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1Q 2023 Earnings Presentation – Hess Corp

Hess Corp · May 3, 2023 · 27 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. 1Q 2023 Earnings Presentation – Hess Corp – slide 1
    Supplemental Earnings Information First Quarter 2023
  2. 1Q 2023 Earnings Presentation – Hess Corp – slide 2
    OPERATING RESULTS 1
  3. 1Q 2023 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 1Q 1Q 4Q 2023 2022 2022 Net Income Attributable to Hess Corporation (U.S. GAAP) Exploration and…
  4. 1Q 2023 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 1Q 1Q 4Q 2023 2022 2022 Adjusted Net Income* Exploration and Production 405 460 565 Midstream…
  5. 1Q 2023 Earnings Presentation – Hess Corp – slide 5
    Items Affecting Comparability of Earnings Between Periods (Amounts, After Income Taxes) 1Q 2022 Exploration and Production None. Midstream None. Corporate and Other Results included: A gain of 22 million associated with the sale of…
  6. 1Q 2023 Earnings Presentation – Hess Corp – slide 6
    Consolidated Adjusted Net Income In Millions 1Q 2023 vs. 1Q 2022 1Q 2023 vs. 4Q 2022 675 675 600 600 522 (160) 525 525 450 404 (55) 450 375 (11) 8 346 (3) (13) 346 375 300 300 225 225 150 150 75 75 - - 1Q 2022…
  7. 1Q 2023 Earnings Presentation – Hess Corp – slide 7
    Analysis of Consolidated Adjusted Net Income 1Q 2023 vs. 1Q 2022 Exploration and Production The decrease in earnings primarily reflects lower realized selling prices, partially offset by the net impact of higher production volumes,…
  8. 1Q 2023 Earnings Presentation – Hess Corp – slide 8
    Exploration and Production Adjusted Net Income In Millions 1Q 2023 vs. 1Q 2022 1Q 2023 vs. 4Q 2022 750 750 675 675 587 (68) 600 (14) 600 565 (45) (129) 525 525 (138) 460 (411) 450 (20) 405 450 9 (9) 405 16 7 375 375 300 300 225…
  9. 1Q 2023 Earnings Presentation – Hess Corp – slide 9
    Midstream Adjusted Net Income In Millions 1Q 2023 vs. 1Q 2022 1Q 2023 vs. 4Q 2022 90 90 80 80 72 (6) 3 (11) 70 70 64 (9) 6 61 3 3 61 (2) 2 (1) (1) 60 (1) 60 50 50 40 40 30 30 20 20 10 10 - - 1Q 2022 Revenue Operating…
  10. 1Q 2023 Earnings Presentation – Hess Corp – slide 10
    Worldwide Oil & Gas Production In MBOEPD 1Q 2023 vs. 1Q 2022 1Q 2023 vs. 4Q 2022 450 450 82 2 (21) 386 3 (4) 400 374 400 (1) (10) 374 10 350 350 297 14 300 300 21 250 250 200 200 376 150 150 276 100 100 50 50 - -…
  11. 1Q 2023 Earnings Presentation – Hess Corp – slide 11
    Capital and Exploratory Expenditures In Millions 1Q 2023 vs. 1Q 2022 900 Three Months Ended 825 March 31, 57 750 2023 2022 E&P Capital and Exploratory Expenditures 675 United States 291 North Dakota 232 135 600 37 Offshore…
  12. 1Q 2023 Earnings Presentation – Hess Corp – slide 12
    FINANCIAL INFORMATION 11
  13. 1Q 2023 Earnings Presentation – Hess Corp – slide 13
    Consolidating Income Statement 1Q 2023 In Millions, Except Unit Costs Data Three Months Ended March 31, 2023 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  14. 1Q 2023 Earnings Presentation – Hess Corp – slide 14
    Consolidating Income Statement 1Q 2022 In Millions, Except Unit Costs Data Three Months Ended March 31, 2022 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  15. 1Q 2023 Earnings Presentation – Hess Corp – slide 15
    E&P Debt to Adjusted EBITDAX In Millions, Except E&P Debt to Adjusted EBITDAX 1Q 4Q 3Q 2Q 1Q 2023 2022 2022 2022 2022 E&P Adjusted EBITDAX Net Income Attributable to Hess Corporation (GAAP) 346 497 515 667 417 + Net income…
  16. 1Q 2023 Earnings Presentation – Hess Corp – slide 16
    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…
  17. 1Q 2023 Earnings Presentation – Hess Corp – slide 17
    OTHER INFORMATION 16
  18. 1Q 2023 Earnings Presentation – Hess Corp – slide 18
    2023 Guidance to Investors (1) GUIDANCE ACTUAL Full Year 2Q 1Q Production - Thousand Barrels of Oil Equivalent Per Day (MBOEPD) Total 365 - 375 355 - 365 374 Bakken 165 - 170 165 - 170 163 Guyana(2) 105 - 110 105 - 110 112 Unit…
  19. 1Q 2023 Earnings Presentation – Hess Corp – slide 19
    Midstream - Net Hess Cash Outflow 1Q 2023 Bakken Net Production Q1 2023 Bakken Net Production (MBOEPD) 163 Bakken Net Production (MMBOE) 14.7 Midstream Tariffs on Hess Net Production Millions /BOE Description: Midstream Segment…
  20. 1Q 2023 Earnings Presentation – Hess Corp – slide 20
    BAKKEN OPERATIONAL DATA 19
  21. 1Q 2023 Earnings Presentation – Hess Corp – slide 21
    Bakken Production - 2023 Net Production by Product 2023 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 76 76 NGL MBBLPD 61 61 Gas MMCFPD 158 158 (1) Total MBOEPD 163 163 Net Production by Operatorship 2023 YTD Avg 4Q 3Q 2Q 1Q Operated MBOEPD…
  22. 1Q 2023 Earnings Presentation – Hess Corp – slide 22
    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…
  23. 1Q 2023 Earnings Presentation – Hess Corp – slide 23
    Bakken Operational Well Statistics - 2023 Hess Operated Wells 2023 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 4 4 Drilling Days Spud-to-Spud 13 13 2023 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 25 25 Completion by Qrtr…
  24. 1Q 2023 Earnings Presentation – Hess Corp – slide 24
    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…
  25. 1Q 2023 Earnings Presentation – Hess Corp – slide 25
    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 8 4 11 15 9 8 9 10 2 7 2 5 7 4 3…
  26. 1Q 2023 Earnings Presentation – Hess Corp – slide 26
    Bakken Well Costs, Working Interest and Acreage - 2023 Average Well Cost - Hess Operated 2023 YTD Avg 4Q 3Q 2Q 1Q Drilling MM/Well 3.2 3.2 Completion MM/Well 3.9 3.9 Total MM/Well 7.1 - - - 7.1 Average Working Interest of New…
  27. 1Q 2023 Earnings Presentation – Hess Corp – slide 27
    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…

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