | 11,324 | |||||||
Gains on asset sales, net | 2 | 101 | |||||||||
Other, net | 132 | 145 | |||||||||
Total revenues and non-operating income | 10,645 | 11,570 | |||||||||
Costs and expenses | |||||||||||
Marketing, including purchased oil and gas | 2,732 | 3,328 | |||||||||
Operating costs and expenses | 1,776 | 1,452 | |||||||||
Production and severance taxes | 216 | 255 | |||||||||
Exploration expenses, including dry holes and lease impairment | 317 | 208 | |||||||||
General and administrative expenses | 527 | 531 | |||||||||
Interest expense | 478 | 493 | |||||||||
Depreciation, depletion and amortization | 2,046 | 1,703 | |||||||||
Impairment and other | 82 | 54 | |||||||||
Total costs and expenses | 8,174 | 8,024 | |||||||||
Income before income taxes | 2,471 | 3,546 | |||||||||
Provision for income taxes | 733 | 1,099 | |||||||||
Net income | 1,738 | 2,447 | |||||||||
Less: Net income attributable to noncontrolling interests | 356 | 351 | |||||||||
Net income attributable to Hess Corporation | $ | 1,382 | $ | 2,096 |
December 31, 2023 |
December 31, 2022 |
||||||||||
Balance Sheet Information | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 1,688 | $ | 2,486 | |||||||
Other current assets | 1,742 | 1,445 | |||||||||
Property, plant and equipment – net | 17,432 | 15,098 | |||||||||
Operating lease right-of-use assets – net | 720 | 570 | |||||||||
Finance lease right-of-use assets – net | 108 | 126 | |||||||||
Other long-term assets | 2,317 | 1,970 | |||||||||
Total assets | $ | 24,007 | $ | 21,695 | |||||||
Liabilities and equity | |||||||||||
Current portion of long-term debt | $ | 311 | $ | 3 | |||||||
Current portion of operating and finance lease obligations | 370 | 221 | |||||||||
Other current liabilities | 2,589 | 2,172 | |||||||||
Long-term debt | 8,302 | 8,278 | |||||||||
Long-term operating lease obligations | 459 | 469 | |||||||||
Long-term finance lease obligations | 156 | 179 | |||||||||
Other long-term liabilities | 2,218 | 1,877 | |||||||||
Total equity excluding other comprehensive income (loss) | 9,120 | 7,986 | |||||||||
Accumulated other comprehensive income (loss) | (134) | (131) | |||||||||
Noncontrolling interests | 616 | 641 | |||||||||
Total liabilities and equity | $ | 24,007 | $ | 21,695 |
December 31, 2023 |
December 31, 2022 |
||||||||||
Total Debt | |||||||||||
Hess Corporation | $ | 5,402 | $ | 5,395 | |||||||
Midstream (a) | 3,211 | 2,886 | |||||||||
Hess Consolidated | $ | 8,613 | $ | 8,281 |
December 31, 2023 |
December 31, 2022 |
||||||||||
Debt to Capitalization Ratio (a) | |||||||||||
Hess Consolidated | 47.8 | % | 50.0 | % | |||||||
Hess Corporation as defined in debt covenants | 33.6 | % | 36.1 | % |
Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Gross interest expense – Hess Corporation | $ | 88 | $ | 87 | $ | 347 | $ | 353 | |||||||||||||||
Less: Capitalized interest – Hess Corporation | (19) | (4) | (48) | (10) | |||||||||||||||||||
Interest expense – Hess Corporation | 69 | 83 | 299 | 343 | |||||||||||||||||||
Interest expense – Midstream (a) | 47 | 41 | 179 | 150 | |||||||||||||||||||
Interest expense – Hess Consolidated | $ | 116 | $ | 124 | $ | 478 | $ | 493 |
Fourth Quarter 2023 |
Fourth Quarter 2022 |
Third Quarter 2023 |
|||||||||||||||
Cash Flow Information | |||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||
Net income | $ | 503 | $ | 582 | $ | 602 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||
