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HESS HESS CORPORATION News Release HESS REPORTS ESTIMATED RESULTS FOR THE FIRST QUARTER OF 2021 Key Developments : • • • • • • Announced an oil discovery at Uaru - 2 on the Stabroek Block , offshore Guyana ; adds to the previously announced gross discovered recoverable resource estimate for the block of approximately 9 billion barrels of oil equivalent ( boe ) Expect to have at least six floating production , storage and offloading vessels ( FPSOs ) on the Stabroek Block by 2027 See potential for up to 10 FPSOs on the Stabroek Block to develop the current discovered recoverable resource base Agreed to sell nonstrategic interests in Bakken acreage for total consideration of $ 312 million , with an effective date of March 1 , 2021 ; the sale is expected to close within the next few weeks Agreed to sell the Corporation's interests in Denmark for total consideration of $ 150 million , with an effective date of January 1 , 2021 ; the sale is expected to close in the third quarter of 2021 Received net proceeds of $ 70 million from the public offering of 3,450,000 Hess - owned Class A shares in Hess Midstream LP ; following the offering , Hess ' ownership in Hess Midstream LP is approximately 46 % First Quarter Financial and Operational Highlights : • • • • Net income was $ 252 million , or $ 0.82 per common share , compared with a net loss of $ 2,433 million , or $ 8.00 per common share in the first quarter of 2020. Adjusted net loss¹ in the first quarter of 2020 was $ 182 million , or $ 0.60 per common share Higher natural gas liquids ( NGL ) prices increased net income by approximately $ 75 million as compared to the prior - year quarter and lowered first quarter 2021 Bakken NGL volumes received as consideration for gas processing fees under percentage of proceeds ( POP ) contracts by 8,000 barrels of oil equivalent per day ( boepd ) Oil and gas net production , excluding Libya , was 315,000 boepd and Bakken net production was 158,000 boepd Cash and cash equivalents , excluding Midstream , were $ 1.86 billion at March 31 , 2021 Updated 2021 Production Guidance : • Net production , excluding Libya , is now forecast to be 290,000 boepd to 295,000 boepd from previous guidance of approximately 310,000 boepd , reflecting a 7,000 boepd reduction in expected NGL volumes received as consideration from POP contracts for gas processing fees due to higher NGL prices which improve financial results , a reduction of 6,000 boepd from asset sales , and the balance primarily from adverse winter weather in North Dakota 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 6 to 8 . 1