Hess (HES) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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	316,674,357

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 3,095	$ 2,716
Accounts receivable
Trade	843	847
Other	205	312
Inventories	377	399
Other current assets	111	130
Total current assets	4,631	4,404
Property, plant and equipment:
Total — at cost	47,908	46,826
Less: Reserves for depreciation, depletion, amortization and lease impairment	22,139	20,474
Property, plant and equipment — net	25,769	26,352
Goodwill	375	375
Deferred income taxes	3,043	2,653
Other assets	416	373
Total Assets	34,234	34,157
Current Liabilities:
Accounts payable	525	457
Accrued liabilities	1,421	1,997
Taxes payable	91	88
Current maturities of long-term debt	102	86
Total current liabilities	2,139	2,628
Long-term debt	6,450	6,506
Deferred income taxes	1,227	1,334
Asset retirement obligations	2,238	2,158
Other liabilities and deferred credits	1,006	1,130
Total liabilities	13,060	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 — 316,674,357 shares (2015: 286,045,586)	317	286
Capital in excess of par value	5,741	4,127
Retained earnings	15,559	16,637
Accumulated other comprehensive income (loss)	(1,499)	(1,664)
Total Hess Corporation stockholders' equity	20,119	19,386
Noncontrolling interests	1,055	1,015
Total equity	21,174	20,401
Total Liabilities and Equity	$ 34,234	$ 34,157

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 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	316,674,357	286,045,586

Statement of Consolidated Incom

Statement of Consolidated Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues and Non-Operating Income
Sales and other operating revenues	$ 1,224	$ 1,953	$ 2,197	$ 3,491
Other, net	45	(18)	65	(6)
Total revenues and non-operating income	1,269	1,935	2,262	3,485
Costs and Expenses
Cost of products sold (excluding items shown separately below)	277	356	466	634
Operating costs and expenses	455	503	891	1,009
Production and severance taxes	28	45	47	81
Exploration expenses, including dry holes and lease impairment	199	90	331	359
General and administrative expenses	106	151	204	298
Interest expense	85	86	170	171
Depreciation, depletion and amortization	797	1,028	1,665	1,984
Impairment	0	385	0	385
Total costs and expenses	1,947	2,644	3,774	4,921
Income (Loss) from Continuing Operations Before Income Taxes	(678)	(709)	(1,512)	(1,436)
Provision (benefit) for income taxes	(305)	(156)	(651)	(507)
Income (Loss) from Continuing Operations	(373)	(553)	(861)	(929)
Income (Loss) from Discontinued Operations, Net of Income Taxes	0	(14)	0	(27)
Net Income (Loss)	(373)	(567)	(861)	(956)
Less: Net income (loss) attributable to noncontrolling interests	19	0	40	0
Net Income (Loss) Attributable to Hess Corporation	(392)	(567)	(901)	(956)
Less: Preferred stock dividends	12	0	18	0
Net Income (Loss) Applicable to Hess Corporation Common Stockholders	$ (404)	$ (567)	$ (919)	$ (956)
Basic:
Continuing operations	$ (1.29)	$ (1.94)	$ (3)	$ (3.27)
Discontinued operations	0	(0.05)	0	(0.10)
Net Income (Loss) Per Common Share	(1.29)	(1.99)	(3)	(3.37)
Diluted:
Continuing operations	(1.29)	(1.94)	(3)	(3.27)
Discontinued operations	0	(0.05)	0	(0.10)
Net Income (Loss) Per Common Share	$ (1.29)	$ (1.99)	$ (3)	$ (3.37)
Weighted Average Number of Common Shares Outstanding (Diluted)	313.2	284.3	306.5	283.9
Common Stock Dividends Per Share	$ 0.25	$ 0.25	$ 0.50	$ 0.50

Statement of Consolidated Compr

Statement of Consolidated Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ (373)	$ (567)	$ (861)	$ (956)
Derivatives designated as cash flow hedges
Change in fair value of cash flow hedges	0	(18)	0	2
Income taxes on change in fair value of cash flow hedges	0	6	0	(1)
Net change in fair value of cash flow hedges	0	(12)	0	1
Change in derivatives designated as cash flow hedges, after taxes	0	(12)	0	1
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	4	(15)	4	(15)
Income taxes on actuarial changes in plan liabilities	(2)	6	(2)	6
(Increase) reduction in unrecognized actuarial losses, net	2	(9)	2	(9)
Amortization of net actuarial losses	16	25	32	44
Income taxes on amortization of net actuarial losses	(6)	(8)	(11)	(14)
Net effect of amortization of net actuarial losses	10	17	21	30
Change in pension and other postretirement plans, after taxes	12	8	23	21
Foreign currency translation adjustment
Foreign currency translation adjustment	(27)	72	142	(48)
Change in foreign currency translation adjustment	(27)	72	142	(48)
Total Other Comprehensive Income (Loss)	(15)	68	165	(26)
Comprehensive Income (Loss)	(388)	(499)	(696)	(982)
Less: Comprehensive income (loss) attributable to noncontrolling interests	19	0	40	0
Comprehensive Income (Loss) Attributable to Hess Corporation	$ (407)	$ (499)	$ (736)	$ (982)

