Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2022 |
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) | 311,262,547 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000004447 |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 1,370 | $ 2,713 |
Accounts receivable: | ||
From contracts with customers | 1,388 | 1,062 |
Joint venture and other | 136 | 149 |
Inventories | 243 | 223 |
Other current assets | 129 | 199 |
Total current assets | 3,266 | 4,346 |
Property, plant and equipment: | ||
Total — at cost | 31,782 | 31,178 |
Less: Reserves for depreciation, depletion, amortization and lease impairment | 17,293 | 16,996 |
Property, plant and equipment — net | 14,489 | 14,182 |
Operating lease right-of-use assets — net | 343 | 352 |
Finance lease right-of-use assets — net | 140 | 144 |
Goodwill | 360 | 360 |
Deferred income taxes | 65 | 71 |
Post-retirement benefit assets | 412 | 409 |
Other assets | 723 | 651 |
Total Assets | 19,798 | 20,515 |
Current Liabilities: | ||
Accounts payable | 312 | 220 |
Accrued liabilities | 1,749 | 1,710 |
Taxes payable | 129 | 528 |
Current portion of long-term debt | 22 | 517 |
Current portion of operating and finance lease obligations | 91 | 89 |
Total current liabilities | 2,303 | 3,064 |
Long-term debt | 7,934 | 7,941 |
Long-term operating lease obligations | 381 | 394 |
Long-term finance lease obligations | 195 | 200 |
Deferred income taxes | 416 | 383 |
Asset retirement obligations | 1,036 | 1,005 |
Other liabilities and deferred credits | 485 | 502 |
Total Liabilities | 12,750 | 13,489 |
Hess Corporation stockholders’ equity: | ||
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 309,726,894 shares (2021: 309,744,953) | 311 | 310 |
Capital in excess of par value | 6,083 | 6,017 |
Retained earnings | 680 | 379 |
Accumulated other comprehensive income (loss) | (766) | (406) |
Total Hess Corporation stockholders’ equity | 6,308 | 6,300 |
Noncontrolling interests | 740 | 726 |
Total Equity | 7,048 | 7,026 |
Total Liabilities and Equity | $ 19,798 | $ 20,515 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 311,262,547 | 309,744,953 |
STATEMENT OF CONSOLIDATED INCOM
STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues and Non-Operating Income | ||
Sales and other operating revenues | $ 2,313 | $ 1,898 |
Gains on asset sales, net | 22 | 0 |
Other, net | 36 | 21 |
Total revenues and non-operating income | 2,371 | 1,919 |
Costs and Expenses | ||
Marketing, including purchased oil and gas | 682 | 518 |
Operating costs and expenses | 313 | 265 |
Production and severance taxes | 61 | 37 |
Exploration expenses, including dry holes and lease impairment | 43 | 33 |
General and administrative expenses | 110 | 94 |
Interest expense | 123 | 117 |
Depreciation, depletion and amortization | 337 | 396 |
Total costs and expenses | 1,669 | 1,460 |
Income (Loss) Before Income Taxes | 702 | 459 |
Provision (benefit) for income taxes | 197 | 123 |
Net Income (Loss) | 505 | 336 |
Less: Net income (loss) attributable to noncontrolling interests | 88 | 84 |
Net Income (Loss) Attributable to Hess Corporation | $ 417 | $ 252 |
Net Income (Loss) Attributable to Hess Corporation Per Common Share: | ||
Basic (in dollars per share) | $ 1.35 | $ 0.82 |
Diluted (in dollars per share) | $ 1.34 | $ 0.82 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic (in shares) | 308.9 | 305.8 |
Diluted (in shares) | 310.4 | 307.8 |
Common Stock Dividends Per Share (in dollars per share) | $ 0.375 | $ 0.250 |
STATEMENT OF CONSOLIDATED COMPR
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ 505 | $ 336 |
Derivatives designated as cash flow hedges | ||
Effect of hedge (gains) losses reclassified to income | 92 | 51 |
Income taxes on effect of hedge (gains) losses reclassified to income | 0 | 0 |
Net effect of hedge (gains) losses reclassified to income | 92 | 51 |
Change in fair value of cash flow hedges | (455) | (102) |
Income taxes on change in fair value of cash flow hedges | 0 | 0 |
Net change in fair value of cash flow hedges | (455) | (102) |
Change in derivatives designated as cash flow hedges, after taxes | (363) | (51) |
Pension and other postretirement plans | ||
(Increase) reduction in unrecognized actuarial losses | 0 | 14 |
Income taxes on actuarial changes in plan liabilities | 0 | 0 |
(Increase) reduction in unrecognized actuarial losses, net | 0 | 14 |
Amortization of net actuarial losses | 3 | 16 |
Income taxes on amortization of net actuarial losses | 0 | 0 |
Net effect of amortization of net actuarial losses | 3 | 16 |
