Hess Corporation J.P. MORGAN ENERGY, POWER & RENEWABLES CONFERENCE June 23, 2022
Uniquely Positioned To Deliver Long Term Value Differentiated portfolio provides high financial returns and annualized production growth of 10% through 2026 Deliver High All assets generate sustainable free cash flow beginning in 2022…
Increasing Financial Strength Portfolio to deliver strong cash flow growth and capital returns 1.4 B cash at Mar. 31, 2022 Near Term Debt Maturities billions Repaid remaining 500 MM of term loan in Feb. 2022 1.0 Increasing 150 MBOD…
Return of Capital Framework Commitment to increasing cash returns 1 Growing Regular Dividend Share Increased regular dividend by 50% on March 1, 2022 Repurchases Up to 75% of Adjusted Free Cash Planning for ongoing increases to…
Global Energy Demand Oil & gas essential to meeting global energy demand Primary Energy Demand Outlook (IEA) Exajoule (EJ) 2040 Outlook by IEA Scenario1 Energy demand led by 2020 Stated Announced Sustainable Net Zero population and…
Commitment to Sustainability Taking action to reduce emissions Strategy and reporting Outperformed 5-year Set new 5-year aligned with TCFD1 emission reduction emission reduction recommendations targets for 2020 targets for 20253…
Commitment to Sustainability Values drive value for the benefit of all stakeholders Safety Social Responsibility Multidisciplinary team overseeing Hess Guided by commitments to international voluntary COVID-19 response; safety of…
Guyana: Stabroek Block World class petroleum province with potential for up to 10 FPSOs Hess 30% interest; (Operator: ) Stabroek Water Depth: 5,500 - 11,000 ft ExxonMobil 45% (Op) Drilling TD: 17,000 - 23,000 ft 6.6 million acres…
Guyana: Stabroek Block World class investment opportunity Industrys largest new oil province in the last decade - 11 BBOE gross discovered recoverable resource - Multi billion barrels of remaining exploration upside Exceptional…
Guyana Developments World class queue of projects Liza Phase 1: Destiny Liza Phase 2: Unity Payara: Prosperity Yellowtail: One Guyana 35 Breakeven 25 Breakeven 32 Breakeven 29 Breakeven Discovered in 2015 Discovered in 2015 Discovered…
Guyana: Industry Leading Metrics Global performance Guyana in a league of its own Operating Cash Margin vs. Scope 1+2 Emissions Intensity 2021-25 Production CAGR 80 (BOE) Top 15 Thailand 70 Guyana Mozambique Canada Oil Sands 60…
Southeast Asia: JDA and North Malay Basin Stable long term free cash flow generation 2022 net production of 65 MBOED JDA Strategic/ Portfolio 2022 net capex of 270 MM Thailand Context Established operator, strong partnership with…
Gulf of Mexico Significant free cash flow generation, high returns with upside 2022 net production 30-35 MBOED Strategic/ 2022 net capex of 90 MM Conger T-Bells (Hess) Portfolio (Hess) Context Plan a focused program of tie-backs and…
Bakken Cash engine generating significant free cash flow Leading Acreage Position Divide Focus on efficiencies via Lean principles to Burke Strategic/ maximize cash flow and enhance returns Tioga Rail Terminal Kenmare Portfolio…
Bakken Significant inventory of high return locations Future Locations with IRRs at 15% or Above 2022 Bakken Development Well Plan Gross number of economic locations at various WTI prices1 Tioga 4 rig program Goliath 2,100 future…
Bakken Competitively advantaged infrastructure supports Bakken development Strategic infrastructure supporting Hess development Export flexibility provides access to highest value markets 70% volume currently linked to Brent based…
Summary All assets free cash flow positive beginning in 2022 Recognized leader for our ESG performance and disclosures Multi phases of low-cost Guyana oil developments to drive industry leading cash flow growth and financial…
Appendix: Reconciliation of Non-GAAP Measures Reconciliation of U.S. GAAP to Non-GAAP Measures This presentation includes certain non-GAAP financial measures, including free cash flow and E&P Debt to Adjusted EBITDAX. These Non-GAAP…
Appendix: Reconciliation of Non-GAAP Measures E&P Debt/Adjusted EBITDAX December 31, 2021 (in millions) Hess Consolidated Net Income (Loss) Attributable to Hess Corporation (GAAP) 559 + Net income (loss) attributable to…
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