Statement of Consolidated Cash

Statement of Consolidated Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities
Net income (loss)	$ (861)	$ (956)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
(Gains) losses on asset sales, net	(27)	0
Depreciation, depletion and amortization	1,665	1,984
Exploratory dry hole costs	218	176
Exploration lease impairment	24	78
Impairment	0	385
Stock compensation expense	47	51
Provision (benefit) for deferred income taxes and other tax accruals	(661)	(534)
(Income) loss from discontinued operations, net of income taxes	0	27
Change in operating assets and liabilities
(Increase) decrease in accounts receivable	79	221
(Increase) decrease in inventories	25	(47)
Increase (decrease) in accounts payable and accrued liabilities	(197)	(88)
Increase (decrease) in taxes payable	(19)	3
Change in other operating assets and liabilities	(156)	(203)
Cash provided by (used in) operating activities - continuing operations	137	1,097
Cash provided by (used in) operating activities - discontinued operations	0	(21)
Net cash provided by (used in) operating activities	137	1,076
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,115)	(2,314)
Additions to property, plant and equipment - Bakken Midstream	(120)	(109)
Proceeds from asset sales	80	0
Other, net	15	(13)
Cash provided by (used in) investing activities - continuing operations	(1,140)	(2,436)
Cash provided by (used in) investing activities - discontinued operations	0	95
Net cash provided by (used in) investing activities	(1,140)	(2,341)
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	(60)	(34)
Proceeds from issuance of preferred stock	557	0
Proceeds from issuance of common stock	1,087	0
Common stock acquired and retired	0	(78)
Cash dividends paid	(169)	(144)
Other, net	(38)	8
Cash provided by (used in) financing activities - continuing operations	1,382	(248)
Cash provided by (used in) financing activities - discontinued operations	0	0
Net cash provided by (used in) financing activities	1,382	(248)
Net Increase (Decrease) in Cash and Cash Equivalents	379	(1,513)
Cash and Cash Equivalents at Beginning of Year	2,716	2,444
Cash and Cash Equivalents at End of Period	$ 3,095	$ 931

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)	(956)	0	0	0	(956)	0	(956)	0
Other comprehensive income (loss)	(26)	0	0	0	0	(26)	(26)	0
Activity related to restricted common stock awards, net	36	0	2	34	0	0	36	0
Employee stock options, including income tax benefits	12	0	0	12	0	0	12	0
Performance share units	12	0	0	12	0	0	12	0
Dividends on common stock	(144)	0	0	0	(144)	0	(144)	0
Common stock acquired and retired	(36)	0	(1)	(6)	(29)	0	(36)	0
Noncontrolling interests, net	(115)	0	0	0	0	0	0	(115)
Balance at Jun. 30, 2015	21,103	0	287	3,329	18,923	(1,436)	21,103	0
Balance at Dec. 31, 2015	20,401	0	286	4,127	16,637	(1,664)	19,386	1,015
Net income (loss)	(861)	0	0	0	(901)	0	(901)	40
Other comprehensive income (loss)	165	0	0	0	0	165	165	0
Stock issuance	1,607	1	29	1,577	0	0	1,607	0
Activity related to restricted common stock awards, net	25	0	2	23	0	0	25	0
Employee stock options, including income tax benefits	4	0	0	4	0	0	4	0
Performance share units	10	0	0	10	0	0	10	0
Dividends on preferred stock	(18)	0	0	0	(18)	0	(18)	0
Dividends on common stock	(159)	0	0	0	(159)	0	(159)	0
Balance at Jun. 30, 2016	$ 21,174	$ 1	$ 317	$ 5,741	$ 15,559	$ (1,499)	$ 20,119	$ 1,055

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation 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 June 30, 2016 and December 31, 2015, the consolidated results of operations for the three months and six months ended June 30, 2016 and 2015, and consolidated cash flows for the six months ended June 30, 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 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consisted of the following: June 30, December 31, 2016 2015 (In millions) Crude oil and natural gas liquids $ 95 $ 144 Materials and supplies 282 255 Total inventories $ 377 $ 399

