Hess (HES) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	HES
Entity Registrant Name	HESS CORP
Entity Central Index Key	4,447
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	316,719,379

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 3,557	$ 2,716
Accounts receivable
Trade	612	847
Other	240	312
Inventories	416	399
Other current assets	120	130
Total current assets	4,945	4,404
Property, plant and equipment:
Total — at cost	47,693	46,826
Less: Reserves for depreciation, depletion, amortization and lease impairment	21,452	20,474
Property, plant and equipment — net	26,241	26,352
Goodwill	375	375
Deferred income taxes	2,832	2,653
Other assets	415	373
Total Assets	34,808	34,157
Current Liabilities:
Accounts payable	346	457
Accrued liabilities	1,660	1,997
Taxes payable	93	88
Current maturities of long-term debt	94	86
Total current liabilities	2,193	2,628
Long-term debt	6,498	6,506
Deferred income taxes	1,320	1,334
Asset retirement obligations	2,175	2,158
Other liabilities and deferred credits	988	1,130
Total liabilities	13,174	13,756
Hess Corporation stockholders’ equity
Preferred stock Series A 8% cumulative mandatory convertible , par value $1.00. Authorized —20,000,000 shares; $1,000 per share liquidation preference; Issued — 575,000 shares (2015: 0)	1	0
Common stock, par value $1.00. Authorized — 600,000,000 shares; Issued — 316,719,379 shares (2015: 286,045,586)	317	286
Capital in excess of par value	5,722	4,127
Retained earnings	16,042	16,637
Accumulated other comprehensive income (loss)	(1,484)	(1,664)
Total Hess Corporation stockholders' equity	20,598	19,386
Noncontrolling interests	1,036	1,015
Total equity	21,634	20,401
Total Liabilities and Equity	$ 34,808	$ 34,157

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 1
Preferred stock, shares authorized	20,000,000
Preferred stock, shares issued	575,000
Preferred stock, liquidation preference per share	$ 1,000
Cumulative mandatory convertible series	8.00%
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	316,719,379	286,045,586

Statement of Consolidated Incom

Statement of Consolidated Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues and Non-Operating Income
Sales and other operating revenues	$ 973	$ 1,538
Other, net	20	12
Total revenues and non-operating income	993	1,550
Costs and Expenses
Cost of products sold (excluding items shown separately below)	189	278
Operating costs and expenses	436	506
Production and severance taxes	19	36
Exploration expenses, including dry holes and lease impairment	132	269
General and administrative expenses	98	147
Interest expense	85	85
Depreciation, depletion and amortization	868	956
Total costs and expenses	1,827	2,277
Income (Loss) from Continuing Operations Before Income Taxes	(834)	(727)
Provision (benefit) for income taxes	(346)	(351)
Income (Loss) from Continuing Operations	(488)	(376)
Income (Loss) from Discontinued Operations, Net of Income Taxes	0	(13)
Net Income (Loss)	(488)	(389)
Less: Net income (loss) attributable to noncontrolling interests	21	0
Net Income (Loss) Attributable to Hess Corporation	(509)	(389)
Less: Preferred stock dividends	6	0
Net Income (Loss) Applicable to Hess Corporation Common Stockholders	$ (515)	$ (389)
Basic:
Continuing operations	$ (1.72)	$ (1.32)
Discontinued operations	0	(0.05)
Net Income (Loss) Per Common Share	(1.72)	(1.37)
Diluted:
Continuing operations	(1.72)	(1.32)
Discontinued operations	0	(0.05)
Net Income (Loss) Per Common Share	$ (1.72)	$ (1.37)
Weighted Average Number of Common Shares Outstanding (Diluted)	299.8	283.5
Common Stock Dividends Per Share	$ 0.25	$ 0.25

Statement of Consolidated Compr

Statement of Consolidated Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ (488)	$ (389)
Derivatives designated as cash flow hedges
Change in fair value of cash flow hedges	0	20
Income taxes on change in fair value of cash flow hedges	0	(7)
Net change in fair value of cash flow hedges	0	13
Change in derivatives designated as cash flow hedges, after taxes	0	13
Pension and other postretirement plans
Amortization of net actuarial losses	16	19
Income taxes on amortization of net actuarial losses	(5)	(6)
Net effect of amortization of net actuarial losses	11	13
Change in pension and other postretirement plans, after taxes	11	13
Foreign currency translation adjustment
Foreign currency translation adjustment	169	(120)
Change in foreign currency translation adjustment	169	(120)
Total Other Comprehensive Income (Loss)	180	(94)
Comprehensive Income (Loss)	(308)	(483)
Less: Comprehensive income (loss) attributable to noncontrolling interests	21	0
Comprehensive Income (Loss) Attributable to Hess Corporation	$ (329)	$ (483)

