| Geographical Segment | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **United States** (Million $) | **1,628**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **1,365**  **[0001628280-23-025624_q22023hesscorporationex991.htm:13]**  | **1,299**  **[0001628280-23-035036_q32023hesscorporationex991.htm:13]**  | **1,651**  **[0001628280-23-036393_hes-20230930.htm:12]**  | **1,766**  **[0001628280-24-002641_q42023hesscorporationex991.htm:12]**  | **1,523**  **[0001628280-24-017828_q12024hesscorporationex991.htm:8]**  | **1,540**  **[0001628280-24-033628_q22024hesscorporationex991.htm:12]**  | **1,674**  **[0001628280-24-044190_q32024hesscorporationex991.htm:13]**  |
| **International** (Million $) | **1,306**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | N/A | N/A | N/A | **1,240**  **[0001628280-24-002641_q42023hesscorporationex991.htm:12]**  | **1,780**  **[0001628280-24-017828_q12024hesscorporationex991.htm:8]**  | **1,655**  **[0001628280-24-033628_q22024hesscorporationex991.htm:12]**  | **1,509**  **[0001628280-24-044190_q32024hesscorporationex991.htm:13]**  |
| **Guyana** (Million $) | N/A | **835**  **[0001628280-23-015437_hes-20230331.htm:7]**  | **782**  **[0001628280-23-027253_hes-20230630.htm:11]**  | **899**  **[0001628280-23-036393_hes-20230930.htm:12]**  | N/A | N/A | N/A | N/A |
| **Malaysia and JDA** (Million $) | N/A | **209**  **[0001628280-23-015437_hes-20230331.htm:7]**  | **206**  **[0001628280-23-027253_hes-20230630.htm:11]**  | **248**  **[0001628280-23-036393_hes-20230930.htm:12]**  | N/A | N/A | N/A | N/A |
| **Total** (Million $) | **2,934**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **2,409**  **[0001628280-23-025624_q22023hesscorporationex991.htm:13]**  | **2,287**  **[0001628280-23-035036_q32023hesscorporationex991.htm:13]**  | **2,798**  **[0001628280-23-036393_hes-20230930.htm:12]**  | **3,006**  **[0001628280-24-002641_q42023hesscorporationex991.htm:12]**  | **3,303**  **[0001628280-24-017828_q12024hesscorporationex991.htm:8]**  | **3,195**  **[0001628280-24-033628_q22024hesscorporationex991.htm:12]**  | **3,183**  **[0001628280-24-044190_q32024hesscorporationex991.htm:13]**  |