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 (in millions): Balance at January 1, 2016 $ 1,415 Additions to capitalized exploratory well costs pending the determination of proved reserves 93 Capitalized exploratory well costs charged to expense (114 ) Balance at June 30, 2016 $ 1,394 Exploratory wells costs charged to expense in the six months ended June 30, 2016 totaled $218 million, which includes $104 million of exploratory well costs incurred in 2016 that are not reflected in the table above. We expensed the non-operated Melmar exploration well in the Gulf of Mexico, where noncommercial quantities of hydrocarbons were encountered. In addition, at the non-operated Sicily exploration project in the Gulf of Mexico where hydrocarbons were encountered, we decided in the second quarter not to pursue the project due to the current price environment and the limited time remaining on the leases. The cost of both wells drilled at Sicily were expensed in the quarter. Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $1,150 million at June 30, 2016 and primarily related to: Australia: Approximately 70% 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 second quarter of 2016, we continued a joint front-end engineering study with NWS and 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 completed drilling of an exploration commitment well in the second quarter of 2016 and encountered hydrocarbons. The associated well costs have been capitalized pending determination of proved reserves. Ghana: Approximately 20% 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 four discoveries, including the Pecan Field in March 2016 which would be the primary development hub for the block. We are continuing to work with the government on how best to progress work on the block given the maritime border dispute. Guyana: Approximately 10% of the capitalized well costs in excess of one year relates to the Stabroek Block, offshore Guyana, where the operator, Esso Exploration and Production Guyana Limited, announced a significant oil discovery at the Liza #1 well in the second quarter of 2015. During 2016, the operator drilled the Liza #2 well which also encountered hydrocarbons, continued pre-development activities for Liza, and completed a 17,000 square kilometer 3D seismic shoot on the Stabroek Block. The operator is currently drilling the Skipjack exploration well, which is a separate prospect 25 miles northwest of the Liza discovery.

Impairment

Impairment	6 Months Ended
	Jun. 30, 2016
Asset Impairment Charges [Abstract]
Impairment	5. Impairment As a result of establishing the Bakken Midstream operating segment in the second quarter of 2015, we performed impairment tests on the Offshore and Onshore reporting units prior to creation of the Bakken Midstream segment in accordance with accounting standards for goodwill. No impairment resulted from this assessment. In addition, we performed separate impairment tests at June 30, 2015, on the allocated goodwill to the Bakken Midstream segment and Onshore reporting unit of the E&P segment following the creation of the Bakken Midstream segment. No impairment existed for the Bakken Midstream segment, but goodwill allocated to the Onshore reporting unit of $385 million did not pass the impairment test. As a result, we recorded a noncash charge of $385 million in the second quarter of 2015 to reduce the Onshore reporting unit goodwill to its implied fair value of zero based on a hypothetical purchase price allocation as stipulated in the accounting standards.

Bakken Midstream Joint Venture

Bakken Midstream Joint Venture	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Bakken Midstream Joint Venture	6. Bakken Midstream Joint Venture On July 1, 2015, we sold a 50% interest in Hess Infrastructure Partners LP (HIP) to Global Infrastructure Partners 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. GAAP. At June 30, 2016, HIP liabilities totaling $789 million (December 31, 2015: $824 million) are on a nonrecourse basis to Hess Corporation, which includes total long-term debt of $684 million (December 31, 2015: $704 million). At June 30, 2016, HIP assets available to settle its obligations include Cash and cash equivalents totaling $1 million (December 31, 2015: $3 million) and Property, plant and equipment with a carrying value of $2,444 million (December 31, 2015: $2,358 million).

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	7. Debt We have $300 million in fixed-rate public notes that will mature in June 2017. These notes have been classified as long-term in the Consolidated Balance Sheet

Retirement Plans

Retirement Plans	6 Months Ended
	Jun. 30, 2016
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	8. Retirement Plans Components of net periodic pension cost consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In millions) Service cost $ 16 $ 18 $ 32 $ 35 Interest cost 28 26 56 52 Expected return on plan assets (42 ) (43 ) (84 ) (85 ) Amortization of unrecognized net actuarial losses 16 20 32 39 Settlement loss — 5 — 5 Pension expense $ 18 $ 26 $ 36 $ 46 In 2016, we expect to contribute $27 million to our funded pension plans. Through June 30, 2016, we have contributed $13 million to these plans.

