Hess (HES) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2020shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	HES
Security Exchange Name	NYSE
Entity Registrant Name	HESS CORPORATION
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity Common Stock, Shares Outstanding	307,158,340
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	1-1204
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4921002
Entity Address, Address Line One	1185 AVENUE OF THE AMERICAS
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	997-8500
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 2,080	$ 1,545
Accounts receivable:
From contracts with customers	600	940
Joint venture and other	194	230
Crude oil derivative contracts	1,098	125
Inventories	230	261
Other current assets	68	55
Total current assets	4,270	3,156
Property, plant and equipment:
Total — at cost	31,704	35,820
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,893	19,006
Property, plant and equipment — net	14,811	16,814
Operating lease right-of-use assets — net	386	447
Finance lease right-of-use assets — net	187	299
Goodwill	360	360
Deferred income taxes	77	80
Other assets	626	626
Total Assets	20,717	21,782
Current Liabilities:
Accounts payable	431	411
Accrued liabilities	1,334	1,803
Taxes payable	33	97
Current maturities of long-term debt	3	0
Current portion of operating and finance lease obligations	146	199
Total current liabilities	1,947	2,510
Long-term debt	8,191	7,142
Long-term operating lease obligations	357	353
Long-term finance lease obligations	233	238
Deferred income taxes	328	415
Asset retirement obligations	929	897
Other liabilities and deferred credits	554	521
Total Liabilities	12,539	12,076
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized — 600,000,000 shares Issued — 307,158,340 shares (2019: 304,955,472)	307	305
Capital in excess of par value	5,633	5,591
Retained earnings	1,021	3,535
Accumulated other comprehensive income (loss)	239	(699)
Total Hess Corporation stockholders’ equity	7,200	8,732
Noncontrolling interests	978	974
Total equity	8,178	9,706
Total Liabilities and Equity	$ 20,717	$ 21,782

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	307,158,340	304,955,472

Statement of Consolidated Incom

Statement of Consolidated Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues and Non-Operating Income
Sales and other operating revenues	$ 1,354	$ 1,572
Other, net	15	27
Total revenues and non-operating income	1,369	1,599
Costs and Expenses
Marketing, including purchased oil and gas	378	408
Operating costs and expenses	303	266
Production and severance taxes	42	39
Exploration expenses, including dry holes and lease impairment	189	34
General and administrative expenses	102	87
Interest expense	113	98
Depreciation, depletion and amortization	561	498
Impairment	2,126	0
Total costs and expenses	3,814	1,430
Income (Loss) Before Income Taxes	(2,445)	169
Provision (benefit) for income taxes	(79)	94
Net Income (Loss)	(2,366)	75
Less: Net income (loss) attributable to noncontrolling interests	67	43
Net Income (Loss) Attributable to Hess Corporation	(2,433)	32
Less: Preferred stock dividends	0	4
Net Income (Loss) Attributable to Hess Corporation Common Stockholders	$ (2,433)	$ 28
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic	$ (8)	$ 0.09
Diluted	$ (8)	$ 0.09
Weighted Average Number of Common Shares Outstanding:
Basic	304	297.4
Diluted	304	299.7
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, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ (2,366)	$ 75
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	(64)	(15)
Income taxes on effect of hedge (gains) losses reclassified to income	0	0
Net effect of hedge (gains) losses reclassified to income	(64)	(15)
Change in fair value of cash flow hedges	990	(346)
Income taxes on change in fair value of cash flow hedges	0	0
Net change in fair value of cash flow hedges	990	(346)
Change in derivatives designated as cash flow hedges, after taxes	926	(361)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	0	6
Income taxes on actuarial changes in plan liabilities	0	0
(Increase) reduction in unrecognized actuarial losses, net	0	6
Amortization of net actuarial losses	12	11
Income taxes on amortization of net actuarial losses	0	0
Net effect of amortization of net actuarial losses	12	11
Change in pension and other postretirement plans, after taxes	12	17
Other Comprehensive Income (Loss)	938	(344)
Comprehensive Income (Loss)	(1,428)	(269)
Less: Comprehensive income (loss) attributable to noncontrolling interests	67	43
Comprehensive Income (Loss) Attributable to Hess Corporation	$ (1,495)	$ (312)

Statement of Consolidated Cash

Statement of Consolidated Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows From Operating Activities
Net income (loss)	$ (2,366)	$ 75
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	561	498
Impairment	2,126	0
Exploratory dry hole costs	135	0
Exploration lease and other impairment	32	7
Stock compensation expense	29	27
Noncash (gains) losses on commodity derivatives, net	70	29
Provision (benefit) for deferred income taxes and other tax accruals	(85)	(1)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	258	(117)
(Increase) decrease in inventories	31	(29)
Increase (decrease) in accounts payable and accrued liabilities	(263)	(204)
Increase (decrease) in taxes payable	(63)	8
Changes in other operating assets and liabilities	(20)	(55)
Net cash provided by (used in) operating activities	445	238
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(740)	(521)
Additions to property, plant and equipment - Midstream	(78)	(150)
Payments for Midstream equity investments	0	(7)
Other, net	0	(2)
Net cash provided by (used in) investing activities	(818)	(680)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	60	199
Debt with maturities of greater than 90 days – Borrowings	1,000	0
Debt with maturities of greater than 90 days - Repayments	0	(3)
Payments on finance lease obligations	(1)	(23)
Common stock acquired and retired	0	(25)
Cash dividends paid	(81)	(88)
Noncontrolling interests, net	(63)	(13)
Other, net	(7)	1
Net cash provided by (used in) financing activities	908	48
Net Increase (Decrease) in Cash and Cash Equivalents	535	(394)
Cash and Cash Equivalents at Beginning of Year	1,545	2,694
Cash and Cash Equivalents at End of Period	$ 2,080	$ 2,300