Statement of Consolidated Cash

Statement of Consolidated Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities
Net income (loss)	$ (488)	$ (389)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation, depletion and amortization	868	956
Exploratory dry hole costs	85	169
Exploration lease impairment	9	54
Stock compensation expense	25	26
Provision (benefit) for deferred income taxes and other tax accruals	(351)	(347)
(Income) loss from discontinued operations, net of income taxes	0	13
Change in operating assets and liabilities
(Increase) decrease in accounts receivable	317	319
(Increase) decrease in inventories	(13)	(27)
Increase (decrease) in accounts payable and accrued liabilities	(360)	(222)
Increase (decrease) in taxes payable	(15)	(14)
Change in other operating assets and liabilities	(137)	(91)
Cash provided by (used in) operating activities - continuing operations	(60)	447
Cash provided by (used in) operating activities - discontinued operations	0	(11)
Net cash provided by (used in) operating activities	(60)	436
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(568)	(1,251)
Additions to property, plant and equipment - Bakken Midstream	(52)	(60)
Other, net	7	(10)
Cash provided by (used in) investing activities - continuing operations	(613)	(1,321)
Cash provided by (used in) investing activities - discontinued operations	0	95
Net cash provided by (used in) investing activities	(613)	(1,226)
Cash Flows From Financing Activities
Debt with maturities of greater than 90 days – Borrowings	5	0
Debt with maturities of greater than 90 days – Repayments	(17)	(17)
Proceeds from issuance of preferred stock	557	0
Proceeds from issuance of common stock	1,087	0
Common stock acquired and retired	0	(67)
Cash dividends paid	(80)	(72)
Other, net	(38)	8
Cash provided by (used in) financing activities - continuing operations	1,514	(148)
Cash provided by (used in) financing activities - discontinued operations	0	0
Net cash provided by (used in) financing activities	1,514	(148)
Net Increase (Decrease) in Cash and Cash Equivalents	841	(938)
Cash and Cash Equivalents at Beginning of Year	2,716	2,444
Cash and Cash Equivalents at End of Period	$ 3,557	$ 1,506

Statement of Consolidated Equit

Statement of Consolidated Equity - USD ($) $ in Millions	Total	Mandatory Convertible Preferred Stock	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Hess Stockholders' Equity	Noncontrolling Interests
Balance at Dec. 31, 2014	$ 22,320	$ 0	$ 286	$ 3,277	$ 20,052	$ (1,410)	$ 22,205	$ 115
Net income (loss)	(389)	0	0	0	(389)	0	(389)	0
Other comprehensive income (loss)	(94)	0	0	0	0	(94)	(94)	0
Activity related to restricted common stock awards, net	19	0	1	18	0	0	19	0
Employee stock options, including income tax benefits	9	0	0	9	0	0	9	0
Performance share units	5	0	0	5	0	0	5	0
Dividends on common stock	(72)	0	0	0	(72)	0	(72)	0
Common stock acquired and retired	(16)	0	0	(3)	(13)	0	(16)	0
Noncontrolling interests, net	(115)	0	0	0	0	0	0	(115)
Balance at Mar. 31, 2015	21,667	0	287	3,306	19,578	(1,504)	21,667	0
Balance at Dec. 31, 2015	20,401	0	286	4,127	16,637	(1,664)	19,386	1,015
Net income (loss)	(488)	0	0	0	(509)	0	(509)	21
Other comprehensive income (loss)	180	0	0	0	0	180	180	0
Stock issuance	1,607	1	29	1,577	0	0	1,607	0
Activity related to restricted common stock awards, net	12	0	2	10	0	0	12	0
Employee stock options, including income tax benefits	2	0	0	2	0	0	2	0
Performance share units	6	0	0	6	0	0	6	0
Dividends on preferred stock	(6)	0	0	0	(6)	0	(6)	0
Dividends on common stock	(80)	0	0	0	(80)	0	(80)	0
Balance at Mar. 31, 2016	$ 21,634	$ 1	$ 317	$ 5,722	$ 16,042	$ (1,484)	$ 20,598	$ 1,036

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. The financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at March 31, 2016 and December 31, 2015, the consolidated results of operations for the three months ended March 31, 2016 and 2015, and consolidated cash flows for the three months ended March 31, 2016 and 2015. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by generally accepted accounting principles (GAAP) in the United States have been condensed or omitted from these interim financial statements. These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2015. In the second quarter of 2015, we established the Bakken Midstream operating segment. See Note 5, Bakken Midstream Joint Venture Note 9, Segment Information. In the first quarter of 2016, we adopted Accounting Standard Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs Consolidated Balance Sheet In the first quarter of 2016, we adopted ASU 2015-02, Amendments to the Consolidation Analysis New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers , as a new Accounting Standards Codification (ASC) Topic, ASC 606. This ASU is effective for us beginning in the first quarter of 2018 , with early adoption permitted from the first quarter of 2017. We are currently assessing the impact of the ASU on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases permitted In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting

Common and Preferred Stock Issu

Common and Preferred Stock Issuance	3 Months Ended
	Mar. 31, 2016
Stockholders Equity Note [Abstract]
Common and Preferred Stock Issuance	2. Common and Preferred Stock Issuance In February 2016, we issued 28,750,000 shares of common stock and depositary shares representing 575,000 shares of 8% Series A Mandatory Convertible Preferred Stock (Convertible Preferred Stock), par value $1 per share, with a liquidation preference of $1,000 per share, for total net proceeds of approximately $1.6 billion after deducting underwriting discounts, commissions, and offering expenses. The dividends on the Convertible Preferred Stock will be payable on a cumulative basis. Unless converted earlier, each share of Convertible Preferred Stock will automatically convert into between 21.822 shares and 25.642 shares of our common stock based on the average share price over a period of twenty consecutive trading days ending prior to February 1, 2019 (the “Final Average Price”), subject to anti-dilution adjustments. We also entered into capped call transactions that are expected generally to reduce the potential dilution to our common stock upon conversion of the Convertible Preferred Stock if the Final Average Price exceeds $45.83 per share, subject to anti-dilution adjustments. The number of common shares to be delivered by the counterparties to us will be the value of the capped call transactions at conversion divided by the Final Average Price. The value of the capped call transactions will be zero if the Final Average Price is $45.83 or less and can be up to the capped value of approximately $98 million if the Final Average Price is $53.625 or higher. For any Final Average Price between $45.83 and $53.625, the value of the capped call transactions will be 12.55 million covered shares multiplied by the difference between the Final Average Price and $45.83. The premium paid for the capped call transactions was $37 million, which was recorded against Capital in excess of par in the Statement of Consolidated Equity

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consisted of the following: March 31, December 31, 2016 2015 (In millions) Crude oil and natural gas liquids $ 144 $ 144 Materials and supplies 272 255 Total inventories $ 416 $ 399

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs	3 Months Ended
	Mar. 31, 2016
Capitalized Exploratory Well Costs [Abstract]
Capitalized Exploratory Well Costs	4. Capitalized Exploratory Well Costs The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the three months ended March 31, 2016 (in millions): Balance at January 1, 2016 $ 1,415 Additions to capitalized exploratory well costs pending the determination of proved reserves 60 Capitalized exploratory well costs charged to expense (25 ) Balance at March 31, 2016 $ 1,450 Capitalized exploratory wells costs charged to expense in the preceding table primarily relate to the non-operated Melmar exploration well in the Gulf of Mexico, where noncommercial quantities of hydrocarbons were encountered. In addition, we expensed $60 million of exploratory well costs incurred during 2016 related to the Melmar exploration well that are not reflected in the preceding table. Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $1,055 million at March 31, 2016 and primarily related to: Australia: Approximately 75% of the capitalized well costs in excess of one year relates to our Equus project on license WA-390-P, offshore Western Australia, where development planning and commercial activities for our natural gas discoveries are ongoing. In December 2014, we executed a non-binding letter of intent with the North West Shelf (NWS), a third-party joint venture with existing natural gas processing and liquefaction facilities. In the first quarter of 2016, we continued a joint front-end engineering study with NWS and also continued discussions with potential long-term purchasers of liquefied natural gas. Successful execution of binding agreements with NWS is necessary before we can execute a gas sales agreement and sanction development of the project. In addition, in March 2016, we were awarded a retention lease through 2021 covering certain areas within the WA-390-P License which include our Equus discoveries. At our adjacent WA-474-P license which could become part of the Equus project, we commenced drilling of an exploration commitment well in 2016. Ghana: Approximately 25% of the capitalized well costs in excess of one year relates to offshore Ghana. Since 2014, we have completed three appraisal wells and continue to progress subsurface evaluation, and development planning. The government of Côte d’Ivoire has challenged the maritime border between it and the country of Ghana, which includes a portion of our Deepwater Tano/Cape Three Points license. We are unable to proceed with development of this license until there is a resolution of this matter, which may also impact our ability to develop the license. The International Tribunal for Law of the Sea is expected to render a final ruling on the maritime border dispute in 2017. Under terms of our license and subject to resolution of the border dispute, we have declared commerciality for three discoveries, including the Pecan Field in March 2016, which would be the primary development hub for the block. The deadline to submit a plan of development for the Pecan Field is in September 2016. We have requested an extension for this deadline and will continue to work with the government on how best to progress work on the block given the maritime border dispute.

Bakken Midstream Joint Venture

Bakken Midstream Joint Venture	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Bakken Midstream Joint Venture	5. Bakken Midstream Joint Venture On July 1, 2015, we sold a 50% interest in Hess Infrastructure Partners LP (HIP) to Global Infrastructure Partners (GIP) for net cash consideration of approximately $2.6 billion. HIP and its affiliates primarily comprise our Bakken Midstream operating segment which provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of natural gas liquids, terminaling and loading crude oil and natural gas liquids, transportation of crude oil by rail car and the storage and terminaling of propane, primarily located in the Bakken shale play of North Dakota. We consolidate the activities of HIP, which qualifies as a variable interest entity under U.S. generally accepted accounting principles. At March 31, 2016, HIP liabilities totaling $788 million (December 31, 2015: $824 million) are on a nonrecourse basis to Hess Corporation, which includes total long-term debt of $709 million (December 31, 2015: $704 million). HIP assets available to settle its obligations include Cash and cash equivalents totaling $2 million (December 31, 2015: $3 million) and Property, plant and equipment with a net book carrying value of $2,388 million (December 31, 2015: $2,358 million).