Weighted Average Common Shares

Weighted Average Common Shares	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted Average Common Shares	9. 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 Six Months Ended June 30, June 30, 2016 2015 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 $ (373 ) $ (553 ) $ (861 ) $ (929 ) Less: Net income (loss) attributable to noncontrolling interests 19 — 40 — Net income (loss) from continuing operations attributable to Hess Corporation (392 ) (553 ) (901 ) (929 ) Less: Preferred stock dividends 12 — 18 — Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders (404 ) (553 ) (919 ) (929 ) Income from discontinued operations, net of income taxes — (14 ) — (27 ) Net income (loss) attributable to Hess Corporation Common Stockholders $ (404 ) $ (567 ) $ (919 ) $ (956 ) Weighted Average Number of Common Shares Outstanding: Basic 313.2 284.3 306.5 283.9 Effect of dilutive securities Restricted common stock — — — — Stock options — — — — Performance share units — — — — Mandatory Convertible Preferred stock — — — — Diluted 313.2 284.3 306.5 283.9 Net Income (Loss) Attributable to Hess Corporation Per Common Share: Basic: Continuing operations $ (1.29 ) $ (1.94 ) $ (3.00 ) $ (3.27 ) Discontinued operations — (0.05 ) — (0.10 ) Net income (loss) per common share $ (1.29 ) $ (1.99 ) $ (3.00 ) $ (3.37 ) Diluted: Continuing operations $ (1.29 ) $ (1.94 ) $ (3.00 ) $ (3.27 ) Discontinued operations — (0.05 ) — (0.10 ) Net income (loss) per common share $ (1.29 ) $ (1.99 ) $ (3.00 ) $ (3.37 ) The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Restricted common stock 3,522,376 3,027,138 3,279,493 2,952,012 Stock options 6,994,061 7,012,818 6,857,262 6,901,674 Performance share units 1,031,420 912,383 958,679 1,025,826 Common shares upon conversion of Preferred stock 12,547,650 — 9,880,971 — During the six months ended June 30, 2016, we granted 1,610,190 shares of restricted stock (2015: 1,122,724), 447,536 performance share units (2015: 362,873) and 824,225 stock options (2015: 521,773).

Guarantees and Contingencies

Guarantees and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Guarantees and Contingencies	10. Guarantees and Contingencies We are subject to loss contingencies with respect to various claims, lawsuits and other proceedings, including administrative proceedings and proceedings relating to environmental matters. 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 Lower Passaic River at an estimated cost of $1.7 billion. On March 4, 2016, the EPA issued a Record of Decision (“ROD”) in respect of the lower eight miles of the Lower Passaic River, selecting a remedy that includes bank-to-bank dredging at an estimated cost of $1.38 billion. The ROD does not address the upper nine miles of the Lower Passaic River, which may require additional remedial action. In addition, the federal trustees for natural resources have begun a separate assessment of damages to natural resources in the Passaic River. Given that the EPA has not selected a remedy for the entirety of the Lower Passaic River, total remedial costs cannot be reliably estimated at this time. Based on currently known facts and circumstances, we do not believe that this matter will result in a significant liability to us because there are numerous other parties who we expect will share in the cost of remediation and damages and our former terminal did not store or use contaminants which are of the greatest concern in the river sediments and could not have contributed contamination along most of the river’s length.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	11. 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 June 30, 2016 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 1,224 $ — $ — $ — $ 1,224 Intersegment Revenues — 119 — (119 ) — Operating Revenues $ 1,224 $ 119 $ — $ (119 ) $ 1,224 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (328 ) $ 11 $ (75 ) $ — $ (392 ) Depreciation, Depletion and Amortization 770 25 2 — 797 Provision (Benefit) for Income Taxes (273 ) 7 (39 ) — (305 ) Capital Expenditures 434 67 — — 501 For the Three Months Ended June 30, 2015 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 1,953 $ — $ — $ — $ 1,953 Intersegment Revenues — 145 — (145 ) — Operating Revenues $ 1,953 $ 145 $ — $ (145 ) $ 1,953 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (502 ) $ 32 $ (83 ) $ — $ (553 ) Depreciation, Depletion and Amortization 1,004 22 2 — 1,028 Provision (Benefit) for Income Taxes (120 ) 19 (55 ) — (156 ) Capital Expenditures 948 65 — — 1,013 For the Six Months Ended June 30, 2016 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 2,197 $ — $ — $ — $ 2,197 Intersegment Revenues — 238 — (238 ) — Operating Revenues $ 2,197 $ 238 $ — $ (238 ) $ 2,197 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (779 ) $ 25 $ (147 ) $ — $ (901 ) Depreciation, Depletion and Amortization 1,612 48 5 — 1,665 Provision (Benefit) for Income Taxes (587 ) 15 (79 ) — (651 ) Capital Expenditures 939 102 — — 1,041 For the Six Months Ended June 30, 2015 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 3,491 $ — $ — $ — $ 3,491 Intersegment Revenues — 275 — (275 ) — Operating Revenues $ 3,491 $ 275 $ — $ (275 ) $ 3,491 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (816 ) $ 59 $ (172 ) $ — $ (929 ) Depreciation, Depletion and Amortization 1,936 43 5 — 1,984 Provision (Benefit) for Income Taxes (431 ) 35 (111 ) — (507 ) Capital Expenditures 2,145 105 — — 2,250 Identifiable assets by operating segment were as follows: June 30, December 31, 2016 2015 (In millions) Exploration and Production $ 28,769 $ 28,863 Bakken Midstream 2,835 2,754 Corporate, Interest and Other 2,630 2,540 Total $ 34,234 $ 34,157