(Gains) losses on asset sales, net | — | (76) | (2) | ||||||||||||||
Depreciation, depletion and amortization | 559 | 504 | 499 | ||||||||||||||
Exploratory dry hole costs | 50 | 37 | 4 | ||||||||||||||
Exploration lease impairment | 3 | 6 | 11 | ||||||||||||||
Pension settlement loss | 17 | — | — | ||||||||||||||
Stock compensation expense | 18 | 17 | 16 | ||||||||||||||
Noncash (gains) losses on commodity derivatives, net | 52 | 165 | 52 | ||||||||||||||
Provision (benefit) for deferred income taxes and other tax accruals | 37 | 66 | 67 | ||||||||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | 1,239 | 1,301 | 1,249 | ||||||||||||||
Changes in operating assets and liabilities | 105 | (49) | (263) | ||||||||||||||
Net cash provided by (used in) operating activities | 1,344 | 1,252 | 986 | ||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||
Additions to property, plant and equipment - E&P | (1,380) | (732) | (953) | ||||||||||||||
Additions to property, plant and equipment - Midstream | (64) | (61) | (53) | ||||||||||||||
Proceeds from asset sales, net of cash sold | — | 150 | 3 | ||||||||||||||
Other, net | (3) | (4) | (1) | ||||||||||||||
Net cash provided by (used in) investing activities | (1,447) | (647) | (1,004) | ||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||
Net borrowings (repayments) of debt with maturities of 90 days or less | 64 | (25) | 78 | ||||||||||||||
Debt with maturities of greater than 90 days: | |||||||||||||||||
Borrowings | — | — | — | ||||||||||||||
Repayments | (3) | — | — | ||||||||||||||
Cash dividends paid | (134) | (115) | (134) | ||||||||||||||
Common stock acquired and retired | — | (290) | — | ||||||||||||||
Noncontrolling interests, net | (151) | (80) | (136) | ||||||||||||||
Employee stock options exercised | — | 8 | 6 | ||||||||||||||
Payments on finance lease obligations | (3) | (4) | (3) | ||||||||||||||
Other, net | — | 3 | (1) | ||||||||||||||
Net cash provided by (used in) financing activities | (227) | (503) | (190) | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (330) | 102 | (208) | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 2,018 | 2,384 | 2,226 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 1,688 | $ | 2,486 | $ | 2,018 | |||||||||||
Additions to Property, Plant and Equipment included within Investing Activities | |||||||||||||||||
Capital expenditures incurred | $ | (1,518) | $ | (850) | $ | (1,013) | |||||||||||
Increase (decrease) in related liabilities | 74 | 57 | 7 | ||||||||||||||
Additions to property, plant and equipment | $ | (1,444) | $ | (793) | $ | (1,006) |
Year Ended December 31, |
|||||||||||
2023 | 2022 | ||||||||||
Cash Flow Information | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 1,738 | $ | 2,447 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
(Gains) losses on asset sales, net | (2) | (101) | |||||||||
Depreciation, depletion and amortization | 2,046 | 1,703 | |||||||||
Impairment and other | 82 | 54 | |||||||||
Exploratory dry hole costs | 147 | 56 | |||||||||
Exploration lease impairment | 27 | 20 | |||||||||
Pension settlement loss | 17 | 2 | |||||||||
Stock compensation expense | 87 | 83 | |||||||||
Noncash (gains) losses on commodity derivatives, net | 156 | 548 | |||||||||
Provision (benefit) for deferred income taxes and other tax accruals | 196 | 309 | |||||||||
Net cash provided by (used in) operating activities before changes in operating assets and liabilities | 4,494 | 5,121 | |||||||||
