Hess Corporation (HES): Business Model Canvas [Dec-2025 Updated]

You're digging into the Hess Corporation business model right after the massive Chevron deal closed in July 2025, and honestly, the old playbook is obsolete. Forget just the Bakken; the real story now is that 30% non-operated interest in Guyana's Stabroek Block, which is the engine driving their value proposition of high-growth, low-cost supply. To fund this massive pivot, they are managing a huge $4.5 billion E&P capital program for 2025, even while keeping production costs tight-Q1 2025 cash operating costs hit just $12.27 per barrel of oil equivalent (boe). With Q1 2025 revenues at $2.912 billion, understanding how these world-class assets translate into revenue streams and what that means for their cost structure is crucial for any serious investor. Dive into the full Business Model Canvas below to see exactly how the pieces fit together post-acquisition.

Hess Corporation (HES) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Hess Corporation relies on to execute its strategy, especially in its high-growth Guyana assets and its established US onshore business. These aren't just vendor lists; they are critical co-venturers and governmental anchors for major capital projects.

ExxonMobil (Operator) and CNOOC for the Stabroek Block, Guyana

The deepwater Guyana asset is defined by this three-party structure. ExxonMobil affiliate ExxonMobil Guyana Limited acts as the operator, holding a 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds a 30% interest, and CNOOC Petroleum Guyana Limited holds the remaining 25% interest.

The partnership has achieved significant operational scale as of late 2025. The co-venturers announced a new production milestone of 900,000 barrels of oil daily in November 2025. This was driven by the startup of Yellowtail, the fourth project, which achieved an initial annual average production capacity of 250,000 barrels of oil per day (bopd). The first three projects-Liza Phase 1, Liza Phase 2, and Payara-averaged over 650,000 barrels of oil per day in production as of Q4 2024.

The committed capital reflects the scale of this partnership. The co-venturers have committed more than US$60 billion to develop seven government-sanctioned projects on the block. Plans are in place to grow total production capacity to 1.7 million bopd from eight developments once approved. Hess Corporation's own estimate for discovered recoverable resources in the Stabroek Block exceeds 11 billion barrels of oil equivalent (boe).

Here's a look at the ownership and capacity targets:

Government of Guyana for Resource Development and Carbon Credits

Hess Corporation has a multifaceted relationship with the Government of Guyana, covering both its core oil and gas operations and its environmental commitments. The partnership is anchored by the Low Carbon Development Strategy (LCDS) 2030.

The most significant non-equity partnership is the carbon credit agreement. Hess Corporation agreed to purchase high-quality REDD+ jurisdictional carbon credits for a minimum of $750 million between 2022 and 2032. This commitment covers 37.5 million current and future issuances of credits verified under the ART (Architecture for REDD+ Transactions) registry.

The pricing structure within the deal is detailed:

• Price per tonne from 2021 to 2025: US$20
• Estimated revenue from this period: an extra $250 million
• Price per tonne from 2025 to 2030: US$25
• Anticipated revenue from this period: an additional $312 million

These credits represent 30% of the total carbon credits available to Guyana over the 2016 to 2030 period. Hess Corporation's CEO noted this agreement strengthens their long-term strategic partnership with the country.

Oilfield Service Companies for Deepwater Drilling and FPSO Operations

Execution in Guyana relies heavily on specialized service providers for the massive floating production, storage, and offloading (FPSO) vessels and drilling campaigns. Hess Corporation's own operational tempo in its other key area, the Bakken, also dictates service needs.

In the Bakken onshore operations during the first quarter of 2025, Hess Corporation operated four rigs and planned to continue that count for the full year of 2025. During Q1 2025, the company drilled 28 wells and brought 32 new wells online. Bakken net production for Q2 2025 was forecasted to be between 210,000 boepd to 215,000 boepd.

For the Guyana deepwater assets, the Yellowtail project, utilizing the ONE GUYANA FPSO, was on track for a third quarter 2025 startup with an initial gross production capacity of approximately 250,000 bopd. The overall plan anticipates at least six FPSOs with a combined capacity of more than 1 million gross bopd to be online by 2027.

Hess Midstream, a related entity, provided financial context, with its 2025 Adjusted EBITDA guidance set between $1,235MM - $1,285MM.