Financial Risk Management Activ

Financial Risk Management Activities	6 Months Ended
	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Financial Risk Management Activities	12. 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 table 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 notional amounts of the financial risk management derivative contracts outstanding were as follows: June 30, 2016 December 31, 2015 (In millions of USD) Foreign exchange $ 859 $ 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) June 30, 2016 Derivative Contracts Designated as Hedging Instruments Interest rate $ 20 $ — Total derivative contracts designated as hedging instruments 20 — Derivative Contracts Not Designated as Hedging Instruments Foreign exchange 23 — Total derivative contracts not designated as hedging instruments 23 — Gross fair value of derivative contracts 43 — Master netting arrangements — — Net Fair Value of Derivative Contracts $ 43 $ — 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 June 30, 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 second quarter and first six months of 2016, the unrealized change in fair value of interest rate swaps was an increase of $4 million and $18 million, respectively, compared with a decrease of $6 million and an increase of $4 million in the second quarter and first six months of 2015, respectively. Changes in fair value of interest rate swaps result in a corresponding adjustment to the carrying value of the hedged fixed‑rate debt. Crude oil collars: Total losses from Brent and West Texas Intermediate crude oil collars in the second quarter and first six months of 2015 decreased Sales and other operating revenues by $35 million and $18 million, respectively, which included pre-tax losses of $35 million and $23 million, respectively, associated with changes in time value of the hedging contracts. There were no crude oil hedges outstanding in 2016. Derivative contracts not designated as hedging instruments: Foreign exchange: Total foreign exchange gains and losses, which are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income amounted to gains of $15 million and $21 million in the second quarter and first six months of 2016, respectively, compared with a loss of $7 million and a gain of $8 million in the second quarter and first six months of 2015, respectively. Changes in fair value of foreign exchange contracts that are not designated as hedges, which are a component of total foreign exchange gains and losses above, amounted to gains of $33 million and $13 million in the second quarter and first six months of 2016, respectively, compared with a loss of $41 million and a gain of $57 million in the second quarter and first six months of 2015, respectively. The after‑tax foreign currency translation adjustments included in the Statement of Consolidated Comprehensive Income in the second quarter and first six months of 2016 amounted to a loss of $27 million and a gain of $142 million, respectively, compared with a gain of $72 million and loss of $48 million in the second quarter and first six months of 2015, respectively. The cumulative currency translation adjustment at June 30, 2016, was a reduction to shareholders’ equity of $959 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 June 30, 2016. Total Long-term debt with a carrying value of $6,552 million at June 30, 2016, had a fair value of $7,073 million based on Level 2 inputs.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: June 30, December 31, 2016 2015 (In millions) Crude oil and natural gas liquids $ 95 $ 144 Materials and supplies 282 255 Total inventories $ 377 $ 399

Capitalized Exploratory Well 22

Capitalized Exploratory Well Costs (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2016 (in millions): Balance at January 1, 2016 $ 1,415 Additions to capitalized exploratory well costs pending the determination of proved reserves 93 Capitalized exploratory well costs charged to expense (114 ) Balance at June 30, 2016 $ 1,394

Retirement Plans (Tables)

Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In millions) Service cost $ 16 $ 18 $ 32 $ 35 Interest cost 28 26 56 52 Expected return on plan assets (42 ) (43 ) (84 ) (85 ) Amortization of unrecognized net actuarial losses 16 20 32 39 Settlement loss — 5 — 5 Pension expense $ 18 $ 26 $ 36 $ 46

