Hess (HES) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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)	309,726,894
Amendment Flag	false
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 2,419	$ 1,739
Accounts receivable:
From contracts with customers	930	710
Joint venture and other	164	150
Inventories	262	378
Other current assets	117	104
Total current assets	3,892	3,081
Property, plant and equipment:
Total — at cost	30,560	30,519
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,606	16,404
Property, plant and equipment — net	13,954	14,115
Operating lease right-of-use assets — net	364	426
Finance lease right-of-use assets — net	150	168
Goodwill	360	360
Deferred income taxes	26	59
Other assets	744	612
Total Assets	19,490	18,821
Current Liabilities:
Accounts payable	210	200
Accrued liabilities	1,578	1,251
Taxes payable	359	81
Current portion of long-term debt	514	10
Current portion of operating and finance lease obligations	88	81
Total current liabilities	2,749	1,623
Long-term debt	7,993	8,286
Long-term operating lease obligations	410	478
Long-term finance lease obligations	205	220
Deferred income taxes	346	342
Asset retirement obligations	838	894
Other liabilities and deferred credits	693	643
Total Liabilities	13,234	12,486
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 309,726,894 shares (2020: 306,980,092)	310	307
Capital in excess of par value	5,903	5,684
Retained earnings	192	130
Accumulated other comprehensive income (loss)	(796)	(755)
Total Hess Corporation stockholders’ equity	5,609	5,366
Noncontrolling interests	647	969
Total Equity	6,256	6,335
Total Liabilities and Equity	$ 19,490	$ 18,821

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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)	309,726,894	306,980,092

STATEMENT OF CONSOLIDATED INCOM

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues and Non-Operating Income
Sales and other operating revenues	$ 1,759	$ 1,159	$ 5,236	$ 3,346
Gains (losses) on asset sales, net	29	0	29	8
Other, net	23	17	63	33
Total revenues and non-operating income	1,811	1,176	5,328	3,387
Costs and Expenses
Marketing, including purchased oil and gas	522	221	1,362	655
Operating costs and expenses	333	308	913	905
Production and severance taxes	42	34	123	92
Exploration expenses, including dry holes and lease impairment	36	71	117	291
General and administrative expenses	76	84	254	275
Interest expense	125	118	360	350
Depreciation, depletion and amortization	349	518	1,130	1,588
Impairment and other	0	0	147	2,126
Total costs and expenses	1,483	1,354	4,406	6,282
Income (Loss) Before Income Taxes	328	(178)	922	(2,895)
Provision (benefit) for income taxes	143	5	388	(83)
Net Income (Loss)	185	(183)	534	(2,812)
Less: Net income (loss) attributable to noncontrolling interests	70	60	240	184
Net Income (Loss) Attributable to Hess Corporation	$ 115	$ (243)	$ 294	$ (2,996)
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 0.37	$ (0.80)	$ 0.96	$ (9.83)
Diluted (in dollars per share)	$ 0.37	$ (0.80)	$ 0.95	$ (9.83)
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	308.1	305	307.1	304.7
Diluted (in shares)	309.9	305	309.1	304.7
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 185	$ (183)	$ 534	$ (2,812)
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	64	(143)	179	(435)
Income taxes on effect of hedge (gains) losses reclassified to income	0	0	0	0
Net effect of hedge (gains) losses reclassified to income	64	(143)	179	(435)
Change in fair value of cash flow hedges	(40)	(44)	(271)	732
Income taxes on change in fair value of cash flow hedges	0	0	0	0
Net change in fair value of cash flow hedges	(40)	(44)	(271)	732
Change in derivatives designated as cash flow hedges, after taxes	24	(187)	(92)	297
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	0	0	3	4
Income taxes on actuarial changes in plan liabilities	0	0	0	0
(Increase) reduction in unrecognized actuarial losses, net	0	0	3	4
Amortization of net actuarial losses	16	11	48	35
Income taxes on amortization of net actuarial losses	0	0	0	0
Net effect of amortization of net actuarial losses	16	11	48	35
Change in pension and other postretirement plans, after taxes	16	11	51	39
Other Comprehensive Income (Loss)	40	(176)	(41)	336
Comprehensive Income (Loss)	225	(359)	493	(2,476)
Less: Comprehensive income (loss) attributable to noncontrolling interests	70	60	240	184
Comprehensive Income (Loss) Attributable to Hess Corporation	$ 155	$ (419)	$ 253	$ (2,660)

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows From Operating Activities
Net income (loss)	$ 534	$ (2,812)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net	(29)	(8)
Depreciation, depletion and amortization	1,130	1,588
Impairment and other	147	2,126
Exploratory dry hole costs	11	166
Exploration lease and other impairment	15	48
Pension settlement loss	5	0
Stock compensation expense	61	63
Noncash (gains) losses on commodity derivatives, net	152	187
Provision (benefit) for deferred income taxes and other tax accruals	79	(87)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(533)	539
(Increase) decrease in inventories	97	(161)
Increase (decrease) in accounts payable and accrued liabilities	169	(681)
Increase (decrease) in taxes payable	278	(52)
Changes in other operating assets and liabilities	(125)	(69)
Net cash provided by (used in) operating activities	1,991	847
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,118)	(1,577)
Additions to property, plant and equipment - Midstream	(120)	(246)
Proceeds from asset sales, net of cash sold	427	11
Other, net	(4)	(2)
Net cash provided by (used in) investing activities	(815)	(1,814)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	(32)	146
Debt with maturities of greater than 90 days – Borrowings	750	1,000
Debt with maturities of greater than 90 days - Repayments	(508)	0
Proceeds from sale of Class A shares of Hess Midstream LP	70	0
Payments on finance lease obligations	(7)	(6)
Cash dividends paid	(234)	(233)
Employee stock options exercised	75	15
Noncontrolling interests, net	(589)	(194)
Other, net	(21)	(21)
Net cash provided by (used in) financing activities	(496)	707
Net Increase (Decrease) in Cash and Cash Equivalents	680	(260)
Cash and Cash Equivalents at Beginning of Year	1,739	1,545
Cash and Cash Equivalents at End of Period	$ 2,419	$ 1,285

