| Item 7.01. | Regulation FD Disclosure. |
As previously disclosed, Hess Corporation (the “Company”) chartered three very large crude carriers (“VLCCs”) to transport and store a total of 6.3 million barrels of Bakken crude oil produced during the second and third quarters of this year for sale in Asian markets. The first VLCC cargo of 2.1 million barrels was sold in September and cash proceeds were received in October. In December, the Company entered into agreements to sell the second and third VLCC cargoes for delivery in the first quarter of 2021. Proceeds from the sale of these VLCC cargoes are expected to be received, and associated costs and hedging gains recognized, in the first quarter of 2021.
The information in this Item 7.01 is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act.
Cautionary Statements
This Item 7.01 contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. These forward-looking statements may include, without limitation, the receipt of proceeds and expected gains from the sale of the VLCC cargoes and the Company’s future financial and operational results. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and the Company’s current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in these forward-looking statements: the ability of the Company’s contractual counterparties to satisfy their obligations to the Company; contract and other laws, regulations and governmental actions applicable to the Company’s business; and other factors described in the Risk Factor section in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and any additional risks described in the Company’s other filings with the Securities and Exchange Commission. As and when made, the Company believes that its forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement the Company makes. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