Joint Venture with Targa Resources Corp. for the LM4 Gas Plant

This partnership focuses on midstream infrastructure in the Bakken basin in North Dakota. Hess Midstream Partners LP and Targa Resources Corp. formed a 50/50 joint venture (JV) to construct and own the Little Missouri Four (LM4) gas processing plant.

The LM4 Plant has a gross processing capacity of 200 million standard cubic feet per day (MMSCFD). The gross construction cost for the plant was estimated at approximately $150 million. Targa manages the construction and operates the plant.

Hess Midstream's financial commitment included approximately $15 million for its 50 percent interest in the JV, plus an additional approximately $20 million for new pipeline infrastructure to gather volumes to the LM4 plant. Through this JV, Hess Midstream holds 100,000 Mcf net per day of the plant's processing capacity. This investment contributes to Hess Midstream having a total processing capacity of 350MMSCFD in the Bakken area.

Hess Corporation (HES) - Canvas Business Model: Key Activities

Deepwater oil exploration and development in Guyana centers on the Stabroek Block, where Hess Corporation holds a 30% interest.

The key activity here is advancing major oil developments. The fourth development, Yellowtail, is on track for startup in the third quarter of 2025, designed with an initial gross production capacity of approximately 250,000 barrels of oil per day (bopd), utilizing the ONE GUYANA FPSO. The fifth development, Uaru, has an expected first production in 2026, and the sixth, Whiptail, sanctioned in April 2024, is expected online by the end of 2027, each with a gross capacity of approximately 250,000 bopd.

Operational performance in Guyana for the first quarter of 2025 saw net production total 183,000 bopd, which was impacted by lower tax barrels of 20,000 bopd compared to 33,000 bopd in the prior-year quarter. The forecast for second quarter 2025 Guyana net production was approximately 180,000 bopd.

Onshore oil and gas production, primarily in the Bakken shale region, is a core activity supporting overall output.

For the first quarter of 2025, Hess Corporation's net production from the Bakken was 195,000 barrels of oil equivalent per day (boepd). The company maintained a four rig program in the Bakken during Q1 2025, during which it drilled 28 wells, completed 36 wells, and brought 32 new wells online. The forecast for second quarter 2025 Bakken net production was set in the range of 210,000 boepd to 215,000 boepd.

The overall operational focus for Hess Corporation can be summarized with these recent and forecasted statistics:

Operating midstream assets involves managing gathering, processing, and storage, largely through Hess Midstream LP, which supports the Bakken activities.

Hess Midstream LP expected total capital expenditures for full year 2025 to be approximately $300 million. This budget included about $175 million for project-based capital expenditures, such as gas gathering system expansions expected to add an initial 85 MMcf per day of gas compression capacity in 2025.

Guidance for 2025 throughput volumes for Hess Midstream included:

• Gas gathering volumes averaging between 475 to 485 MMcf of natural gas per day.
• Gas processing volumes expected to average 455 to 465 MMcf of natural gas per day.
• Crude oil gathering volumes anticipated to average 120 to 130 MBbl per day.
• Water gathering volumes expected to average 120 to 130 MBbl per day.

Hess Midstream expected to generate between $735 million and $785 million of Adjusted Free Cash Flow in 2025, with an expected Adjusted EBITDA at the midpoint of guidance around $1,260 million (between $1,235 - $1,285 million).

Managing the $4.5 billion Exploration & Production (E&P) capital program for 2025 is a critical financial activity, with the full year estimate including capitalized interest of approximately $240 million.

Capital expenditures for the first quarter of 2025 were:

• E&P capital and exploratory expenditures: $1,085 million.
• Midstream capital expenditures: $50 million.

This Q1 E&P spending was higher than the prior-year quarter's $927 million, primarily due to increased development activities in Guyana.

Hess Corporation (HES) - Canvas Business Model: Key Resources

You're looking at the core assets Hess Corporation held, which are the foundation of its value proposition, especially as the company finalized its sale to Chevron in July 2025. These resources represent significant, world-class upstream potential and stable midstream cash flow.

30% non-operated interest in the world-class Stabroek Block, Guyana

The Stabroek Block is arguably the crown jewel here, representing massive, high-margin resource potential. Hess Corporation held a 30% non-operated interest in this acreage, which spans 6.6 million acres offshore Guyana. This asset is key because of its discovered resource base and aggressive development schedule.

Here's a look at the production profile and development scale as of the first quarter of 2025:

The Yellowtail project, utilizing the ONE GUYANA FPSO, was on track to start up in the third quarter of 2025. This development, combined with the existing Liza 1, Liza 2, and Payara projects, was set to push total group output past 900,000 bpd.