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, 2018	$ 10,888	$ 1	$ 291	$ 5,386	$ 4,257	$ (306)	$ 9,629	$ 1,259
Net income (loss)	75	0	0	0	32	0	32	43
Other comprehensive income (loss)	(344)	0	0	0	0	(344)	(344)	0
Preferred stock conversion	0	(1)	12	(11)	0	0	0	0
Share-based compensation	29	0	1	28	0	0	29	0
Dividends on preferred stock	(4)	0	0	0	(4)	0	(4)	0
Dividends on common stock	(78)	0	0	0	(78)	0	(78)	0
Sale of water business to Hess Infrastructure Partners	0	0	0	78	0	0	78	(78)
Noncontrolling interests, net	(13)	0	0	0	0	0	0	(13)
Balance at Mar. 31, 2019	10,553	0	304	5,481	4,207	(650)	9,342	1,211
Balance at Dec. 31, 2019	9,706	0	305	5,591	3,535	(699)	8,732	974
Net income (loss)	(2,366)	0	0	0	(2,433)	0	(2,433)	67
Other comprehensive income (loss)	938	0	0	0	0	938	938	0
Share-based compensation	39	0	2	42	(5)	0	39	0
Dividends on common stock	(76)	0	0	0	(76)	0	(76)	0
Noncontrolling interests, net	(63)	0	0	0	0	0	0	(63)
Balance at Mar. 31, 2020	$ 8,178	$ 0	$ 307	$ 5,633	$ 1,021	$ 239	$ 7,200	$ 978

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019, the consolidated results of operations for the three months ended March 31, 2020 and 2019, and consolidated cash flows for the three months ended March 31, 2020 and 2019. 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, 2019. In the first quarter of 2020, we adopted Accounting Standards Update Financial Instruments – Credit Losses.

Impairment

Impairment	3 Months Ended
	Mar. 31, 2020
Asset Impairment Charges [Abstract]
Impairment	2. Impairment Oil and Gas Properties: As a result of the significant decline in crude oil prices due to the global economic slowdown from the coronavirus In the first quarter of 2020, we recognized pre-tax impairment charges to reduce the carrying value of our oil and gas properties and certain related right-of-use assets at the North Malay Basin in Malaysia by $755 million ($755 million after income taxes), the South Arne Field in Denmark by $670 million ($594 million after income taxes), and in the Gulf of Mexico, the Stampede Field by $410 million ($410 million after income taxes) and the Tubular Bells Field by $270 million ($270 million Other Assets: In the first quarter of 2020, we recognized impairment charges totaling $21 million pre-tax ($20 million after income taxes) related to drilling rig right-of-use assets in the Bakken and surplus materials and supplies.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consisted of the following: March 31, December 31, 2020 2019 (In millions) Crude oil and natural gas liquids $ 74 $ 92 Materials and supplies 156 169 Total Inventories $ 230 $ 261 In the first quarter of 2020, we recognized charges of $53 million ($52 million after income taxes) recorded in Marketing, including purchased oil and gas

Property Plant and Equipment

Property Plant and Equipment	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property Plant and Equipment	4. Property Plant and Equipment 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, 2020 (in millions): Balance at January 1, 2020 $ 584 Additions to capitalized exploratory well costs pending the determination of proved reserves 47 Capitalized exploratory well costs charged to expense (125 ) Balance at March 31, 2020 $ 506 In the first quarter of 2020, the Corporation expensed previously capitalized well costs of $125 million, primarily related to the northern portion of the Shenzi Field (Hess 28%) in the Gulf of Mexico due to reprioritization of the Corporation’s forward capital program in response to the significant decline in crude oil prices. The table above does not include well costs incurred and expensed during 2020 of $10 million associated with the Oldfield-1 well in the Gulf of Mexico. Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $319 million at March 31, 2020 and primarily related to Guyana: Approximately 80% of the capitalized well costs in excess of one year relate to twelve successful exploration wells where hydrocarbons were encountered on the Stabroek Block (Hess 30%), offshore Guyana. The operator plans further appraisal drilling for certain fields and is conducting pre-development planning for additional phases of development beyond the two existing sanctioned phases of development. Joint Development Area (JDA): Approximately 10% of the capitalized well costs in excess of one year relates to the JDA (Hess 50%) in the Gulf of Thailand, where hydrocarbons were encountered in three successful exploration wells drilled in the western part of Block A-18. The operator has submitted a development plan concept to the regulator to facilitate ongoing commercial negotiations for an extension of the existing gas sales contract to include development of the western part of the Block. Malaysia: Approximately 10% of the capitalized well costs in excess of one year relate to the North Malay Basin (Hess 50%), offshore Peninsular Malaysia, where hydrocarbons were encountered in five successful exploration wells. Subsurface evaluation and pre-development studies for future phases of development are ongoing.

Hess Midstream LP

Hess Midstream LP	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Hess Midstream LP	5. Hess Midstream LP At March 31, 2020 Hess Midstream LP (Hess Midstream), a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $1,971 million (December 31, 2019: $1,941 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream assets available to settle the obligations of Hess Midstream include cash and cash equivalents totaling $3 million (December 31, 2019: $3 million) and property, plant and equipment with a carrying value of $3,029 million (December 31, 2019: $3,010 million).

