Hess (HES) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2020shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-1204
Entity Registrant Name	HESS CORPORATION
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
Title of 12(b) Security	Common Stock
Trading Symbol	HES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	307,077,424
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 1,285	$ 1,545
Accounts receivable:
From contracts with customers	551	940
Joint venture and other	148	230
Inventories	422	261
Assets held for sale	483	0
Other current assets	247	180
Total current assets	3,136	3,156
Property, plant and equipment:
Total — at cost	30,166	35,820
Less: Reserves for depreciation, depletion, amortization and lease impairment	15,931	19,006
Property, plant and equipment — net	14,235	16,814
Operating lease right-of-use assets — net	324	447
Finance lease right-of-use assets — net	175	299
Goodwill	360	360
Deferred income taxes	67	80
Other assets	672	626
Total Assets	18,969	21,782
Current Liabilities:
Accounts payable	200	411
Accrued liabilities	1,074	1,803
Taxes payable	45	97
Current maturities of long-term debt	8	0
Current portion of operating and finance lease obligations	99	199
Total current liabilities	1,426	2,510
Long-term debt	8,280	7,142
Long-term operating lease obligations	334	353
Long-term finance lease obligations	224	238
Deferred income taxes	316	415
Asset retirement obligations	932	897
Other liabilities and deferred credits	575	521
Total Liabilities	12,087	12,076
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 307,144,424 shares (2019: 304,955,472)	307	305
Capital in excess of par value	5,668	5,591
Retained earnings	304	3,535
Accumulated Other Comprehensive Income (Loss), Net of Tax	(363)	(699)
Total Hess Corporation stockholders’ equity	5,916	8,732
Noncontrolling interests	966	974
Total Equity	6,882	9,706
Total Liabilities and Equity	$ 18,969	$ 21,782

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	307,077,424	304,955,472

STATEMENT OF CONSOLIDATED INCOM

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues and Non-Operating Income
Sales and other operating revenues	$ 1,159	$ 1,580	$ 3,346	$ 4,812
Gains on asset sales, net	0	0	8	22
Other, net	17	(65)	33	(23)
Total revenues and non-operating income	1,176	1,515	3,387	4,811
Costs and Expenses
Marketing, including purchased oil and gas	221	423	655	1,308
Operating costs and expenses	308	321	905	872
Production and severance taxes	34	47	92	132
Exploration expenses, including dry holes and lease impairment	71	50	291	127
General and administrative expenses	84	90	275	266
Interest expense	118	90	350	285
Depreciation, depletion and amortization	518	544	1,588	1,536
Impairment	0	0	2,126	0
Total costs and expenses	1,354	1,565	6,282	4,526
Income (Loss) Before Income Taxes	(178)	(50)	(2,895)	285
Provision (benefit) for income taxes	5	116	(83)	342
Net Income (Loss)	(183)	(166)	(2,812)	(57)
Less: Net income (loss) attributable to noncontrolling interests	60	46	184	129
Net Income (Loss) Attributable to Hess Corporation	(243)	(212)	(2,996)	(186)
Less: Preferred stock dividends	0	0	0	4
Net Income (Loss) Attributable to Hess Corporation Common Stockholders	$ (243)	$ (212)	$ (2,996)	$ (190)
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ (0.80)	$ (0.70)	$ (9.83)	$ (0.63)
Diluted (in dollars per share)	$ (0.80)	$ (0.70)	$ (9.83)	$ (0.63)
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	305	302.5	304.7	300.7
Diluted (in shares)	305	302.5	304.7	300.7
Common Stock Dividends Per Share (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (183)	$ (166)	$ (2,812)	$ (57)
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	(143)	(2)	(435)	(3)
Income taxes on effect of hedge (gains) losses reclassified to income	0	0	0	0
Net effect of hedge (gains) losses reclassified to income	(143)	(2)	(435)	(3)
Change in fair value of cash flow hedges	(44)	12	732	(334)
Income taxes on change in fair value of cash flow hedges	0	0	0	0
Net change in fair value of cash flow hedges	(44)	12	732	(334)
Change in derivatives designated as cash flow hedges, after taxes	(187)	10	297	(337)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	0	(239)	4	(257)
Income taxes on actuarial changes in plan liabilities	0	0	0	0
(Increase) reduction in unrecognized actuarial losses, net	0	(239)	4	(257)
Amortization of net actuarial losses	11	101	35	124
Income taxes on amortization of net actuarial losses	0	0	0	0
Net effect of amortization of net actuarial losses	11	101	35	124
Change in pension and other postretirement plans, after taxes	11	(138)	39	(133)
Other Comprehensive Income (Loss)	(176)	(128)	336	(470)
Comprehensive Income (Loss)	(359)	(294)	(2,476)	(527)
Less: Comprehensive income (loss) attributable to noncontrolling interests	60	46	184	129
Comprehensive Income (Loss) Attributable to Hess Corporation	$ (419)	$ (340)	$ (2,660)	$ (656)

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows From Operating Activities
Net income (loss)	$ (2,812)	$ (57)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net	(8)	(22)
Depreciation, depletion and amortization	1,588	1,536
Impairment	2,126	0
Exploratory dry hole costs	166	10
Exploration lease and other impairment	48	14
Pension settlement loss	0	88
Stock compensation expense	63	66
Noncash (gains) losses on commodity derivatives, net	187	87
Provision (benefit) for deferred income taxes and other tax accruals	(87)	(5)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	539	(129)
(Increase) decrease in inventories	(161)	(44)
Increase (decrease) in accounts payable and accrued liabilities	(681)	(127)
Increase (decrease) in taxes payable	(52)	22
Changes in other operating assets and liabilities	(69)	(83)
Net cash provided by (used in) operating activities	847	1,356
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,577)	(1,720)
Additions to property, plant and equipment - Midstream	(246)	(284)
Payments for Midstream equity investments	0	(33)
Proceeds from asset sales, net of cash sold	11	22
Other, net	(2)	(3)
Net cash provided by (used in) investing activities	(1,814)	(2,018)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	146	176
Debt with maturities of greater than 90 days – Borrowings	1,000	0
Debt with maturities of greater than 90 days - Repayments	0	(8)
Payments on finance lease obligations	(6)	(47)
Common stock acquired and retired	0	(25)
Cash dividends paid	(233)	(241)
Noncontrolling interests, net	(194)	(41)
Other, net	(6)	17
Net cash provided by (used in) financing activities	707	(169)
Net Increase (Decrease) in Cash and Cash Equivalents	(260)	(831)
Cash and Cash Equivalents at Beginning of Year	1,545	2,694
Cash and Cash Equivalents at End of Period	$ 1,285	$ 1,863