STATEMENT OF CONSOLIDATED EQUIT

STATEMENT OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Hess Stockholders' Equity	Noncontrolling Interests
Balance at Dec. 31, 2019	$ 9,706	$ 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	307	5,668	304	(363)	5,916	966
Balance at Jun. 30, 2020	7,366	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		18			18
Dividends on common stock	(78)			(78)		(78)
Noncontrolling interests, net	(65)						(65)
Balance at Sep. 30, 2020	6,882	307	5,668	304	(363)	5,916	966
Balance at Dec. 31, 2020	6,335	307	5,684	130	(755)	5,366	969
Net income (loss)	534			294		294	240
Other comprehensive income (loss)	(41)				(41)	(41)
Share-based compensation	138	3	135			138
Dividends on common stock	(232)			(232)		(232)
Sale of Class A shares of Hess Midstream LP	97		56			56	41
Repurchase of Class B units of Hess Midstream Operations LP	(362)		28			28	(390)
Noncontrolling interests, net	(213)						(213)
Balance at Sep. 30, 2021	6,256	310	5,903	192	(796)	5,609	647
Balance at Jun. 30, 2021	6,532	310	5,859	155	(836)	5,488	1,044
Net income (loss)	185			115		115	70
Other comprehensive income (loss)	40				40	40
Share-based compensation	16		16			16
Dividends on common stock	(78)			(78)		(78)
Repurchase of Class B units of Hess Midstream Operations LP	(362)		28			28	(390)
Noncontrolling interests, net	(77)						(77)
Balance at Sep. 30, 2021	$ 6,256	$ 310	$ 5,903	$ 192	$ (796)	$ 5,609	$ 647

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020, the consolidated results of operations for the three and nine months ended September 30, 2021 and 2020, and consolidated cash flows for the nine months ended September 30, 2021 and 2020. 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, 2020.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of the following: September 30, December 31, (In millions) Crude oil and natural gas liquids $ 76 $ 226 Materials and supplies 186 152 Total Inventories $ 262 $ 378 At December 31, 2020, crude oil inventories included $164 million associated with the cost of 4.2 million barrels of crude oil transported and stored on two chartered very large crude carriers (VLCCs) for sale in Asian markets. The two VLCC cargos were sold in the first quarter of 2021. In the first quarter of 2020, we recognized charges of $53 million ($52 million after income taxes) 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, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	3. Property, Plant and Equipment Dispositions: In August 2021, we completed the sale of our interests in Denmark for net cash consideration of approximately $130 million, after closing adjustments, and recognized a pre-tax gain of $29 million ($29 million after income taxes). In April 2021, we completed the sale of our Little Knife and Murphy Creek nonstrategic acreage interests in the Bakken for net cash consideration of $297 million, after closing adjustments. The sale included approximately 78,700 net acres, which are located in the southernmost portion of the Corporation's Bakken position. The acreage constituted part of a larger amortization base and the sale was treated as a normal retirement. Accordingly, no gain or loss was recognized upon sale. 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, 2021 (in millions): Balance at January 1, 2021 $ 459 Additions to capitalized exploratory well costs pending the determination of proved reserves 162 Balance at September 30, 2021 $ 621 Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $451 million at September 30, 2021 and primarily related to: Guyana: Approximately 90% 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 and is conducting pre-development planning for additional phases of development beyond the three previously sanctioned development projects on the Block. Joint Development Area (JDA): Approximately 5% 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 5% 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 one successful exploration well. Subsurface evaluation and pre-development studies are ongoing.

Hess Midstream LP

Hess Midstream LP	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP In March 2021, the Corporation received net proceeds of $70 million from the public offering of 3.45 million Hess-owned Class A shares of Hess Midstream LP. The transaction resulted in an increase in Capital in Excess of Par of $56 million and Noncontrolling Interests of $41 million including $14 million from the change in ownership and $27 million from the recognition of a deferred tax asset due to an increase in tax basis of Hess Midstream LP's investment in Hess Midstream Operations LP (HESM Opco). In August 2021, HESM Opco, a consolidated subsidiary of Hess Midstream LP, repurchased 31.25 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of General Infrastructure Partners (GIP) for $750 million. HESM Opco issued $750 million in aggregate principal amount of 4.250% fixed-rate senior unsecured notes due 2030 in a private offering to finance the repurchase. The transaction resulted in an increase in Capital in Excess of Par and a decrease in Noncontrolling Interests of $28 million, and an increase in deferred tax assets and Noncontrolling Interests of $15 million due to a decrease in the book basis of Hess Midstream LP's investment in HESM Opco. The $375 million paid to GIP reduced Noncontrolling Interests. The Corporation owned an approximate 45% interest in Hess Midstream LP, on a consolidated basis, at September 30, 2021. See Note 14 , Subsequent Events . At September 30, 2021 Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $2,753 million (December 31, 2020: $2,026 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream LP assets available to settle the obligations of Hess Midstream LP include cash and cash equivalents totaling $3 million (December 31, 2020: $3 million), property, plant and equipment with a carrying value of $3,118 million (December 31, 2020: $3,111 million) and an equity-method investment in the Little Missouri 4 gas processing plant of $102 million (December 31, 2020: $108 million).