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	6. Debt In the first quarter of 2020, the Corporation entered into a $1.0 billion three year term loan agreement with JPMorgan Chase Bank N.A. with a maturity date of March 16, 2023. The term loan contains provisions that require us to reduce JPMorgan’s initial funded amount of $1.0 billion. The Corporation is currently in the process of syndicating with other lenders. Borrowings under the term loan bear interest at the applicable interest rates either, at the Corporation’s option, the adjusted LIBOR rate in effect from time to time or the alternate base rate (as described in the term loan agreement) plus the applicable margins specified in the term loan agreement, which generally vary based on the credit rating of the Corporation’s senior, unsecured, non-credit enhanced long-term debt. This loan has been classified as noncurrent in the consolidated balance sheet due to the Corporation’s ability and intent to refinance any amount we are unable to syndicate to other banks on a long-term basis through the Corporation’s existing $3.5 billion revolving credit facility with a maturity date of May 15, 2023. The term loan agreement contains customary representations, warranties and covenants, including a financial covenant limiting the ratio of Total Consolidated Debt to Total Capitalization (as such terms are defined in the term loan agreement) of the Corporation and its consolidated subsidiaries to 65%, and customary events of default. At March 31, 2020, Hess Corporation had borrowings of $1.0 billion under this term loan agreement and was in compliance with this financial covenant.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement Plans	7. Retirement Plans Components of net periodic pension cost consisted of the following: Three Months Ended March 31, 2020 2019 (In millions) Service cost $ 14 $ 10 Interest cost (a) 18 24 Expected return on plan assets (a) (45 ) (45 ) Amortization of unrecognized net actuarial losses (a) 12 11 Pension (income) expense (a) $ (1 ) $ — ( a) Net non-service pension cost included in Other, net in the Statement of Consolidated Income in the first quarter of 2020 was income of $15 million (2019: $10 million of income). To preserve cash in 2020, we are minimizing non-required cash contributions to funded pension plans. In 2020, we expect to contribute approximately $2 million to our funded pension plans. Through March 31, 2020, we have contributed less than $1 million.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue	8. Revenue Revenue from contracts with customers on a disaggregated basis was as follows: Exploration and Production Midstream Eliminations Total United States Guyana Malaysia & JDA Denmark Libya E&P Total (In millions) Three Months Ended March 31, 2020 Sales of our net production volumes: Crude oil revenue $ 656 $ 38 $ 2 $ 36 $ — $ 732 $ — $ — $ 732 Natural gas liquids revenue 49 — — — — 49 — — 49 Natural gas revenue 38 — 139 2 2 181 — — 181 Sales of purchased oil and gas 324 1 — — — 325 — — 325 Intercompany revenue — — — — — — 291 (291 ) — Total sales and other operating revenues before other operating revenues 1,067 39 141 38 2 1,287 291 (291 ) 1,287 Other operating revenues (a) 55 6 1 5 — 67 — — 67 Total sales and other operating revenues $ 1,122 $ 45 $ 142 $ 43 $ 2 $ 1,354 $ 291 $ (291 ) $ 1,354 Three Months Ended March 31, 2019 Sales of our net production volumes: Crude oil revenue $ 682 $ — $ 21 $ 16 $ 91 $ 810 $ — $ — $ 810 Natural gas liquids revenue 68 — — — — 68 — — 68 Natural gas revenue 42 — 180 3 6 231 — — 231 Sales of purchased oil and gas 426 — — — 22 448 — — 448 Intercompany revenue — — — — — — 190 (190 ) — Total sales and other operating revenues before other operating revenues 1,218 — 201 19 119 1,557 190 (190 ) 1,557 Other operating revenues (a) 15 — — — — 15 — — 15 Total sales and other operating revenues $ 1,233 $ — $ 201 $ 19 $ 119 $ 1,572 $ 190 $ (190 ) $ 1,572 (a) Includes gains (losses) on commodity derivatives. There have been no significant changes to contracts with customers or composition thereof during the three months ended March 31, 2020. Generally, we receive payments from customers on a monthly basis, shortly after the physical delivery of the crude oil, natural gas liquids, or natural gas.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (In millions) Net income (loss) attributable to Hess Corporation Common Stockholders: Net income (loss) $ (2,366 ) $ 75 Less: Net income (loss) attributable to noncontrolling interests 67 43 Less: Preferred stock dividends — 4 Net income (loss) attributable to Hess Corporation Common Stockholders $ (2,433 ) $ 28 Weighted average number of common shares outstanding: Basic 304.0 297.4 Effect of dilutive securities Restricted common stock — 1.2 Stock options — 0.2 Performance share units — 0.9 Diluted 304.0 299.7 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended March 31, 2020 2019 Restricted common stock 2,015,659 57,252 Stock options 4,086,340 3,394,418 Performance share units 1,296,356 65,661 Common shares from conversion of preferred stock — 3,930,663 During the three months ended March 31, 2020, we granted 1,117,009 shares of restricted stock (2019: 941,082), 307,999 performance share units (2019: 234,866) and 686,639 stock options (2019: 526,968).