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)	(57)				(186)		(186)	129
Other comprehensive income (loss)	(470)					(470)	(470)
Preferred stock conversion	0	(1)	12	(11)			0
Share-based compensation	92		2	90			92
Dividends on preferred stock	(4)				(4)		(4)
Dividends on common stock	(231)				(231)		(231)
Sale of water business to Hess Infrastructure Partners	0			78			78	(78)
Noncontrolling interests, net	(41)							(41)
Balance at Sep. 30, 2019	10,177	0	305	5,543	3,836	(776)	8,908	1,269
Balance at Jun. 30, 2019	10,531	0	304	5,513	4,125	(648)	9,294	1,237
Net income (loss)	(166)				(212)		(212)	46
Other comprehensive income (loss)	(128)					(128)	(128)
Share-based compensation	31		1	30			31
Dividends on common stock	(77)				(77)		(77)
Noncontrolling interests, net	(14)							(14)
Balance at Sep. 30, 2019	10,177	0	305	5,543	3,836	(776)	8,908	1,269
Balance at Dec. 31, 2019	9,706	0	305	5,591	3,535	(699)	8,732	974
Net income (loss)	(2,812)				(2,996)		(2,996)	184
Other comprehensive income (loss)	336					336	336
Share-based compensation	74		2	77	(5)		74
Dividends on common stock	(230)				(230)		(230)
Noncontrolling interests, net	(192)							(192)
Balance at Sep. 30, 2020	6,882	0	307	5,668	304	(363)	5,916	966
Balance at Jun. 30, 2020	7,366	0	307	5,650	625	(187)	6,395	971
Net income (loss)	(183)				(243)		(243)	60
Other comprehensive income (loss)	(176)					(176)	(176)
Share-based compensation	18		0	18	0		18
Dividends on common stock	(78)				(78)		(78)
Noncontrolling interests, net	(65)							(65)
Balance at Sep. 30, 2020	$ 6,882	$ 0	$ 307	$ 5,668	$ 304	$ (363)	$ 5,916	$ 966

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 September 30, 2020 and December 31, 2019, the consolidated results of operations for the three and nine months ended September 30, 2020 and 2019, and consolidated cash flows for the nine months ended September 30, 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 (ASU) 2016-13, Financial Instruments – Credit Losses. This ASU makes changes to the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standard requires the use of a forward-looking "expected loss" model compared with the prior "incurred loss" model. We calculate expected credit losses for our receivables using the probability of default and the expected loss given default. Historical data, current market conditions, and forecasts of future economic conditions are used to determine the probability of default and the expected loss given default. The adoption of this ASU did not have a material impact to our financial statements.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of the following: September 30, December 31, (In millions) Crude oil and natural gas liquids $ 241 $ 92 Materials and supplies 181 169 Total Inventories $ 422 $ 261 We chartered three very large crude carriers (VLCCs) and have loaded a total of 6.3 million barrels of Bakken crude oil during the second and third quarters of this year for sale in Asian markets. The first VLCC cargo of 2.1 million barrels was sold in September and cash proceeds were received in October. At September 30, 2020, we have a total of 4.2 million barrels of crude oil loaded on the second and third VLCCs, and crude oil inventories include $147 million associated with the cost of these volumes. 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 to reflect crude oil inventories at net realizable value.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	3. Property, Plant and Equipment Assets Held for Sale: On October 5, 2020, we entered into an agreement to sell our 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico for total consideration of $505 million, subject to customary adjustments, with an effective date of July 1, 2020. See Note 14. Subsequent Events . At September 30, 2020, property, plant and equipment totaling $483 million and asset retirement obligations totaling $79 million associated with the Shenzi Field were presented as Assets held for sale and as liabilities held for sale within Accrued Liabilities, respectively, in our Consolidated Balance Sheet. Capitalized Exploratory Well Costs: The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the nine months ended September 30, 2020 (in millions): Balance at January 1, 2020 $ 584 Additions to capitalized exploratory well costs pending the determination of proved reserves 96 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (80) Capitalized exploratory well costs charged to expense (125) Balance at September 30, 2020 $ 475 In September, we sanctioned the development plan for the Payara Field on the Stabroek Field, Offshore Guyana and reclassified well costs totaling $80 million to wells, facilities and equipment based on the determination of proved reserves. 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 $41 million of well costs incurred and expensed during the first nine months of 2020. Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $329 million at September 30, 2020 and primarily related to: Guyana: Approximately 80% of the capitalized well costs in excess of one year relate to 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 three 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	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP At September 30, 2020 Hess Midstream LP (Hess Midstream), a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $2,031 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 $3,103 million (December 31, 2019: $3,010 million).

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	5. Debt In the first quarter of 2020, we entered into a $1.0 billion three year term loan agreement with a maturity date of March 16, 2023. Borrowings under the term loan generally bear interest at LIBOR plus an applicable margin of 2.25%. The applicable margin varies based on the credit rating of the Corporation’s senior unsecured long-term debt, and will increase by 0.25% on each anniversary of the term loan. The term loan agreement contains customary representations, warranties and covenants, including the same financial covenant as our revolving credit facility which limits the ratio of Total Consolidated Debt to Total Capitalization (as such terms are defined in the revolving credit facility and term loan agreements) of the Corporation and its consolidated subsidiaries to 65%, and customary events of default. At September 30, 2020, outstanding borrowings were $1.0 billion under the term loan agreement.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue	6. 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 September 30, 2020 Sales of our net production volumes: Crude oil revenue $ 471 $ 80 $ 13 $ 11 $ — $ 575 $ — $ — $ 575 Natural gas liquids revenue 68 — — — — 68 — — 68 Natural gas revenue 34 — 116 1 — 151 — — 151 Sales of purchased oil and gas 220 1 — — — 221 — — 221 Intercompany revenue — — — — — — 264 (264) — Total revenues from contracts with customers 793 81 129 12 — 1,015 264 (264) 1,015 Other operating revenues (a) 125 18 — 1 — 144 — — 144 Total sales and other operating revenues $ 918 $ 99 $ 129 $ 13 $ — $ 1,159 $ 264 $ (264) $ 1,159 Three Months Ended September 30, 2019 Sales of our net production volumes: Crude oil revenue $ 749 $ — $ 22 $ 31 $ 122 $ 924 $ — $ — $ 924 Natural gas liquids revenue 46 — — — — 46 — — 46 Natural gas revenue 34 — 160 2 5 201 — — 201 Sales of purchased oil and gas 381 — 3 — 23 407 — — 407 Intercompany revenue — — — — — — 215 (215) — Total revenues from contracts with customers 1,210 — 185 33 150 1,578 215 (215) 1,578 Other operating revenues (a) 2 — — — — 2 — — 2 Total sales and other operating revenues $ 1,212 $ — $ 185 $ 33 $ 150 $ 1,580 $ 215 $ (215) $ 1,580 Nine Months Ended September 30, 2020 Sales of our net production volumes: Crude oil revenue $ 1,390 $ 149 $ 16 $ 61 $ — $ 1,616 $ — $ — $ 1,616 Natural gas liquids revenue 159 — — — — 159 — — 159 Natural gas revenue 104 — 344 5 2 455 — — 455 Sales of purchased oil and gas 679 2 — — — 681 — — 681 Intercompany revenue — — — — — — 825 (825) — Total revenues from contracts with customers 2,332 151 360 66 2 2,911 825 (825) 2,911 Other operating revenues (a) 368 51 1 15 — 435 — — 435 Total sales and other operating revenues $ 2,700 $ 202 $ 361 $ 81 $ 2 $ 3,346 $ 825 $ (825) $ 3,346 Nine Months Ended September 30, 2019 Sales of our net production volumes: Crude oil revenue $ 2,193 $ — $ 67 $ 98 $ 343 $ 2,701 $ — $ — $ 2,701 Natural gas liquids revenue 162 — — — — 162 — — 162 Natural gas revenue 109 — 494 7 17 627 — — 627 Sales of purchased oil and gas 1,246 — 3 — 67 1,316 — — 1,316 Intercompany revenue — — — — — — 595 (595) — Total revenues from contracts with customers 3,710 — 564 105 427 4,806 595 (595) 4,806 Other operating revenues (a) 6 — — — — 6 — — 6 Total sales and other operating revenues $ 3,716 $ — $ 564 $ 105 $ 427 $ 4,812 $ 595 $ (595) $ 4,812 (a) Includes gains (losses) on commodity derivatives. There have been no significant changes to contracts with customers or composition thereof during the nine months ended September 30, 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.