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued Liabilities consisted of the following: September 30, December 31, (In millions) Accrued operating and marketing expenditures $ 511 $ 325 Accrued capital expenditures 381 345 Accrued payments to royalty and working interest owners 232 170 Current portion of asset retirement obligations 193 105 Accrued interest on debt 101 126 Accrued compensation and benefits 97 117 Other accruals 63 63 Total Accrued Liabilities $ 1,578 $ 1,251

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	6. Debt In July 2021, we repaid $500 million principal amount of Hess Corporation's $1 billion term loan, which matures in March 2023. The remaining $500 million has been classified as Current portion of long-term debt in our Consolidated Balance Sheet at September 30, 2021 due to management's intent to repay the remaining $500 million within the next twelve months. In August 2021, HESM Opco issued $750 million in aggregate principal amount of 4.250% fixed-rate senior unsecured notes due 2030 in a private offering to finance the repurchase of 31.25 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of GIP.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	7. Revenue Revenue from contracts with customers on a disaggregated basis was as follows: Exploration and Production Midstream Eliminations Total United States Guyana Malaysia & JDA Other (a) E&P Total (In millions) Three Months Ended September 30, 2021 Sales of our net production volumes: Crude oil revenue $ 654 $ 214 $ 2 $ 104 $ 974 $ — $ — $ 974 Natural gas liquids revenue 143 — — — 143 — — 143 Natural gas revenue 77 — 143 2 222 — — 222 Sales of purchased oil and gas 457 4 — 23 484 — — 484 Intercompany revenue — — — — — 304 (304) — Total revenues from contracts with customers 1,331 218 145 129 1,823 304 (304) 1,823 Other operating revenues (b) (51) (9) — (4) (64) — — (64) Total sales and other operating revenues $ 1,280 $ 209 $ 145 $ 125 $ 1,759 $ 304 $ (304) $ 1,759 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 (b) 125 18 — 1 144 — — 144 Total sales and other operating revenues $ 918 $ 99 $ 129 $ 13 $ 1,159 $ 264 $ (264) $ 1,159 Nine Months Ended September 30, 2021 Sales of our net production volumes: Crude oil revenue $ 2,200 $ 529 $ 51 $ 355 $ 3,135 $ — $ — $ 3,135 Natural gas liquids revenue 406 — — — 406 — — 406 Natural gas revenue 251 — 484 6 741 — — 741 Sales of purchased oil and gas 1,054 12 — 68 1,134 — — 1,134 Intercompany revenue — — — — — 887 (887) — Total revenues from contracts with customers 3,911 541 535 429 5,416 887 (887) 5,416 Other operating revenues (b) (145) (19) — (16) (180) — — (180) Total sales and other operating revenues $ 3,766 $ 522 $ 535 $ 413 $ 5,236 $ 887 $ (887) $ 5,236 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 7 455 — — 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 68 2,911 825 (825) 2,911 Other operating revenues (b) 368 51 1 15 435 — — 435 Total sales and other operating revenues $ 2,700 $ 202 $ 361 $ 83 $ 3,346 $ 825 $ (825) $ 3,346 (a) Other includes our interests in Denmark and Libya. (b) 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, 2021. 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.

Impairment and Other

Impairment and Other	9 Months Ended
	Sep. 30, 2021
Asset Impairment Charges [Abstract]
Impairment and Other	8. Impairment and Other In June 2021, the U.S. Bankruptcy Court approved the bankruptcy plan for Fieldwood Energy LLC (Fieldwood) which includes transferring abandonment obligations of Fieldwood to predecessors in title of certain of its assets, who are jointly and severally liable for the obligations. The results for the nine months ended September 30, 2021 include a charge of $147 million ($147 million after income taxes) in connection with total estimated abandonment obligations in the West Delta 79/86 Field (West Delta Field), which we sold to a Fieldwood predecessor in 2004. See Note 11 , Guarantees and Contingencies . First quarter 2020 results include noncash impairment charges totaling $2.1 billion ($2.0 billion after income taxes) related to our oil and gas properties at North Malay Basin in Malaysia, the South Arne Field in Denmark, and the Stampede and Tubular Bells fields in the Gulf of Mexico, primarily as a result of a lower long-term crude oil price outlook. Other 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, 2021
Retirement Benefits [Abstract]
Retirement Plans	9. Retirement Plans Components of net periodic pension cost consisted of the following: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (In millions) Service cost $ 13 $ 14 $ 40 $ 42 Interest cost (a) 14 19 42 56 Expected return on plan assets (a) (49) (45) (148) (135) Amortization of unrecognized net actuarial losses (a) 15 11 43 35 Settlement loss (a) 1 — 5 — Pension (income) expense (a) $ (6) $ (1) $ (18) $ (2) ( 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, 2021 was income of $19 million and $58 million, respectively, compared with income of $15 million and $44 million for the three and nine months ended September 30, 2020, respectively. In 2021, we expect to contribute approximately $10 million to our funded pension plans.

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 (In millions) Net income (loss) attributable to Hess Corporation: Net income (loss) $ 185 $ (183) $ 534 $ (2,812) Less: Net income (loss) attributable to noncontrolling interests 70 60 240 184 Net income (loss) attributable to Hess Corporation $ 115 $ (243) $ 294 $ (2,996) Weighted average number of common shares outstanding: Basic 308.1 305.0 307.1 304.7 Effect of dilutive securities Restricted common stock 0.6 — 0.6 — Stock options 0.3 — 0.5 — Performance share units 0.9 — 0.9 — Diluted 309.9 305.0 309.1 304.7 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Restricted common stock 47,215 2,080,613 78,889 2,089,778 Stock options 705,557 4,424,867 790,155 4,301,311 Performance share units — 1,083,543 26,405 1,124,022 During the nine months ended September 30, 2021, we granted 779,167 shares of restricted stock (2020: 1,120,836), 205,155 performance share units (2020: 307,999) and 319,295 stock options (2020: 686,639).