1cc71ff0249bfbe32d5beed12e3b7c9b698ad10df076bc087aaf6a0fffad36fe

c31d78583c5ac5894aac4010505323869b2fc91e8ebb1b3a879040cc113d1ca0

| Metric / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Average Realized Crude Oil Selling Price | **76.07**  **[0001628280-23-001514_q42022hesscorporationex991.htm:1]**  | **74.23**  **[0001628280-23-013054_q12023hesscorporationex991.htm:1]**  | **71.13**  **[0001628280-23-025624_q22023hesscorporationex991.htm:1]**  | **81.53**  **[0001628280-23-036393_hes-20230930.htm:24]**  | **76.63**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **80.06**  **[0001628280-24-021077_hes-20240331.htm:18]**  | **80.29**  **[0001628280-24-036142_hes-20240630.htm:21]**  | **77.06**  **[0001628280-24-045716_hes-20240930.htm:23]**  |
| Average Realized NGL Selling Price | **26.93**  **[0001628280-23-001514_q42022hesscorporationex991.htm:1]**  | **24.25**  **[0001628280-23-013054_q12023hesscorporationex991.htm:1]**  | **17.95**  **[0001628280-23-027253_hes-20230630.htm:22]**  | **20.17**  **[0001628280-23-036393_hes-20230930.htm:24]**  | **20.92**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **22.97**  **[0001628280-24-021077_hes-20240331.htm:18]**  | **20.07**  **[0001628280-24-036142_hes-20240630.htm:21]**  | **20.91**  **[0001628280-24-045716_hes-20240930.htm:23]**  |
| Average Realized Natural Gas Selling Price | **5.17**  **[0001628280-23-001514_q42022hesscorporationex991.htm:1]**  | **4.39**  **[0001628280-23-013054_q12023hesscorporationex991.htm:1]**  | **3.82**  **[0001628280-23-025624_q22023hesscorporationex991.htm:1]**  | **4.57**  **[0001628280-23-035036_q32023hesscorporationex991.htm:1]**  | **4.51**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **4.62**  **[0001628280-24-017828_q12024hesscorporationex991.htm:0]**  | **4.22**  **[0001628280-24-033628_q22024hesscorporationex991.htm:1]**  | **3.81**  **[0001628280-24-045716_hes-20240930.htm:23]**  |
| Total Net Production | **376,000**  **[HES_3161473_3]**  | **374,000**  **[HES_3247316_2]**  | **387,000**  **[HES_3327821_5]**  | **395,000**  **[0001628280-23-035036_q32023hesscorporationex991.htm:0]** **[0001628280-23-036393_hes-20230930.htm:24]** **[0001628280-23-035036_q32023hesscorporationex991.htm:1]**  | **418,000**  **[0001628280-24-002641_q42023hesscorporationex991.htm:0]**  | **476,000**  **[0001628280-24-021077_hes-20240331.htm:18]**  | **494,000**  **[0001628280-24-036142_hes-20240630.htm:21]**  | **461,000**  **[0001628280-24-045716_hes-20240930.htm:23]**  |
| Crude Oil and NGLs Share of Total Production | **74**  **[0001628280-23-001514_q42022hesscorporationex991.htm:15]**  | **74**  **[0001628280-23-015437_hes-20230331.htm:20]**  | **74**  **[0001628280-23-027253_hes-20230630.htm:28]**  | **74**  **[0001628280-23-036393_hes-20230930.htm:30]**  | **75**  **[0001628280-24-006845_hes-20231231.htm:59]**  | **79**  **[0001628280-24-021077_hes-20240331.htm:22]**  | **78**  **[0001628280-24-036142_hes-20240630.htm:26]**  | **80**  **[0001628280-24-045716_hes-20240930.htm:28]**  |
| Net Production from the Bakken | **158,000**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **163,000**  **[HES_3247316_2]**  | **181,000**  **[0001628280-23-025624_q22023hesscorporationex991.htm:2]**  | **190,000**  **[0001628280-23-035036_q32023hesscorporationex991.htm:2]**  | **194,000**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **190,000**  **[0001628280-24-017828_q12024hesscorporationex991.htm:1]**  | **212,000**  **[0001628280-24-033628_q22024hesscorporationex991.htm:2]**  | **206,000**  **[0001628280-24-044190_q32024hesscorporationex991.htm:2]**  |
| Net Production for the Gulf of Mexico | **35,000**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **33,000**  **[HES_3247316_2]**  | **32,000**  **[HES_3329400_3]**  | **28,000**  **[0001628280-23-035036_q32023hesscorporationex991.htm:2]**  | **30,000**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **31,000**  **[0001628280-24-021077_hes-20240331.htm:19]**  | **24,000**  **[0001628280-24-033628_q22024hesscorporationex991.htm:2]**  | **38,000**  **[0001628280-24-044190_q32024hesscorporationex991.htm:2]**  |
| Net Production from the Stabroek Block | **116,000**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **112,000**  **[0001628280-23-013054_q12023hesscorporationex991.htm:1]** **[0001628280-23-015437_hes-20230331.htm:16]**  | **110,000**  **[0001628280-23-025624_q22023hesscorporationex991.htm:2]**  | **108,000**  **[0001628280-23-035036_q32023hesscorporationex991.htm:2]**  | **128,000**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **190,000**  **[0001628280-24-017828_q12024hesscorporationex991.htm:1]**  | **192,000**  **[0001628280-24-033628_q22024hesscorporationex991.htm:2]**  | **170,000**  **[0001628280-24-044190_q32024hesscorporationex991.htm:2]**  |
| Net Production from Block A-18 of the JDA | **67,000**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **37,000**  **[0001628280-23-015437_hes-20230331.htm:16]**  | **37,000**  **[0001628280-23-027253_hes-20230630.htm:24]**  | **38,000**  **[0001628280-23-036393_hes-20230930.htm:25]**  | **36,000**  **[0001628280-24-006845_hes-20231231.htm:53]**  | **33,000**  **[0001628280-24-021077_hes-20240331.htm:19]**  | **36,000**  **[0001628280-24-036142_hes-20240630.htm:22]**  | **20,000**  **[0001628280-24-045716_hes-20240930.htm:24]**  |
| Net Production from North Malay Basin | **67,000**  **[0001628280-23-001514_q42022hesscorporationex991.htm:2]**  | **29,000**  **[0001628280-23-015437_hes-20230331.htm:16]**  | **27,000**  **[0001628280-23-027253_hes-20230630.htm:24]**  | **31,000**  **[0001628280-23-036393_hes-20230930.htm:25]**  | **66,000**  **[0001628280-24-002641_q42023hesscorporationex991.htm:1]**  | **32,000**  **[0001628280-24-021077_hes-20240331.htm:19]**  | **30,000**  **[0001628280-24-036142_hes-20240630.htm:22]**  | **27,000**  **[0001628280-24-045716_hes-20240930.htm:24]**  |