Changes in operating assets and liabilities | (552) | (1,177) | |||||||||
Net cash provided by (used in) operating activities | 3,942 | 3,944 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Additions to property, plant and equipment - E&P | (3,884) | (2,487) | |||||||||
Additions to property, plant and equipment - Midstream | (224) | (238) | |||||||||
Proceeds from asset sales, net of cash sold | 3 | 178 | |||||||||
Other, net | (8) | (8) | |||||||||
Net cash provided by (used in) investing activities | (4,113) | (2,555) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net borrowings (repayments) of debt with maturities of 90 days or less | 322 | (86) | |||||||||
Debt with maturities of greater than 90 days: | |||||||||||
Borrowings | — | 420 | |||||||||
Repayments | (3) | (510) | |||||||||
Cash dividends paid | (539) | (465) | |||||||||
Common stock acquired and retired | (20) | (630) | |||||||||
Proceeds from sale of Class A shares of Hess Midstream LP | 167 | 146 | |||||||||
Noncontrolling interests, net | (550) | (510) | |||||||||
Employee stock options exercised | 10 | 52 | |||||||||
Payments on finance lease obligations | (10) | (9) | |||||||||
Other, net | (4) | (24) | |||||||||
Net cash provided by (used in) financing activities | (627) | (1,616) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (798) | (227) | |||||||||
Cash and Cash Equivalents at Beginning of Year | 2,486 | 2,713 | |||||||||
Cash and Cash Equivalents at End of Year | $ | 1,688 | $ | 2,486 | |||||||
Additions to Property, Plant and Equipment included within Investing Activities | |||||||||||
Capital expenditures incurred | $ | (4,279) | $ | (2,821) | |||||||
Increase (decrease) in related liabilities | 171 | 96 | |||||||||
Additions to property, plant and equipment | $ | (4,108) | $ | (2,725) |
Fourth Quarter 2023 |
Fourth Quarter 2022 |
Third Quarter 2023 |
|||||||||||||||
Capital and Exploratory Expenditures | |||||||||||||||||
E&P Capital and exploratory expenditures | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 313 | $ | 258 | $ | 329 | |||||||||||
Offshore and Other | 64 | 39 | 115 | ||||||||||||||
Total United States | 377 | 297 | 444 | ||||||||||||||
Guyana | 1,047 | 439 | 509 | ||||||||||||||
Malaysia and JDA | 55 | 58 | 43 | ||||||||||||||
Other (a) | 1 | 24 | 2 | ||||||||||||||
E&P Capital and exploratory expenditures | $ | 1,480 | $ | 818 | $ | 998 | |||||||||||
Total exploration expenses charged to income included above | $ | 34 | $ | 31 | $ | 50 | |||||||||||
Midstream Capital expenditures | $ | 72 | $ | 63 | $ | 65 |
Year Ended December 31, |
|||||||||||
2023 | 2022 | ||||||||||
Capital and Exploratory Expenditures | |||||||||||
E&P Capital and exploratory expenditures | |||||||||||
United States | |||||||||||
North Dakota | $ | 1,138 | $ | 807 | |||||||
Offshore and Other | 290 | 224 | |||||||||
Total United States | 1,428 | 1,031 | |||||||||
Guyana | 2,518 | 1,345 | |||||||||
Malaysia and JDA | 189 | 275 | |||||||||
Other (a) | 41 | 70 | |||||||||
E&P Capital and exploratory expenditures | $ | 4,176 | $ | 2,721 | |||||||
Total exploration expenses charged to income included above | $ | 143 | $ | 132 | |||||||
Midstream Capital expenditures | $ | 246 | $ | 232 |
Fourth Quarter 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 1,766 | $ | 1,240 | $ | 3,006 | |||||||||||
Other, net | 11 | 5 | 16 | ||||||||||||||
Total revenues and non-operating income | 1,777 | 1,245 | 3,022 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 867 | 40 | 907 | ||||||||||||||