Significant proved reserves in the Bakken and Gulf of America

The North American onshore and near-shore assets provide a solid, operated production base. The Bakken Shale is Hess Corporation's largest operated asset, and the Gulf of America assets offer complementary production, including 100% owned wells like the Pickerel well.

Check out the recent production performance from these key U.S. plays:

• Bakken Net Production (Q1 2025): 195,000 boepd.
• Bakken Forecast (Q2 2025): Range of 210,000 boepd to 215,000 boepd.
• Gulf of America Net Production (Q1 2025): 41,000 boepd.
• Bakken Rigs Operated (2025 Plan): Four rigs.

The Bakken operations are designed to maximize free cash flow generation through an optimized, multi-rig program.

Floating Production, Storage, and Offloading (FPSO) vessels like ONE GUYANA

The physical infrastructure required to bring Guyana's deepwater resources online is a critical, tangible resource. The ONE GUYANA FPSO is the vessel tied to the Yellowtail development, which was expected to commence production in 2025.

The existing fleet capacity highlights the scale already achieved:

• Liza Destiny FPSO Capacity: Over 140,000 gross barrels of oil per day post-optimization.
• Liza Unity FPSO Capacity: Approx. 220,000 gross barrels of oil per day.
• Prosperity FPSO Capacity: Approx. 220,000 gross barrels of oil per day.

The arrival of the ONE GUYANA FPSO offshore in mid-April 2025 was a major milestone for the Q3 2025 startup target.

Hess Midstream LP (HESM) infrastructure, a defintely valuable asset

Hess Midstream LP (HESM) is the dedicated midstream arm, providing stable, fee-based cash flows that are largely insulated from commodity price volatility. This structure makes HESM a highly valuable, contracted asset base.

Key financial and structural metrics for HESM as of early 2025 data:

Hess Corporation also realized value from this asset in Q1 2025, receiving $38 million from the repurchase of 2.6 million HESM Opco Class B units. Management guided for at least 5% annual growth of distributions until 2027.

Finance: draft 13-week cash view by Friday.

Hess Corporation (HES) - Canvas Business Model: Value Propositions

You're looking at the core value Hess Corporation (HES) offers its stakeholders, which is heavily weighted on premium, de-risked barrels and the steady income from its Midstream arm. Here's the quick math on what they are delivering as of late 2025.

Access to a high-growth, low-cost-of-supply resource base

Hess Corporation is positioning its Exploration and Production (E&P) business around assets that deliver competitive per-barrel costs, which is crucial for margin protection when commodity prices fluctuate. You can see this cost discipline reflected in their recent operational figures.

• E&P Cash operating costs, which cover operating expenses, production, severance taxes, and G&A, were reported at $12.27 per barrel of oil equivalent (boe) for the first quarter of 2025, excluding certain comparability items.
• The proved reserves base stood at 1.44 billion boe as of December 31, 2024.
• In 2024, the Corporation replaced 138% of its production, adding 247 million boe in proved reserves and revisions, with a finding and development cost of $19.67 per boe.
• Hess Corporation maintained an operating rig count of four in the Bakken as of December 31, 2024.

Delivering high-margin crude oil production (e.g., Yellowtail startup Q3 2025)

The major value driver here is the ramp-up of world-class, low-cost production from Guyana, which is designed to be high-margin. The Yellowtail project is the key near-term milestone for this value proposition.

The Yellowtail development, the fourth major project on the Stabroek Block, is on track for startup in the third quarter of 2025. This facility, using the ONE GUYANA floating production, storage and offloading vessel (FPSO), is set to bring an initial gross production capacity of approximately 250,000 barrels of oil per day (bopd) online.

To give you context on the current production profile leading into that startup, here are some recent figures:

That's a significant volume base that the Yellowtail startup is set to enhance.

Stable cash flow from fee-based Midstream operations

The Midstream segment, Hess Midstream LP (HESM), provides a layer of predictable, fee-based cash flow that is less exposed to volatile commodity prices, which helps stabilize the overall corporate structure. You can see the strength in their Q3 2025 results.

Hess Midstream LP extended its Return of Capital Program through 2027, signaling confidence in its long-term cash generation.

