Exhibit 99.1



HESS CORPORATION
newsreleasea011a.jpg
HESS REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2020
Fourth Quarter Financial and Operational Highlights:
Net loss was $97 million, or $0.32 per common share, compared with a net loss of $222 million, or $0.73 per common share in the fourth quarter of 2019
Adjusted net loss1 was $176 million, or $0.58 per common share, compared with an adjusted net loss of $180 million, or $0.60 per common share in the prior-year quarter
Completed the sale of the Corporation's 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico for net proceeds of $482 million, after closing adjustments
Oil and gas net production, excluding Libya, averaged 309,000 barrels of oil equivalent per day (boepd), down from 316,000 boepd in the fourth quarter of 2019; Bakken net production was 189,000 boepd, up 9% from 174,000 boepd in the prior-year quarter
Production from Phase 1 of the Liza Field development on the Stabroek Block, offshore Guyana, reached its nameplate capacity of 120,000 gross barrels of oil per day (bopd) in December
E&P capital and exploratory expenditures were $371 million, compared with $876 million in the prior-year quarter
Cash and cash equivalents, excluding Midstream, were $1.74 billion at December 31, 2020
Year-end proved reserves were 1,170 million barrels of oil equivalent (boe); organic reserve replacement for 2020 was 95% (158% excluding price revisions)
2021 Guidance:
Net production, excluding Libya, is forecast to be approximately 310,000 boepd
E&P capital and exploratory expenditures are expected to be $1.9 billion
NEW YORK, January 27, 2021 —
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.




1.“Adjusted net income (loss)” is a non-GAAP financial measure.  The definition of this non-GAAP measure and a reconciliation to its nearest GAAP equivalent measure appears on pages 7 and 8.
1

The following information was filed by Hess Corp (HES) on Wednesday, January 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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