Change in pension and other postretirement plans, after taxes | 3 | 30 |
Other Comprehensive Income (Loss) | (360) | (21) |
Comprehensive Income (Loss) | 145 | 315 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 88 | 84 |
Comprehensive Income (Loss) Attributable to Hess Corporation | $ 57 | $ 231 |
STATEMENT OF CONSOLIDATED CASH
STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ 505 | $ 336 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
(Gains) on asset sales, net | (22) | 0 |
Depreciation, depletion and amortization | 337 | 396 |
Exploration lease and other impairment | 6 | 4 |
Pension settlement loss | 0 | 1 |
Stock compensation expense | 33 | 25 |
Noncash (gains) losses on commodity derivatives, net | 55 | 24 |
Provision (benefit) for deferred income taxes and other tax accruals | 38 | 29 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (642) | (329) |
(Increase) decrease in inventories | (20) | 159 |
Increase (decrease) in accounts payable and accrued liabilities | 81 | (127) |
Increase (decrease) in taxes payable | (399) | 87 |
Changes in other operating assets and liabilities | (128) | (14) |
Net cash provided by (used in) operating activities | (156) | 591 |
Cash Flows From Investing Activities | ||
Additions to property, plant and equipment - E&P | (491) | (358) |
Additions to property, plant and equipment - Midstream | (55) | (27) |
Proceeds from asset sales, net of cash sold | 24 | 0 |
Net cash provided by (used in) investing activities | (522) | (385) |
Cash Flows From Financing Activities | ||
Net borrowings (repayments) of debt with maturities of 90 days or less | 1 | (10) |
Debt with maturities of greater than 90 days – Borrowings | 0 | 0 |
Debt with maturities of greater than 90 days - Repayments | (505) | (3) |
Proceeds from sale of Class A shares of Hess Midstream LP | 0 | 70 |
Payments on finance lease obligations | (2) | (2) |
Cash dividends paid | (119) | (80) |
Employee stock options exercised | 33 | 12 |
Noncontrolling interests, net | (74) | (67) |
Other, net | 1 | 1 |
Net cash provided by (used in) financing activities | (665) | (79) |
Net Increase (Decrease) in Cash and Cash Equivalents | (1,343) | 127 |
Cash and Cash Equivalents at Beginning of Year | 2,713 | 1,739 |
Cash and Cash Equivalents at End of Period | $ 1,370 | $ 1,866 |
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, 2020 | $ 6,335 | $ 307 | $ 5,684 | $ 130 | $ (755) | $ 5,366 | $ 969 |
Net income (loss) | 336 | 252 | 252 | 84 | |||
Other comprehensive income (loss) | (21) | (21) | (21) | ||||
Share-based compensation | 40 | 1 | 39 | 40 | |||
Dividends on common stock | (77) | (77) | (77) | ||||
Sale of Class A shares of Hess Midstream LP | 97 | 56 | 56 | 41 | |||
Noncontrolling interests, net | (67) | (67) | |||||
Balance at Mar. 31, 2021 | 6,643 | 308 | 5,779 | 305 | (776) | 5,616 | 1,027 |
Balance at Dec. 31, 2021 | 7,026 | 310 | 6,017 | 379 | (406) | 6,300 | 726 |
Net income (loss) | 505 | 417 | 417 | 88 | |||
Other comprehensive income (loss) | (360) | (360) | (360) | ||||
Share-based compensation | 67 | 1 | 66 | 67 | |||
Dividends on common stock | (116) | (116) | (116) | ||||
Noncontrolling interests, net | (74) | (74) | |||||
Balance at Mar. 31, 2022 | $ 7,048 | $ 311 | $ 6,083 | $ 680 | $ (766) | $ 6,308 | $ 740 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at March 31, 2022 and December 31, 2021, the consolidated results of operations for the three months ended March 31, 2022 and 2021, and consolidated cash flows for the three months ended March 31, 2022 and 2021. 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, 2021. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories consisted of the following: March 31, December 31, (In millions) Crude oil and natural gas liquids $ 83 $ 52 Materials and supplies 160 171 Total Inventories $ 243 $ 223 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 3. Property, Plant and Equipment Capitalized Exploratory Well Costs: The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the three months ended March 31, 2022 (in millions): Balance at January 1, 2022 $ 681 Additions to capitalized exploratory well costs pending the determination of proved reserves 120 Balance at March 31, 2022 $ 801 In the first quarter, additions to capitalized exploratory well costs pending determination of proved reserves related to wells drilled on the Stabroek Block (Hess 30%), offshore Guyana and drilling at the Huron prospect (Hess 40%) in the Gulf of Mexico. At March 31, 2022, exploratory well costs capitalized for greater than one year following completion of