Severance Costs

Severance Costs	9 Months Ended
	Sep. 30, 2020
Restructuring and Related Activities [Abstract]
Severance Costs	7. Severance Costs In the third quarter of 2020, we recognized a charge of $27 million, and made payments of $11 million, for employee termination benefits incurred related to cost reduction initiatives. The charge is reported in Operating costs and expenses ($20 million), General and administrative expenses ($6 million) and Exploration expenses, including dry holes and lease impairment ($1 million) in the Statement of Consolidated Income . Accrued employee termination benefits of $16 million at September 30, 2020 are expected to be largely paid by the end of the year.

Impairment

Impairment	9 Months Ended
	Sep. 30, 2020
Asset Impairment Charges [Abstract]
Impairment	8. 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 (COVID-19) pandemic, we reviewed our oil and gas properties within the Exploration and Production operating segment for impairment in the first quarter of 2020. We recognized pre-tax impairment charges in the first quarter of 2020 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 after income taxes) primarily as a result of a lower long-term crude oil price outlook. The impairment charges were based on estimates of fair value at March 31, 2020 determined by discounting internally developed future net cash flows, a Level 3 fair value measurement. The total of the fair value estimates was approximately $1.05 billion. Significant inputs used in determining the discounted future net cash flows include future prices, projected production volumes using risk adjusted oil and gas reserves, and discount rates. The future pricing assumptions used were based on forward strip crude oil prices as of March 31, 2020 for the remainder of 2020 through 2022, and $50 per barrel for WTI ($55 per barrel for Brent) in 2023 and thereafter to the end of field life. The weighted average crude oil benchmark price based on total projected crude oil volumes for the impaired assets was $48.82 per barrel. A discount rate of 10% was used in each of the fair value measurements which represents the estimated discount rate a market participant would use. We determined the discount rate by considering the weighted average cost of capital for a group of peer companies. 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.

Retirement Plans

Retirement Plans	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Retirement Plans	9. Retirement Plans Components of net periodic pension cost consisted of the following: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In millions) Service cost $ 14 $ 12 $ 42 $ 33 Interest cost (a) 19 23 56 71 Expected return on plan assets (a) (45) (45) (135) (135) Amortization of unrecognized net actuarial losses (a) 11 13 35 36 Settlement loss (a) — 88 — 88 Pension (income) expense (a) $ (1) $ 91 $ (2) $ 93 ( a) Net non-service pension cost included in Other, net in the Statement of Consolidated Income for the three and nine months ended September 30, 2020 was income of $15 million and $44 million, respectively, compared with an expense of $79 million and $60 million for the three and nine months ended September 30, 2019, respectively. In the third quarter of 2019, the trust for the Hess Corporation Employees’ Pension Plan (the Plan) purchased a single premium annuity contract at a cost of approximately $250 million using assets of the Plan to settle and transfer certain of its obligations to a third party. The settlement transaction resulted in a noncash charge of $88 million to recognize unamortized pension actuarial losses. 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.

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Weighted Average Common Shares	10. 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 Nine Months Ended 2020 2019 2020 2019 (In millions) Net income (loss) attributable to Hess Corporation Common Stockholders: Net income (loss) $ (183) $ (166) $ (2,812) $ (57) Less: Net income (loss) attributable to noncontrolling interests 60 46 184 129 Less: Preferred stock dividends — — — 4 Net income (loss) attributable to Hess Corporation Common Stockholders $ (243) $ (212) $ (2,996) $ (190) Weighted average number of common shares outstanding: Basic 305.0 302.5 304.7 300.7 Effect of dilutive securities Restricted common stock — — — — Stock options — — — — Performance share units — — — — Diluted 305.0 302.5 304.7 300.7 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Nine Months Ended 2020 2019 2020 2019 Restricted common stock 2,080,613 2,074,913 2,089,778 2,272,234 Stock options 4,424,867 4,694,684 4,301,311 4,819,205 Performance share units 1,083,543 1,858,050 1,124,022 1,663,432 Common shares from conversion of preferred stock — — — 1,295,823 During the nine months ended September 30, 2020, we granted 1,120,836 shares of restricted stock (2019: 959,168), 307,999 performance share units (2019: 234,866) and 686,639 stock options (2019: 526,968).