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	6. Retirement Plans Components of net periodic pension cost consisted of the following: Three Months Ended March 31, 2016 2015 (In millions) Service cost $ 16 $ 17 Interest cost 28 26 Expected return on plan assets (42 ) (42 ) Amortization of unrecognized net actuarial losses 16 19 Pension expense $ 18 $ 20 In 2016, we expect to contribute $27 million to our funded pension plans. Through March 31, 2016, we contributed $6 million of this amount.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Weighted Average Common Shares	7. Weighted Average Common Shares The Net income (loss) and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended March 31, 2016 2015 (In millions, except per share amounts) Net income (loss) attributable to Hess Corporation Common Stockholders: Income (loss) from continuing operations, net of income taxes $ (488 ) $ (376 ) Less: Net income (loss) attributable to noncontrolling interests 21 — Net income (loss) from continuing operations attributable to Hess Corporation (509 ) (376 ) Less: Preferred stock dividends 6 — Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders (515 ) (376 ) Income from discontinued operations, net of income taxes — (13 ) Net income (loss) attributable to Hess Corporation Common Stockholders $ (515 ) $ (389 ) Weighted Average Number of Common Shares Outstanding: Basic 299.8 283.5 Effect of dilutive securities Restricted common stock — — Stock options — — Performance share units — — Mandatory Convertible Preferred stock — — Diluted 299.8 283.5 Net Income (Loss) Attributable to Hess Corporation per Common Share: Basic: Continuing operations $ (1.72 ) $ (1.32 ) Discontinued operations — (0.05 ) Net income (loss) per common share $ (1.72 ) $ (1.37 ) Diluted: Continuing operations $ (1.72 ) $ (1.32 ) Discontinued operations — (0.05 ) Net income (loss) per common share $ (1.72 ) $ (1.37 ) During the three months ended March 31, 2016, we excluded 6,720,462 stock options (2015 Q1: 6,790,531), 3,036,611 restricted stock awards (2015 Q1: 2,876,887), and 885,939 performance share units (2015 Q1: 1,139,268) from the computation of diluted shares as those are anti-dilutive. Additionally, we excluded 7,214,291 shares of common stock from the computation of diluted shares upon the conversion of Convertible Preferred Stock, because their effect would be anti-dilutive under the if-converted method. During the three months ended March 31, 2016, we granted 1,596,742 shares of restricted stock (2015 Q1: 1,118,043), 433,170 performance share units (2015 Q1: 362,873) and 805,068 stock options (2015 Q1: 521,773).

Guarantees and Contingencies

Guarantees and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Guarantees and Contingencies	8. Guarantees and Contingencies We are subject to loss contingencies with respect to various claims, lawsuits and other proceedings. A liability is recognized in our consolidated financial statements when it is probable that a loss has been incurred and the amount can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated or the risk of loss is only reasonably possible, a liability is not accrued; however, we disclose the nature of those contingencies. We cannot predict with certainty if, how or when existing claims, lawsuits and proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through lengthy discovery, conciliation and/or arbitration proceedings, or litigation before a loss or range of loss can be reasonably estimated. Subject to the foregoing, in management’s opinion, based upon currently known facts and circumstances, the outcome of such lawsuits, claims and proceedings, including the matters described below, is not expected to have a material adverse effect on our financial condition. However, we could incur judgments, enter into settlements or revise our opinion regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations in the period in which the amounts are accrued and our cash flows in the period in which the amounts are paid. In September 2003, we received a directive from the New Jersey Department of Environmental Protection (NJDEP) to remediate contamination in the sediments of the Lower Passaic River. The NJDEP is also seeking natural resource damages. The directive, insofar as it affects us, relates to alleged releases from a petroleum bulk storage terminal in Newark, New Jersey we previously owned. We and over 70 companies entered into an Administrative Order on Consent with the Environmental Protection Agency (EPA) to study the same contamination; this work remains ongoing. We and other parties settled a cost recovery claim by the State of New Jersey and also agreed with EPA to fund remediation of a portion of the site. In April 2014, the EPA issued a Focused Feasibility Study (“FFS”) proposing to conduct bank-to-bank dredging of the lower eight miles of the Passaic River at an estimated cost of $1.7 billion. From time to time, we are involved in other judicial and administrative proceedings, including proceedings relating to other environmental matters. We cannot predict with certainty if, how or when such proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters before a loss or range of loss can be reasonably estimated for any proceeding. Subject to the foregoing, in management’s opinion, based upon currently known facts and circumstances, the outcome of such proceedings is not expected to have a material adverse effect on our financial condition, results of operations or cash flows.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	9. Segment Information We currently have two operating segments, Exploration and Production and Bakken Midstream. All unallocated costs are reflected under Corporate, Interest and Other. The following table presents operating segment financial data for continuing operations (in millions): For the Three Months Ended March 31, 2016 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 973 $ — $ — $ — $ 973 Intersegment Revenues — 119 — (119 ) — Operating Revenues $ 973 $ 119 $ — $ (119 ) $ 973 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (451 ) $ 14 $ (72 ) $ — $ (509 ) Depreciation, Depletion and Amortization 842 23 3 — 868 Provision (Benefit) for Income Taxes (314 ) 8 (40 ) — (346 ) Capital Expenditures 505 35 — — 540 For the Three Months Ended March 31, 2015 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 1,538 $ — $ — $ — $ 1,538 Intersegment Revenues — 130 — (130 ) — Operating Revenues $ 1,538 $ 130 $ — $ (130 ) $ 1,538 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (314 ) $ 27 $ (89 ) $ — $ (376 ) Depreciation, Depletion and Amortization 932 21 3 — 956 Provision (Benefit) for Income Taxes (311 ) 16 (56 ) — (351 ) Capital Expenditures 1,197 40 — — 1,237 Identifiable assets by operating segment were as follows: March 31, December 31, 2016 2015 (In millions) Exploration and Production $ 28,827 $ 28,863 Bakken Midstream 2,780 2,754 Corporate, Interest and Other 3,201 2,540 Total $ 34,808 $ 34,157