drilling of $467 million was comprised of the following: 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. In April 2022, the government of Guyana and the partners sanctioned the development of the Yellowtail Field, the fourth sanctioned project on the block. Approximately $90 million of capitalized exploratory well costs at March 31, 2022 related to the Yellowtail Field will be reclassified to wells, facilities and equipment in the second quarter of 2022. The operator plans further appraisal drilling on the Block and is conducting pre-development planning for additional phases of development. Joint Development Area (JDA): Approximately 8% 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 2% 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 | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Hess Midstream LP | 4. Hess Midstream LP At March 31, 2022, Hess Midstream LP (Hess Midstream), a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $2,668 million (December 31, 2021: $2,694 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream assets available to settle the obligations of Hess Midstream included cash and cash equivalents totaling $3 million (December 31, 2021: $2 million), property, plant and equipment with a carrying value of $3,118 million (December 31, 2021: $3,125 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $97 million (December 31, 2021: $102 million). LM4 is a 200 million standard cubic feet per day gas processing plant located south of the Missouri River in McKenzie County, North Dakota, that was constructed as part of a 50/50 joint venture between Hess Midstream and Targa Resources Corp. Hess Midstream has a natural gas processing agreement with LM4 under which it pays a processing fee and reimburses LM4 for its proportionate share of electricity costs. The processing fees included in Operating costs and expenses in the Statement of Consolidated Income for the three months ended March 31, 2022 were $5 million (2021: $7 million). In March 2021, Hess Midstream completed an underwritten public equity offering of 6.9 million Class A shares held by Hess and Global Infrastructure Partners (GIP). These Class A shares of Hess Midstream were obtained by Hess and GIP through the exchange of 6.9 million of their Class B units of Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream. As a result of this transaction, Hess received net proceeds of $70 million and recorded an increase in additional paid-in capital and noncontrolling interests of $56 million and $41 million, respectively. The increase of $41 million in noncontrolling interests is comprised of $14 million resulting from the change in ownership and $27 million due to the recognition of a deferred tax asset as a result of an increase in the tax basis of Hess Midstream's investment in HESM Opco. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued Liabilities consisted of the following: March 31, December 31, (In millions) Accrued operating and marketing expenditures $ 589 $ 462 Accrued capital expenditures 513 479 Accrued payments to royalty and working interest owners 255 253 Current portion of asset retirement obligations 204 185 Accrued interest on debt 100 138 Accrued compensation and benefits 70 124 Other accruals 18 69 Total Accrued Liabilities $ 1,749 $ 1,710 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 6. DebtIn February 2022, we repaid the remaining $500 million outstanding under our $1 billion term loan previously scheduled to mature in March 2023 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 7. Revenue Revenue from contracts with customers on a disaggregated basis was as follows (in millions): Exploration and Production Midstream Eliminations Total United States Guyana Malaysia and JDA Other (a) E&P Total Three Months Ended March 31, 2022 Sales of our net production volumes: Crude oil revenue $ 836 $ 226 $ 31 $ 146 $ 1,239 $ — $ — $ 1,239 Natural gas liquids revenue 181 — — — 181 — — 181 Natural gas revenue 85 — 190 5 280 — — 280 Sales of purchased oil and gas 660 4 — 35 699 — — 699 Intercompany revenue — — — — — 312 (312) — Total revenues from contracts with customers 1,762 230 221 186 2,399 312 (312) 2,399 Other operating revenues (b) (58) (15) — (13) (86) — — (86) Total sales and other operating revenues $ 1,704 $ 215 $ 221 $ 173 $ 2,313 $ 312 $ (312) $ 2,313 Three Months Ended March 31, 2021 Sales of our net production volumes: Crude oil revenue $ 885 $ 181 $ 22 $ 116 $ 1,204 $ — $ — $ 1,204 Natural gas liquids revenue 143 — — — 143 — — 143 Natural gas revenue 113 — 163 3 279 — — 279 Sales of purchased oil and gas 298 4 — 19 321 — — 321 Intercompany revenue — — — — — 289 (289) — Total revenues from contracts with customers 1,439 185 185 138 1,947 289 (289) 1,947 Other operating revenues (b) (41) (4) — (4) (49) — — (49) Total sales and other operating revenues $ 1,398 $ 181 $ 185 $ 134 $ 1,898 $ 289 $ (289) $ 1,898 (a) Other includes Libya and our interests in Denmark, which were sold in the third quarter of 2021. (b) Includes gains (losses) on commodity derivatives. There have been no significant changes to contracts with customers or composition thereof during the three months ended March 31, 2022. 