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2016 2015 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 $ (373 ) $ (553 ) $ (861 ) $ (929 ) Less: Net income (loss) attributable to noncontrolling interests 19 — 40 — Net income (loss) from continuing operations attributable to Hess Corporation (392 ) (553 ) (901 ) (929 ) Less: Preferred stock dividends 12 — 18 — Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders (404 ) (553 ) (919 ) (929 ) Income from discontinued operations, net of income taxes — (14 ) — (27 ) Net income (loss) attributable to Hess Corporation Common Stockholders $ (404 ) $ (567 ) $ (919 ) $ (956 ) Weighted Average Number of Common Shares Outstanding: Basic 313.2 284.3 306.5 283.9 Effect of dilutive securities Restricted common stock — — — — Stock options — — — — Performance share units — — — — Mandatory Convertible Preferred stock — — — — Diluted 313.2 284.3 306.5 283.9 Net Income (Loss) Attributable to Hess Corporation Per Common Share: Basic: Continuing operations $ (1.29 ) $ (1.94 ) $ (3.00 ) $ (3.27 ) Discontinued operations — (0.05 ) — (0.10 ) Net income (loss) per common share $ (1.29 ) $ (1.99 ) $ (3.00 ) $ (3.37 ) Diluted: Continuing operations $ (1.29 ) $ (1.94 ) $ (3.00 ) $ (3.27 ) Discontinued operations — (0.05 ) — (0.10 ) Net income (loss) per common share $ (1.29 ) $ (1.99 ) $ (3.00 ) $ (3.37 )
Summary of Antidilutive Shares Excluded from Computation of Diluted Shares	The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Restricted common stock 3,522,376 3,027,138 3,279,493 2,952,012 Stock options 6,994,061 7,012,818 6,857,262 6,901,674 Performance share units 1,031,420 912,383 958,679 1,025,826 Common shares upon conversion of Preferred stock 12,547,650 — 9,880,971 —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 1,224 $ — $ — $ — $ 1,224 Intersegment Revenues — 119 — (119 ) — Operating Revenues $ 1,224 $ 119 $ — $ (119 ) $ 1,224 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (328 ) $ 11 $ (75 ) $ — $ (392 ) Depreciation, Depletion and Amortization 770 25 2 — 797 Provision (Benefit) for Income Taxes (273 ) 7 (39 ) — (305 ) Capital Expenditures 434 67 — — 501 For the Three Months Ended June 30, 2015 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 1,953 $ — $ — $ — $ 1,953 Intersegment Revenues — 145 — (145 ) — Operating Revenues $ 1,953 $ 145 $ — $ (145 ) $ 1,953 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (502 ) $ 32 $ (83 ) $ — $ (553 ) Depreciation, Depletion and Amortization 1,004 22 2 — 1,028 Provision (Benefit) for Income Taxes (120 ) 19 (55 ) — (156 ) Capital Expenditures 948 65 — — 1,013 For the Six Months Ended June 30, 2016 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 2,197 $ — $ — $ — $ 2,197 Intersegment Revenues — 238 — (238 ) — Operating Revenues $ 2,197 $ 238 $ — $ (238 ) $ 2,197 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (779 ) $ 25 $ (147 ) $ — $ (901 ) Depreciation, Depletion and Amortization 1,612 48 5 — 1,665 Provision (Benefit) for Income Taxes (587 ) 15 (79 ) — (651 ) Capital Expenditures 939 102 — — 1,041 For the Six Months Ended June 30, 2015 Exploration and Production Bakken Midstream Corporate, Interest and Other Eliminations Total Operating Revenues - Third parties $ 3,491 $ — $ — $ — $ 3,491 Intersegment Revenues — 275 — (275 ) — Operating Revenues $ 3,491 $ 275 $ — $ (275 ) $ 3,491 Net Income (Loss) from Continuing Operations Attributable to Hess Corporation $ (816 ) $ 59 $ (172 ) $ — $ (929 ) Depreciation, Depletion and Amortization 1,936 43 5 — 1,984 Provision (Benefit) for Income Taxes (431 ) 35 (111 ) — (507 ) Capital Expenditures 2,145 105 — — 2,250 Identifiable assets by operating segment were as follows: June 30, December 31, 2016 2015 (In millions) Exploration and Production $ 28,769 $ 28,863 Bakken Midstream 2,835 2,754 Corporate, Interest and Other 2,630 2,540 Total $ 34,234 $ 34,157

Financial Risk Management Act26

Financial Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Gross Notional Amounts of Financial Risk Management Derivative Contracts Outstanding	The gross notional amounts of the financial risk management derivative contracts outstanding were as follows: June 30, 2016 December 31, 2015 (In millions of USD) Foreign exchange $ 859 $ 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) June 30, 2016 Derivative Contracts Designated as Hedging Instruments Interest rate $ 20 $ — Total derivative contracts designated as hedging instruments 20 — Derivative Contracts Not Designated as Hedging Instruments Foreign exchange 23 — Total derivative contracts not designated as hedging instruments 23 — Gross fair value of derivative contracts 43 — Master netting arrangements — — Net Fair Value of Derivative Contracts $ 43 $ — 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 Is28

Common and Preferred Stock Issuance - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 29, 2016	Jun. 30, 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	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 95	$ 144
Materials and supplies	282	255
Total inventories	$ 377	$ 399

Capitalized Exploratory Well 30

Capitalized Exploratory Well Costs - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Capitalized Exploratory Well Costs [Abstract]
Beginning balance	$ 1,415
Additions to capitalized exploratory well costs pending the determination of proved reserves	93
Capitalized exploratory well costs charged to expense	(114)
Ending balance	$ 1,394