Financial Risk Management Activ

Financial Risk Management Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Risk Management Activities	10. Financial Risk Management Activities In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas as well as changes in interest rates and foreign currency values. Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or by reducing our exposure to foreign currency or interest rate movements. Generally, futures, swaps or option strategies may be used to fix the forward selling price of a portion of our crude oil or natural gas production. Forward contracts may also be used to purchase certain currencies in which we conduct the business with the intent of reducing exposure to foreign currency fluctuations. These forward contracts comprise various currencies, primarily the British Pound and Danish Krone. Interest rate swaps may be used to convert interest payments on certain long-term debt from fixed to floating rates. Gross notional amounts of both long and short positions are presented in the volume tables below. These amounts include long and short positions that offset in closed positions and have not reached contractual maturity. Gross notional amounts do not quantify risk or represent assets or liabilities of the Corporation, but are used in the calculation of cash settlements under the contracts. The gross volumes of the financial risk management derivative contracts outstanding were as follows: March 31, 2016 December 31, 2015 (In millions of USD) Foreign exchange $ 837 $ 967 Interest rate swaps $ 1,300 $ 1,300 The table below reflects the gross and net fair values of the risk management derivative instruments, all of which are based on Level 2 inputs: Accounts Receivable Accounts Payable (In millions) March 31, 2016 Derivative Contracts Designated as Hedging Instruments Interest rate $ 15 $ — Total derivative contracts designated as hedging instruments 15 — Derivative Contracts Not Designated as Hedging Instruments Foreign exchange — (21 ) Total derivative contracts not designated as hedging instruments — (21 ) Gross fair value of derivative contracts 15 (21 ) Net Fair Value of Derivative Contracts $ 15 $ (21 ) December 31, 2015 Derivative Contracts Designated as Hedging Instruments Interest rate $ 3 $ — Total derivative contracts designated as hedging instruments 3 — Derivative Contracts Not Designated as Hedging Instruments Foreign exchange 19 (3 ) Total derivative contracts not designated as hedging instruments 19 (3 ) Gross fair value of derivative contracts 22 (3 ) Master netting arrangements (3 ) 3 Net Fair Value of Derivative Contracts $ 19 $ — Derivative contracts designated as hedging instruments: Interest rate swaps: At March 31, 2016, and December 31, 2015, we had interest rate swaps with gross notional amounts totaling $1,300 million, which were designated as fair value hedges. In the first quarter of 2016, the unrealized change in fair value of interest rate swaps was an increase of $14 million (2015 Q1: $10 million increase) with a corresponding adjustment to the carrying value of the hedged fixed‑rate debt. Crude oil collars - 2015 : Total gains from Brent and West Texas Intermediate crude oil collars for the first quarter of 2015 increased Sales and other operating revenues by $17 million. Derivative contracts not designated as hedging instruments: Foreign exchange : Total foreign exchange gains and losses are reported in Other, net in Revenues and non-operating income in the and amounted to a gain of $6 million in the first quarter of 2016 (2015 Q1: gain of $15 million), which includes gains or losses on foreign exchange contracts that are not designated as hedges amounting to a loss of $20 million (2015 Q1: gain of $98 million). The after‑tax foreign currency translation adjustments included in the amounted to a gain of $169 million for the three months ended March 31, 2016 (2015 Q1: loss of $120 million). The cumulative currency translation adjustment at March 31, 2016 was a reduction to shareholders’ equity of $932 million compared with a reduction of $1,101 million at December 31, 2015. Fair Value Measurement: We have other short-term financial instruments, primarily cash equivalents, accounts receivable and accounts payable, for which the carrying value approximated fair value at March 31, 2016. Total Long-term debt with a carrying value of $6,592 million at March 31, 2016, had a fair value of $6,634 million based on Level 2 inputs.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09, Revenue from Contracts with Customers , as a new Accounting Standards Codification (ASC) Topic, ASC 606. This ASU is effective for us beginning in the first quarter of 2018 , with early adoption permitted from the first quarter of 2017. We are currently assessing the impact of the ASU on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases permitted In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: March 31, December 31, 2016 2015 (In millions) Crude oil and natural gas liquids $ 144 $ 144 Materials and supplies 272 255 Total inventories $ 416 $ 399