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. At March 31, 2022, contract liabilities of $24 million (December 31, 2021: $24 million) resulted from a take-or-pay deficiency payment received in the fourth quarter of 2021 that is subject to a make-up period expiring in December 2023. At March 31, 2022 and December 31, 2021, there were no contract assets. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 8. Retirement Plans Components of net periodic benefit cost consisted of the following: Three Months Ended 2022 2021 (In millions) Service cost $ 13 $ 14 Interest cost (a) 16 14 Expected return on plan assets (a) (53) (50) Amortization of unrecognized net actuarial losses (a) 3 15 Settlement loss (a) — 1 Net periodic benefit cost (income) (a) $ (21) $ (6) ( a) Net non-service cost included in Other, net in the Statement of Consolidated Income for the three months ended March 31, 2022 was income of $34 million (2021: income of $20 million). In 2022, we expect to contribute approximately $45 million to our funded pension plans. |
Weighted Average Common Shares
Weighted Average Common Shares | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares | 9. Weighted Average Common Shares The Net income (loss) and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended 2022 2021 (In millions) Net income (loss) attributable to Hess Corporation: Net income (loss) $ 505 $ 336 Less: Net income (loss) attributable to noncontrolling interests 88 84 Net income (loss) attributable to Hess Corporation $ 417 $ 252 Weighted average number of common shares outstanding: Basic 308.9 305.8 Effect of dilutive securities Restricted common stock 0.7 0.8 Stock options 0.6 0.4 Performance share units 0.2 0.8 Diluted 310.4 307.8 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended 2022 2021 Restricted common stock 97 189,000 Stock options 75,413 1,164,214 Performance share units 31,352 36,134 During the three months ended March 31, 2022, we granted 562,530 shares of restricted stock (2021: 695,832), 178,008 performance share units (2021: 205,155) and 269,748 stock options (2021: 319,295). |
Guarantees and Contingencies
Guarantees and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Contingencies | 10. Guarantees and Contingencies We are subject to loss contingencies with respect to various claims, lawsuits and other proceedings. A liability is recognized in our consolidated financial statements when it is probable that a loss has been incurred and the amount can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated or the risk of loss is only reasonably possible, a liability is not accrued; however, we disclose the nature of those contingencies. We cannot predict with certainty if, how or when existing claims, lawsuits and proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. We, along with many companies that have been or continue to be engaged in refining and marketing of gasoline, have been a party to lawsuits and claims related to the use of methyl tertiary butyl ether (MTBE) in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the United States (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 two remaining active cases, filed by Pennsylvania 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 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. Since 2016, the EPA has issued a Record of Decision (ROD) selecting a dredge and cap remedy for both the lower eight miles and the upper nine miles of the Lower Passaic River at an estimated cost of approximately $1.82 billion. The ROD does not address 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 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. Hess Corporation and its subsidiary HONX, Inc. have also been named as defendants in various personal injury claims alleging exposure to asbestos and/or other alleged toxic substances while working at a former refinery (owned and operated by subsidiaries or related entities) located in St. Croix, U.S. Virgin Islands. HONX, Inc. has initiated a Chapter 11 § 524G process to resolve these asbestos-related claims. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe that the resolution of these proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. 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 and working interest payments. We may also be exposed to future decommissioning liabilities for divested assets in the event the current or future owners of facilities previously owned by us 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 | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 11. Segment Information We currently have two operating segments, Exploration and Production and Midstream. All unallocated costs are reflected under Corporate, Interest and Other. The following table presents operating segment financial data: Exploration and Production Midstream Corporate, Interest and Other Eliminations Total (In millions) For the Three Months Ended March 31, 2022 Sales and Other Operating Revenues - Third parties $ 2,313 $ — $ — $ — $ 2,313 Intersegment Revenues — 312 — (312) — Sales and Other Operating Revenues $ 2,313 $ 312 $ — $ (312) $ 2,313 Net Income (Loss) attributable to Hess Corporation $ 460 $ 72 $ (115) $ — $ 417 Depreciation, Depletion and Amortization 292 45 — — 337 Provision (Benefit) for Income Taxes 192 5 — — 197 Capital Expenditures 543 37 — — 580 For the Three Months Ended March 31, 2021 Sales and Other Operating Revenues - Third parties $ 1,898 $ — $ — $ — $ 1,898 Intersegment Revenues — 289 — (289) — Sales and Other Operating Revenues $ 1,898 $ 289 $ — $ (289) $ 1,898 Net Income (Loss) attributable to Hess Corporation $ 308 $ 75 $ (131) $ — $ 252 Depreciation, Depletion and Amortization 355 40 1 — 396 Provision (Benefit) for Income Taxes 120 3 — — 123 Capital Expenditures 280 23 — — 303 Identifiable assets by operating segment were as follows: March 31, December 31, (In millions) Exploration and Production $ 14,403 $ 14,173 Midstream 3,651 3,671 Corporate, Interest and Other 1,744 2,671 Total $ 19,798 $ 20,515 |
Financial Risk Management Activ
Financial Risk Management Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Risk Management Activities | 12. Financial Risk Management Activities In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas, as well as changes in interest rates and foreign currency values. Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or by reducing our exposure to foreign currency or interest rate movements. Generally, futures, swaps or option strategies may be used to fix the forward selling price, 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 contracts or swaps may also be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At March 31, 2022, these instruments relate to the British Pound 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: March 31, December 31, (In millions) Commodity - crude oil hedge contracts (millions of barrels) 41.3 54.8 Foreign exchange forwards $ 156 $ 145 Interest rate swaps $ 100 $ 100 At December 31, 2021, we had hedged 90,000 barrels of oil per day (bopd) with WTI collars with an average monthly floor price of $60 per barrel and an average monthly ceiling price of $100 per barrel and 60,000 bopd with Brent collars with an average monthly floor price of $65 per barrel and an average monthly ceiling price of $105 per barrel for calendar 2022. In the first quarter of 2022, we purchased WTI and Brent call options to remove the ceiling price on our price collars for the period April 1, 2022 through December 31, 2022 for $325 million. As a result, during this period, we are able to realize average monthly WTI and Brent selling prices above $100 per barrel and $105 per barrel, respectively, to the extent that market prices at the time exceed these thresholds. The WTI $60 per barrel put options and the Brent $65 per barrel put options that established the floor price in our collars remain outstanding for 90,000 bopd and 60,000 bopd, respectively, through December 31, 2022. The table below reflects the fair values of risk management derivative instruments. Assets Liabilities (In millions) March 31, 2022 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 64 $ — Interest rate swaps — (2) Total derivative contracts designated as hedging instruments 64 (2) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — — Total derivative contracts not designated as hedging instruments — — Gross fair value of derivative contracts 64 (2) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 64 $ (2) December 31, 2021 Derivative Contracts Designated as Hedging Instruments: Crude oil collars $ 155 $ — Interest rate swaps 2 — Total derivative contracts designated as hedging instruments 157 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (1) Total derivative contracts not designated as hedging instruments — (1) Gross fair value of derivative contracts 157 (1) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 157 $ (1) At March 31, 2022 and December 31, 2021, the fair value of our crude oil hedge contracts is presented within Other current assets and the fair value of our foreign exchange forwards and swaps is presented within Accrued liabilities in our C onsolidated Balance Sheet. The fair value of our interest rate swaps is presented within Other liabilities and deferred credits at March 31, 2022 and within Other assets at December 31, 2021 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 designated as cash flow hedges: Crude oil hedging contracts decreased Sales and other operating revenues by $92 million in the three months ended March 31, 2022 (2021 Q1: decreased by $51 million). At March 31, 2022, pre-tax deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts were $433 million ($433 million after income taxes), all of which will be reclassified into earnings during the remainder of 2022 as the hedged crude oil sales are recognized in earnings. Interest rate swaps designated as fair value hedges: We had interest rate swaps with gross notional amounts totaling $100 million at March 31, 2022 and December 31, 2021, 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 . In the three months ended March 31, 2022, the change in fair value of interest rate swaps was a decrease of $4 million (2021 Q1: decrease of $1 million) with a corresponding adjustment in the carrying value of the hedged fixed-rate debt. Derivative contracts not designated as hedging instruments: Foreign exchange: Foreign exchange gains and losses, which are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income, were nil in the three months ended March 31, 2022 (2021 Q1: losses of $1 million). 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 $4 million in the three months ended March 31, 2022 (2021 Q1: losses of $1 million). Fair Value Measurement: At March 31, 2022, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $7,956 million and a fair value of $8,801 million based on Level 2 inputs in the fair value measurement hierarchy. We also have short-term financial instruments, primarily cash equivalents, accounts receivable and accounts payable, for which the carrying value approximated fair value at March 31, 2022 and December 31, 2021. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events In April 2022, Hess Corporation received total proceeds of $346 million related to two Hess Midstream equity transactions. During the month, Hess Midstream completed a public offering of approximately 10.2 million Hess Midstream Class A shares held by Hess Corporation and GIP. We received net proceeds of $146 million from the public offering. Concurrent with the public offering, HESM Opco repurchased approximately 13.6 million HESM Opco Class B units from Hess Corporation and GIP for $400 million, of which we received net proceeds of $200 million. The purchase was financed by HESM Opco's issuance of $400 million of 5.500% senior unsecured notes due 2030. As a result of these transactions, our ownership in Hess Midstream, on a consolidated basis, decreased from approximately 43.5% at March 31, 2022 to approximately 41.0%. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: March 31, December 31, (In millions) Crude oil and natural gas liquids $ 83 $ 52 Materials and supplies 160 171 Total Inventories $ 243 $ 223 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Net Changes in Capitalized Exploratory Well Costs | The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the three months ended March 31, 2022 (in millions): Balance at January 1, 2022 $ 681 Additions to capitalized exploratory well costs pending the determination of proved reserves 120 Balance at March 31, 2022 $ 801 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities consisted of the following: March 31, December 31, (In millions) Accrued operating and marketing expenditures $ 589 $ 462 Accrued capital expenditures 513 479 Accrued payments to royalty and working interest owners 255 253 Current portion of asset retirement obligations 204 185 Accrued interest on debt 100 138 Accrued compensation and