Guarantees and Contingencies

Guarantees and Contingencies	3 Months Ended
	Mar. 31, 2020
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. 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. We, along with many companies that have been or continue to be engaged in refining and marketing of gasoline, have been a party to lawsuits and claims related to the use of methyl tertiary butyl ether (MTBE) in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the U.S. against producers of MTBE and petroleum refiners who produced gasoline containing MTBE, including us. The principal allegation in all cases was that gasoline containing MTBE was a defective product and that these producers and refiners are strictly liable in proportion to their share of the gasoline market for damage to groundwater resources and are required to take remedial action to ameliorate the alleged effects on the environment of releases of MTBE. The majority of the cases asserted against us have been settled. There are three remaining active cases, filed by Pennsylvania, Rhode Island, and Maryland. In June 2014, the Commonwealth of Pennsylvania filed a lawsuit alleging that we and all major oil companies with operations in Pennsylvania, have damaged the groundwater by introducing thereto gasoline with MTBE. The Pennsylvania suit has been forwarded to the existing MTBE multidistrict litigation pending in the Southern District of New York. In September 2016, the State of Rhode Island also filed a lawsuit alleging that we and other major oil companies damaged the groundwater in Rhode Island by introducing thereto gasoline with MTBE. The suit filed in Rhode Island is proceeding in Federal court. In December 2017, the State of Maryland filed a lawsuit alleging that we and other major oil companies damaged the groundwater in Maryland by introducing thereto gasoline with MTBE. The suit filed in Maryland state court, was served on us in January 2018 and has been removed to Federal court by the defendants. 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 agreed with the EPA to fund remediation of a portion of the site. 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. In March 2014, we received an Administrative Order from the EPA requiring us and 26 other parties to undertake the Remedial Design for the remedy selected by the EPA for the Gowanus Canal Superfund Site in Brooklyn, New York. Our alleged liability derives from our former ownership and operation of a fuel oil terminal and connected shipbuilding and repair facility adjacent to the Canal. The remedy selected by the EPA includes dredging of surface sediments and the placement of a cap over the deeper sediments throughout the Canal and in-situ stabilization of certain contaminated sediments that will remain in place below the cap. The EPA’s original estimate was that this remedy would cost $506 million We periodically receive notices from the EPA that we are a “potential responsible party” under the Superfund legislation with respect to various waste disposal sites. Under this legislation, all potentially responsible parties may be jointly and severally liable. For any site for which we have received such a notice, the EPA’s claims or assertions of liability against us relating to these sites have not been fully developed, or the EPA’s claims have been settled or a settlement is under consideration, in all cases for amounts that are not material. The ultimate impact of these proceedings, and of any related proceedings by private parties, on our business or accounts cannot be predicted at this time due to the large number of other potentially responsible parties and the speculative nature of clean-up cost estimates but is not expected to be material. 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 lawsuits, claims and proceedings, including the matters disclosed above, is not expected to have a material adverse effect on our financial condition, results of operations or cash flows. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	11. Segment Information We currently have two operating segments, Exploration and Production and Midstream. All unallocated costs are reflected under Corporate, Interest and Other. The following table presents operating segment financial data: Exploration and Production Midstream Corporate, Interest and Other Eliminations Total (In millions) For the Three Months Ended March 31, 2020 Sales and Other Operating Revenues - Third parties $ 1,354 $ — $ — $ — $ 1,354 Intersegment Revenues — 291 — (291 ) — Sales and Other Operating Revenues $ 1,354 $ 291 $ — $ (291 ) $ 1,354 Net Income (Loss) attributable to Hess Corporation $ (2,371 ) $ 61 $ (123 ) $ — $ (2,433 ) Depreciation, Depletion and Amortization 521 38 2 — 561 Impairment 2,126 — — — 2,126 Provision (Benefit) for Income Taxes (77 ) 2 (4 ) — (79 ) Capital Expenditures 609 57 — — 666 For the Three Months Ended March 31, 2019 Sales and Other Operating Revenues - Third parties $ 1,572 $ — $ — $ — $ 1,572 Intersegment Revenues — 190 — (190 ) — Sales and Other Operating Revenues $ 1,572 $ 190 $ — $ (190 ) $ 1,572 Net Income (Loss) attributable to Hess Corporation $ 109 $ 37 $ (114 ) $ — $ 32 Depreciation, Depletion and Amortization 464 34 — — 498 Provision (Benefit) for Income Taxes 95 — (1 ) — 94 Capital Expenditures 515 127 — — 642 Identifiable assets by operating segment were as follows: March 31, December 31, 2020 2019 (In millions) Exploration and Production $ 14,302 $ 16,790 Midstream 3,519 3,499 Corporate, Interest and Other 2,896 1,493 Total $ 20,717 $ 21,782

Financial Risk Management Activ

Financial Risk Management Activities	3 Months Ended
	Mar. 31, 2020
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 business with the intent of reducing exposure to foreign currency fluctuations. At March 31, 2020, these forward contracts relate to the British Pound and the Danish Krone. Interest rate swaps may be used to convert interest payments on certain long-term debt from fixed to floating rates. The notional amounts of outstanding financial risk management derivative contracts were as follows: March 31, 2020 December 31, 2019 (In millions) Commodity - crude oil (millions of barrels) 41.3 54.9 Foreign exchange $ 65 $ 90 Interest rate swaps $ 100 $ 100 For calendar year 2020 we have West Texas Intermediate (WTI) put options with an average monthly floor price of $55 per barrel for 130,000 barrels of oil per day (bopd), and Brent put options with an average monthly floor price of $60 per barrel for 20,000 bopd. The table below reflects the gross and net fair values of risk management derivative instruments and their respective financial statement caption in the Consolidated Balance Sheet Assets Liabilities (In millions) March 31, 2020 Derivative Contracts Designated as Hedging Instruments: Crude oil derivative contracts $ 1,098 $ — Interest rate - Other assets (noncurrent) 6 — Total derivative contracts designated as hedging instruments 1,104 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange — (2 ) Total derivative contracts not designated as hedging instruments — (2 ) Gross fair value of derivative contracts 1,104 (2 ) Master netting arrangements — — Net Fair Value of Derivative Contracts $ 1,104 $ (2 ) December 31, 2019 Derivative Contracts Designated as Hedging Instruments: Crude oil derivative contracts $ 125 $ — Interest rate - Other assets (noncurrent) 1 — Total derivative contracts designated as hedging instruments 126 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange — (1 ) Total derivative contracts not designated as hedging instruments — (1 ) Gross fair value of derivative contracts 126 (1 ) Master netting arrangements — — Net Fair Value of Derivative Contracts $ 126 $ (1 ) All fair values in the table above are based on Level 2 inputs. Derivative contracts designated as hedging instruments: Crude oil derivatives: Crude oil hedging contracts increased Sales and other operating revenues by $64 million and $15 million in the first quarter of 2020 and 2019 , respectively. At March 31, 2020, pre-tax deferred gains in related to outstanding crude oil price hedging contracts were $ 831 million, all of which will be reclassified into earnings during the remainder of 2020 as the originally hedged crude oil sales are recognized in earnings. Interest rate swaps designated as fair value hedges: At March 31, 2020 and December 31, 2019, we had interest rate swaps with gross notional amounts totaling $100 million, which were designated as fair value hedges and relate to debt where we have converted interest payments on certain long-term debt from fixed to floating rates. Changes in the fair value of interest rate swaps and the hedged fixed-rate debt are recorded in in the . In the first quarter of 2020, the change in fair value of interest rate swaps was an increase in the asset of $5 million (2019 Q1: decrease in the liability of $1 million) with a corresponding adjustment in the carrying value of the hedged fixed-rate debt. Derivative contracts not designated as hedging instruments: Foreign exchange: Foreign exchange gains and losses which are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income were a loss of $1 million in the first quarter of 2020 (2019 Q1: $5 million gain). A component of foreign exchange gain is the result of foreign exchange derivative contracts that are not designated as hedges which amounted to a net gain of $ 2 million in the first quarter of 2020 (2019 Q1: a net loss of less than $1 million). 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, 2020. At March 31, 2020, total long-term debt, which was primarily comprised of fixed-rate debt instruments, had a carrying value of $8,194 million and a fair value of $6,468 million based on Level 2 inputs.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements	In the first quarter of 2020, we adopted Accounting Standards Update Financial Instruments – Credit Losses.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: March 31, December 31, 2020 2019 (In millions) Crude oil and natural gas liquids $ 74 $ 92 Materials and supplies 156 169 Total Inventories $ 230 $ 261

