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2Q 2023 Earnings Presentation – Hess Corp

Hess Corp · Aug 3, 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. 2Q 2023 Earnings Presentation – Hess Corp – slide 1
    Supplemental Earnings Information Second Quarter 2023
  2. 2Q 2023 Earnings Presentation – Hess Corp – slide 2
    OPERATING RESULTS 1
  3. 2Q 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 2Q 2Q 1Q 2023 2022 2023 Net Income Attributable to Hess Corporation (U.S. GAAP) Exploration and…
  4. 2Q 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 2Q 2Q 1Q 2023 2022 2023 Adjusted Net Income* Exploration and Production 237 723 405 Midstream…
  5. 2Q 2023 Earnings Presentation – Hess Corp – slide 5
    Items Affecting Comparability of Earnings Between Periods (Amounts, After Income Taxes) 2Q 2023 Exploration and Production Results included: A charge of 82 million that resulted from updates to the Corporations estimated abandonment…
  6. 2Q 2023 Earnings Presentation – Hess Corp – slide 6
    Consolidated Adjusted Net Income In Millions 2Q 2023 vs. 2Q 2022 2Q 2023 vs. 1Q 2023 750 750 667 (486) 675 675 600 600 525 525 450 450 375 375 346 (168) 300 300 23 201 22 201 225 (3) 225 1 150 150 75 75 2Q 2022…
  7. 2Q 2023 Earnings Presentation – Hess Corp – slide 7
    Analysis of Consolidated Adjusted Net Income 2Q 2023 vs. 2Q 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. 2Q 2023 Earnings Presentation – Hess Corp – slide 8
    Exploration and Production Adjusted Net Income In Millions 2Q 2023 vs. 2Q 2022 2Q 2023 vs. 1Q 2023 900 900 825 825 750 723 (811) 750 675 675 600 600 590 (90) 525 525 450 (57) 450 405 (118) (96) 66 375 375 (71) (22) (34) 300 237 300…
  9. 2Q 2023 Earnings Presentation – Hess Corp – slide 9
    Midstream Adjusted Net Income In Millions 2Q 2023 vs. 2Q 2022 2Q 2023 vs. 1Q 2023 90 90 19 (10) 80 12 (5) 80 (6) (2) 70 65 70 0 (2) (4) (3) 62 (2) 1 61 62 60 60 50 50 40 40 30 30 20 20 10 10 2Q 2022 Revenue Operating…
  10. 2Q 2023 Earnings Presentation – Hess Corp – slide 10
    Worldwide Oil & Gas Production In MBOEPD 2Q 2023 vs. 2Q 2022 2Q 2023 vs. 1Q 2023 450 450 43 (3) (19) 387 387 400 17 (2) (2) 0 400 374 44 350 350 322 19 300 300 250 250 200 200 150 150 303 100 100 50 50 - - 2Q 2022…
  11. 2Q 2023 Earnings Presentation – Hess Corp – slide 11
    Capital and Exploratory Expenditures In Millions 2Q 2023 vs. 2Q 2022 Three Months Ended 1,050 June 30, 975 52 2023 2022 900 E&P Capital and Exploratory Expenditures 825 United States 750 325 North Dakota 264 188 675 Offshore…
  12. 2Q 2023 Earnings Presentation – Hess Corp – slide 12
    Capital and Exploratory Expenditures (Contd) In Millions 2Q 2023 YTD vs. 2Q 2022 YTD Six Months Ended June 30, 2,000 1,875 2023 2022 1,750 109 E&P Capital and Exploratory Expenditures 1,625 United States 1,500 North Dakota 496…
  13. 2Q 2023 Earnings Presentation – Hess Corp – slide 13
    FINANCIAL INFORMATION 12
  14. 2Q 2023 Earnings Presentation – Hess Corp – slide 14
    Consolidating Income Statement 2Q 2023 In Millions, Except Unit Costs Data Three Months Ended June 30, 2023 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  15. 2Q 2023 Earnings Presentation – Hess Corp – slide 15
