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Hess Corporation
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Q4 2024 Earnings Information Presentation
| John Hess | Page 15 of 11 |
December 14, 2025
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"Q4 2024 Earnings Information Presentation"
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$ In Millions, Except Unit Costs Data 14 Consolidating Income Statement – 4Q 2024 Exploration & Corporate, Consolidated Production Midstream Interest & Other Eliminations Total A B C D A + B + C + D Revenues and Non-Operating Income Sales and other operating revenues 3,188 $ 395 $ - $ (389) $ 3,194 $ Other, net 12 4 15 - 31 Total revenues and non-operating income 3,200 399 15 (389) 3,225 Costs and Expenses Marketing, including purchased oil and gas 674 - - (21) 653 Operating costs and expenses 444 92 - (4) 532 Production and severance taxes 53 - - - 53 Midstream tariffs 364 - - (364) - Exploration expenses, including dry holes and lease impairment 139 - - - 139 General and administrative expenses 92 9 34 - 135 Interest expense - 52 41 - 93 Depreciation, depletion and amortization 640 51 1 - 692 Total costs and expenses 2,406 204 76 (389) 2,297 Adjusted Income (Loss) Before Income Taxes 794 195 (61) - 928 Provision (benefit) for income taxes 265 23 - - 288 Adjusted Net Income (Loss) 529 172 (61) - 640 Less: Net income (loss) attributable to noncontrolling interests - 98 - - 98 Adjusted Net Income (Loss) Attributable to Hess Corporation (1) 529 $ 74 $ (61) $ - $ 542 $ Items affecting comparability of earnings (after tax) (1) - - - - - Net Income (Loss) Attributable to Hess Corporation (1) 529 $ 74 $ (61) $ - $ 542 $ Exploration & Production Unit Costs ($/boe) (2) Cash Costs (3) 12.95 $ DD&A Costs 14.07 Production Costs 27.02 $ Production Volumes (mmboe) (4) 45.5 Midstream EBITDA (5) 298 $ Three Months Ended December 31, 2024 (1) See footnote on page 3 regarding non-GAAP financial measures. (2) Unit costs exclude items affecting comparability of earnings. (3) Cash costs include Operating costs and expenses, Production and severance taxes, and E&P General and administrative expenses. (4) mmboe - millions of barrels of oil equivalent. (5) EBITDA is calculated as net income before income taxes plus interest expense, and depreciation, depletion and amortization. Excludes items affecting comparability of earnings.