Guarantees and Contingencies

Guarantees and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Contingencies	11. 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. The ROD does not address the upper nine miles of the Lower Passaic River or the Newark Bay, 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 or the Newark Bay, 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 our former terminal did not store or use contaminants which are of concern in the river sediments and could not have contributed contamination along the river’s length. Further, there are numerous other parties who we expect will bear the cost of remediation and damages. 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; however, the ultimate costs that will be incurred in connection with the design and implementation of the remedy remain uncertain. We have complied with the EPA’s March 2014 Administrative Order and contributed funding for the Remedial Design based on an allocation of costs among the parties determined by a third-party expert. In January 2020, we received an additional Administrative Order from the EPA requiring us and several other parties to begin Remedial Action along the uppermost portion of the Canal. We intend to comply with this Administrative Order. The remediation work is anticipated to begin in the fourth quarter of 2020. The costs will continue to be allocated amongst the parties, as they were for the Remedial Design. 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	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	12. 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 September 30, 2020 Sales and Other Operating Revenues - Third parties $ 1,159 $ — $ — $ — $ 1,159 Intersegment Revenues — 264 — (264) — Sales and Other Operating Revenues $ 1,159 $ 264 $ — $ (264) $ 1,159 Net Income (Loss) attributable to Hess Corporation $ (182) $ 56 $ (117) $ — $ (243) Depreciation, Depletion and Amortization 478 40 — — 518 Provision (Benefit) for Income Taxes 6 1 (2) — 5 Capital Expenditures 301 66 — — 367 For the Three Months Ended September 30, 2019 Sales and Other Operating Revenues - Third parties $ 1,580 $ — $ — $ — $ 1,580 Intersegment Revenues — 215 — (215) — Sales and Other Operating Revenues $ 1,580 $ 215 $ — $ (215) $ 1,580 Net Income (Loss) attributable to Hess Corporation $ (60) $ 39 $ (191) $ — $ (212) Depreciation, Depletion and Amortization 507 36 1 — 544 Provision (Benefit) for Income Taxes 116 — — — 116 Capital Expenditures 624 112 — — 736 For the Nine Months Ended September 30, 2020 Sales and Other Operating Revenues - Third parties $ 3,346 $ — $ — $ — $ 3,346 Intersegment Revenues — 825 — (825) — Sales and Other Operating Revenues $ 3,346 $ 825 $ — $ (825) $ 3,346 Net Income (Loss) attributable to Hess Corporation $ (2,802) $ 168 $ (362) $ — $ (2,996) Depreciation, Depletion and Amortization 1,469 117 2 — 1,588 Impairment 2,126 — — — 2,126 Provision (Benefit) for Income Taxes (82) 5 (6) — (83) Capital Expenditures 1,338 202 — — 1,540 For the Nine Months Ended September 30, 2019 Sales and Other Operating Revenues - Third parties $ 4,812 $ — $ — $ — $ 4,812 Intersegment Revenues — 595 — (595) — Sales and Other Operating Revenues $ 4,812 $ 595 $ — $ (595) $ 4,812 Net Income (Loss) attributable to Hess Corporation $ 117 $ 111 $ (414) $ — $ (186) Depreciation, Depletion and Amortization 1,430 105 1 — 1,536 Provision (Benefit) for Income Taxes 342 — — — 342 Capital Expenditures 1,764 308 — — 2,072 Identifiable assets by operating segment were as follows: September 30, December 31, (In millions) Exploration and Production $ 14,005 $ 16,790 Midstream 3,594 3,499 Corporate, Interest and Other 1,370 1,493 Total $ 18,969 $ 21,782

Financial Risk Management Activ

Financial Risk Management Activities	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Risk Management Activities	13. 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. Swaps may also be used to fix the difference between current selling prices and forward selling prices in periods of contango for crude oil production that will be stored and sold in the future. Forward contracts may be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At September 30, 2020, these forward contracts relate to the British Pound, Danish Krone and Malaysian Ringgit. 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: September 30, December 31, (In millions) Commodity - crude oil put options (millions of barrels) 13.8 54.9 Foreign exchange forwards $ 130 $ 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 fair values of risk management derivative instruments. Assets Liabilities (In millions) September 30, 2020 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 205 $ — Crude oil swaps — (29) Interest rate swaps 6 — Total derivative contracts designated as hedging instruments 211 (29) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards — — Total derivative contracts not designated as hedging instruments — — Fair Value of Derivative Contracts $ 211 $ (29) December 31, 2019 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 125 $ — Interest rate swaps 1 — Total derivative contracts designated as hedging instruments 126 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards — (1) Total derivative contracts not designated as hedging instruments — (1) Fair Value of Derivative Contracts $ 126 $ (1) We chartered three VLCCs and have loaded a total of 6.3 million barrels of Bakken crude oil during the second and third quarters of this year for sale in Asian markets. In connection with this activity, we entered into Brent swap transactions intended to fix the difference between Brent prices in the month of production and the forward Brent price for the expected month of sale. At September 30, 2020, net realized and unrealized gains from the Brent swaps of $17 million were deferred in Accumulated other comprehensive income , and the liability for unrealized losses from the Brent swaps was $29 million. In addition, total net realized gains from WTI put options associated with the VLCCs of $40 million were deferred in Accumulated other comprehensive income at September 30, 2020 . The fair value of our crude oil put options and crude oil swaps is presented within Other current assets and Accrued liabilities , respectively, in our Consolidated Balance Sheet . The fair value of our interest rate swaps is presented within Other assets in our Consolidated Balance Sheet . The fair value of our foreign exchange forwards at December 31, 2019 is presented within Accounts payable in our Consolidated Balance Sheet . 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 $143 million and $435 million in the three and nine months ended September 30, 2020, respectively. In the three and nine months ended September 30, 2019, the impact from crude oil hedging contracts on Sales and other operating revenues was an increase of $2 million and $3 million, respectively. At September 30, 2020, pre-tax deferred gains in Accumulated other comprehensive income (loss) related to outstanding crude oil price hedging contracts were $199 million which will be reclassified into earnings within the next twelve months as the originally hedged crude oil sales are recognized in earnings. Interest rate swaps designated as fair value hedges: At September 30, 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 from fixed to floating rates. Changes in the fair value of interest rate swaps and the hedged fixed-rate debt are recorded in Interest expense in the Statement of Consolidated Income . In the three and nine months ended September 30, 2020, the change in fair value of interest rate swaps was an increase in the asset of nil and $6 million, respectively, compared with a decrease in the liability of $1 million and $4 million in the three and nine months ended September 30, 2019, respectively, 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 losses of $1 million and $4 million in the three and nine months ended September 30, 2020, respectively, compared with gains of $1 million and $4 million in the three and nine months ended September 30, 2019, respectively. A component of foreign exchange gains and losses is the result of foreign exchange derivative contracts that are not designated as hedges which amounted to net gains of $1 million and $4 million in the three and nine months ended September 30, 2020, respectively, compared with net gains of $1 million and $2 million in the three and nine months ended September 30, 2019, respectively. Fair Value Measurement:

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On October 5, 2020, we entered into an agreement to sell our 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico to BHP Billiton, the field’s operator, for total consideration of $505 million, subject to customary adjustments, with an effective date of July 1, 2020. Our net share of production from the Shenzi Field was 11,000 barrels of oil equivalent per day (boepd) during the first nine months of 2020. The sale is expected to close during the fourth quarter of 2020. In October, the operator, BP, completed drilling the Galapagos Deep well (Hess 25%) in the Mississippi Canyon area of the deepwater Gulf of Mexico. The well was not a commercial success and third quarter results include exploration expenses of $37 million, primarily for well costs incurred through September 30, 2020. We estimate $7 million of additional exploration expense will be recognized in the fourth quarter of 2020 for well costs incurred after September 30, 2020.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	In the first quarter of 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses. This ASU makes changes to the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standard requires the use of a forward-looking "expected loss" model compared with the prior "incurred loss" model. We calculate expected credit losses for our receivables using the probability of default and the expected loss given default. Historical data, current market conditions, and forecasts of future economic conditions are used to determine the probability of default and the expected loss given default. The adoption of this ASU did not have a material impact to our financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: September 30, December 31, (In millions) Crude oil and natural gas liquids $ 241 $ 92 Materials and supplies 181 169 Total Inventories $ 422 $ 261

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 (in millions): Balance at January 1, 2020 $ 584 Additions to capitalized exploratory well costs pending the determination of proved reserves 96 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (80) Capitalized exploratory well costs charged to expense (125) Balance at September 30, 2020 $ 475

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 Sales of our net production volumes: Crude oil revenue $ 471 $ 80 $ 13 $ 11 $ — $ 575 $ — $ — $ 575 Natural gas liquids revenue 68 — — — — 68 — — 68 Natural gas revenue 34 — 116 1 — 151 — — 151 Sales of purchased oil and gas 220 1 — — — 221 — — 221 Intercompany revenue — — — — — — 264 (264) — Total revenues from contracts with customers 793 81 129 12 — 1,015 264 (264) 1,015 Other operating revenues (a) 125 18 — 1 — 144 — — 144 Total sales and other operating revenues $ 918 $ 99 $ 129 $ 13 $ — $ 1,159 $ 264 $ (264) $ 1,159 Three Months Ended September 30, 2019 Sales of our net production volumes: Crude oil revenue $ 749 $ — $ 22 $ 31 $ 122 $ 924 $ — $ — $ 924 Natural gas liquids revenue 46 — — — — 46 — — 46 Natural gas revenue 34 — 160 2 5 201 — — 201 Sales of purchased oil and gas 381 — 3 — 23 407 — — 407 Intercompany revenue — — — — — — 215 (215) — Total revenues from contracts with customers 1,210 — 185 33 150 1,578 215 (215) 1,578 Other operating revenues (a) 2 — — — — 2 — — 2 Total sales and other operating revenues $ 1,212 $ — $ 185 $ 33 $ 150 $ 1,580 $ 215 $ (215) $ 1,580 Nine Months Ended September 30, 2020 Sales of our net production volumes: Crude oil revenue $ 1,390 $ 149 $ 16 $ 61 $ — $ 1,616 $ — $ — $ 1,616 Natural gas liquids revenue 159 — — — — 159 — — 159 Natural gas revenue 104 — 344 5 2 455 — — 455 Sales of purchased oil and gas 679 2 — — — 681 — — 681 Intercompany revenue — — — — — — 825 (825) — Total revenues from contracts with customers 2,332 151 360 66 2 2,911 825 (825) 2,911 Other operating revenues (a) 368 51 1 15 — 435 — — 435 Total sales and other operating revenues $ 2,700 $ 202 $ 361 $ 81 $ 2 $ 3,346 $ 825 $ (825) $ 3,346 Nine Months Ended September 30, 2019 Sales of our net production volumes: Crude oil revenue $ 2,193 $ — $ 67 $ 98 $ 343 $ 2,701 $ — $ — $ 2,701 Natural gas liquids revenue 162 — — — — 162 — — 162 Natural gas revenue 109 — 494 7 17 627 — — 627 Sales of purchased oil and gas 1,246 — 3 — 67 1,316 — — 1,316 Intercompany revenue — — — — — — 595 (595) — Total revenues from contracts with customers 3,710 — 564 105 427 4,806 595 (595) 4,806 Other operating revenues (a) 6 — — — — 6 — — 6 Total sales and other operating revenues $ 3,716 $ — $ 564 $ 105 $ 427 $ 4,812 $ 595 $ (595) $ 4,812 (a) Includes gains (losses) on commodity derivatives.

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Components of Net Periodic Pension Cost	Components of net periodic pension cost consisted of the following: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In millions) Service cost $ 14 $ 12 $ 42 $ 33 Interest cost (a) 19 23 56 71 Expected return on plan assets (a) (45) (45) (135) (135) Amortization of unrecognized net actuarial losses (a) 11 13 35 36 Settlement loss (a) — 88 — 88 Pension (income) expense (a) $ (1) $ 91 $ (2) $ 93 ( a) Net non-service pension cost included in Other, net in the Statement of Consolidated Income for the three and nine months ended September 30, 2020 was income of $15 million and $44 million, respectively, compared with an expense of $79 million and $60 million for the three and nine months ended September 30, 2019, respectively.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2020 2019 2020 2019 (In millions) Net income (loss) attributable to Hess Corporation Common Stockholders: Net income (loss) $ (183) $ (166) $ (2,812) $ (57) Less: Net income (loss) attributable to noncontrolling interests 60 46 184 129 Less: Preferred stock dividends — — — 4 Net income (loss) attributable to Hess Corporation Common Stockholders $ (243) $ (212) $ (2,996) $ (190) Weighted average number of common shares outstanding: Basic 305.0 302.5 304.7 300.7 Effect of dilutive securities Restricted common stock — — — — Stock options — — — — Performance share units — — — — Diluted 305.0 302.5 304.7 300.7
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 Nine Months Ended 2020 2019 2020 2019 Restricted common stock 2,080,613 2,074,913 2,089,778 2,272,234 Stock options 4,424,867 4,694,684 4,301,311 4,819,205 Performance share units 1,083,543 1,858,050 1,124,022 1,663,432 Common shares from conversion of preferred stock — — — 1,295,823