Operating costs and expenses | 229 | 159 | 388 | ||||||||||||||
Production and severance taxes | 56 | 5 | 61 | ||||||||||||||
Midstream tariffs | 328 | — | 328 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 82 | 5 | 87 | ||||||||||||||
General and administrative expenses | 53 | 8 | 61 | ||||||||||||||
Depreciation, depletion and amortization | 255 | 253 | 508 | ||||||||||||||
Total costs and expenses | 1,870 | 470 | 2,340 | ||||||||||||||
Results of operations before income taxes | (93) | 775 | 682 | ||||||||||||||
Provision for income taxes | — | 170 | 170 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | (93) | (b) | $ | 605 | (c) | $ | 512 | |||||||||
Fourth Quarter 2022 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 1,628 | $ | 1,306 | $ | 2,934 | |||||||||||
Gains on asset sales, net | — | 76 | 76 | ||||||||||||||
Other, net | 13 | 8 | 21 | ||||||||||||||
Total revenues and non-operating income | 1,641 | 1,390 | 3,031 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 771 | 63 | 834 | ||||||||||||||
Operating costs and expenses | 193 | 129 | 322 | ||||||||||||||
Production and severance taxes | 52 | 3 | 55 | ||||||||||||||
Midstream tariffs | 297 | — | 297 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 33 | 41 | 74 | ||||||||||||||
General and administrative expenses | 55 | 11 | 66 | ||||||||||||||
Depreciation, depletion and amortization | 215 | 243 | 458 | ||||||||||||||
Total costs and expenses | 1,616 | 490 | 2,106 | ||||||||||||||
Results of operations before income taxes | 25 | 900 | 925 | ||||||||||||||
Provision for income taxes | — | 284 | 284 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 25 | (d) | $ | 616 | (e) | $ | 641 |
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 |
Year Ended December 31, 2023 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 6,081 | $ | 4,419 | $ | 10,500 | |||||||||||
Other, net | 30 | 20 | 50 | ||||||||||||||
Total revenues and non-operating income | 6,111 | 4,439 | 10,550 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 2,681 | 128 | 2,809 | ||||||||||||||
Operating costs and expenses | 901 | 578 | 1,479 | ||||||||||||||
Production and severance taxes | 206 | 10 | 216 | ||||||||||||||
Midstream tariffs | 1,245 | — | 1,245 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 170 | 147 | 317 | ||||||||||||||
General and administrative expenses | 213 | 41 | 254 | ||||||||||||||
Depreciation, depletion and amortization | 904 | 948 | 1,852 | ||||||||||||||
Impairment and other | 82 | — | 82 | ||||||||||||||
Total costs and expenses | 6,402 | 1,852 | 8,254 | ||||||||||||||
Results of operations before income taxes | (291) | 2,587 | 2,296 | ||||||||||||||
Provision for income taxes | — | 695 | 695 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | (291) | (b) | $ | 1,892 | (c) | $ | 1,601 |
Year Ended December 31, 2022 | |||||||||||||||||
Income Statement | United States | International | Total | ||||||||||||||
Total revenues and non-operating income | |||||||||||||||||
Sales and other operating revenues | $ | 7,214 | $ | 4,110 | $ | 11,324 | |||||||||||
Gains on asset sales, net | — | 76 | 76 | ||||||||||||||
Other, net | 81 | 21 | 102 | ||||||||||||||
Total revenues and non-operating income | 7,295 | 4,207 | 11,502 | ||||||||||||||
Costs and expenses | |||||||||||||||||
Marketing, including purchased oil and gas (a) | 3,271 | 123 | 3,394 | ||||||||||||||
