Hess Corporation provided production guidance for the first quarter, fourth quarter and full year 2022. For the first quarter, Bakken net production is now expected to average approximately 150,000 barrels of oil equivalent per day, compared with the previous guidance range of 155,000 to 160,000 barrels of oil equivalent per day, primarily due to severe winter weather and higher natural gas liquids prices that will increase the company's earnings and cash flow but lower production entitlements under the company's Percentage of Proceeds contracts. Companywide net production for the first quarter is now expected to be in the range of 270,000 to 275,000 barrels of oil equivalent per day excluding Libya, compared with the previous guidance range of 275,000 to 285,000 barrels of oil equivalent per day, due to lower Bakken production.

For the fourth quarter, the company reaffirmed its previous Bakken net production guidance range for the fourth quarter of 175,000 to 180,000 barrels of oil equivalent per day. The company reaffirmed its previous companywide net production guidance range for the fourth quarter of 360,000 to 370,000 barrels of oil equivalent per day, excluding Libya.

For full year 2022, Bakken net production is now expected to be in the range of 160,000 to 165,000 barrels of oil equivalent per day, compared with the previous guidance range of 165,000 to 170,000 barrels of oil equivalent per day. Companywide net production for the full year is now expected to be in the range of 325,000 to 330,000 barrels of oil equivalent per day, excluding Libya, compared with the previous guidance range of 330,000 to 340,000 barrels of oil equivalent per day, due to lower Bakken production and a delay in the startup of a third party operated tieback well at the Llano Field in the Gulf of Mexico.