36be269cd12933964d397811c5de4a58821a674e5e0a34fde9776627c307404a

| Metric [USD Million] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Exploration and Production | **2,934**  **[0001628280-23-001514_q42022hesscorporationex991.htm:11]**  | **2,409**  **[0001628280-23-015437_hes-20230331.htm:7]**  | **2,287**  **[0001628280-23-025624_q22023hesscorporationex991.htm:12]**  | **2,798**  **[0001628280-23-035036_q32023hesscorporationex991.htm:12]**  | **3,006**  **[0001628280-24-002641_q42023hesscorporationex991.htm:12]**  | **3,303**  **[0001628280-24-017828_q12024hesscorporationex991.htm:8]**  | **3,195**  **[0001628280-24-033628_q22024hesscorporationex991.htm:12]**  | **3,183**  **[0001628280-24-045716_hes-20240930.htm:19]**  |
| Midstream            | **1,273**  **[0001628280-23-005059_hes-20221231.htm:129]**  | **305**  **[0001628280-23-015437_hes-20230331.htm:11]**  | **324**  **[0001628280-23-027253_hes-20230630.htm:18]**  | **363**  **[0001628280-23-036393_hes-20230930.htm:19]**  | **11**  **[0001628280-24-006845_hes-20231231.htm:132]**  | **356**  **[0001628280-24-021077_hes-20240331.htm:14]**  | **365**  **[0001628280-24-036142_hes-20240630.htm:17]**  | **379**  **[0001628280-24-045716_hes-20240930.htm:19]**  |
| Total Sales and Other Operating Revenues | **4,207**  **[0001628280-23-001514_q42022hesscorporationex991.htm:11]** **[0001628280-23-005059_hes-20221231.htm:129]**  | **2,411**  **[0001628280-23-015437_hes-20230331.htm:11]**  | **2,289**  **[0001628280-23-027253_hes-20230630.htm:18]**  | **2,800**  **[0001628280-23-036393_hes-20230930.htm:19]**  | **3,011**  **[0001628280-24-002641_q42023hesscorporationex991.htm:7]**  | **3,309**  **[0001628280-24-021077_hes-20240331.htm:14]**  | **3,202**  **[0001628280-24-036142_hes-20240630.htm:17]**  | **3,191**  **[0001628280-24-045716_hes-20240930.htm:19]**  |

33abea96a08aa02ab1b27359ebaf42b1f8d35ed5be5d6a138f2be45502dad7c3

Average Realized Crude Oil Selling Price

Average Realized NGL Selling Price

Average Realized Natural Gas Selling Price

Net Production from the Bakken

Net Production for the Gulf of Mexico

Net Production from the Stabroek Block

Net Production from Block A-18 of the JDA

Net Production from North Malay Basin

3d2e62379a3f004f359b026cd514d6fc5335bd4648c799db8f5b3fde4081b2c9

Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

9ed1a99b4d87707b1398a63b5b3c599e40e76c9e3540cf5c53f1a6874aa394e6

5ae5876ba0fca61a520880bd304ac24949b9b54347e79136914acccc7852ef74

Chevron Corporation is a global energy company engaged in extensive business activities across various countries, including the United States, Angola, Argentina, and Australia. The company operates through two main segments: Upstream and Downstream, focusing on exploring, developing, producing, and transporting crude oil and natural gas, as well as refining crude oil into petroleum products and marketing them **[0001193125-24-118240_d821055ddefm14a.htm:433]** **[0001193125-24-118240_d821055ddefm14a.htm:136]** **[0001193125-24-118240_d821055ddefm14a.htm:327]**. Chevron is also involved in new energy ventures, emphasizing hydrogen, carbon capture and storage, and renewable fuels to support sustainable energy solutions **[0001193125-24-118240_d821055ddefm14a.htm:352]** **[0001193125-24-118240_d821055ddefm14a.htm:353]**.