Operating costs and expenses | 706 | 480 | 1,186 | ||||||||||||||
Production and severance taxes | 242 | 13 | 255 | ||||||||||||||
Midstream tariffs | 1,193 | — | 1,193 | ||||||||||||||
Exploration expenses, including dry holes and lease impairment | 122 | 86 | 208 | ||||||||||||||
General and administrative expenses | 189 | 35 | 224 | ||||||||||||||
Depreciation, depletion and amortization | 810 | 710 | 1,520 | ||||||||||||||
Impairment and other | 54 | — | 54 | ||||||||||||||
Total costs and expenses | 6,587 | 1,447 | 8,034 | ||||||||||||||
Results of operations before income taxes | 708 | 2,760 | 3,468 | ||||||||||||||
Provision for income taxes | — | 1,072 | 1,072 | ||||||||||||||
Net income (loss) attributable to Hess Corporation | $ | 708 | (d) | $ | 1,688 | (e) | $ | 2,396 |
Fourth Quarter 2023 |
Fourth Quarter 2022 |
Third Quarter 2023 |
|||||||||||||||
Net Production Per Day (in thousands) | |||||||||||||||||
Crude oil - barrels | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 89 | 74 | 87 | ||||||||||||||
Offshore | 21 | 25 | 21 | ||||||||||||||
Total United States | 110 | 99 | 108 | ||||||||||||||
Guyana (a) | 128 | 116 | 108 | ||||||||||||||
Malaysia and JDA | 6 | 4 | 5 | ||||||||||||||
Other (b) | — | 9 | — | ||||||||||||||
Total | 244 | 228 | 221 | ||||||||||||||
Natural gas liquids - barrels | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 71 | 60 | 70 | ||||||||||||||
Offshore | 2 | 2 | 1 | ||||||||||||||
Total United States | 73 | 62 | 71 | ||||||||||||||
Natural gas - mcf | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | 204 | 143 | 195 | ||||||||||||||
Offshore | 42 | 50 | 37 | ||||||||||||||
Total United States | 246 | 193 | 232 | ||||||||||||||
Malaysia and JDA | 362 | 377 | 383 | ||||||||||||||
Other (b) | — | 6 | — | ||||||||||||||
Total | 608 | 576 | 615 | ||||||||||||||
Barrels of oil equivalent | 418 | 386 | 395 |
Year Ended December 31, |
|||||||||||
2023 | 2022 | ||||||||||
Net Production Per Day (in thousands) | |||||||||||
Crude oil - barrels | |||||||||||
United States | |||||||||||
North Dakota | 83 | 75 | |||||||||
Offshore | 22 | 22 | |||||||||
Total United States | 105 | 97 | |||||||||
Guyana (a) | 115 | 78 | |||||||||
Malaysia and JDA | 5 | 4 | |||||||||
Other (b) | — | 15 | |||||||||
Total | 225 | 194 | |||||||||
Natural gas liquids - barrels | |||||||||||
United States | |||||||||||
North Dakota | 67 | 53 | |||||||||
Offshore | 2 | 2 | |||||||||
Total United States | 69 | 55 | |||||||||
Natural gas - mcf | |||||||||||
United States | |||||||||||
North Dakota | 191 | 156 | |||||||||
Offshore | 43 | 44 | |||||||||
Total United States | 234 | 200 | |||||||||
Malaysia and JDA | 368 | 360 | |||||||||
Other (b) | — | 10 | |||||||||
Total | 602 | 570 | |||||||||
Barrels of oil equivalent | 394 | 344 |
Fourth Quarter 2023 |
Fourth Quarter 2022 |
Third Quarter 2023 |
|||||||||||||||
Sales Volumes Per Day (in thousands) (a) | |||||||||||||||||
Crude oil – barrels | 245 | 242 | 223 | ||||||||||||||
Natural gas liquids – barrels | 74 | 63 | 71 | ||||||||||||||
Natural gas – mcf | 608 | 576 | 615 | ||||||||||||||
Barrels of oil equivalent | 420 | 401 | 397 | ||||||||||||||
Sales Volumes (in thousands) (a) | |||||||||||||||||
Crude oil – barrels | 22,521 | 22,218 | 20,519 | ||||||||||||||
Natural gas liquids – barrels | 6,839 | 5,825 | 6,500 | ||||||||||||||
Natural gas – mcf | 55,957 | 52,949 | 56,553 | ||||||||||||||
Barrels of oil equivalent | 38,686 | 36,868 | 36,445 |