Property Plant and Equipment (T

Property Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [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, 2020 (in millions): Balance at January 1, 2020 $ 584 Additions to capitalized exploratory well costs pending the determination of proved reserves 47 Capitalized exploratory well costs charged to expense (125 ) Balance at March 31, 2020 $ 506

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 (In millions) Service cost $ 14 $ 10 Interest cost (a) 18 24 Expected return on plan assets (a) (45 ) (45 ) Amortization of unrecognized net actuarial losses (a) 12 11 Pension (income) expense (a) $ (1 ) $ — ( a) Net non-service pension cost included in Other, net in the Statement of Consolidated Income in the first quarter of 2020 was income of $15 million (2019: $10 million of income).

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Summary of Revenue from Contracts with Customers on a Disaggregated Basis	Revenue from contracts with customers on a disaggregated basis was as follows: Exploration and Production Midstream Eliminations Total United States Guyana Malaysia & JDA Denmark Libya E&P Total (In millions) Three Months Ended March 31, 2020 Sales of our net production volumes: Crude oil revenue $ 656 $ 38 $ 2 $ 36 $ — $ 732 $ — $ — $ 732 Natural gas liquids revenue 49 — — — — 49 — — 49 Natural gas revenue 38 — 139 2 2 181 — — 181 Sales of purchased oil and gas 324 1 — — — 325 — — 325 Intercompany revenue — — — — — — 291 (291 ) — Total sales and other operating revenues before other operating revenues 1,067 39 141 38 2 1,287 291 (291 ) 1,287 Other operating revenues (a) 55 6 1 5 — 67 — — 67 Total sales and other operating revenues $ 1,122 $ 45 $ 142 $ 43 $ 2 $ 1,354 $ 291 $ (291 ) $ 1,354 Three Months Ended March 31, 2019 Sales of our net production volumes: Crude oil revenue $ 682 $ — $ 21 $ 16 $ 91 $ 810 $ — $ — $ 810 Natural gas liquids revenue 68 — — — — 68 — — 68 Natural gas revenue 42 — 180 3 6 231 — — 231 Sales of purchased oil and gas 426 — — — 22 448 — — 448 Intercompany revenue — — — — — — 190 (190 ) — Total sales and other operating revenues before other operating revenues 1,218 — 201 19 119 1,557 190 (190 ) 1,557 Other operating revenues (a) 15 — — — — 15 — — 15 Total sales and other operating revenues $ 1,233 $ — $ 201 $ 19 $ 119 $ 1,572 $ 190 $ (190 ) $ 1,572 (a) Includes gains (losses) on commodity derivatives.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) and Weighted Average Number of Common Shares Used in 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, 2020 2019 (In millions) Net income (loss) attributable to Hess Corporation Common Stockholders: Net income (loss) $ (2,366 ) $ 75 Less: Net income (loss) attributable to noncontrolling interests 67 43 Less: Preferred stock dividends — 4 Net income (loss) attributable to Hess Corporation Common Stockholders $ (2,433 ) $ 28 Weighted average number of common shares outstanding: Basic 304.0 297.4 Effect of dilutive securities Restricted common stock — 1.2 Stock options — 0.2 Performance share units — 0.9 Diluted 304.0 299.7
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 March 31, 2020 2019 Restricted common stock 2,015,659 57,252 Stock options 4,086,340 3,394,418 Performance share units 1,296,356 65,661 Common shares from conversion of preferred stock — 3,930,663

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Financial Data and Identifiable Assets by Operating Segment	Exploration and Production Midstream Corporate, Interest and Other Eliminations Total (In millions) For the Three Months Ended March 31, 2020 Sales and Other Operating Revenues - Third parties $ 1,354 $ — $ — $ — $ 1,354 Intersegment Revenues — 291 — (291 ) — Sales and Other Operating Revenues $ 1,354 $ 291 $ — $ (291 ) $ 1,354 Net Income (Loss) attributable to Hess Corporation $ (2,371 ) $ 61 $ (123 ) $ — $ (2,433 ) Depreciation, Depletion and Amortization 521 38 2 — 561 Impairment 2,126 — — — 2,126 Provision (Benefit) for Income Taxes (77 ) 2 (4 ) — (79 ) Capital Expenditures 609 57 — — 666 For the Three Months Ended March 31, 2019 Sales and Other Operating Revenues - Third parties $ 1,572 $ — $ — $ — $ 1,572 Intersegment Revenues — 190 — (190 ) — Sales and Other Operating Revenues $ 1,572 $ 190 $ — $ (190 ) $ 1,572 Net Income (Loss) attributable to Hess Corporation $ 109 $ 37 $ (114 ) $ — $ 32 Depreciation, Depletion and Amortization 464 34 — — 498 Provision (Benefit) for Income Taxes 95 — (1 ) — 94 Capital Expenditures 515 127 — — 642 Identifiable assets by operating segment were as follows: March 31, December 31, 2020 2019 (In millions) Exploration and Production $ 14,302 $ 16,790 Midstream 3,519 3,499 Corporate, Interest and Other 2,896 1,493 Total $ 20,717 $ 21,782

