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HESS HESS CORPORATION News Release HESS REPORTS ESTIMATED RESULTS FOR THE SECOND QUARTER OF 2021 Key Developments : ● • • • • Announced a significant new oil discovery at Whiptail on the Stabroek Block , offshore Guyana ; adds to previous gross discovered recoverable resource estimate for the block of approximately 9 billion barrels of oil equivalent ( boe ) Reduced debt by $ 500 million in July by prepaying half of the Corporation's $ 1 billion term loan maturing in March 2023 Expect to receive net proceeds of approximately $ 375 million in the third quarter from an agreement announced today by Hess Midstream LP to repurchase from its sponsors $ 750 million of Class B units of Hess Midstream Operations LP Plan to add a third rig in the Bakken in September Second Quarter Financial and Operational Highlights : • • • • • Net loss was $ 73 million , or $ 0.24 per common share , including an after - tax charge of $ 147 million for estimated future abandonment costs relating to a previously disposed asset , compared with a net loss of $ 320 million , or $ 1.05 per common share , in the second quarter of 2020 Adjusted net income¹ in the second quarter of 2021 was $ 74 million , or $ 0.24 per common share Oil and gas net production , excluding Libya , was 307,000 barrels of oil equivalent per day ( boepd ) ; Bakken net production was 159,000 boepd E & P capital and exploratory expenditures were $ 429 million compared with $ 453 million in the prior - year quarter Cash and cash equivalents , excluding Midstream , were $ 2.42 billion at June 30 , 2021 2021 Revised Full Year Guidance : • • Net production , excluding Libya , is expected to be approximately 295,000 boepd , the upper end of the previous guidance range of approximately 290,000 boepd to 295,000 boepd E & P capital and exploratory expenditure guidance of approximately $ 1.9 billion remains unchanged , including the planned increase in Bakken rig count NEW YORK , July 28 , 2021 - Hess Corporation ( NYSE : HES ) today reported a net loss of $ 73 million , or $ 0.24 per common share , in the second quarter of 2021 , compared with a net loss of $ 320 million , or $ 1.05 per common share , in the second quarter of 2020. On an adjusted basis , net income 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