Guarantees and Contingencies

Guarantees and Contingencies	9 Months Ended
	Sep. 30, 2021
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 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 final 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 began in the fourth quarter of 2020. Based on currently known facts and circumstances, we do not believe that this matter will result in a significant liability to us, and the costs will continue to be allocated amongst the parties, as they were for the Remedial Design. From time to time, we are involved in other judicial and administrative proceedings relating to environmental matters. 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. Beginning in 2017, certain states, municipalities and private associations in California, Delaware, Maryland, Rhode Island and South Carolina separately filed lawsuits against oil, gas and coal producers, including us, for alleged damages purportedly caused by climate change. These proceedings include claims for monetary damages and injunctive relief. Beginning in 2013, various parishes in Louisiana filed suit against approximately 100 oil and gas companies, including us, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs seek, among other things, the payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. The ultimate impact of such climate and other aforementioned environmental 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. In August 2020, Fieldwood and related entities filed for bankruptcy relief under Chapter 11 of the U.S. Bankruptcy Code. Fieldwood’s Bankruptcy Plan, which was approved by the U.S. Bankruptcy Court in June 2021, includes the abandonment of certain assets, including seven offshore Gulf of Mexico leases and related facilities in the West Delta Field that were formerly owned by us and sold to a Fieldwood predecessor in 2004, and the discharge of Fieldwood’s obligation to decommission these facilities. As a result, in October 2021 we received decommissioning orders from the Bureau of Safety and Environmental Enforcement (BSEE) requiring us to decommission certain wells and related facilities located on two of the seven West Delta leases. We expect to receive additional decommissioning orders on the other West Delta leases in the near future and are actively engaged with the BSEE to agree on the scope and timing of decommissioning activities. Our decommissioning obligation derives from our former ownership of the facilities. We intend to seek contribution from other parties that owned an interest in the facilities. As of September 30, 2021, we have a loss contingency accrual of $147 million ($147 million after income taxes) representing total estimated abandonment obligations in the West Delta Field. Potential recoveries from other parties that previously owned an interest in the West Delta Field have not been recognized as of September 30, 2021. We are also involved in other judicial and administrative proceedings from time to time in addition to the matters described above, including claims related to post-production deductions from royalty payments. We may also be exposed to future decommissioning liabilities for divested assets in the event the current or future owners are determined to be unable to perform such actions, whether due to bankruptcy or otherwise. 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, 2021
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, 2021 Sales and Other Operating Revenues - Third parties $ 1,759 $ — $ — $ — $ 1,759 Intersegment Revenues — 304 — (304) — Sales and Other Operating Revenues $ 1,759 $ 304 $ — $ (304) $ 1,759 Net Income (Loss) attributable to Hess Corporation $ 178 $ 61 $ (124) $ — $ 115 Depreciation, Depletion and Amortization 308 41 — — 349 Provision (Benefit) for Income Taxes 140 3 — — 143 Capital Expenditures 469 59 — — 528 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 Nine Months Ended September 30, 2021 Sales and Other Operating Revenues - Third parties $ 5,236 $ — $ — $ — $ 5,236 Intersegment Revenues — 887 — (887) — Sales and Other Operating Revenues $ 5,236 $ 887 $ — $ (887) $ 5,236 Net Income (Loss) attributable to Hess Corporation $ 461 $ 212 $ (379) $ — $ 294 Depreciation, Depletion and Amortization 1,007 122 1 — 1,130 Impairment and other 147 — — — 147 Provision (Benefit) for Income Taxes 379 9 — — 388 Capital Expenditures 1,145 129 — — 1,274 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 and other 2,126 — — — 2,126 Provision (Benefit) for Income Taxes (82) 5 (6) — (83) Capital Expenditures 1,338 202 — — 1,540 Identifiable assets by operating segment were as follows: September 30, December 31, (In millions) Exploration and Production $ 13,648 $ 13,688 Midstream 3,627 3,599 Corporate, Interest and Other 2,215 1,534 Total $ 19,490 $ 18,821

Financial Risk Management Activ

Financial Risk Management Activities	9 Months Ended
	Sep. 30, 2021
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. Financial risk management activities include transactions designed to reduce risk in the selling prices of the 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, or establish a floor price or a range banded with a floor and ceiling price, for a portion of our crude oil or natural gas production. Forward or swap strategies may be used to reduce exposure to foreign currency fluctuations for currencies in which we conduct business. At September 30, 2021, these forward and swap strategies relate to the British Pound, Canadian Dollar 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 / collars (millions of barrels) 54.0 27.4 Foreign exchange forwards $ 135 $ 163 Interest rate swaps $ 100 $ 100 As of September 30, 2021, we have West Texas Intermediate (WTI) put options for 120,000 barrels of oil per day (bopd) with an average monthly floor price of $55 per barrel and Brent put options for 30,000 bopd with an average monthly floor price of $60 per barrel for the remainder of 2021. For calendar 2022, we have WTI collars with an average monthly floor price of $60 per barrel and an average monthly ceiling price of $90 per barrel for 80,000 bopd and Brent collars with an average monthly floor price of $65 per barrel and an average monthly ceiling price of $95 per barrel for 30,000 bopd. See Note 14 , Subsequent Events. The table below reflects the fair values of risk management derivative instruments. Assets Liabilities (In millions) September 30, 2021 Derivative Contracts Designated as Hedging Instruments: Crude oil put options / collars $ 106 $ — Interest rate swaps 4 — Total derivative contracts designated as hedging instruments 110 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards / swaps 1 — Total derivative contracts not designated as hedging instruments 1 — Gross fair value of derivative contracts 111 — Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 111 $ — December 31, 2020 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 64 $ — Crude oil swaps — (54) Interest rate swaps 5 — Total derivative contracts designated as hedging instruments 69 (54) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards / swaps — (1) Total derivative contracts not designated as hedging instruments — (1) Gross fair value of derivative contracts 69 (55) Gross amounts offset in the Consolidated Balance Sheet (13) 13 Net Amounts Presented in the Consolidated Balance Sheet $ 56 $ (42) Of the total fair value of our crude oil hedging contracts at September 30, 2021, $65 million is presented within Other current assets and $41 million is presented within Other assets in our Consolidated Balance Sheet . The fair value of our crude oil put options at December 31, 2020 is presented in Other current assets 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 and swaps is presented within Accounts receivable - Joint venture and other and Accrued liabilities in our Consolidated Balance Sheet at September 30, 2021 and December 31, 2020, respectively. All fair values in the table above are based on Level 2 inputs. Derivative contracts designated as hedging instruments: Crude oil derivatives designated as cash flow hedges: Crude oil hedging contracts decreased Sales and other operating revenues by $64 million and $179 million in the three and nine months ended September 30, 2021, respectively, and increased Sales and other operating revenues by $143 million and $435 million, respectively, in the three and nine months ended September 30, 2020. The pre-tax deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts were $88 million at September 30, 2021, $82 million of which will be reclassified into earnings during the next twelve months as the hedged crude oil sales are recognized in earnings. During the first quarter of 2021, we completed the sale of 4.2 million barrels of Bakken crude oil transported and stored on two VLCCs during 2020 for sale in Asian markets. We recognized net losses of $4 million from crude oil hedging contracts associated with the VLCC volumes in the first quarter of 2021. Interest rate swaps designated as fair value hedges: We had interest rate swaps with gross notional amounts totaling $100 million at September 30, 2021 and December 31, 2020, that convert 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 . The change in fair value of interest rate swaps was nil and a decrease of $1 million in the three and nine months ended September 30, 2021, respectively, compared with a change in fair value of nil and an increase of $6 million in the three and nine months ended September 30, 2020, 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 nil and losses of $2 million in the three and nine months ended September 30, 2021, respectively, compared with losses of $1 million and $4 million in the three and nine months ended September 30, 2020, 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 $1 million in the three and nine months ended September 30, 2021, respectively, compared with net gains of $1 million and $4 million in the three and nine months ended September 30, 2020, respectively. Fair Value Measurement:

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events In October 2021, we received net proceeds of $108 million from the public offering of approximately 4.3 million Hess-owned Class A shares of Hess Midstream LP. As a result of this transaction, the Corporation's ownership in Hess Midstream LP, on a consolidated basis, decreased from approximately 45% at September 30, 2021 to approximately 44%.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: September 30, December 31, (In millions) Crude oil and natural gas liquids $ 76 $ 226 Materials and supplies 186 152 Total Inventories $ 262 $ 378

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 (in millions): Balance at January 1, 2021 $ 459 Additions to capitalized exploratory well costs pending the determination of proved reserves 162 Balance at September 30, 2021 $ 621

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued Liabilities consisted of the following: September 30, December 31, (In millions) Accrued operating and marketing expenditures $ 511 $ 325 Accrued capital expenditures 381 345 Accrued payments to royalty and working interest owners 232 170 Current portion of asset retirement obligations 193 105 Accrued interest on debt 101 126 Accrued compensation and benefits 97 117 Other accruals 63 63 Total Accrued Liabilities $ 1,578 $ 1,251

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
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 Other (a) E&P Total (In millions) Three Months Ended September 30, 2021 Sales of our net production volumes: Crude oil revenue $ 654 $ 214 $ 2 $ 104 $ 974 $ — $ — $ 974 Natural gas liquids revenue 143 — — — 143 — — 143 Natural gas revenue 77 — 143 2 222 — — 222 Sales of purchased oil and gas 457 4 — 23 484 — — 484 Intercompany revenue — — — — — 304 (304) — Total revenues from contracts with customers 1,331 218 145 129 1,823 304 (304) 1,823 Other operating revenues (b) (51) (9) — (4) (64) — — (64) Total sales and other operating revenues $ 1,280 $ 209 $ 145 $ 125 $ 1,759 $ 304 $ (304) $ 1,759 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 (b) 125 18 — 1 144 — — 144 Total sales and other operating revenues $ 918 $ 99 $ 129 $ 13 $ 1,159 $ 264 $ (264) $ 1,159 Nine Months Ended September 30, 2021 Sales of our net production volumes: Crude oil revenue $ 2,200 $ 529 $ 51 $ 355 $ 3,135 $ — $ — $ 3,135 Natural gas liquids revenue 406 — — — 406 — — 406 Natural gas revenue 251 — 484 6 741 — — 741 Sales of purchased oil and gas 1,054 12 — 68 1,134 — — 1,134 Intercompany revenue — — — — — 887 (887) — Total revenues from contracts with customers 3,911 541 535 429 5,416 887 (887) 5,416 Other operating revenues (b) (145) (19) — (16) (180) — — (180) Total sales and other operating revenues $ 3,766 $ 522 $ 535 $ 413 $ 5,236 $ 887 $ (887) $ 5,236 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 7 455 — — 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 68 2,911 825 (825) 2,911 Other operating revenues (b) 368 51 1 15 435 — — 435 Total sales and other operating revenues $ 2,700 $ 202 $ 361 $ 83 $ 3,346 $ 825 $ (825) $ 3,346 (a) Other includes our interests in Denmark and Libya. (b) Includes gains (losses) on commodity derivatives.

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 (In millions) Service cost $ 13 $ 14 $ 40 $ 42 Interest cost (a) 14 19 42 56 Expected return on plan assets (a) (49) (45) (148) (135) Amortization of unrecognized net actuarial losses (a) 15 11 43 35 Settlement loss (a) 1 — 5 — Pension (income) expense (a) $ (6) $ (1) $ (18) $ (2) ( 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, 2021 was income of $19 million and $58 million, respectively, compared with income of $15 million and $44 million for the three and nine months ended September 30, 2020, respectively.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 (In millions) Net income (loss) attributable to Hess Corporation: Net income (loss) $ 185 $ (183) $ 534 $ (2,812) Less: Net income (loss) attributable to noncontrolling interests 70 60 240 184 Net income (loss) attributable to Hess Corporation $ 115 $ (243) $ 294 $ (2,996) Weighted average number of common shares outstanding: Basic 308.1 305.0 307.1 304.7 Effect of dilutive securities Restricted common stock 0.6 — 0.6 — Stock options 0.3 — 0.5 — Performance share units 0.9 — 0.9 — Diluted 309.9 305.0 309.1 304.7
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 2021 2020 2021 2020 Restricted common stock 47,215 2,080,613 78,889 2,089,778 Stock options 705,557 4,424,867 790,155 4,301,311 Performance share units — 1,083,543 26,405 1,124,022