1. **Upstream** - Engages in exploring, developing, producing, and transporting crude oil and natural gas, including activities related to liquefied natural gas (LNG) and gas-to-liquids plants.
2. **Downstream** - Focuses on refining crude oil into petroleum products, marketing crude oil, refined products, and lubricants, and manufacturing and marketing renewable fuels and petrochemicals.

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c269d402b3fe3d842d7a4f9ea54af0402ea9825244588af5c65000df12838326

1. "Could you elaborate on how you're adjusting the design tolerances of your FPSOs to maximize production, and what impact this will have on future production uplift and potential risks?  **[HES_3327821_24]** "
2. "The second quarter showed better-than-expected production in the Gulf of Mexico; is this improvement sustainable, or were there factors like deferred maintenance that might affect future quarters?  **[HES_3327821_29]** "
3. "With increasing free cash flow from Guyana, how do you plan to balance further investments with shareholder returns, and can we expect a significant change in your return of capital strategy in the near term?  **[HES_3327821_20]** "
4. "Given the expected growth in oil production, particularly from Guyana, how do you intend to adjust your hedging strategy moving forward, and what percentage of future production do you plan to hedge?  **[HES_3327821_20]** "
5. "Are there any non-operated projects in the Gulf of Mexico that you are involved in which could materially impact your production or reserves, and can you provide more details about these opportunities?  **[HES_3327821_27]** "

883cac03b7d780d65e4a7f406549e00d93061d8ce88191a6aaee645dcdf58ef8

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| Name                  | Position                                                      | Start Date | Short Bio                                                                                                                                                                                                 |
|-----------------------|---------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| John B. Hess          | Chief Executive Officer and Director                          | 1977       | John B. Hess has been the CEO since **1995** and has over **45 years of experience** in the oil and gas industry  **[0001628280-24-006845_hes-20231231.htm:23]** **[0001193125-24-088446_d520445ddef14a.htm:14]** .                                                                                   |
| Gregory P. Hill       | President and Chief Operating Officer                         | 2009       | Gregory P. Hill has been the COO since **2014** and joined Hess as President of the Corporation’s worldwide Exploration and Production business in **January 2009**  **[0001628280-24-006845_hes-20231231.htm:23]** **[0001628280-23-005059_hes-20221231.htm:23]** .                                |
| Timothy B. Goodell    | Executive Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer | 2009       | Timothy B. Goodell became the General Counsel in **2009**, Corporate Secretary in **2016**, Chief Compliance Officer in **2017**, and Executive Vice President in **2020**  **[0001628280-24-006845_hes-20231231.htm:23]** .                            |
| John P. Rielly        | Executive Vice President and Chief Financial Officer          | 2001       | John P. Rielly has been the CFO since **2004** and became an Executive Vice President in **2020**  **[0001628280-24-006845_hes-20231231.htm:23]** .                                                                                                     |
| Richard Lynch         | Senior Vice President, Technology and Services                | 2014       | Richard Lynch has been the Senior Vice President since **2018** and joined Hess in **2014**  **[0001628280-24-006845_hes-20231231.htm:23]** .                                                                                                           |
| Gerbert Schoonman     | Senior Vice President, Global Production                      | 2011       | Gerbert Schoonman has held the position since **January 2020** and has served in various operational leadership roles since joining Hess in **2011**  **[0001628280-24-006845_hes-20231231.htm:23]** .                                                  |
| Andrew Slentz         | Senior Vice President, Human Resources and Office Management  | 2016       | Andrew Slentz has been in his current role since **April 2016** and has over 30 years of experience in human resources at large international public companies  **[0001628280-24-006845_hes-20231231.htm:23]** .                                        |
| Barbara Lowery-Yilmaz | Senior Vice President and Chief Exploration Officer           | 2014       | Barbara Lowery-Yilmaz has been serving in her current role since **2020** and joined Hess in **2014** as the Senior Vice President, Exploration  **[0001628280-24-006845_hes-20231231.htm:23]** **[0001628280-23-005059_hes-20221231.htm:23]** .                                                    |