• Revenues and other income for Q3 2025 reached $420.9 million.
• Adjusted EBITDA for Q3 2025 was $320.7 million.
• Net cash provided by operating activities in Q3 2025 was $258.9 million.
• Adjusted Free Cash Flow for Q3 2025 totaled $186.8 million.
• The company expects approximately 80% of its 2025 revenues to be protected by Minimum Volume Commitments (MVCs).
• Full-year 2025 capital expenditure guidance was reduced to approximately $270 million as of November 2025.

Commitment to achieving zero routine flaring by end of 2025

Hess Corporation has a stated commitment regarding its environmental footprint, specifically targeting the elimination of routine flaring by the close of 2025. This is presented as a core part of their operational and social responsibility value proposition to investors and regulators.

This commitment is part of the planned social, safety, and environmental policies and initiatives Hess Corporation outlines in its forward-looking statements.

Hess Corporation (HES) - Canvas Business Model: Customer Relationships

You're looking at how Hess Corporation manages its relationships with the entities that buy its product and those that fund its future. For an upstream producer like Hess Corporation, these relationships center on moving barrels and maintaining investor confidence, especially given the massive capital needs of deepwater projects.

High-volume, long-term commercial contracts with global refiners

While specific, named long-term sales contracts with external global refiners aren't detailed in the latest operational reports, the structure of Hess Midstream Operations LP (HESM), a consolidated subsidiary, shows a commitment to long-term volume flow assurance. Certain commercial agreements with Hess Corporation through HESM have renewal options extending the Secondary Term through December 31, 2033. This indicates a foundational, long-term relationship structure for midstream services that supports Hess Corporation's production base. Operationally, the sheer volume of crude oil moved implies large-scale, recurring offtake arrangements.

The production profile itself speaks to the volume: Hess Corporation's total E&P net production was reported at 476,000 barrels of oil equivalent per day (boepd) for the first quarter of 2025. This scale necessitates structured, high-volume relationships to ensure consistent revenue capture.

Direct, transactional relationships for crude oil cargo sales

The most direct customer interaction for crude oil is through cargo sales, which are transactional but frequent. This is best seen in the output from the Guyana asset. Here's a look at the transactional activity and pricing environment from Q1 2025, which sets the stage for current customer negotiations.

The average realized price of $71.22 per barrel in Q1 2025 directly impacts the realized value Hess Corporation gets from each cargo sold to its customers. That's the bottom line for those transactional sales.

Investor relations focused on long-term value from the Guyana asset

Investor communications are heavily weighted toward the long-term potential of the Stabroek Block in Guyana, which is the primary driver of future growth and value creation. The relationship here is about managing expectations against significant capital deployment and regulatory hurdles, such as the pending arbitration with ExxonMobil over the right of first refusal. The focus is clearly on de-risking and advancing this key asset.

Key data points emphasized to investors regarding this long-term value proposition include:

• The Yellowtail development is on track to start up in Q3 2025.
• Yellowtail's initial gross production capacity is approximately 250,000 bopd.
• E&P capital and exploratory expenditures for Q1 2025 were $1,085 million, driven by Guyana activities.
• The company's overall financial footing, excluding the Midstream segment, stood at $1.3 billion in cash and $5.3 billion in debt as of March 31, 2025.
• Q1 2025 Net Income was $430 million.

The narrative is about delivering on the next major production milestone, Yellowtail, to secure the long-term asset value. Finance: draft the Q2 2025 cash flow projection incorporating the Yellowtail ramp-up by next Wednesday.

Hess Corporation (HES) - Canvas Business Model: Channels

Direct sales of crude oil and natural gas liquids (NGL) to global markets are facilitated through realized selling prices from Q1 2025. The average realized crude oil selling price was $71.22 per barrel. The average realized NGL selling price stood at $24.08 per barrel, and the average realized natural gas selling price was $4.89 per mcf for the same period. Hess Corporation's total oil and gas net production was 476,000 barrels of oil equivalent per day (boepd) in Q1 2025.

Hess Midstream LP pipelines and processing facilities serve as a critical channel for moving and processing volumes from key operational areas, like the Bakken. For Q1 2025, Hess Midstream throughput volumes averaged:

• 424 million cubic feet per day for gas processing.
• 125,000 barrels of oil per day for crude terminaling.
• 126,000 barrels of water per day for water gathering.

This infrastructure underpins the operations, with Hess Midstream reporting an Adjusted EBITDA of $292.3 million in Q1 2025.

