At January 31, 2021, there were 306,986,553 shares of Common Stock outstanding. As and when made, we believe that our forward-looking statements are reasonable. Boepd – Barrels of oil equivalent per day. DD&A – Depreciation, depletion and amortization. JOA – Joint operating agreement. Proved properties – Properties with proved reserves. In 2021, the operator completed drilling of the Hassa-1 well. In 2020, the facility construction was completed for the expansion. Our insurance policies renew at various dates each year. Third-party claims, on the other hand, are generally allocated on a fault basis. COVID-19 ResponseWe prioritize the safety of our workforce. The petroleum industry is highly competitive and very capital intensive. Moreover, these increased duties may lead to an increase in compliance costs. The majority of the cases asserted against us have been settled. The suit filed in Rhode Island is proceeding in federal court. The NJDEP is also seeking natural resource damages. We intend to comply with this Administrative Order. The remediation work began in the fourth quarter of 2020. These proceedings include claims for monetary damages and injunctive relief. Annual net production averaged 331,000 boepd in 2020 (2019: 311,000 boepd). The items in the table below are explained on pages 38 through 41. See Items Affecting Comparability of Earnings below. Repayments of debt were $8 million in 2019. The new facility can be used for borrowings and letters of credit. HESM Opco was in compliance with these financial covenants at December 31, 2020. Borrowings under these credit facilities are non-recourse to Hess Corporation. See Note 6, Leases in the Notes to Consolidated Financial Statements. All derivative instruments are recorded at fair value in our Consolidated Balance Sheet. Environmental MattersWe recognize that climate change is a global environmental concern. Actual results could differ from those estimates. At December 31, 2020 and 2019, there were no contract assets or contract liabilities. Further, many of our contracts with customers have durations of less than twelve months. We have agreements that include financial obligations for lease and nonlease components. Operating lease cost is generally recognized on a straight-line basis. Some of our leases include one or more options to renew. Closing prices are both readily available and representative of fair value. The first VLCC cargo of 2.1 million barrels was sold in September 2020. The senior notes are guaranteed by certain subsidiaries of HESM Opco. Financial Statements and Supplementary Data. Substantially identical agreements were entered into by the Registrant during 2018. These exhibits relate to executive compensation plans and arrangements. 333-219113) pertaining to the Hess Corporation 2017 Long-Term Incentive Plan, andg. Registration Statement (Form S-3 No. Only proved reserves have been evaluated for this report. Fuel gas is that portion of the gas consumed in field operations. Gas quantities estimated herein include both associated and nonassociated gas. This report has been prepared at the request of Hess. 1110 4444 %_P#!/?\\ Y(GJW_8]ZS_Z4FO=*\\+_ ."_P#R1/5O M^Q[UG_TI-Z4 %%%% ! 1110 4444 %%%% M!1110 4444 %%%% ! .T__ )\\8?^_0H_L[3_\\ GQA_ M[]"IJ* (?[ -SQ-?:\'X$?S+/Q/\\3+??;W_ (B3E7@L MUM#R&D.)91P/+3)[KX4?#PW_@?X(V-YG3?" J67E^(?\']U:8%HK#Y[/3D;FWM^S/_K) ML9E%% ! +:@#8HK\'_X0?2/^?F]_P# MJ/^$\'TC_GYO M?_ /Q_XJ MU#QO\\,/&_C;X=ZCXB^(G^+_ !