Capitalized Exploratory Well 20

Capitalized Exploratory Well Costs (Tables)	3 Months Ended
	Mar. 31, 2016
Capitalized Exploratory Well Costs [Abstract]
Net Changes in Capitalized Exploratory Well Costs	The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the three months ended March 31, 2016 (in millions): Balance at January 1, 2016 $ 1,415 Additions to capitalized exploratory well costs pending the determination of proved reserves 60 Capitalized exploratory well costs charged to expense (25 ) Balance at March 31, 2016 $ 1,450

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Components of Net Periodic Pension Cost	Components of net periodic pension cost consisted of the following: Three Months Ended March 31, 2016 2015 (In millions) Service cost $ 16 $ 17 Interest cost 28 26 Expected return on plan assets (42 ) (42 ) Amortization of unrecognized net actuarial losses 16 19 Pension expense $ 18 $ 20

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Income (Loss) and Weighted Average Number of Common Shares Used in the Computation of Basic and Diluted Earnings Per Share	The Net income (loss) and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended March 31, 2016 2015 (In millions, except per share amounts) Net income (loss) attributable to Hess Corporation Common Stockholders: Income (loss) from continuing operations, net of income taxes $ (488 ) $ (376 ) Less: Net income (loss) attributable to noncontrolling interests 21 — Net income (loss) from continuing operations attributable to Hess Corporation (509 ) (376 ) Less: Preferred stock dividends 6 — Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders (515 ) (376 ) Income from discontinued operations, net of income taxes — (13 ) Net income (loss) attributable to Hess Corporation Common Stockholders $ (515 ) $ (389 ) Weighted Average Number of Common Shares Outstanding: Basic 299.8 283.5 Effect of dilutive securities Restricted common stock — — Stock options — — Performance share units — — Mandatory Convertible Preferred stock — — Diluted 299.8 283.5 Net Income (Loss) Attributable to Hess Corporation per Common Share: Basic: Continuing operations $ (1.72 ) $ (1.32 ) Discontinued operations — (0.05 ) Net income (loss) per common share $ (1.72 ) $ (1.37 ) Diluted: Continuing operations $ (1.72 ) $ (1.32 ) Discontinued operations — (0.05 ) Net income (loss) per common share $ (1.72 ) $ (1.37 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Financial Data and Identifiable Assets by Operating Segment	The following table presents operating segment financial data for continuing operations (in millions): For the Three Months Ended March 31, 2016 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 973 $ — $ — $ — $ 973 Intersegment Revenues — 119 — (119 ) — Operating Revenues $ 973 $ 119 $ — $ (119 ) $ 973 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (451 ) $ 14 $ (72 ) $ — $ (509 ) Depreciation, Depletion and Amortization 842 23 3 — 868 Provision (Benefit) for Income Taxes (314 ) 8 (40 ) — (346 ) Capital Expenditures 505 35 — — 540 For the Three Months Ended March 31, 2015 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 1,538 $ — $ — $ — $ 1,538 Intersegment Revenues — 130 — (130 ) — Operating Revenues $ 1,538 $ 130 $ — $ (130 ) $ 1,538 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (314 ) $ 27 $ (89 ) $ — $ (376 ) Depreciation, Depletion and Amortization 932 21 3 — 956 Provision (Benefit) for Income Taxes (311 ) 16 (56 ) — (351 ) Capital Expenditures 1,197 40 — — 1,237 Identifiable assets by operating segment were as follows: March 31, December 31, 2016 2015 (In millions) Exploration and Production $ 28,827 $ 28,863 Bakken Midstream 2,780 2,754 Corporate, Interest and Other 3,201 2,540 Total $ 34,808 $ 34,157

Financial Risk Management Act24

Financial Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross Notional Volumes of Financial Risk Management Derivative Contracts Outstanding	The gross volumes of the financial risk management derivative contracts outstanding were as follows: March 31, 2016 December 31, 2015 (In millions of USD) Foreign exchange $ 837 $ 967 Interest rate swaps $ 1,300 $ 1,300
Gross and Net Fair Values of Financial Risk Management Derivative Instruments	The table below reflects the gross and net fair values of the risk management derivative instruments, all of which are based on Level 2 inputs: Accounts Receivable Accounts Payable (In millions) March 31, 2016 Derivative Contracts Designated as Hedging Instruments Interest rate $ 15 $ — Total derivative contracts designated as hedging instruments 15 — Derivative Contracts Not Designated as Hedging Instruments Foreign exchange — (21 ) Total derivative contracts not designated as hedging instruments — (21 ) Gross fair value of derivative contracts 15 (21 ) Net Fair Value of Derivative Contracts $ 15 $ (21 ) December 31, 2015 Derivative Contracts Designated as Hedging Instruments Interest rate $ 3 $ — Total derivative contracts designated as hedging instruments 3 — Derivative Contracts Not Designated as Hedging Instruments Foreign exchange 19 (3 ) Total derivative contracts not designated as hedging instruments 19 (3 ) Gross fair value of derivative contracts 22 (3 ) Master netting arrangements (3 ) 3 Net Fair Value of Derivative Contracts $ 19 $ —

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Millions	Dec. 31, 2015USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Amount recast to reduce Other assets and Long-term debt as a result of adopting ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs	$ 38