    Consolidating Income Statement 2Q 2022 In Millions, Except Unit Costs Data Three Months Ended June 30, 2022 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  16. 2Q 2023 Earnings Presentation – Hess Corp – slide 16
    Consolidating Income Statement 2Q 2023 YTD In Millions, Except Unit Costs Data Six Months Ended June 30, 2023 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  17. 2Q 2023 Earnings Presentation – Hess Corp – slide 17
    Consolidating Income Statement 2Q 2022 YTD In Millions, Except Unit Costs Data Six Months Ended June 30, 2022 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A+B+C+D Revenues and…
  18. 2Q 2023 Earnings Presentation – Hess Corp – slide 18
    E&P Debt to Adjusted EBITDAX In Millions, Except E&P Debt to Adjusted EBITDAX 2Q 1Q 4Q 3Q 2Q 2023 2023 2022 2022 2022 E&P Adjusted EBITDAX Net Income Attributable to Hess Corporation (GAAP) 119 346 497 515 667 + Net income…
  19. 2Q 2023 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. 2Q 2023 Earnings Presentation – Hess Corp – slide 20
    OTHER INFORMATION 19
  21. 2Q 2023 Earnings Presentation – Hess Corp – slide 21
    2023 Guidance to Investors (1) GUIDANCE ACTUAL Full Year 3Q 2Q 1Q Production - Thousand Barrels of Oil Equivalent Per Day (MBOEPD) Total 385 - 390 385 387 374 Bakken 175 - 180 185 181 163 Guyana(2) 115 110 110 112 Unit Cost -…
  22. 2Q 2023 Earnings Presentation – Hess Corp – slide 22
    Midstream - Net Hess Cash Outflow 2Q 2023 Bakken Net Production Q2 2023 Bakken Net Production (MBOEPD) 181 Bakken Net Production (MMBOE) 16.5 Midstream Tariffs on Hess Net Production Millions /BOE Description: Midstream Segment…
  23. 2Q 2023 Earnings Presentation – Hess Corp – slide 23
    BAKKEN OPERATIONAL DATA 22
  24. 2Q 2023 Earnings Presentation – Hess Corp – slide 24
    Bakken Production - 2023 Net Production by Product 2023 YTD Avg 4Q 3Q 2Q 1Q Oil MBBLPD 78 79 76 NGL MBBLPD 64 68 61 Gas MMCFPD 182 206 158 Total MBOEPD(1) 172 0 0 181 163 Net Production by Operatorship 2023 YTD Avg 4Q 3Q 2Q 1Q…
  25. 2Q 2023 Earnings Presentation – Hess Corp – slide 25
    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 Total MBOEPD(1) 154 158 166 140 152 Net Production by Operatorship…
  26. 2Q 2023 Earnings Presentation – Hess Corp – slide 26
    Bakken Operational Well Statistics - 2023 Hess Operated Wells 2023 YTD Avg 4Q 3Q 2Q 1Q Rig Count Drilling No. Rigs 4 4 4 Drilling Days Spud-to-Spud 12 11 13 2023 YTD 4Q 3Q 2Q 1Q No. of Wells Drilled by Qrtr 57 32 25 Completion…
  27. 2Q 2023 Earnings Presentation – Hess Corp – slide 27
    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…
  28. 2Q 2023 Earnings Presentation – Hess Corp – slide 28
    Hess Operated Bakken Wells Brought on Production by County and Formation Bakken Wells 35 McKenzie_3F McKenzie_MB Mountrail_3F Mountrail_MB Williams_3F Williams_MB 30 25 9 20 2 8 11 4 15 8 9 8 10 9 2 7 6 2 7 5 3 3…
  29. 2Q 2023 Earnings Presentation – Hess Corp – slide 29
    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 3.2 Completion MM/Well 3.7 3.5 3.9 Total MM/Well 6.9 - - 6.7 7.1 Average Working Interest…
  30. 2Q 2023 Earnings Presentation – Hess Corp – slide 30
    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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