Cargo shipments of crude oil from Guyana represent a major export channel. For the first quarter of 2025, Hess Corporation sold 14 cargos of crude oil from the Stabroek Block. The company forecasts 15 cargos of crude oil sales for the second quarter of 2025. Guyana net production for Q1 2025 was 183,000 bopd. The Yellowtail development is on track to start up in the third quarter of 2025 with an initial gross production capacity of approximately 250,000 bopd.

You can map the Q1 2025 production and sales data to see the scale of these channels:

Investor communications via SEC filings and corporate website provide the necessary transparency for financial stakeholders. Hess Corporation issues press releases, files Annual Reports, and hosts Events and Webcasts, all accessible through the Investor Relations section of the corporate website. For instance, the Board of Directors declared a regular quarterly dividend of 50 cents per share payable on June 30, 2025, to holders of record at the close of business on June 16, 2025. Hess Midstream LP also uses its website, www.hessmidstream.com, to host webcasts for its conference calls, such as the one scheduled for November 3, 2025, to discuss third quarter 2025 earnings.

Key investor communication touchpoints include:

• SEC filings, including 8-K reports.
• Quarterly Earnings Webcasts and Replays.
• E-mail Alerts sign-up availability.
• Hess Midstream quarterly distribution raised to $0.7098 per Class A share for Q1 2025.

Hess Corporation (HES) - Canvas Business Model: Customer Segments

You're analyzing Hess Corporation's customer base right as the major Chevron acquisition closed in July 2025. This shift fundamentally changes who buys their output and who holds their equity. Here's the quick math on the key groups they serve or answer to.

Global integrated oil and gas companies (e.g., Chevron, post-acquisition)

This segment is now dominated by the acquirer, Chevron Corporation, following the completion of the $53 billion all-stock transaction in July 2025. Hess shareholders received 1.0250 shares of Chevron for each Hess share, resulting in approximately 301 million new Chevron shares issued. The combined entity immediately targets run-rate cost synergies of $1 billion by the end of 2025. Post-integration, the acquired Hess assets contributed 495,000 barrels of oil equivalent daily to Chevron's Q3 2025 total production of 4.1 million barrels of oil equivalent daily.

Independent oil refiners and marketers

These customers purchase the crude oil and natural gas liquids Hess produces. For context on the volume available to this market before the merger closed, Hess Corporation's total oil and gas net production averaged 476,000 barrels of oil equivalent per day (boepd) in the first quarter of 2025. The average realized crude oil selling price for Hess in Q1 2025 was $71.22 per barrel. Hess's 2024 sales breakdown shows the United States accounted for 48.9% of net sales, which is where much of this refined product market resides.

Institutional and retail investors seeking energy exposure

This group provides the capital base. As of June 2025, Institutional Investors held a significant 77.76% stake in Hess Corporation, while Insiders held 0.59%. The Vanguard Group Inc. was a major holder, with 11.28% of the shares. Right before the acquisition closed, the weighted average number of common shares outstanding (diluted) was 308.6 million as of March 31, 2025. The company's debt to capitalization ratio stood at 27.8% at that same date.

Governments of operating countries (Guyana, Malaysia, etc.)

The relationship with host governments is critical, especially regarding fiscal terms and production sharing. Hess's Q1 2025 net production from its 30% stake in Guyana's Stabroek Block was 183,000 barrels of oil per day (bopd). The Yellowtail development, expected to start up in Q3 2025, is set for an initial gross production capacity of approximately 250,000 bopd. Chevron, now the owner, has added 11 billion barrels of oil equivalent resources from Guyana, which have breakeven costs between $25-$30 per barrel. Separately, net production from the North Malay Basin and JDA (Malaysia) was 57,000 boepd in Q1 2025.

Here are some key operational and financial metrics relevant to these customer and stakeholder relationships as of early to mid-2025:

The operational focus remains heavily weighted toward the high-return Guyana assets, which drove 43.7% of Hess's net sales in 2024. The company's investment reflects this focus, with E&P capital expenditures of $1,085 million in Q1 2025, primarily due to higher development activities in Guyana.

• Q1 2025 Total Revenues: $2.912 billion.
• Q1 2025 Adjusted Net Income: $559 million.
• Hess Midstream (HESM) Debt: $3.6 billion at March 31, 2025.
• Hess Corporation Debt (Excluding Midstream): $5.3 billion at March 31, 2025.
• Q1 2025 Net Income Attributable to Noncontrolling Interests: $92 million (compared to $147 million in Q1 2024).