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Financial Data by Operating Segment	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 September 30, 2020 Sales and Other Operating Revenues - Third parties $ 1,159 $ — $ — $ — $ 1,159 Intersegment Revenues — 264 — (264) — Sales and Other Operating Revenues $ 1,159 $ 264 $ — $ (264) $ 1,159 Net Income (Loss) attributable to Hess Corporation $ (182) $ 56 $ (117) $ — $ (243) Depreciation, Depletion and Amortization 478 40 — — 518 Provision (Benefit) for Income Taxes 6 1 (2) — 5 Capital Expenditures 301 66 — — 367 For the Three Months Ended September 30, 2019 Sales and Other Operating Revenues - Third parties $ 1,580 $ — $ — $ — $ 1,580 Intersegment Revenues — 215 — (215) — Sales and Other Operating Revenues $ 1,580 $ 215 $ — $ (215) $ 1,580 Net Income (Loss) attributable to Hess Corporation $ (60) $ 39 $ (191) $ — $ (212) Depreciation, Depletion and Amortization 507 36 1 — 544 Provision (Benefit) for Income Taxes 116 — — — 116 Capital Expenditures 624 112 — — 736 For the Nine Months Ended September 30, 2020 Sales and Other Operating Revenues - Third parties $ 3,346 $ — $ — $ — $ 3,346 Intersegment Revenues — 825 — (825) — Sales and Other Operating Revenues $ 3,346 $ 825 $ — $ (825) $ 3,346 Net Income (Loss) attributable to Hess Corporation $ (2,802) $ 168 $ (362) $ — $ (2,996) Depreciation, Depletion and Amortization 1,469 117 2 — 1,588 Impairment 2,126 — — — 2,126 Provision (Benefit) for Income Taxes (82) 5 (6) — (83) Capital Expenditures 1,338 202 — — 1,540 For the Nine Months Ended September 30, 2019 Sales and Other Operating Revenues - Third parties $ 4,812 $ — $ — $ — $ 4,812 Intersegment Revenues — 595 — (595) — Sales and Other Operating Revenues $ 4,812 $ 595 $ — $ (595) $ 4,812 Net Income (Loss) attributable to Hess Corporation $ 117 $ 111 $ (414) $ — $ (186) Depreciation, Depletion and Amortization 1,430 105 1 — 1,536 Provision (Benefit) for Income Taxes 342 — — — 342 Capital Expenditures 1,764 308 — — 2,072 Identifiable assets by operating segment were as follows: September 30, December 31, (In millions) Exploration and Production $ 14,005 $ 16,790 Midstream 3,594 3,499 Corporate, Interest and Other 1,370 1,493 Total $ 18,969 $ 21,782

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, (In millions) Commodity - crude oil put options (millions of barrels) 13.8 54.9 Foreign exchange forwards $ 130 $ 90 Interest rate swaps $ 100 $ 100
Fair Values of Financial Risk Management Derivative Instruments	The table below reflects the fair values of risk management derivative instruments. Assets Liabilities (In millions) September 30, 2020 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 205 $ — Crude oil swaps — (29) Interest rate swaps 6 — Total derivative contracts designated as hedging instruments 211 (29) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards — — Total derivative contracts not designated as hedging instruments — — Fair Value of Derivative Contracts $ 211 $ (29) December 31, 2019 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 125 $ — Interest rate swaps 1 — Total derivative contracts designated as hedging instruments 126 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards — (1) Total derivative contracts not designated as hedging instruments — (1) Fair Value of Derivative Contracts $ 126 $ (1)

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 241	$ 92
Materials and supplies	181	169
Total Inventories	$ 422	$ 261

Inventories - Additional Inform

Inventories - Additional Information (Detail) bbl in Millions, $ in Millions	1 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)vlccbbl	Sep. 30, 2020USD ($)vlccbbl	Sep. 30, 2020USD ($)vlccbbl	Dec. 31, 2019USD ($)
Inventory [Line Items]
Number of very large crude carriers | vlcc	3	3	3
Crude oil loaded in very large crude carriers (in barrels of oil) | bbl		6.3
Crude oil in very large crude carriers (in barrels of oil) | bbl	4.2	4.2	4.2
Cost of crude oil | $	$ 241	$ 241	$ 241	$ 92
Crude oil sold (in barrels of oil) | bbl	2.1
Charges related to inventories | $			53
Charges related to inventories, after income taxes | $			$ 52
Very Large Crude Carriers (VLCCs)
Inventory [Line Items]
Number of very large crude carriers | vlcc	3	3	3
Crude oil loaded in very large crude carriers (in barrels of oil) | bbl		6.3
Cost of crude oil | $	$ 147	$ 147	$ 147

Property, Plant and Equipment -

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 584
Additions to capitalized exploratory well costs pending the determination of proved reserves	96
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(80)
Capitalized exploratory well costs charged to expense	(125)
Ending balance	$ 475

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	Oct. 05, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)well	Dec. 31, 2019USD ($)
Capitalized Exploratory Well Costs [Line Items]
Property, plant and equipment associated with sale of working interest		$ 483	$ 483	$ 0
Reclassifications to wells, facilities and equipment based on the determination of proved reserves			80
Well costs incurred and expensed			41
Previously capitalized well cost expensed			125
Capitalized exploratory well costs that have been capitalized for period greater than one year		$ 329	$ 329
Shenzi Field, Gulf of Mexico
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage		28.00%	28.00%
Property, plant and equipment associated with sale of working interest		$ 483	$ 483
Asset retirement obligation associated with sale of working interest		$ 79	79
Previously capitalized well cost expensed			$ 125
Shenzi Field, Gulf of Mexico | Subsequent Event
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	28.00%
Consideration received from sale of working interest	$ 505
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage		30.00%	30.00%
Reclassifications to wells, facilities and equipment based on the determination of proved reserves		$ 80
Capitalized well costs percentage		80.00%	80.00%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage		50.00%	50.00%
Capitalized well costs percentage		10.00%	10.00%
Number of successful exploration wells drilled | well			3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage		50.00%	50.00%
Capitalized well costs percentage		10.00%	10.00%
Number of successful exploration wells drilled | well			5

Hess Midstream LP (Detail)

Hess Midstream LP (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Liabilities	$ 12,087	$ 12,076
Cash and cash equivalents	1,285	1,545
Property, plant and equipment, net	14,235	16,814
Hess Midstream LP | Variable Interest Entity
Variable Interest Entity [Line Items]
Liabilities	2,031	1,941
Cash and cash equivalents	3	3
Property, plant and equipment, net	$ 3,103	$ 3,010

Debt (Detail)

Debt (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Loan agreement term (in years)	3 years
Maturity date of loan agreement	Mar. 16, 2023
Debt instrument covenant, ratio	65.00%
Long-term line of credit	$ 1,000,000,000
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate, applicable margin	2.25%
Annual increase in applicable margin on interest rate	0.25%

Revenue (Detail)

Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,015	$ 1,578	$ 2,911	$ 4,806
Other operating revenues	144	2	435	6
Total sales and other operating revenues	1,159	1,580	3,346	4,812
Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	575	924	1,616	2,701
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	68	46	159	162
Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	151	201	455	627
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	221	407	681	1,316
Exploration and Production
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	1,159	1,580	3,346	4,812
Exploration and Production | Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	575	924	1,616	2,701
Exploration and Production | Crude oil revenue | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	471	749	1,390	2,193
Exploration and Production | Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	80	0	149	0
Exploration and Production | Crude oil revenue | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	13	22	16	67
Exploration and Production | Crude oil revenue | Denmark
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	11	31	61	98
Exploration and Production | Crude oil revenue | Libya
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	122	0	343
Exploration and Production | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	68	46	159	162
Exploration and Production | Natural gas liquids revenue | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	68	46	159	162
Exploration and Production | Natural gas liquids revenue | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Natural gas liquids revenue | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Natural gas liquids revenue | Denmark
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Natural gas liquids revenue | Libya
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	151	201	455	627
Exploration and Production | Natural gas revenue | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34	34	104	109
Exploration and Production | Natural gas revenue | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Natural gas revenue | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	116	160	344	494
Exploration and Production | Natural gas revenue | Denmark
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1	2	5	7
Exploration and Production | Natural gas revenue | Libya
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	5	2	17
Exploration and Production | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	221	407	681	1,316
Exploration and Production | Sales of purchased oil and gas | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	220	381	679	1,246
Exploration and Production | Sales of purchased oil and gas | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1	0	2	0
Exploration and Production | Sales of purchased oil and gas | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	3	0	3
Exploration and Production | Sales of purchased oil and gas | Denmark
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Sales of purchased oil and gas | Libya
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	23	0	67
Midstream
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	0	0	0	0
Midstream | Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Midstream | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Midstream | Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Midstream | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Operating Segments | Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,015	1,578	2,911	4,806
Other operating revenues	144	2	435	6
Total sales and other operating revenues	1,159	1,580	3,346	4,812
Operating Segments | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	793	1,210	2,332	3,710
Other operating revenues	125	2	368	6
Total sales and other operating revenues	918	1,212	2,700	3,716
Operating Segments | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	81	0	151	0
Other operating revenues	18	0	51	0
Total sales and other operating revenues	99	0	202	0
Operating Segments | Exploration and Production | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	129	185	360	564
Other operating revenues	0	0	1	0
Total sales and other operating revenues	129	185	361	564
Operating Segments | Exploration and Production | Denmark
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	12	33	66	105
Other operating revenues	1	0	15	0
Total sales and other operating revenues	13	33	81	105
Operating Segments | Exploration and Production | Libya
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	150	2	427
Other operating revenues	0	0	0	0
Total sales and other operating revenues	0	150	2	427
Operating Segments | Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	264	215	825	595
Other operating revenues	0	0	0	0
Total sales and other operating revenues	264	215	825	595
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(264)	(215)	(825)	(595)
Other operating revenues	0	0	0	0
Total sales and other operating revenues	(264)	(215)	(825)	(595)
Eliminations | Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Total sales and other operating revenues	0	0	0	0
Eliminations | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Eliminations | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Eliminations | Exploration and Production | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Eliminations | Exploration and Production | Denmark
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Eliminations | Exploration and Production | Libya
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Eliminations | Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	264	215	825	595
Total sales and other operating revenues	$ 264	$ 215	$ 825	$ 595

Severance Costs (Details)

Severance Costs (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Severance expense	$ 27
Payments of severance costs	11
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Severance expense	6
Oil and Gas, Exploration and Production
Restructuring Cost and Reserve [Line Items]
Severance expense	1
Operating Expense
Restructuring Cost and Reserve [Line Items]
Severance expense	20
Severance
Restructuring Cost and Reserve [Line Items]
Expected remaining costs to be incurred	$ 16

Impairment (Detail)

Impairment (Detail) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)	Mar. 31, 2020USD ($)$ / bbl	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Impairments [Line Items]
Impairment charge, pre-tax	$ 0		$ 0	$ 2,126	$ 0
Oil and Gas Properties
Impairments [Line Items]
Fair value of estimated impairment charges determined using internal projected discounted cash flows		$ 1,050
Weighted average crude oil benchmark price for impaired assets (US dollar per barrel) | $ / bbl		48.82
Discount rate used in fair value measurements		10.00%
Oil and Gas Properties | West Texas Intermediate
Impairments [Line Items]
Future strip crude oil price (US dollar per barrel) used in impairment | $ / bbl		50
Oil and Gas Properties | Brent
Impairments [Line Items]
Future strip crude oil price (US dollar per barrel) used in impairment | $ / 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 | Gulf of Mexico
Impairments [Line Items]
Impairment charge, pre-tax				270
Impairment charge, after income taxes				270
Other Assets
Impairments [Line Items]
Impairment charge, pre-tax				21
Impairment charge, after income taxes				$ 20

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Service cost	$ 14	$ 12	$ 42	$ 33
Interest cost	19	23	56	71
Expected return on plan assets	(45)	(45)	(135)	(135)
Amortization of unrecognized net actuarial losses	11	13	35	36
Settlement loss	0	88	0	88
Pension (income) expense	(1)	91	(2)	93
Net non-service pension (income) costs included in other, net	$ 15	$ 79	$ 44	$ 60

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	$ 0	$ (88)	$ 0	$ (88)
Corporation's estimated contribution for funded pension plans in 2020	$ 2		$ 2
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Single premium annuity contract cost		250
Pension settlement loss		$ 88

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss) attributable to Hess Corporation Common Stockholders:
Net income (loss)	$ (183)	$ (166)	$ (2,812)	$ (57)
Less: Net income (loss) attributable to noncontrolling interests	60	46	184	129
Less: Preferred stock dividends	0	0	0	4
Net income (loss) attributable to Hess Corporation Common Stockholders	$ (243)	$ (212)	$ (2,996)	$ (190)
Weighted average number of common shares outstanding:
Basic (in shares)	305	302.5	304.7	300.7
Diluted (in shares)	305	302.5	304.7	300.7
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0	0	0	0
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0	0	0	0
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0	0	0	0

Weighted Average Common Share_3

Weighted Average Common Shares - Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	2,080,613	2,074,913	2,089,778	2,272,234
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	4,424,867	4,694,684	4,301,311	4,819,205
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	1,083,543	1,858,050	1,124,022	1,663,432
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 (in shares)	0	0	0	1,295,823

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	1,120,836	959,168
Shares granted, performance share units (in shares)	307,999	234,866
Shares granted, stock options (in shares)	686,639	526,968

Guarantees and Contingencies (D

Guarantees and Contingencies (Detail) $ in Millions	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Financial

