Hess’ 2023 sustainability disclosures detailing our company’s management approach to our most material sustainability issues are found on hess.com/sustainability and subsequent websites, while our performance metrics are found in our Key Sustainability Metrics. Our U.S. Securities and Exchange Commission Form 10-K filing and proxy statement detail our financial and governance information and can be found on our website. Additional sustainability and investor information is available at hess.com/investors. We will not publish a 2023 Sustainability Report due to the definitive agreement announced on October 23, 2023 for Hess to be acquired by Chevron, subject to regulatory approvals and other closing conditions.
We provide further detail on our midstream operations, including segregated performance data, in a sustainability report available on the Hess Midstream LP website at hessmidstream.gcs-web.com/sustainability-report.
Materiality
Our 2020 materiality assessment, facilitated by third party experts, helped us prioritize the key sustainability topics most relevant to our company. The assessment was consistent with approaches and guidance provided by leading standards bodies, including the Global Reporting Initiative (GRI), Ipieca and the International Organization for Standardization; it also considered the Sustainability Accounting Standards Board materiality profile for the oil and gas industry as an additional reference point. The assessment addressed engagement with Hess’ stakeholders – which include employees, suppliers, customers, communities, shareholders, government bodies, nongovernmental organizations, industry peers and academics – enabling us to strengthen our license to operate and bringing increased focus to our transparency goals. The materiality assessment informed our EHS & SR strategy and helped us define the boundaries of our sustainability disclosures. This strategy is designed to address the eight most material sustainability issues for our company, which are as follows:
- Climate Related Risk and Greenhouse Gas (GHG) Emissions
- Community and Stakeholder Engagement
- Diversity, Equity and Inclusion
- Emergency Preparedness and Response
- Occupational Health and Safety
- Process Safety and Release Prevention
- Supply Chain and Contractor Management
- Water Management
Although these eight topics are the current focus of our strategic sustainability actions and reporting, many of the other topics included in our materiality assessment are relevant and important to our stakeholders and our company and are addressed in Hess’ business processes and external reporting.
Boundary Setting
The assets operated by Hess and/or our subsidiaries during calendar year 2023 are included within the scope of our reporting. This includes Hess Midstream, which publishes a separate sustainability report with segregated midstream performance data. Data presented are gross figures from operated facilities unless specified otherwise.
We report GHG emissions on both an operated and equity share basis in accordance with the GRI Standards and the Ipieca Sustainability Reporting Guidance for the Oil and Gas Industry (4th edition, 2020), Module 3: Climate Change and Energy, as well as Ipieca’s 2016 report Estimating Petroleum Industry Value Chain (Scope 3) Greenhouse Gas Emissions. We report social investments for our operated assets, joint ventures and nonoperated facilities in which we hold a significant interest. Our workforce metrics include data for contractors whose hours we track.
Restatements
We believe our approach to restating data complies with the GRI Standards’ principle of comparability and specific disclosure regarding restatements of information, as well as with Ipieca guidance. For GHG emissions, in cases of acquisitions and divestitures and other source ownership and control changes, we adjust our base year emissions if the change exceeds 10% of the original base year emissions total. The exact timing of the adjustment depends on several factors, as described in the Hess GHG Inventory Protocol.
Internal Quality Assurance
Our internal information systems promote the centralized collection of data from Hess operated and joint venture assets around the world. In order to evaluate accuracy and reliability, we conduct quality assurance/quality control reviews and validation of both aggregated and asset and facility level data. Individual numbers in the charts, tables and text may not precisely sum to the total amounts shown due to rounding. All currency references in the report are in U.S. dollars.
External Assurance
Our Key Sustainability Metrics were assured by ERM Certification & Verification Services Incorporated (ERM CVS) as described in its Independent Limited Assurance Report. This external review helps to ensure consistent and objective data collection and reporting of our sustainability performance.