1dfe2fc1077adb8ed6513bac22f619e52b03bbc573ddd99a75dc5b2d83f27e4e

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | **March 1, 2023**  **[0001628280-24-045716_hes-20240930.htm:47]**  |
| End Date/Duration        | **N/A**  **[0001628280-24-045716_hes-20240930.htm:47]**      |
| Total additional amount  | **$1 billion**  **[0001628280-24-045716_hes-20240930.htm:47]**  |
| Remaining authorization amount | **$1 billion**  **[0001628280-24-045716_hes-20240930.htm:47]**  |
| Details                  | Part of Hess's strategy to return capital to shareholders as the portfolio becomes increasingly free cash flow positive.  **[0001628280-24-006845_hes-20231231.htm:45]** **[HES_565518_1]** **[HES_3343878_2]**  |

c38c558f93b717086ecc040a184111ad975d7ff346e9a0ec9772ca04af897a25

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 1971  **[0001628280-24-006845_hes-20231231.htm:88]**  | Present  | Current auditor   |

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1a42ffc774d0e53c0027472fc85d06699b3ead779ab1c3f42970a278d54b9bc9

- **Wells in Guyana are performing better than expected, enabling potential production uplifts through debottlenecking**  **[HES_3327821_24]** **[HES_3327821_21]** . The company plans to debottleneck vessels "**as much as possible**" due to "**so much additional resource**" around the hubs.
- **The Pickerel discovery in the Gulf of Mexico is anticipated to be an extremely profitable project with peak gross production rates of **8,000 to 10,000 barrels per day** and low development costs of approximately **$10 per barrel or lower** **[HES_3327821_27]**. Hess holds a **100% interest** in this well, with first oil expected in **mid-2024**.
- **Hess Midstream provides significant value with over **$1 billion** of financial flexibility through 2025 to support potential incremental share repurchases**  **[HES_3327821_30]** . Despite reducing their stake to about **38%**, Hess maintains operational control and emphasizes the strategic importance of Hess Midstream for their Bakken assets and emission reduction goals.

2a2ce73f5cfb150cad0ccedfcd86b4c98cdb83ad11d05df91e0b01b57caec21d

| Year  | Amount Due (Millions) | Debt Type                              | Interest Rate (%) | % of Total Debt                                                                 |
|-------|------------------------|----------------------------------------|-------------------|---------------------------------------------------------------------------------|
| 2024  | 20                    | Current Portion of Long-Term Debt      | N/A               | 0.2% = (20 / 8,596) * 100  **[0001628280-24-045716_hes-20240930.htm:35]** **[0001628280-24-045716_hes-20240930.htm:2]**                                            |
| 2029  | 600                   | HESM Opco 6.500% Fixed-Rate Senior Unsecured Notes | 6.500            | 7.0% = (600 / 8,596) * 100  **[0001628280-24-045716_hes-20240930.htm:35]** **[0001628280-24-045716_hes-20240930.htm:2]**  **[0001628280-24-045716_hes-20240930.htm:12]**                                  |
| Total | 8,596                 | All Outstanding Debt                   | N/A               | 100% = (8,596 / 8,596) * 100  **[0001628280-24-045716_hes-20240930.htm:35]** **[0001628280-24-045716_hes-20240930.htm:2]**                                         |

b1cf57eb00b376f5fe1ad6be8f9256be2340c70a784dcece56ead942a66ca9dd

- **Hess Corporation has reduced its stake in Hess Midstream to approximately 38% following a unit sale in Q2 for over $200 million**, potentially raising concerns about future operational and marketing control of its midstream assets.  **[HES_3327821_30]**
- **Uncertainty surrounds the results and resource estimates of the Pickerel-1 well in the Gulf of Mexico**, as Hess is still evaluating the well and has not provided development costs or recoverable resource estimates, which may pose risks to future production projections.  **[HES_3327821_27]**
- **Higher gas-to-oil ratios in the Southeast part of the Guyana block require additional appraisal and exploration**, indicating potential challenges in development and the need for further data to fully understand how to proceed, which could impact the timing and allocation of resources.  **[HES_3327821_26]**

3ee960f0bdad6fb6af1d10a88ccaac5879662d8ce1cfbd5b900f3d2ed54473dd

Hess Corp (HES)

Financials