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Notional Amounts of Outstanding Financial Risk Management Derivative Contracts	The notional amounts of outstanding financial risk management derivative contracts were as follows: March 31, 2020 December 31, 2019 (In millions) Commodity - crude oil (millions of barrels) 41.3 54.9 Foreign exchange $ 65 $ 90 Interest rate swaps $ 100 $ 100
Gross and Net Fair Values of Financial Risk Management Derivative Instruments	The table below reflects the gross and net fair values of risk management derivative instruments and their respective financial statement caption in the Consolidated Balance Sheet Assets Liabilities (In millions) March 31, 2020 Derivative Contracts Designated as Hedging Instruments: Crude oil derivative contracts $ 1,098 $ — Interest rate - Other assets (noncurrent) 6 — Total derivative contracts designated as hedging instruments 1,104 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange — (2 ) Total derivative contracts not designated as hedging instruments — (2 ) Gross fair value of derivative contracts 1,104 (2 ) Master netting arrangements — — Net Fair Value of Derivative Contracts $ 1,104 $ (2 ) December 31, 2019 Derivative Contracts Designated as Hedging Instruments: Crude oil derivative contracts $ 125 $ — Interest rate - Other assets (noncurrent) 1 — Total derivative contracts designated as hedging instruments 126 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange — (1 ) Total derivative contracts not designated as hedging instruments — (1 ) Gross fair value of derivative contracts 126 (1 ) Master netting arrangements — — Net Fair Value of Derivative Contracts $ 126 $ (1 )

Impairment - Additional Informa

Impairment - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / bbl	Mar. 31, 2019USD ($)
Impairments [Line Items]
Impairment charge, pre-tax	$ 2,126	$ 0
Bakken
Impairments [Line Items]
Right-of-use assets, impairment charge, pre-tax	21
Right-of-use assets, impairment charge, after income taxes	20
Oil and Gas Properties
Impairments [Line Items]
Fair value of estimated impairment charges determined using internal projected discounted cash flows	$ 1,050
Fair value of estimated impairment charges discount rate	10.00%
Weighted average crude oil benchmark price for impaired assets | $ / bbl	48.82
Oil and Gas Properties | West Texas Intermediate
Impairments [Line Items]
Impairment charge, future flat price | $ / bbl	50
Oil and Gas Properties | Brent
Impairments [Line Items]
Impairment charge, future flat price | $ / bbl	55
Oil and Gas Properties | North Malay Basin Field | Malaysia
Impairments [Line Items]
Impairment charge, pre-tax	$ 755
Impairment charge, after income taxes	755
Oil and Gas Properties | South Arne Field | Denmark
Impairments [Line Items]
Impairment charge, pre-tax	670
Impairment charge, after income taxes	594
Oil and Gas Properties | Stampede Field | Gulf of Mexico
Impairments [Line Items]
Impairment charge, pre-tax	410
Impairment charge, after income taxes	410
Oil and Gas Properties | Tubular Bells Field
Impairments [Line Items]
Impairment charge, pre-tax	270
Impairment charge, after income taxes	$ 270

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 74	$ 92
Materials and supplies	156	169
Total Inventories	$ 230	$ 261

Inventories - Additional Inform

Inventories - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Inventory Disclosure [Abstract]
Charges related to inventories	$ 53
Charges related to inventories, after income taxes	$ 52

Property Plant and Equipment -

Property Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Capitalized Exploratory Well Costs [Abstract]
Beginning balance	$ 584
Additions to capitalized exploratory well costs pending the determination of proved reserves	47
Capitalized exploratory well costs charged to expense	(125)
Ending balance	$ 506

Property Plant and Equipment _2

Property Plant and Equipment - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Capitalized Exploratory Well Costs [Line Items]
Previously capitalized well cost expensed	$ 125
Capitalized exploratory well costs that have been capitalized for period greater than one year	319
Northern Portion of Shenzi Field, Gulf of Mexico
Capitalized Exploratory Well Costs [Line Items]
Previously capitalized well cost expensed	$ 125
Project interest percentage	28.00%
Oldfield-1 Exploration Well in Gulf of Mexico
Capitalized Exploratory Well Costs [Line Items]
Well costs incurred and expensed	$ 10
Successful Exploration Wells on the Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	30.00%
Capitalized well costs percentage	80.00%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50.00%
Capitalized well costs percentage	10.00%
North Malay Basin, offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	10.00%
Project interest percentage	50.00%

Hess Midstream LP - Additional

Hess Midstream LP - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 2,080	$ 1,545
Property, plant and equipment, net	14,811	16,814
Hess Midstream LP
Variable Interest Entity [Line Items]
Cash and cash equivalents	3	3
Property, plant and equipment, net	3,029	3,010
Hess Midstream LP liabilities on a nonrecourse basis to Hess Corporation	$ 1,971	$ 1,941

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Billions	3 Months Ended
	Mar. 31, 2020USD ($)
JPMorgan Chase Bank N.A. Term Loan Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1
Loan agreement term	3 years
Debt instrument maturity year	Mar. 16, 2023
Borrowings	$ 1
Debt instrument covenant, ratio	65.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings	$ 3.5
Revolving credit facility expiration date	May 15, 2023

