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Hess Corporation
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Q1 2024 Earnings Presentation
| John Hess | Page 15 of 11 |
May 08, 2024
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"Q1 2024 Earnings Presentation"
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$ In Millions, Except E&P Debt to Adjusted EBITDAX E&P Debt to Adjusted EBITDAX 1Q 4Q 3Q 2Q 1Q 2024 2023 2023 2023 2023 E&P Adjusted EBITDAX Net Income Attributable to Hess Corporation (GAAP) 972 $ 413 $ 504 $ 119 $ 346 $ + Net income attributable to noncontrolling interests 95 90 98 86 82 + Provision (benefit) for income taxes 348 182 215 160 176 + Impairment and other - - - 82 - + Depreciation, depletion and amortization 557 559 499 497 491 + Interest expense 113 116 117 122 123 + Exploration expenses, including dry holes and lease impairment 42 87 65 99 66 + (Gains) losses on asset sales, net - - (2) - - + Noncash (gains) losses on commodity derivatives, net - 52 52 52 - + Stock compensation expense 39 18 16 18 35 Consolidated EBITDAX (Non-GAAP) 2,166 1,517 1,564 1,235 1,319 Less: Items affecting comparability of EBITDAX between periods - (69) - - - Consolidated Adjusted EBITDAX (Non-GAAP) 2,166 1,586 1,564 1,235 1,319 Less: Midstream EBITDA (1) 275 263 270 247 238 + HESM distributions to Hess Corporation 54 54 53 56 56 E&P Adjusted EBITDAX (Non-GAAP) 1,945 $ 1,377 $ 1,347 $ 1,044 $ 1,137 $ E&P Debt Total Hess Consolidated Debt (GAAP) 8,729 $ 8,613 $ 8,548 $ 8,467 $ 8,387 $ + Long-term finance lease obligations 151 156 163 168 174 + Current portion of finance lease obligations 23 23 22 22 21 Less: Midstream debt 3,325 3,211 3,8 3,069 2,990 E&P Debt (Non-GAAP) 5,578 $ 5,581 $ 5,585 $ 5,588 $ 5,592 $ E&P Debt to Adjusted EBITDAX E&P Debt 5,578 $ 5,581 $ 5,585 $ 5,588 $ 5,592 $ E&P Adjusted EBITDAX - LTM (2) 5,713 $ 4,905 $ 5,122 $ 5,370 $ 5,942 $ E&P Debt to Adjusted EBITDAX (Non-GAAP) 1.0 x 1.1 x 1.1 x 1.0 x 0.9 x (1) Midstream EBITDA includes stock compensation expense of less than $1 million per quarter. (2) E&P Adjusted EBITDAX - LTM represents amounts based on the last twelve months.