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 Sales and Other Operating Revenues - Third parties $ 1,759 $ — $ — $ — $ 1,759 Intersegment Revenues — 304 — (304) — Sales and Other Operating Revenues $ 1,759 $ 304 $ — $ (304) $ 1,759 Net Income (Loss) attributable to Hess Corporation $ 178 $ 61 $ (124) $ — $ 115 Depreciation, Depletion and Amortization 308 41 — — 349 Provision (Benefit) for Income Taxes 140 3 — — 143 Capital Expenditures 469 59 — — 528 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 Nine Months Ended September 30, 2021 Sales and Other Operating Revenues - Third parties $ 5,236 $ — $ — $ — $ 5,236 Intersegment Revenues — 887 — (887) — Sales and Other Operating Revenues $ 5,236 $ 887 $ — $ (887) $ 5,236 Net Income (Loss) attributable to Hess Corporation $ 461 $ 212 $ (379) $ — $ 294 Depreciation, Depletion and Amortization 1,007 122 1 — 1,130 Impairment and other 147 — — — 147 Provision (Benefit) for Income Taxes 379 9 — — 388 Capital Expenditures 1,145 129 — — 1,274 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 and other 2,126 — — — 2,126 Provision (Benefit) for Income Taxes (82) 5 (6) — (83) Capital Expenditures 1,338 202 — — 1,540 Identifiable assets by operating segment were as follows: September 30, December 31, (In millions) Exploration and Production $ 13,648 $ 13,688 Midstream 3,627 3,599 Corporate, Interest and Other 2,215 1,534 Total $ 19,490 $ 18,821

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	9 Months Ended
	Sep. 30, 2021
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 / collars (millions of barrels) 54.0 27.4 Foreign exchange forwards $ 135 $ 163 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, 2021 Derivative Contracts Designated as Hedging Instruments: Crude oil put options / collars $ 106 $ — Interest rate swaps 4 — Total derivative contracts designated as hedging instruments 110 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards / swaps 1 — Total derivative contracts not designated as hedging instruments 1 — Gross fair value of derivative contracts 111 — Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 111 $ — December 31, 2020 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 64 $ — Crude oil swaps — (54) Interest rate swaps 5 — Total derivative contracts designated as hedging instruments 69 (54) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards / swaps — (1) Total derivative contracts not designated as hedging instruments — (1) Gross fair value of derivative contracts 69 (55) Gross amounts offset in the Consolidated Balance Sheet (13) 13 Net Amounts Presented in the Consolidated Balance Sheet $ 56 $ (42)

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 76	$ 226
Materials and supplies	186	152
Total Inventories	$ 262	$ 378

Inventories - Additional Inform

Inventories - Additional Information (Detail) bbl in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2021vlcc	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)vlccbbl
Inventory [Line Items]
Cost of crude oil			$ 76	$ 226
Charges related to inventories		$ 53
Charges related to inventories, after income taxes		$ 52
Very Large Crude Carriers (VLCCs)
Inventory [Line Items]
Cost of crude oil				$ 164
Crude oil loaded in very large crude carriers (in barrels of oil) | bbl				4.2
Number of very large crude carriers | vlcc				2
Number of VLCCs cargos sold | vlcc	2

Property, Plant, and Equipment

Property, Plant, and Equipment - Dispositions - Additional Information (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2021USD ($)	Apr. 30, 2021USD ($)a	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Disposal Groups [Line Items]
Proceeds from asset sales, net of cash sold					$ 427	$ 11
Gains (losses) on asset sales, net			$ 29	$ 0	$ 29	$ 8
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Denmark
Disposal Groups [Line Items]
Proceeds from asset sales, net of cash sold	$ 130
Gains (losses) on asset sales, net	29
Gains on asset sales, after income taxes	$ 29
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Little Knife and Murphy Creek
Disposal Groups [Line Items]
Proceeds from asset sales, net of cash sold		$ 297
Developed and undeveloped acreage sold | a		78,700

Property, Plant and Equipment -

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 459
Additions to capitalized exploratory well costs pending the determination of proved reserves	162
Ending balance	$ 621

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)well
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year | $	$ 451
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	90.00%
Project interest percentage	30.00%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	5.00%
Project interest percentage	50.00%
Number of successful exploration wells drilled	3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	5.00%
Project interest percentage	50.00%
Number of successful exploration wells drilled	1

Hess Midstream LP (Detail)

Hess Midstream LP (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended		2 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Proceeds from sale of Class A shares of Hess Midstream LP		$ 70			$ 70	$ 0
Number of Class A shares of subsidiary public offering (in shares)		3,450
Sale of Class A shares of Hess Midstream LP					97
Number of Class B units repurchased by Hess Midstream LP (in shares)	31,250
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP	$ 750
Principal amount of senior unsecured notes issued by Hess Midstream Operations LP			$ 750	$ 750	$ 750
Interest rate of senior unsecured notes issued by Hess Midstream Operations LP			4.25%	4.25%	4.25%
Repurchase of Class B units of Hess Midstream Operations LP				$ (362)	$ (362)
Deferred tax impact to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	15
Proceeds to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	375
Liabilities			$ 13,234	13,234	13,234		$ 12,486
Cash and cash equivalents			2,419	2,419	2,419		1,739
Property, plant and equipment, net			$ 13,954	13,954	13,954		14,115
Capital in Excess of Par
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		$ 56			56
Repurchase of Class B units of Hess Midstream Operations LP	28			28	28
Noncontrolling Interests
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		41			41
Repurchase of Class B units of Hess Midstream Operations LP	$ (28)			(390)	(390)
Noncontrolling Interests | Change In Ownership
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		14
Noncontrolling Interests | Recognition Of Deferred Tax Asset
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		$ 27
Variable Interest Entity
Variable Interest Entity [Line Items]
Percent interest in consolidated entity			45.00%
Variable Interest Entity | Hess Midstream LP
Variable Interest Entity [Line Items]
Cash and cash equivalents			$ 3	3	3		3
Property, plant and equipment, net			3,118	3,118	3,118		3,111
Variable Interest Entity | Hess Midstream LP | Nonrecourse
Variable Interest Entity [Line Items]
Liabilities			2,753	2,753	2,753		2,026
Variable Interest Entity | Hess Midstream LP | Little Missouri Four
Variable Interest Entity [Line Items]
Equity Method Investments			$ 102	$ 102	$ 102		$ 108

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued operating and marketing expenditures	$ 511	$ 325
Accrued capital expenditures	381	345
Accrued payments to royalty and working interest owners	232	170
Current portion of asset retirement obligations	193	105
Accrued interest on debt	101	126
Accrued compensation and benefits	97	117
Other accruals	63	63
Accrued liabilities	$ 1,578	$ 1,251

Debt (Details)