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Service cost	$ 14	$ 10
Interest cost	18	24
Expected return on plan assets	(45)	(45)
Amortization of unrecognized net actuarial losses	12	11
Pension (income) expense	$ (1)	$ 0

Retirement Plans - Components_2

Retirement Plans - Components of Net Periodic Pension Cost (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Net non-service pension (income) costs included in Other, net	$ (15)	$ (10)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Defined Benefit Plan Disclosure [Line Items]
Corporation's estimated contribution for funded pension plans in 2020	$ 2,000,000
Maximum
Defined Benefit Plan Disclosure [Line Items]
Corporation's contribution for funded pension plan during the year to date	$ 1,000,000

Revenue - Summary of Revenue fr

Revenue - Summary of Revenue from Contracts with Customers on a Disaggregated Basis (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	$ 1,287	$ 1,557
Other operating revenues (a)	67	15
Total sales and other operating revenues	1,354	1,572
Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Crude Oil Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	732	810
Natural Gas Liquids Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	49	68
Natural Gas Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	181	231
Sales of Purchased Oil and Gas
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	325	448
Operating Segments | Exploration and Production
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	1,287	1,557
Other operating revenues (a)	67	15
Total sales and other operating revenues	1,354	1,572
Operating Segments | Exploration and Production | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | United States
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	1,067	1,218
Other operating revenues (a)	55	15
Total sales and other operating revenues	1,122	1,233
Operating Segments | Exploration and Production | United States | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Guyana
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	39	0
Other operating revenues (a)	6	0
Total sales and other operating revenues	45	0
Operating Segments | Exploration and Production | Guyana | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Malaysia & JDA
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	141	201
Other operating revenues (a)	1	0
Total sales and other operating revenues	142	201
Operating Segments | Exploration and Production | Malaysia & JDA | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Denmark
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	38	19
Other operating revenues (a)	5	0
Total sales and other operating revenues	43	19
Operating Segments | Exploration and Production | Denmark | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Libya
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	2	119
Other operating revenues (a)	0	0
Total sales and other operating revenues	2	119
Operating Segments | Exploration and Production | Libya | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Crude Oil Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	732	810
Operating Segments | Exploration and Production | Crude Oil Revenue | United States
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	656	682
Operating Segments | Exploration and Production | Crude Oil Revenue | Guyana
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	38	0
Operating Segments | Exploration and Production | Crude Oil Revenue | Malaysia & JDA
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	2	21
Operating Segments | Exploration and Production | Crude Oil Revenue | Denmark
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	36	16
Operating Segments | Exploration and Production | Crude Oil Revenue | Libya
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	91
Operating Segments | Exploration and Production | Natural Gas Liquids Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	49	68
Operating Segments | Exploration and Production | Natural Gas Liquids Revenue | United States
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	49	68
Operating Segments | Exploration and Production | Natural Gas Liquids Revenue | Guyana
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Natural Gas Liquids Revenue | Malaysia & JDA
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Natural Gas Liquids Revenue | Denmark
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Natural Gas Liquids Revenue | Libya
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Natural Gas Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	181	231
Operating Segments | Exploration and Production | Natural Gas Revenue | United States
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	38	42
Operating Segments | Exploration and Production | Natural Gas Revenue | Guyana
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Natural Gas Revenue | Malaysia & JDA
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	139	180
Operating Segments | Exploration and Production | Natural Gas Revenue | Denmark
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	2	3
Operating Segments | Exploration and Production | Natural Gas Revenue | Libya
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	2	6
Operating Segments | Exploration and Production | Sales of Purchased Oil and Gas
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	325	448
Operating Segments | Exploration and Production | Sales of Purchased Oil and Gas | United States
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	324	426
Operating Segments | Exploration and Production | Sales of Purchased Oil and Gas | Guyana
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	1	0
Operating Segments | Exploration and Production | Sales of Purchased Oil and Gas | Malaysia & JDA
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Sales of Purchased Oil and Gas | Denmark
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Exploration and Production | Sales of Purchased Oil and Gas | Libya
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	22
Operating Segments | Midstream
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	291	190
Other operating revenues (a)	0	0
Total sales and other operating revenues	291	190
Operating Segments | Midstream | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	291	190
Operating Segments | Midstream | Crude Oil Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Midstream | Natural Gas Liquids Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Midstream | Natural Gas Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Operating Segments | Midstream | Sales of Purchased Oil and Gas
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Eliminations
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	(291)	(190)
Other operating revenues (a)	0	0
Total sales and other operating revenues	(291)	(190)
Eliminations | Intercompany Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	(291)	(190)
Eliminations | Crude Oil Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Eliminations | Natural Gas Liquids Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Eliminations | Natural Gas Revenue
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	0	0
Eliminations | Sales of Purchased Oil and Gas
Disaggregation Of Revenue [Line Items]
Total sales and other operating revenues before other operating revenues	$ 0	$ 0

Weighted Average Common Share_2

Weighted Average Common Shares - Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss) attributable to Hess Corporation Common Stockholders:
Net income (loss)	$ (2,366)	$ 75
Less: Net income (loss) attributable to noncontrolling interests	67	43
Less: Preferred stock dividends	0	4
Net Income (Loss) Attributable to Hess Corporation Common Stockholders	$ (2,433)	$ 28
Weighted average number of common shares outstanding:
Basic	304	297.4
Diluted	304	299.7
Restricted Common Stock
Weighted average number of common shares outstanding:
Effect of dilutive securities	0	1.2
Stock Options
Weighted average number of common shares outstanding:
Effect of dilutive securities	0	0.2
Performance Share Units
Weighted average number of common shares outstanding:
Effect of dilutive securities	0	0.9

