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4Q 2022 Earnings Presentation – Hess Corp

Hess Corp · Jan 25, 2023 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 4Q 2022 Earnings Presentation – Hess Corp – slide 1
    Supplemental Earnings Information Fourth Quarter 2022
  2. 4Q 2022 Earnings Presentation – Hess Corp – slide 2
    OPERATING RESULTS 1
  3. 4Q 2022 Earnings Presentation – Hess Corp – slide 3
    Reported Net Income, Items Affecting Comparability and Adjusted Net Income by Operating Activity In Millions, Except Per Share Data 4Q 4Q 3Q 2022 2021 2022 Net Income Attributable to Hess Corporation (U.S. GAAP) Exploration and…
  4. 4Q 2022 Earnings Presentation – Hess Corp – slide 4
    Reported Net Income, Items Affecting Comparability and Adjusted Net Income by Operating Activity (Contd) In Millions, Except Per Share Data 4Q 4Q 3Q 2022 2021 2022 Adjusted Net Income* Exploration and Production 591 309 626 Midstream…
  5. 4Q 2022 Earnings Presentation – Hess Corp – slide 5
    Items Affecting Comparability of Earnings Between Periods (Amounts, After Income Taxes) 4Q 2022 Exploration and Production Results included: A gain of 76 million associated with the sale of the Corporation's interest in the Waha…
  6. 4Q 2022 Earnings Presentation – Hess Corp – slide 6
    Consolidated Adjusted Net Income In Millions 4Q 2022 vs. 4Q 2021 4Q 2022 vs. 3Q 2022 750 750 675 675 583 (35) 600 282 (10) 11 548 600 (4) 548 4 525 525 450 450 375 375 300 265 300 225 225 150 150 75 75 - - 4Q…
  7. 4Q 2022 Earnings Presentation – Hess Corp – slide 7
    Analysis of Consolidated Adjusted Net Income 4Q 2022 vs. 4Q 2021 Exploration and Production The increase in earnings primarily reflects higher sales volumes in Guyana in the fourth quarter of 2022. Midstream The decrease in earnings…
  8. 4Q 2022 Earnings Presentation – Hess Corp – slide 8
    Exploration and Production Adjusted Net Income In Millions 4Q 2022 vs. 4Q 2021 4Q 2022 vs. 3Q 2022 900 900 825 825 426 (86) 750 750 675 3 (75) 675 626 (288) 13 12 591 19 (29) 4 591 600 600 246 525 525 450 450 375 375 309 2 300…
  9. 4Q 2022 Earnings Presentation – Hess Corp – slide 9
    Midstream Adjusted Net Income In Millions 4Q 2022 vs. 4Q 2021 4Q 2022 vs. 3Q 2022 90 90 80 80 74 (2) 2 (10) 68 (22) 70 70 64 (2) 6 64 16 6 (4) (1) 0 (3) 60 60 50 50 40 40 30 30 20 20 10 10 - - 4Q 2021 Revenue…
  10. 4Q 2022 Earnings Presentation – Hess Corp – slide 10
    Worldwide Oil & Gas Production In MBOEPD 4Q 2022 vs. 4Q 2021 4Q 2022 vs. 3Q 2022 450 450 85 1 (11) 386 10 (7) 386 400 400 18 368 (3) 10 10 17 350 350 316 (5) 300 21 300 250 250 200 200 376 376 351 150 150 295 100…
  11. 4Q 2022 Earnings Presentation – Hess Corp – slide 11
    Capital and Exploratory Expenditures In Millions 4Q 2022 vs. 4Q 2021 950 900 Three Months Ended 850 63 December 31, 800 750 2022 2021 700 E&P Capital and Exploratory Expenditures 650 327 United States 54 600 North Dakota…
  12. 4Q 2022 Earnings Presentation – Hess Corp – slide 12
    Capital and Exploratory Expenditures (Contd) In Millions 4Q 2022 YTD vs. 4Q 2021 YTD 3,150 2,975 Year Ended 2,800 232 December 31, 2,625 2022 2021 2,450 E&P Capital and Exploratory Expenditures 2,275 United States 2,100 1,163…
  13. 4Q 2022 Earnings Presentation – Hess Corp – slide 13
    FINANCIAL INFORMATION 12
  14. 4Q 2022 Earnings Presentation – Hess Corp – slide 14
    Consolidating Income Statement 4Q 2022 In Millions, Except Unit Costs Data Three Months Ended December 31, 2022 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues…
  15. 4Q 2022 Earnings Presentation – Hess Corp – slide 15
    Consolidating Income Statement 4Q 2021 In Millions, Except Unit Costs Data Three Months Ended December 31, 2021 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues…
  16. 4Q 2022 Earnings Presentation – Hess Corp – slide 16