Year Ended December 31, |
|||||||||||
2023 | 2022 | ||||||||||
Sales Volumes Per Day (in thousands) (a) | |||||||||||
Crude oil – barrels | 225 | 191 | |||||||||
Natural gas liquids – barrels | 69 | 54 | |||||||||
Natural gas – mcf | 602 | 570 | |||||||||
Barrels of oil equivalent | 394 | 340 | |||||||||
Sales Volumes (in thousands) (a) | |||||||||||
Crude oil – barrels | 81,941 | 69,679 | |||||||||
Natural gas liquids – barrels | 25,184 | 19,843 | |||||||||
Natural gas – mcf | 219,750 | 208,001 | |||||||||
Barrels of oil equivalent | 143,750 | 124,189 |
Fourth Quarter 2023 |
Fourth Quarter 2022 |
Third Quarter 2023 |
|||||||||||||||
Average Selling Prices | |||||||||||||||||
Crude oil - per barrel (including hedging) | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 70.69 | $ | 68.52 | $ | 76.06 | |||||||||||
Offshore | 73.68 | 69.07 | 78.50 | ||||||||||||||
Total United States | 71.28 | 68.65 | 76.56 | ||||||||||||||
Guyana | 81.50 | 80.77 | 86.24 | ||||||||||||||
Malaysia and JDA | 73.44 | 80.41 | 87.21 | ||||||||||||||
Other (a) | — | 86.83 | — | ||||||||||||||
Worldwide | 76.63 | 76.07 | 81.53 | ||||||||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 74.03 | $ | 79.47 | $ | 79.43 | |||||||||||
Offshore | 76.98 | 79.99 | 81.86 | ||||||||||||||
Total United States | 74.62 | 79.60 | 79.92 | ||||||||||||||
Guyana | 83.09 | 85.93 | 88.06 | ||||||||||||||
Malaysia and JDA | 73.44 | 80.41 | 87.21 | ||||||||||||||
Other (a) | — | 91.60 | — | ||||||||||||||
Worldwide | 78.95 | 83.50 | 84.07 | ||||||||||||||
Natural gas liquids - per barrel | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 20.95 | $ | 26.95 | $ | 20.17 | |||||||||||
Offshore | 19.26 | 26.13 | 20.15 | ||||||||||||||
Worldwide | 20.92 | 26.93 | 20.17 | ||||||||||||||
Natural gas - per mcf | |||||||||||||||||
United States | |||||||||||||||||
North Dakota | $ | 1.52 | $ | 4.68 | $ | 1.56 | |||||||||||
Offshore | 2.26 | 4.98 | 2.35 | ||||||||||||||
Total United States | 1.65 | 4.76 | 1.69 | ||||||||||||||
Malaysia and JDA | 6.45 | 5.34 | 6.32 | ||||||||||||||
Other (a) | — | 7.48 | — | ||||||||||||||
Worldwide | 4.51 | 5.17 | 4.57 |
Year Ended December 31, |
|||||||||||
2023 | 2022 | ||||||||||
Average Selling Prices | |||||||||||
Crude oil - per barrel (including hedging) | |||||||||||
United States | |||||||||||
North Dakota | $ | 70.44 | $ | 81.06 | |||||||
Offshore | 72.06 | 81.38 | |||||||||
Total United States | 70.80 | 81.14 | |||||||||
Guyana | 80.72 | 89.86 | |||||||||
Malaysia and JDA | 75.51 | 89.77 | |||||||||
Other (a) | — | 93.67 | |||||||||
Worldwide | 75.97 | 85.76 | |||||||||
Crude oil - per barrel (excluding hedging) | |||||||||||
United States | |||||||||||
North Dakota | $ | 73.80 | $ | 91.26 | |||||||
Offshore | 75.39 | 91.51 | |||||||||
Total United States | 74.15 | 91.32 | |||||||||
Guyana | 82.20 | 96.52 | |||||||||
Malaysia and JDA | 75.51 | 89.77 | |||||||||
Other (a) | — | 101.92 | |||||||||
Worldwide | 78.29 | 94.15 | |||||||||
Natural gas liquids - per barrel | |||||||||||
United States | |||||||||||
North Dakota | $ | 20.77 | $ | 35.09 | |||||||
Offshore | 20.87 | 35.24 | |||||||||
Worldwide | 20.77 | 35.09 | |||||||||
Natural gas - per mcf | |||||||||||
United States | |||||||||||
North Dakota | $ | 1.68 | $ | 5.50 | |||||||
Offshore | 2.16 | 6.21 | |||||||||
Total United States | 1.76 | 5.66 | |||||||||
Malaysia and JDA | 5.95 | 5.62 | |||||||||
Other (a) | — | 5.93 | |||||||||
Worldwide | 4.32 | 5.64 |