HESS REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2020

Hess Corporation (NYSE: HES) today reported a net loss of $97 million, or $0.32 per common share, in the fourth quarter of 2020, compared with a net loss of $222 million, or $0.73 per common share, in the fourth quarter of 2019.  On an adjusted basis, the Corporation reported a net loss of $176 million, or $0.58 per common share, in the fourth quarter of 2020, compared with an adjusted net loss of $180 million, or $0.60 per common share, in the prior-year quarter.  Adjusted after-tax results reflect reductions in operating costs, exploration expense and depreciation, depletion, and amortization expenses compared with the fourth quarter of 2019, which were largely offset by lower realized crude oil selling prices in the fourth quarter of 2020.

“We are successfully executing our strategy which has positioned our company to deliver industry-leading cash flow growth over the next decade,” CEO John Hess said. “In 2021, our priorities remain to preserve cash, capability, and the long-term value of our assets, with more than 80% of our capital expenditures allocated to our high return investments in Guyana and the Bakken.”