Debt (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended
	Aug. 31, 2021	Jul. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Debt Disclosure [Abstract]
Partial repayment of principal amount of term loan		$ 500
Term loan			$ 500	$ 1,000
Remaining balance of term loan outstanding, expected to be paid within the next twelve months			500
Principal amount of senior unsecured notes issued by Hess Midstream Operations LP			$ 750
Interest rate of senior unsecured notes issued by Hess Midstream Operations LP			4.25%
Number of Class B units repurchased by Hess Midstream LP (in shares)	31,250

Revenue (Detail)

Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,823	$ 1,015	$ 5,416	$ 2,911
Other operating revenues	(64)	144	(180)	435
Total sales and other operating revenues	1,759	1,159	5,236	3,346
Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	974	575	3,135	1,616
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	143	68	406	159
Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	222	151	741	455
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	484	221	1,134	681
Exploration and Production
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	1,759	1,159	5,236	3,346
Exploration and Production | Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	974	575	3,135	1,616
Exploration and Production | Crude oil revenue | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	654	471	2,200	1,390
Exploration and Production | Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	214	80	529	149
Exploration and Production | Crude oil revenue | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2	13	51	16
Exploration and Production | Crude oil revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	104	11	355	61
Exploration and Production | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	143	68	406	159
Exploration and Production | Natural gas liquids revenue | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	143	68	406	159
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 | Other
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	222	151	741	455
Exploration and Production | Natural gas revenue | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	77	34	251	104
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	143	116	484	344
Exploration and Production | Natural gas revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2	1	6	7
Exploration and Production | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	484	221	1,134	681
Exploration and Production | Sales of purchased oil and gas | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	457	220	1,054	679
Exploration and Production | Sales of purchased oil and gas | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4	1	12	2
Exploration and Production | Sales of purchased oil and gas | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0	0
Exploration and Production | Sales of purchased oil and gas | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	23	0	68	0
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
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(304)	(264)	(887)	(825)
Other operating revenues	0	0	0	0
Total sales and other operating revenues	(304)	(264)	(887)	(825)
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 | Other
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	304	264	887	825
Total sales and other operating revenues	304	264	887	825
Operating Segments | Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,823	1,015	5,416	2,911
Other operating revenues	(64)	144	(180)	435
Total sales and other operating revenues	1,759	1,159	5,236	3,346
Operating Segments | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,331	793	3,911	2,332
Other operating revenues	(51)	125	(145)	368
Total sales and other operating revenues	1,280	918	3,766	2,700
Operating Segments | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	218	81	541	151
Other operating revenues	(9)	18	(19)	51
Total sales and other operating revenues	209	99	522	202
Operating Segments | Exploration and Production | Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	145	129	535	360
Other operating revenues	0	0	0	1
Total sales and other operating revenues	145	129	535	361
Operating Segments | Exploration and Production | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	129	12	429	68
Other operating revenues	(4)	1	(16)	15
Total sales and other operating revenues	125	13	413	83
Operating Segments | Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	304	264	887	825
Other operating revenues	0	0	0	0
Total sales and other operating revenues	$ 304	$ 264	$ 887	$ 825

Impairment and Other (Detail)

Impairment and Other (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Impairments [Line Items]
Loss contingency charge, pre-tax	$ 147
Loss contingency charge, after tax	$ 147
Oil and Gas Properties
Impairments [Line Items]
Impairment charge, pre-tax		$ 2,100
Impairment charge, after income taxes		2,000
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Service cost	$ 13	$ 14	$ 40	$ 42
Interest cost	14	19	42	56
Expected return on plan assets	(49)	(45)	(148)	(135)
Amortization of unrecognized net actuarial losses	15	11	43	35
Settlement loss	1	0	5	0
Pension (income) expense	(6)	(1)	(18)	(2)
Net non-service pension (income) costs included in other, net	$ (19)	$ (15)	$ (58)	$ (44)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions	Sep. 30, 2021USD ($)
Retirement Benefits [Abstract]
Corporation's estimated contribution for funded pension plans in current fiscal year	$ 10

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income (loss) attributable to Hess Corporation:
Net income (loss)	$ 185	$ (183)	$ 534	$ (2,812)
Less: Net income (loss) attributable to noncontrolling interests	70	60	240	184
Net Income (Loss) Attributable to Hess Corporation	$ 115	$ (243)	$ 294	$ (2,996)
Weighted average number of common shares outstanding:
Basic (in shares)	308.1	305	307.1	304.7
Diluted (in shares)	309.9	305	309.1	304.7
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.6	0	0.6	0
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.3	0	0.5	0
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.9	0	0.9	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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	47,215	2,080,613	78,889	2,089,778
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	705,557	4,424,867	790,155	4,301,311
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	0	1,083,543	26,405	1,124,022

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	779,167	1,120,836
Shares granted, performance share units (in shares)	205,155	307,999
Shares granted, stock options (in shares)	319,295	686,639

Guarantees and Contingencies (D

Guarantees and Contingencies (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)case
Loss Contingencies [Line Items]
Loss contingency accrual	$ 147
Loss contingency charge, after tax	$ 147
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, 2021segment
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 1,759	$ 1,159	$ 5,236	$ 3,346
Net Income (Loss) attributable to Hess Corporation	115	(243)	294	(2,996)
Depreciation, depletion and amortization	349	518	1,130	1,588
Impairment and other	0	0	147	2,126
Provision (benefit) for income taxes	143	5	388	(83)
Capital Expenditures	528	367	1,274	1,540
Assets	19,490		19,490		$ 18,821
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,759	1,159	5,236	3,346
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	1,759	1,159	5,236	3,346
Net Income (Loss) attributable to Hess Corporation	178	(182)	461	(2,802)
Depreciation, depletion and amortization	308	478	1,007	1,469
Impairment and other			147	2,126
Provision (benefit) for income taxes	140	6	379	(82)
Capital Expenditures	469	301	1,145	1,338
Assets	13,648		13,648		13,688
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	304	264	887	825
Net Income (Loss) attributable to Hess Corporation	61	56	212	168
Depreciation, depletion and amortization	41	40	122	117
Impairment and other			0	0
Provision (benefit) for income taxes	3	1	9	5
Capital Expenditures	59	66	129	202
Assets	3,627		3,627		3,599
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net Income (Loss) attributable to Hess Corporation	(124)	(117)	(379)	(362)
Depreciation, depletion and amortization	0	0	1	2
Impairment and other			0	0
Provision (benefit) for income taxes	0	(2)	0	(6)
Capital Expenditures	0	0	0	0
Assets	2,215		2,215		$ 1,534
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(304)	(264)	(887)	(825)
Net Income (Loss) attributable to Hess Corporation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
Impairment and other			0	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	$ 304	$ 264	$ 887	$ 825