Common and Preferred Stock Is26

Common and Preferred Stock Issuance - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016
Class Of Stock [Line Items]
Cumulative mandatory convertible series		8.00%
Preferred stock, par value		$ 1
Preferred stock, liquidation preference per share		$ 1,000
Net proceeds from issuance of common stock and Mandatory convertible preferred stock, after deducting underwriting discounts, commissions, and offering expenses	$ 1,600,000,000
Series A Mandatory Convertible Preferred Stock
Class Of Stock [Line Items]
Shares of stock issued	575,000
Cumulative mandatory convertible series	8.00%
Preferred stock, par value	$ 1
Preferred stock, liquidation preference per share	$ 1,000
Series A Mandatory Convertible Preferred Stock | Minimum
Class Of Stock [Line Items]
Number of shares issued for each share of convertible preferred stock that is converted	21.822
Series A Mandatory Convertible Preferred Stock | Maximum
Class Of Stock [Line Items]
Number of shares issued for each share of convertible preferred stock that is converted	25.642
Series A Mandatory Convertible Preferred Stock | Final Average Price, $45.83 or less
Class Of Stock [Line Items]
Value of capped call transaction	$ 0
Series A Mandatory Convertible Preferred Stock | Final Average Price, $53.625 or higher
Class Of Stock [Line Items]
Value of capped call transaction	$ 98,000,000
Series A Mandatory Convertible Preferred Stock | Final Average Price between $45.83 and $53.625
Class Of Stock [Line Items]
Number of shares multiplied by difference between the final average price	12,550,000
Common Stock
Class Of Stock [Line Items]
Shares of stock issued	28,750,000
Capital in Excess of Par | Series A Mandatory Convertible Preferred Stock
Class Of Stock [Line Items]
Premium paid for capped call transaction	$ 37,000,000

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 144	$ 144
Materials and supplies	272	255
Total inventories	$ 416	$ 399

Capitalized Exploratory Well 28

Capitalized Exploratory Well Costs - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Capitalized Exploratory Well Costs [Abstract]
Beginning balance	$ 1,415
Additions to capitalized exploratory well costs pending the determination of proved reserves	60
Capitalized exploratory well costs charged to expense	(25)
Ending balance	$ 1,450

Capitalized Exploratory Well 29

Capitalized Exploratory Well Costs - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)Well
Capitalized Exploratory Well Costs [Line Items]
Exploratory dry hole costs which were incurred and subsequently expensed	$ 60
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,055
Equus Project On License WA-390-P, Offshore Western Australia
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	75.00%
Offshore Ghana
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	25.00%
This number of approved appraisal wells is completed | Well	3

Bakken Midstream Joint Venture

Bakken Midstream Joint Venture - Additional Information (Detail) - USD ($) $ in Millions	Jul. 02, 2015	Mar. 31, 2016	Dec. 31, 2015	Jul. 01, 2015	Mar. 31, 2015	Dec. 31, 2014
Bakken Midstream Joint Venture [Line Items]
Percentage interest sold of Hess Infrastructure Partners				50.00%
Proceeds from sale of interest in Hess Infrastructure Partners	$ 2,600
Cash and cash equivalents		$ 3,557	$ 2,716		$ 1,506	$ 2,444
Property, plant and equipment, net		26,241	26,352
Total long-term debt		6,592
Hess Infrastructure Partners LP (HIP)
Bakken Midstream Joint Venture [Line Items]
Cash and cash equivalents		2	3
Property, plant and equipment, net		$ 2,388	2,358
Bakken Midstream liabilities non-recourse to Hess Corporation		liabilities totaling $788 million (December 31, 2015: $824 million)
Total long-term debt		$ 709	$ 704

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Service cost	$ 16	$ 17
Interest cost	28	26
Expected return on plan assets	(42)	(42)
Amortization of unrecognized net actuarial losses	16	19
Pension expense	$ 18	$ 20

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Compensation And Retirement Disclosure [Abstract]
Corporation's estimated contribution for funded pension plans during the current year	$ 27
Corporation's contribution for funded pension plan during the quarter	$ 6

Weighted Average Common Share33

Weighted Average Common Shares - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income (loss) attributable to Hess Corporation Common Stockholders:
Income (loss) from continuing operations, net of income taxes	$ (488)	$ (376)
Less: Net income (loss) attributable to noncontrolling interests	21	0
Net income (loss) from continuing operations attributable to Hess Corporation	(509)	(376)
Less: Preferred stock dividends	6	0
Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders	(515)	(376)
Income from discontinued operations, net of income taxes	0	(13)
Net Income (Loss) Applicable to Hess Corporation Common Stockholders	$ (515)	$ (389)
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Basic	299,800,000	283,500,000
Shares outstanding – Diluted	299,800,000	283,500,000
Net Income (Loss) Attributable to Hess Corporation Per Share – Basic :
Continuing operations	$ (1.72)	$ (1.32)
Discontinued operations	0	(0.05)
Net Income (Loss) Per Common Share	(1.72)	(1.37)
Net Income (Loss) Attributable to Hess Corporation Per Share – Diluted:
Continuing operations	(1.72)	(1.32)
Discontinued operations	0	(0.05)
Net Income (Loss) Per Common Share	$ (1.72)	$ (1.37)
Restricted Common Stock
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0
Antidilutive shares excluded from computation of diluted shares	3,036,611	2,876,887
Stock Options
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0
Antidilutive shares excluded from computation of diluted shares	6,720,462	6,790,531
Performance Share Units
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0
Antidilutive shares excluded from computation of diluted shares	885,939	1,139,268
Mandatory Convertible Preferred Stock
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0
Antidilutive shares excluded from computation of diluted shares	7,214,291	0

