Hess Corporation Announces Executive Compensation Decisions for 2025 Annual Incentive Plan and Long-Term Incentive Program
New York, NY – March 6, 2025 – Hess Corporation (NYSE: HES) today announced that its Compensation and Management Development Committee has approved the 2025 Annual Incentive Plan (AIP) and Long-Term Incentive Program (LTIP) for its executive leadership team and full-time employees worldwide.

Annual Incentive Plan (AIP)
The Annual Incentive Plan is designed to align compensation with performance and shareholder value creation. Under the plan, incentive payouts will be based on the achievement of pre-established enterprise metrics and individual performance objectives. The enterprise-wide performance metrics for 2025 include:

Environment, Health & Safety (EHS) Metrics

Bakken routine flare rate
Critical inspection compliance
Severe + significant safety incident rate
Loss of primary containment rate
Safety observations
Operational and Financial Metrics

Controllable production
Exploration and production capital and exploratory spend
Controllable operated cash costs
Additionally, the enterprise-wide performance modifier can adjust payout levels by up to 25% based on the following strategic themes:

Strategy execution
Capital allocation and risk management
Social responsibility and stakeholder engagement
Culture, people, and leadership
Environment and sustainability
For Named Executive Officers, payout ranges from 0% to 200% of the target, determined by a combination of enterprise metric performance, strategic performance modification, and individual performance assessments.

Long-Term Incentive Program (LTIP)
The 2025 LTIP has been adjusted to reflect Hess Corporation’s pending merger with Chevron Corporation. As a result, the Named Executive Officers, including CEO John Hess, have received restricted stock grants rather than the standard mix of long-term incentive awards. These restricted stock awards will vest in equal installments over three years, beginning on the first anniversary of the grant date.

In the event of certain terminations of employment, the restricted stock awards will be subject to accelerated vesting, per the terms of Hess Corporation’s 2017 Long-Term Incentive Plan.

Hess remains committed to strong corporate governance and pay-for-performance principles to drive continued shareholder value as it prepares for the pending transaction with Chevron.