Segment Information - Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 1,159	$ 1,580	$ 3,346	$ 4,812
Net Income (Loss) attributable to Hess Corporation	(243)	(212)	(2,996)	(186)
Depreciation, depletion and amortization	518	544	1,588	1,536
Impairment			2,126
Provision (benefit) for income taxes	5	116	(83)	342
Capital Expenditures	367	736	1,540	2,072
Assets	18,969		18,969		$ 21,782
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,159	1,580	3,346	4,812
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0	0
Operating Segments | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,159	1,580	3,346	4,812
Net Income (Loss) attributable to Hess Corporation	(182)	(60)	(2,802)	117
Depreciation, depletion and amortization	478	507	1,469	1,430
Impairment			2,126
Provision (benefit) for income taxes	6	116	(82)	342
Capital Expenditures	301	624	1,338	1,764
Assets	14,005		14,005		16,790
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	264	215	825	595
Net Income (Loss) attributable to Hess Corporation	56	39	168	111
Depreciation, depletion and amortization	40	36	117	105
Impairment			0
Provision (benefit) for income taxes	1	0	5	0
Capital Expenditures	66	112	202	308
Assets	3,594		3,594		3,499
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net Income (Loss) attributable to Hess Corporation	(117)	(191)	(362)	(414)
Depreciation, depletion and amortization	0	1	2	1
Impairment			0
Provision (benefit) for income taxes	(2)	0	(6)	0
Capital Expenditures	0	0	0	0
Assets	1,370		1,370		$ 1,493
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(264)	(215)	(825)	(595)
Net Income (Loss) attributable to Hess Corporation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
Impairment			0
Provision (benefit) for income taxes	0	0	0	0
Capital Expenditures	0	0	0	0
Eliminations | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0	0
Eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 264	$ 215	$ 825	$ 595

Financial Risk Management Act_3

Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions	Sep. 30, 2020USD ($)MMBbls	Dec. 31, 2019USD ($)MMBbls
Commodity Derivative Contracts
Derivative [Line Items]
Commodity - crude oil | MMBbls	13.8	54.9
Foreign Exchange Forwards
Derivative [Line Items]
Outstanding gross notional amount	$ 130,000,000	$ 90,000,000
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 100,000,000	$ 100,000,000

Financial Risk Management Act_4

Financial Risk Management Activities - Fair Values of Financial Risk Management Derivative Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 211	$ 126
Liabilities - Gross fair value of derivative contracts	(29)	(1)
Derivative Contracts Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	211	126
Liabilities - Gross fair value of derivative contracts	(29)	0
Derivative Contracts Designated as Hedging Instruments: | Crude Oil Put Options
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	205	125
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Designated as Hedging Instruments: | Crude Oil Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0
Liabilities - Gross fair value of derivative contracts	(29)
Derivative Contracts Designated as Hedging Instruments: | Interest Rate Swaps
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	0	(1)
Derivative Contracts Not Designated as Hedging Instruments: | Foreign Exchange Forwards
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	$ 0	$ (1)

Financial Risk Management Act_5

Financial Risk Management Activities - Additional Information (Detail) bbl in Millions, MMBbls in Millions, $ in Millions	6 Months Ended
	Sep. 30, 2020USD ($)MMBblsbbl / dvlcc$ / bblbbl	Dec. 31, 2019USD ($)MMBbls
Derivative Instruments, Gain (Loss) [Line Items]
Number of very large crude carriers | vlcc	3
Crude oil loaded in very large crude carriers (in barrels of oil) | bbl	6.3
Liability for deferred unrealized losses	$ 29	$ 1
Net deferred realized and unrealized gains	$ (363)	$ (699)
Very Large Crude Carriers (VLCCs)
Derivative Instruments, Gain (Loss) [Line Items]
Number of very large crude carriers | vlcc	3
Crude oil loaded in very large crude carriers (in barrels of oil) | bbl	6.3
Commodity Derivative Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | MMBbls	13.8	54.9
Commodity Derivative Contracts | West Texas Intermediate
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price (US dollar per barrel) | $ / bbl	55
Notional amount of crude oil | bbl / d	130,000
Commodity Derivative Contracts | Brent
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price (US dollar per barrel) | $ / bbl	60
Notional amount of crude oil | bbl / d	20,000
Derivative Contracts Designated as Hedging Instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses	$ 29	$ 0
Derivative Contracts Designated as Hedging Instruments: | Crude Oil Put Options
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses	0	$ 0
Derivative Contracts Designated as Hedging Instruments: | Crude Oil Put Options | West Texas Intermediate | Very Large Crude Carriers (VLCCs)
Derivative Instruments, Gain (Loss) [Line Items]
Net deferred realized and unrealized gains	40
Derivative Contracts Designated as Hedging Instruments: | Crude Oil Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses	29
Derivative Contracts Designated as Hedging Instruments: | Crude Oil Swaps | Brent
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses	29
Net deferred realized and unrealized gains	$ 17

Financial Risk Management Act_6

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 100,000,000		$ 100,000,000		$ 100,000,000
Foreign Exchange Forwards
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	130,000,000		130,000,000		90,000,000
Derivative Contracts Designated as Hedging Instruments: | Commodity Derivative Contracts | Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Increase (decrease) in sales and other operating revenues due to hedging instruments	143,000,000	$ 2,000,000	435,000,000	$ 3,000,000
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings within the next 12 months			199,000,000
Derivative Contracts Designated as Hedging Instruments: | Interest Rate Swaps | Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	100,000,000		100,000,000		$ 100,000,000
Unrealized change in fair value of interest rate swaps - (increase in derivative asset) decrease in derivative liability	0	1,000,000	(6,000,000)	4,000,000
Derivative Contracts Not Designated as Hedging Instruments: | Foreign Exchange Forwards
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	(1,000,000)	1,000,000	(4,000,000)	4,000,000
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ 1,000,000	$ 1,000,000	$ 4,000,000	$ 2,000,000

Financial Risk Management Act_7

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Sep. 30, 2020USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,288
Long-term debt, fair value	$ 9,006

Subsequent Events (Details)

Subsequent Events (Details) Boe in Thousands, $ in Millions	Oct. 05, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Boe	Sep. 30, 2019USD ($)	Oct. 31, 2020
Subsequent Event [Line Items]
Exploration expenses, including dry holes and lease impairment			$ 71	$ 50	$ 291	$ 127
Shenzi Field, Gulf of Mexico
Subsequent Event [Line Items]
Project interest percentage			28.00%		28.00%
Our net share of production (in barrels of oil equivalents per day) | Boe					11
Shenzi Field, Gulf of Mexico | Subsequent Event
Subsequent Event [Line Items]
Project interest percentage	28.00%
Consideration received from sale of working interest	$ 505
Galapagos Deep Well In Gulf Of Mexico
Subsequent Event [Line Items]
Exploration expenses, including dry holes and lease impairment			$ 37
Galapagos Deep Well In Gulf Of Mexico | Forecast
Subsequent Event [Line Items]
Exploration expenses, including dry holes and lease impairment		$ 7
Galapagos Deep Well In Gulf Of Mexico | Subsequent Event
Subsequent Event [Line Items]
Project interest percentage							25.00%