Hess provides update on progress, plans through 2025

NEW YORK -- Hess Corporation will provide a detailed update on progress in executing its strategy for long term value creation at its Investor Day in Houston. The company’s plans through 2025 are expected to deliver strong performance across the following areas:

• Compound annual production growth of more than 10% combined with margin expansion set to drive compound annual cash flow growth of approximately 20% through 2025
• Bakken production set to grow to approximately 200 Mboepd by 2021 and generate more than $1 billion of annual free cash flow post 2020 at a $60/bbl WTI oil price
• World class Guyana position with more than 5 Bboe gross discovered resources offers industry leading financial returns and cost metrics
• Structurally lowering costs to a portfolio breakeven of less than $40/bbl Brent by 2025
• Strong cash position, 2019 WTI hedges and spending flexibility provide ability to fund high return growth projects in a low oil price environment without equity or debt financing

“We are at a transformative inflection point in our company’s history and are uniquely positioned to deliver strong financial returns, visible and low risk production growth and accelerating free cash flow well into the next decade,” Chief Executive Officer John Hess said. “As our portfolio generates increasing free cash flow, we will continue to prioritize return of capital to shareholders.”

Presenters at the Hess Investor Day include CEO John Hess, COO Greg Hill, CFO John Rielly and other members of the leadership team.