Weighted Average Common Share34

Weighted Average Common Shares - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Shares granted, restricted stock	1,596,742	1,118,043
Shares granted, performance share units	433,170	362,873
Shares granted, stock options	805,068	521,773

Guarantees and Contingencies -

Guarantees and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 04, 2016	Apr. 30, 2014
Commitments And Contingencies Disclosure [Abstract]
Estimated remediation cost related to Lower Passaic River in New Jersey	$ 1,380	$ 1,700

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Segment
Segment Reporting [Abstract]
Number of operating segments for the Corporation	2

Segment Information - Financial

Segment Information - Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	$ 973	$ 1,538
Intersegment Revenues	0	0
Operating Revenues	973	1,538
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	(509)	(376)
Depreciation, Depletion and Amortization	868	956
Provision (Benefit) for Income Taxes	(346)	(351)
Capital Expenditures	540	1,237
Identifiable assets	34,808		$ 34,157
Exploration and Production
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	973	1,538
Intersegment Revenues	0	0
Operating Revenues	973	1,538
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	(451)	(314)
Depreciation, Depletion and Amortization	842	932
Provision (Benefit) for Income Taxes	(314)	(311)
Capital Expenditures	505	1,197
Identifiable assets	28,827		28,863
Bakken Midstream
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	0	0
Intersegment Revenues	119	130
Operating Revenues	119	130
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	14	27
Depreciation, Depletion and Amortization	23	21
Provision (Benefit) for Income Taxes	8	16
Capital Expenditures	35	40
Identifiable assets	2,780		2,754
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	0	0
Intersegment Revenues	0	0
Operating Revenues	0	0
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	(72)	(89)
Depreciation, Depletion and Amortization	3	3
Provision (Benefit) for Income Taxes	(40)	(56)
Capital Expenditures	0	0
Identifiable assets	3,201		$ 2,540
Eliminations
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	0	0
Intersegment Revenues	(119)	(130)
Operating Revenues	(119)	(130)
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	0	0
Depreciation, Depletion and Amortization	0	0
Provision (Benefit) for Income Taxes	0	0
Capital Expenditures	$ 0	$ 0

Financial Risk Management Act38

Financial Risk Management Activities - Gross Notional Volumes of Derivative Contracts Outstanding (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Foreign Exchange
Derivative [Line Items]
Outstanding gross notional amount	$ 837,000,000	$ 967,000,000
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 1,300,000,000	$ 1,300,000,000

Financial Risk Management Act39

Financial Risk Management Activities - Gross and Net Fair Values (Detail) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Accounts Receivable
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	$ 15	$ 22
ASSETS – Master netting arrangements		(3)
ASSETS – Net fair value of Derivative Contracts	15	19
Accounts Receivable | Designated As Hedging Instrument
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	15	3
Accounts Receivable | Designated As Hedging Instrument | Interest Rate Contract
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	15	3
Accounts Receivable | Derivative Contracts Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	0	19
Accounts Receivable | Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	0	19
Accounts Payable
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	(21)	(3)
LIABILITIES – Master netting arrangements		3
LIABILITIES – Net fair value of Derivative Contracts	(21)	0
Accounts Payable | Designated As Hedging Instrument
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	0	0
Accounts Payable | Designated As Hedging Instrument | Interest Rate Contract
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	0	0
Accounts Payable | Derivative Contracts Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	(21)	(3)
Accounts Payable | Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	$ (21)	$ (3)

Financial Risk Management Act40

Financial Risk Management Activities - Corporate Financial Risk Management Activities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative Instruments Gain Loss [Line Items]
Amount of total gains (losses) from Brent & WTI crude oil collars, which impact Sales and other operating revenues		$ 17,000,000
Interest Rate Swaps
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount, in USD	$ 1,300,000,000		$ 1,300,000,000
Unrealized change in fair value of interest rate swaps - increase/(decrease)	14,000,000	10,000,000
Foreign Exchange
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount, in USD	837,000,000		967,000,000
Total foreign exchange gains and (losses) reported in Other, net in Revenues and Non-Operating Income in the Statement of Consolidated Income	6,000,000	15,000,000
Gain (Loss) on foreign exchange contracts not designated as hedging instruments	(20,000,000)	98,000,000
After tax foreign currency translation adjustments included in Accumulated other comprehensive income (loss)	169,000,000	$ (120,000,000)
Accumulated cumulative currency translation adjustment	$ (932,000,000)		$ (1,101,000,000)

Financial Risk Management Act41

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Mar. 31, 2016USD ($)
Derivative [Line Items]
Total Long-term debt, Carrying Value	$ 6,592
Fair Value, Inputs, Level 2
Derivative [Line Items]
Total Long-term debt, Fair Value	$ 6,634