To be fair, the shift to Chevron means the former Hess shareholders are now Chevron shareholders, and the direct relationship with independent refiners is now managed under the Chevron umbrella. Finance: update the pro-forma shareholder presentation slides by Monday.

Hess Corporation (HES) - Canvas Business Model: Cost Structure

You're looking at the big-ticket items that drain cash for Hess Corporation in their operations. The cost structure is heavily weighted toward capital deployment for future production, so you see massive upfront spending.

Capital Expenditures represent a significant drain, driven by major development projects, especially in Guyana. The full year 2025 Exploration & Production (E&P) capital and exploratory budget is projected to be approximately $4.5 billion. This budget fuels the development timeline, including the expected start-up of the Yellowtail project in the third quarter of 2025.

The efficiency of current operations is reflected in production costs. For the first quarter of 2025, Hess Corporation reported cash operating costs of $12.27 per barrel of oil equivalent (boe), excluding items affecting comparability. This was higher than the prior-year quarter's $10.79 per boe, mainly due to increased maintenance activity in North Dakota. Cash operating costs for the second quarter of 2025 were expected to be even higher, reflecting increased workover activity in the Gulf of America and Southeast Asia.

Exploration costs are lumpy, tied to drilling success and lease decisions. For the first quarter of 2025, the reported Exploration expenses, including dry holes and lease impairment, totaled $76 million. What this estimate hides is the variability; a dry hole charge, like the one for the Vancouver exploration well in late 2024, can hit the books suddenly.

Financing these large capital needs means carrying debt, which results in interest expense. At March 31, 2025, Hess Corporation's debt and finance lease obligations, excluding the Midstream segment, totaled $5.3 billion. The interest expense for the first quarter of 2025 was $92 million. To be fair, the interest expense in Q1 2025 was lower than the prior-year quarter due to higher capitalized interest associated with the Guyana developments like Uaru, Yellowtail, and Whiptail.

Here's a quick look at some key cost components from the first quarter of 2025:

The cost structure also includes specific non-recurring or non-operating charges that impact reported figures. For instance, E&P results for the first quarter of 2025 included a pre-tax charge of $129 million ($129 million after income taxes) for an anticipated settlement of legal claims in North Dakota, which was booked in General and administrative expenses.

You should track these core cost drivers:

• E&P Capital Budget: $4.5 billion for 2025.
• Cash Operating Costs: $12.27/boe in Q1 2025.
• Long-Term Debt (Excl. Midstream): $5.3 billion as of March 31, 2025.
• Q1 2025 Interest Expense: $92 million.

Finance: draft 13-week cash view by Friday.

Hess Corporation (HES) - Canvas Business Model: Revenue Streams

You're looking at the core ways Hess Corporation brings in cash, which is heavily tied to commodity prices and production volumes from its key assets. For the first quarter of 2025, Hess Corporation reported total sales and operating revenues of $2.912 billion.

The revenue streams are primarily segmented across Exploration and Production (E&P) and Midstream activities. Here is a breakdown of the total sales components from the first quarter of 2025, showing where the money came from:

The Midstream segment provides a more stable, fee-based revenue component. Hess Midstream LP maintains a positive outlook for the full year 2025, projecting net income of $715 million to $765 million. To give you a recent snapshot, the Midstream segment itself reported net income of $70 million for the first quarter of 2025.

Sales of crude oil and natural gas liquids (NGL) are directly influenced by realized prices. For the first quarter of 2025, the average realized crude oil selling price was $71.22 per barrel. The average realized natural gas liquids (NGL) selling price in that same quarter was $24.08 per barrel. These sales are supported by production from key areas:

• Net production from the Bakken region in Q1 2025 was 195,000 boepd (barrels of oil equivalent per day).
• NGL and natural gas volumes received under percentage of proceeds contracts in the Bakken for Q1 2025 were 19,000 boepd.
• Net production from Southeast Asia (North Malay Basin and JDA) in Q1 2025 was 57,000 boepd.

Natural gas sales revenue, which includes both net production and sales of purchased gas, totaled $255 million in Q1 2025 from net production volumes, with an average realized natural gas selling price of $4.89 per mcf. The total revenue from sales of purchased oil and gas across the E&P segment in Q1 2025 was $580 million.