Capitalized Exploratory Well 31

Capitalized Exploratory Well Costs - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)km²	Jun. 30, 2015USD ($)
Capitalized Exploratory Well Costs [Line Items]
Exploratory wells costs charged to expense	$ 218	$ 176
Exploratory dry hole costs which were incurred and expensed in the same reporting period	104
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,150
Equus Project On License WA-390-P, Offshore Western Australia
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	70.00%
Offshore Ghana
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	20.00%
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	10.00%
Exploration and drilling of well in square kilometers 3D seismic shoot | km²	17,000

Impairment - Additional Informa

Impairment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Asset impairment charges
Onshore reporting unit - Goodwill impairment charge	$ 385	$ 385

Bakken Midstream Joint Venture

Bakken Midstream Joint Venture - Additional Information (Detail) - USD ($) $ in Millions	Jul. 01, 2015	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 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		$ 3,095	$ 2,716	$ 931	$ 2,444
Property, plant and equipment, net		25,769	26,352
Total long-term debt		6,552
Hess Infrastructure Partners LP (HIP)
Bakken Midstream Joint Venture [Line Items]
Cash and cash equivalents		1	3
Property, plant and equipment, net		$ 2,444	$ 2,358
Bakken Midstream liabilities non-recourse to Hess Corporation		liabilities totaling $789 million	liabilities totaling $824 million
Total long-term debt		$ 684	$ 704

Debt - Additional Information (

Debt - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016USD ($)
Debt Disclosure [Abstract]
Fixed-rate public notes - $300 million due June 2017	$ 300,000,000
Fixed-rate public notes maturity date - $300 million	June 2,017
Revolving credit facility excluding Bakken Midstream - Capacity	$ 4,000,000,000
Revolving credit facility excluding Bakken Midstream - Expiration period	2,020

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Service cost	$ 16	$ 18	$ 32	$ 35
Interest cost	28	26	56	52
Expected return on plan assets	(42)	(43)	(84)	(85)
Amortization of unrecognized net actuarial losses	16	20	32	39
Settlement loss	0	5	0	5
Pension expense	$ 18	$ 26	$ 36	$ 46

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 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 year to date	$ 13

Weighted Average Common Share37

Weighted Average Common Shares - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Income (Loss) Attributable to Hess Corporation Common Stockholders:
Income (loss) from continuing operations, net of income taxes	$ (373)	$ (553)	$ (861)	$ (929)
Less: Net income (loss) attributable to noncontrolling interests	19	0	40	0
Net income (loss) from continuing operations attributable to Hess Corporation	(392)	(553)	(901)	(929)
Less: Preferred stock dividends	12	0	18	0
Net income (loss) from continuing operations attributable to Hess Corporation Common Stockholders	(404)	(553)	(919)	(929)
Income from discontinued operations, net of income taxes	0	(14)	0	(27)
Net Income (Loss) Applicable to Hess Corporation Common Stockholders	$ (404)	$ (567)	$ (919)	$ (956)
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Basic	313.2	284.3	306.5	283.9
Shares outstanding – Diluted	313.2	284.3	306.5	283.9
Net Income (Loss) Attributable to Hess Corporation Per Share – Basic:
Continuing operations	$ (1.29)	$ (1.94)	$ (3)	$ (3.27)
Discontinued operations	0	(0.05)	0	(0.10)
Net Income (Loss) Per Common Share	(1.29)	(1.99)	(3)	(3.37)
Net Income (Loss) Attributable to Hess Corporation Per Share – Diluted:
Continuing operations	(1.29)	(1.94)	(3)	(3.27)
Discontinued operations	0	(0.05)	0	(0.10)
Net Income (Loss) Per Common Share	$ (1.29)	$ (1.99)	$ (3)	$ (3.37)
Restricted Common Stock
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0	0	0
Stock Options
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0	0	0
Performance Share Units
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0	0	0
Mandatory Convertible Preferred Stock
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Effect of dilutive securities	0	0	0	0

Weighted Average Common Share38

Weighted Average Common Shares - Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	3,522,376	3,027,138	3,279,493	2,952,012
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	6,994,061	7,012,818	6,857,262	6,901,674
Performance Share Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	1,031,420	912,383	958,679	1,025,826
Common Shares upon Conversion of Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	12,547,650	0	9,880,971	0