Weighted Average Common Share_3

Weighted Average Common Shares - Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	2,015,659	57,252
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	4,086,340	3,394,418
Performance Share Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	1,296,356	65,661
Common Shares from Conversion of Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares	0	3,930,663

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Shares granted, restricted stock	1,117,009	941,082
Shares granted, performance share units	307,999	234,866
Shares granted, stock options	686,639	526,968

Guarantees and Contingencies -

Guarantees and Contingencies - Additional Information (Detail) $ in Millions	Mar. 04, 2016USD ($)	Mar. 31, 2020USD ($)Case
MTBE Cases
Loss Contingencies [Line Items]
Total number of remaining active cases filed | Case		3
Lower Passaic River
Loss Contingencies [Line Items]
Estimated remediation cost	$ 1,380
Gowanus Canal Superfund Site
Loss Contingencies [Line Items]
Estimated remediation cost		$ 506

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
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, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales and other operating revenues - third-parties	$ 1,354	$ 1,572
Intersegment revenues	0	0
Total sales and other operating revenues	1,354	1,572
Net Income (Loss) attributable to Hess Corporation	(2,433)	32
Depreciation, depletion and amortization	561	498
Impairment	2,126
Provision (benefit) for income taxes	(79)	94
Capital Expenditures	666	642
Identifiable assets	20,717		$ 21,782
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues - third-parties	0	0
Intersegment revenues	(291)	(190)
Total sales and other operating revenues	(291)	(190)
Net Income (Loss) attributable to Hess Corporation	0	0
Depreciation, depletion and amortization	0	0
Impairment	0
Provision (benefit) for income taxes	0	0
Capital Expenditures	0	0
Exploration and Production | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues - third-parties	1,354	1,572
Intersegment revenues	0	0
Total sales and other operating revenues	1,354	1,572
Net Income (Loss) attributable to Hess Corporation	(2,371)	109
Depreciation, depletion and amortization	521	464
Impairment	2,126
Provision (benefit) for income taxes	(77)	95
Capital Expenditures	609	515
Identifiable assets	14,302		16,790
Midstream | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues - third-parties	0	0
Intersegment revenues	291	190
Total sales and other operating revenues	291	190
Net Income (Loss) attributable to Hess Corporation	61	37
Depreciation, depletion and amortization	38	34
Impairment	0
Provision (benefit) for income taxes	2	0
Capital Expenditures	57	127
Identifiable assets	3,519		3,499
Corporate, Interest and Other | Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues - third-parties	0	0
Intersegment revenues	0	0
Total sales and other operating revenues	0	0
Net Income (Loss) attributable to Hess Corporation	(123)	(114)
Depreciation, depletion and amortization	2	0
Impairment	0
Provision (benefit) for income taxes	(4)	(1)
Capital Expenditures	0	$ 0
Identifiable assets	$ 2,896		$ 1,493

Financial Risk Management Act_3

Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions	Mar. 31, 2020USD ($)MMBbls	Dec. 31, 2019USD ($)MMBbls
Commodity
Derivative [Line Items]
Commodity - crude oil (millions of barrels) | MMBbls	41.3	54.9
Foreign Exchange
Derivative [Line Items]
Outstanding gross notional amount	$ 65,000,000	$ 90,000,000
Interest Rate Swaps | Designated as Fair Value Hedges
Derivative [Line Items]
Outstanding gross notional amount	$ 100,000,000	$ 100,000,000

Financial Risk Management Act_4

Financial Risk Management Activities - Additional Information (Detail) - 2020 - Designated as Cash Flow Hedges	3 Months Ended
	Mar. 31, 2020bbl / d$ / bbl
West Texas Intermediate
Derivative Instruments Gain Loss [Line Items]
Average monthly floor price | $ / bbl	55
Notional amount of outstanding average barrels of oil per day | bbl / d	130,000
Brent
Derivative Instruments Gain Loss [Line Items]
Average monthly floor price | $ / bbl	60
Notional amount of outstanding average barrels of oil per day | bbl / d	20,000

Financial Risk Management Act_5

Financial Risk Management Activities - Gross and Net Fair Values (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivatives Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 1,104	$ 126
Assets - Master netting arrangements	0	0
Assets - Net Fair Value of Derivative Contracts	1,104	126
Liabilities - Gross fair value of derivative contracts	(2)	(1)
Liabilities - Master netting arrangements	0	0
Liabilities - Net Fair Value of Derivative Contracts	(2)	(1)
Derivative Contracts Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	1,104	126
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Designated as Hedging Instruments | Crude Oil Revenue
Derivatives Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	1,098	125
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Designated as Hedging Instruments | Interest Rate | Other Assets (Noncurrent)
Derivatives Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	6	1
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Not Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	(2)	(1)
Derivative Contracts Not Designated as Hedging Instruments | Foreign Exchange
Derivatives Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	$ (2)	$ (1)

Financial Risk Management Act_6

Financial Risk Management Activities - Corporate Financial Risk Management Activities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest Rate Swaps | Designated as Fair Value Hedges
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount	$ 100,000,000		$ 100,000,000
Unrealized change in fair value of interest rate swaps - (increase in derivative asset) decrease in derivative liability	5,000,000	$ (1,000,000)
Foreign Exchange
Derivative Instruments Gain Loss [Line Items]
Outstanding gross notional amount	65,000,000		$ 90,000,000
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	(1,000,000)	5,000,000
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	2,000,000	(1,000,000)
Derivative Contracts Designated as Hedging Instruments | Crude Oil
Derivative Instruments Gain Loss [Line Items]
Increased (decreased) sales and other operating revenue	64,000,000	$ 15,000,000
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings during the remainder of 2020	$ 831,000,000

Financial Risk Management Act_7

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Mar. 31, 2020USD ($)
Carrying value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total long-term debt	$ 8,194
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total long-term debt fair value	$ 6,468