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News Release ● HESS REPORTS ESTIMATED RESULTS FOR THE THIRD QUARTER OF 2021 Key Developments : HESS ● ● ● HESS CORPORATION Announced an increase to the gross discovered recoverable resource estimate on the Stabroek Block , offshore Guyana , to approximately 10 billion barrels of oil equivalent ( boe ) , up from the previous estimate of more than 9 billion boe Third Quarter Financial and Operational Highlights : Net income was $ 115 million , or $ 0.37 per common share , compared with a net loss of $ 243 million , or $ 0.80 per common share , in the third quarter of 2020 Announced the 19th , 20th and 21st significant discoveries on the Stabroek Block at Whiptail , Pinktail and Cataback The Liza Unity floating production , storage and offloading vessel ( FPSO ) arrived at the Stabroek Block on October 25th ; production from Phase 2 is on track to startup in early 2022 Adjusted net income¹ was $ 86 million , or $ 0.28 per common share , compared with an adjusted net loss of $ 216 million , or $ 0.71 per common share , in the third quarter of 2020 Oil and gas net production , excluding Libya , was 265,000 barrels of oil equivalent per day ( boepd ) ; Bakken net production was 148,000 boepd E & P capital and exploratory expenditures were $ 498 million compared with $ 331 million in the prior - year quarter Cash and cash equivalents , excluding Midstream , were $ 2.41 billion at September 30 , 2021 NEW YORK , October 27 , 2021 Hess Corporation ( NYSE : HES ) today reported net income of $ 115 million , or $ 0.37 per common share , in the third quarter of 2021 , compared with a net loss of $ 243 million , or $ 0.80 per common share , in the third quarter of 2020. On an adjusted basis , the Corporation reported net income of $ 86 million , or $ 0.28 per common share , in the third quarter of 2021 , compared with an adjusted loss of $ 216 million , or $ 0.71 per common share , in the prior - year quarter . The improvement in adjusted after - tax results compared with the prior - year period was primarily due to higher realized selling prices in the third quarter of 2021 , partially offset by the impact of lower net production , including curtailed production in the Bakken related to the Tioga Gas Plant maintenance turnaround and reduced Gulf of Mexico production due to Hurricane Ida . 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