    Consolidating Income Statement 4Q 2022 YTD In Millions, Except Unit Costs Data Year Ended December 31, 2022 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  17. 4Q 2022 Earnings Presentation – Hess Corp – slide 17
    Consolidating Income Statement 4Q 2021 YTD In Millions, Except Unit Costs Data Year Ended December 31, 2021 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  18. 4Q 2022 Earnings Presentation – Hess Corp – slide 18
    E&P Debt to Adjusted EBITDAX In Millions, Except E&P Debt to Adjusted EBITDAX 4Q 3Q 2Q 1Q 4Q 2022 2022 2022 2022 2021 E&P Adjusted EBITDAX Net Income Attributable to Hess Corporation (GAAP) 624 515 667 417 265 + Net income…
  19. 4Q 2022 Earnings Presentation – Hess Corp – slide 19
    E&P Debt to Adjusted EBITDAX (Contd) Non-GAAP Financial Measures The Corporations presentation of E&P Debt to Adjusted EBITDAX is a non-GAAP measure. E&P Debt to Adjusted EBITDAX is defined as the ratio of E&P Debt to E&P Adjusted…
  20. 4Q 2022 Earnings Presentation – Hess Corp – slide 20
    OTHER INFORMATION 19
  21. 4Q 2022 Earnings Presentation – Hess Corp – slide 21
    2023 Guidance to Investors (1) GUIDANCE Full Year 1Q Production - Thousand Barrels of Oil Equivalent Per Day (MBOEPD) Total 355 - 365 345 - 355 Bakken 165 - 170 155 - 160 Guyana(2) 100 100 Unit Cost - Per Barrel of Oil…
  22. 4Q 2022 Earnings Presentation – Hess Corp – slide 22
    Midstream - Net Hess Cash Outflow 4Q 2022 Bakken Net Production Q4 2022 Bakken Net Production (MBOEPD) 158 Bakken Net Production (MMBOE) 14.5 Midstream Tariffs on Hess Net Production Millions /BOE Description: Midstream Segment…
  23. 4Q 2022 Earnings Presentation – Hess Corp – slide 23
    BAKKEN OPERATIONAL DATA 22
  24. 4Q 2022 Earnings Presentation – Hess Corp – slide 24
    Bakken Production - 2022 Net Production by Product 2022 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 75 74 79 68 77 NGL MBBLPD 53 60 58 47 49 Gas MMCFPD 156 143 176 147 158 (1) Total MBOEPD 154 158 166 140 152 Net Production by Operatorship…
  25. 4Q 2022 Earnings Presentation – Hess Corp – slide 25
    Bakken Production - 2021 Net Production by Product 2021 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 80 79 78 79 84 NGL MBBLPD 49 52 44 52 49 Gas MMCFPD 162 170 158 167 151 (1) Total MBOEPD 156 159 148 159 158 Net Production by Operatorship…
  26. 4Q 2022 Earnings Presentation – Hess Corp – slide 26
    Bakken Operational Well Statistics - 2022 Hess Operated Wells 2022 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 3.5 4 4 3 3 Drilling Days Spud-to-Spud 13 14 13 13 13 2022 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 78 19 20…
  27. 4Q 2022 Earnings Presentation – Hess Corp – slide 27
    Bakken Operational Well Statistics - 2021 Hess Operated Wells 2021 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 2 3 2 2 2 Drilling Days Spud-to-Spud 12 12 11 11 14 2021 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 63 17 18 17…
  28. 4Q 2022 Earnings Presentation – Hess Corp – slide 28
    Hess Operated Bakken Wells Brought on Production by County and Formation Bakken Wells 30 McKenzie_3F McKenzie_MB Mountrail_3F Mountrail_MB Williams_3F Williams_MB 25 20 4 11 5 15 9 1 8 9 5 10 2 7 1 5 4 7 5 4…
  29. 4Q 2022 Earnings Presentation – Hess Corp – slide 29
    Bakken Well Costs, Working Interest and Acreage - 2022 Average Well Cost - Hess Operated 2022 YTD Avg 4Q 3Q 2Q 1Q Drilling MM/Well 2.9 3.3 3.1 2.8 2.7 Completion MM/Well 3.5 3.3 3.3 3.6 3.3 Total MM/Well 6.4 6.6 6.4 6.4 6.0…
  30. 4Q 2022 Earnings Presentation – Hess Corp – slide 30
    Bakken Well Costs, Working Interest and Acreage - 2021 Average Well Cost - Hess Operated 2021 YTD Avg 4Q 3Q 2Q 1Q Drilling MM/Well 2.4 2.4 2.4 2.3 2.5 Completion MM/Well 3.4 3.4 3.3 3.3 3.4 Total MM/Well 5.8 5.8 5.7 5.6 5.9…

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