Weighted Average Common Share39

Weighted Average Common Shares - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Shares granted, restricted stock	1,610,190	1,122,724
Shares granted, performance share units	447,536	362,873
Shares granted, stock options	824,225	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)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	$ 1,224	$ 1,953	$ 2,197	$ 3,491
Intersegment Revenues	0	0	0	0
Operating Revenues	1,224	1,953	2,197	3,491
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	(392)	(553)	(901)	(929)
Depreciation, Depletion and Amortization	797	1,028	1,665	1,984
Provision (Benefit) for Income Taxes	(305)	(156)	(651)	(507)
Capital Expenditures	501	1,013	1,041	2,250
Identifiable assets	34,234		34,234		$ 34,157
Exploration and Production
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	1,224	1,953	2,197	3,491
Intersegment Revenues	0	0	0	0
Operating Revenues	1,224	1,953	2,197	3,491
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	(328)	(502)	(779)	(816)
Depreciation, Depletion and Amortization	770	1,004	1,612	1,936
Provision (Benefit) for Income Taxes	(273)	(120)	(587)	(431)
Capital Expenditures	434	948	939	2,145
Identifiable assets	28,769		28,769		28,863
Bakken Midstream
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	0	0	0	0
Intersegment Revenues	119	145	238	275
Operating Revenues	119	145	238	275
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	11	32	25	59
Depreciation, Depletion and Amortization	25	22	48	43
Provision (Benefit) for Income Taxes	7	19	15	35
Capital Expenditures	67	65	102	105
Identifiable assets	2,835		2,835		2,754
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	0	0	0	0
Intersegment Revenues	0	0	0	0
Operating Revenues	0	0	0	0
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	(75)	(83)	(147)	(172)
Depreciation, Depletion and Amortization	2	2	5	5
Provision (Benefit) for Income Taxes	(39)	(55)	(79)	(111)
Capital Expenditures	0	0	0	0
Identifiable assets	2,630		2,630		$ 2,540
Eliminations
Segment Reporting Information [Line Items]
Operating Revenues - Third parties	0	0	0	0
Intersegment Revenues	(119)	(145)	(238)	(275)
Operating Revenues	(119)	(145)	(238)	(275)
Net Income (Loss) from Continuing Operations Attributable to Hess Corporation	0	0	0	0
Depreciation, Depletion and Amortization	0	0	0	0
Provision (Benefit) for Income Taxes	0	0	0	0
Capital Expenditures	$ 0	$ 0	$ 0	$ 0

Financial Risk Management Act43

Financial Risk Management Activities - Gross Notional Amounts of Derivative Contracts Outstanding (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Foreign Exchange
Derivative [Line Items]
Outstanding gross notional amount	$ 859,000,000	$ 967,000,000
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 1,300,000,000	$ 1,300,000,000

Financial Risk Management Act44

Financial Risk Management Activities - Gross and Net Fair Values (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts Receivable
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	$ 43	$ 22
ASSETS – Master netting arrangements	0	(3)
ASSETS – Net fair value of Derivative Contracts	43	19
Accounts Receivable | Designated As Hedging Instrument
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	20	3
Accounts Receivable | Designated As Hedging Instrument | Interest Rate Contract
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	20	3
Accounts Receivable | Derivative Contracts Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	23	19
Accounts Receivable | Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange
Derivatives Fair Value [Line Items]
ASSETS – Gross fair value of derivative contracts	23	19
Accounts Payable
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	0	(3)
LIABILITIES – Master netting arrangements	0	3
LIABILITIES – Net fair value of Derivative Contracts	0	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	0	(3)
Accounts Payable | Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange
Derivatives Fair Value [Line Items]
LIABILITIES – Gross fair value of derivative contracts	$ 0	$ (3)

Financial Risk Management Act45

Financial Risk Management Activities - Corporate Financial Risk Management Activities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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		$ (35,000,000)		$ (18,000,000)
Pre-tax gains (losses) associated with changes in time value of Brent and WTI crude oil collars		(35,000,000)		(23,000,000)
Crude Oil
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount, in USD	$ 0		$ 0
Interest Rate Swaps
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount, in USD	1,300,000,000		1,300,000,000		$ 1,300,000,000
Unrealized change in fair value of interest rate swaps - increase/(decrease)	4,000,000	(6,000,000)	18,000,000	4,000,000
Foreign Exchange
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount, in USD	859,000,000		859,000,000		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	15,000,000	(7,000,000)	21,000,000	8,000,000
Gain (Loss) on foreign exchange contracts not designated as hedging instruments	33,000,000	(41,000,000)	13,000,000	57,000,000
After tax foreign currency translation adjustments included in Accumulated other comprehensive income (loss)	(27,000,000)	$ 72,000,000	142,000,000	$ (48,000,000)
Accumulated cumulative currency translation adjustment	$ (959,000,000)		$ (959,000,000)		$ (1,101,000,000)

Financial Risk Management Act46

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Jun. 30, 2016USD ($)
Derivative [Line Items]
Total Long-term debt, Carrying Value	$ 6,552
Fair Value, Inputs, Level 2
Derivative [Line Items]
Total Long-term debt, Fair Value	$ 7,073