Financial Risk Management Act_3

Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions, $ in Millions	Sep. 30, 2021USD ($)MMBbls	Dec. 31, 2020USD ($)MMBbls
Commodity Options / Collars
Derivative [Line Items]
Commodity - crude oil | MMBbls	54	27.4
Foreign Exchange Forwards / Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 135	$ 163
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 100	$ 100

Financial Risk Management Act_4

Financial Risk Management Activities - Fair Values of Financial Risk Management Derivative Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 111	$ 69
Liabilities - Gross fair value of derivative contracts	0	(55)
Assets - Gross amounts offset in the Consolidated Balance Sheet	0	(13)
Liabilities - Gross amounts offset in the Consolidated Balance Sheet	0	13
Derivative assets	111	56
Derivative liabilities	0	(42)
Derivative Contracts Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	110	69
Liabilities - Gross fair value of derivative contracts	0	(54)
Derivative Contracts Designated as Hedging Instruments: | Commodity Options / Collars
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	106	64
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		(54)
Derivative Contracts Designated as Hedging Instruments: | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	4	5
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	1	0
Liabilities - Gross fair value of derivative contracts	0	(1)
Derivative Contracts Not Designated as Hedging Instruments: | Foreign Exchange Forwards / Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	1	0
Liabilities - Gross fair value of derivative contracts	$ 0	$ (1)

Financial Risk Management Act_5

Financial Risk Management Activities - Additional Information (Detail) bbl in Thousands, MMBbls in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)vlccbbl	Sep. 30, 2021USD ($)bblMMBbls$ / bbl	Dec. 31, 2020USD ($)MMBbls
Derivative Instruments, Gain (Loss) [Line Items]
Assets - Gross fair value of derivative contracts | $		$ 111	$ 69
Very Large Crude Carriers (VLCCs)
Derivative Instruments, Gain (Loss) [Line Items]
Crude oil sold (in barrels of oil) | bbl	4,200
Number of VLCCs cargos sold | vlcc	2
Commodity Options / Collars
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | MMBbls		54	27.4
Commodity Options / Collars | Very Large Crude Carriers (VLCCs)
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from crude oil hedging contracts | $	$ (4)
Commodity Options / Collars | Other Current Assets
Derivative Instruments, Gain (Loss) [Line Items]
Assets - Gross fair value of derivative contracts | $		$ 65
Commodity Options / Collars | Other Assets
Derivative Instruments, Gain (Loss) [Line Items]
Assets - Gross fair value of derivative contracts | $		$ 41
Contract Period Year 2021 | Commodity Options / Collars | West Texas Intermediate
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl		120
Average monthly floor price (US dollar per barrel)		55
Contract Period Year 2021 | Commodity Options / Collars | Brent
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl		30
Average monthly floor price (US dollar per barrel)		60
Contract Period Year 2022 | Commodity Options / Collars | West Texas Intermediate
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl		80
Average monthly floor price (US dollar per barrel)		60
Average monthly ceiling price (US dollar per barrel)		90
Contract Period Year 2022 | Commodity Options / Collars | Brent
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl		30
Average monthly floor price (US dollar per barrel)		65
Average monthly ceiling price (US dollar per barrel)		95

Financial Risk Management Act_6

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 100		$ 100		$ 100
Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	135		135		163
Derivative Contracts Designated as Hedging Instruments: | Commodity Options / Collars | Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Increase (decrease) in sales and other operating revenues due to hedging instruments	(64)	$ 143	(179)	$ 435
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts	(88)		(88)
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings within the next twelve months			(82)
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		100		$ 100
Unrealized change in fair value of interest rate swaps - increase (decrease)	0	0	1	(6)
Derivative Contracts Not Designated as Hedging Instruments: | Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	0	(1)	(2)	(4)
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ 1	$ 1	$ 1	$ 4

Financial Risk Management Act_7

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Sep. 30, 2021USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,507
Long-term debt, fair value	$ 10,052

Subsequent Events (Details)

Subsequent Events (Details) shares in Thousands, bbl in Thousands, MMBbls in Millions, $ in Millions	1 Months Ended		2 Months Ended	9 Months Ended
	Oct. 31, 2021USD ($)bbl$ / bblshares	Mar. 31, 2021USD ($)shares	Oct. 07, 2021	Sep. 30, 2021USD ($)MMBbls	Sep. 30, 2020USD ($)	Oct. 04, 2021bbl	Dec. 31, 2020MMBbls
Subsequent Event [Line Items]
Proceeds from sale of Class A shares of Hess Midstream LP | $		$ 70		$ 70	$ 0
Number of Class A shares of subsidiary public offering (in shares) | shares		3,450
Commodity Options / Collars
Subsequent Event [Line Items]
Notional amount of crude oil | MMBbls				54			27.4
Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of Class A shares of Hess Midstream LP | $	$ 108
Number of Class A shares of subsidiary public offering (in shares) | shares	4,300
Percent interest in consolidated entity	44.00%		45.00%
Subsequent Event | Commodity Options / Collars | West Texas Intermediate
Subsequent Event [Line Items]
Notional amount of crude oil | bbl	90					10
Average monthly floor price (US dollar per barrel)	60
Average monthly ceiling price (US dollar per barrel)	90
Subsequent Event | Commodity Options / Collars | Brent
Subsequent Event [Line Items]
Notional amount of crude oil | bbl	60					30
Average monthly floor price (US dollar per barrel)	65
Average monthly ceiling price (US dollar per barrel)	95