benefits 70 124 Other accruals 18 69 Total Accrued Liabilities $ 1,749 $ 1,710 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 (in millions): Exploration and Production Midstream Eliminations Total United States Guyana Malaysia and JDA Other (a) E&P Total Three Months Ended March 31, 2022 Sales of our net production volumes: Crude oil revenue $ 836 $ 226 $ 31 $ 146 $ 1,239 $ — $ — $ 1,239 Natural gas liquids revenue 181 — — — 181 — — 181 Natural gas revenue 85 — 190 5 280 — — 280 Sales of purchased oil and gas 660 4 — 35 699 — — 699 Intercompany revenue — — — — — 312 (312) — Total revenues from contracts with customers 1,762 230 221 186 2,399 312 (312) 2,399 Other operating revenues (b) (58) (15) — (13) (86) — — (86) Total sales and other operating revenues $ 1,704 $ 215 $ 221 $ 173 $ 2,313 $ 312 $ (312) $ 2,313 Three Months Ended March 31, 2021 Sales of our net production volumes: Crude oil revenue $ 885 $ 181 $ 22 $ 116 $ 1,204 $ — $ — $ 1,204 Natural gas liquids revenue 143 — — — 143 — — 143 Natural gas revenue 113 — 163 3 279 — — 279 Sales of purchased oil and gas 298 4 — 19 321 — — 321 Intercompany revenue — — — — — 289 (289) — Total revenues from contracts with customers 1,439 185 185 138 1,947 289 (289) 1,947 Other operating revenues (b) (41) (4) — (4) (49) — — (49) Total sales and other operating revenues $ 1,398 $ 181 $ 185 $ 134 $ 1,898 $ 289 $ (289) $ 1,898 (a) Other includes Libya and our interests in Denmark, which were sold in the third quarter of 2021. (b) Includes gains (losses) on commodity derivatives. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Cost | Components of net periodic benefit cost consisted of the following: Three Months Ended 2022 2021 (In millions) Service cost $ 13 $ 14 Interest cost (a) 16 14 Expected return on plan assets (a) (53) (50) Amortization of unrecognized net actuarial losses (a) 3 15 Settlement loss (a) — 1 Net periodic benefit cost (income) (a) $ (21) $ (6) ( a) Net non-service cost included in Other, net in the Statement of Consolidated Income for the three months ended March 31, 2022 was income of $34 million (2021: income of $20 million). |
Weighted Average Common Shares
Weighted Average Common Shares (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 2022 2021 (In millions) Net income (loss) attributable to Hess Corporation: Net income (loss) $ 505 $ 336 Less: Net income (loss) attributable to noncontrolling interests 88 84 Net income (loss) attributable to Hess Corporation $ 417 $ 252 Weighted average number of common shares outstanding: Basic 308.9 305.8 Effect of dilutive securities Restricted common stock 0.7 0.8 Stock options 0.6 0.4 Performance share units 0.2 0.8 Diluted 310.4 307.8 |
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 2022 2021 Restricted common stock 97 189,000 Stock options 75,413 1,164,214 Performance share units 31,352 36,134 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Sales and Other Operating Revenues - Third parties $ 2,313 $ — $ — $ — $ 2,313 Intersegment Revenues — 312 — (312) — Sales and Other Operating Revenues $ 2,313 $ 312 $ — $ (312) $ 2,313 Net Income (Loss) attributable to Hess Corporation $ 460 $ 72 $ (115) $ — $ 417 Depreciation, Depletion and Amortization 292 45 — — 337 Provision (Benefit) for Income Taxes 192 5 — — 197 Capital Expenditures 543 37 — — 580 For the Three Months Ended March 31, 2021 Sales and Other Operating Revenues - Third parties $ 1,898 $ — $ — $ — $ 1,898 Intersegment Revenues — 289 — (289) — Sales and Other Operating Revenues $ 1,898 $ 289 $ — $ (289) $ 1,898 Net Income (Loss) attributable to Hess Corporation $ 308 $ 75 $ (131) $ — $ 252 Depreciation, Depletion and Amortization 355 40 1 — 396 Provision (Benefit) for Income Taxes 120 3 — — 123 Capital Expenditures 280 23 — — 303 Identifiable assets by operating segment were as follows: March 31, December 31, (In millions) Exploration and Production $ 14,403 $ 14,173 Midstream 3,651 3,671 Corporate, Interest and Other 1,744 2,671 Total $ 19,798 $ 20,515 |
Financial Risk Management Act_2
Financial Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of Outstanding Financial Risk Management Derivative Contracts | The notional amounts of outstanding financial risk management derivative contracts were as follows: March 31, December 31, (In millions) Commodity - crude oil hedge contracts (millions of barrels) 41.3 54.8 Foreign exchange forwards $ 156 $ 145 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) March 31, 2022 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 64 $ — Interest rate swaps — (2) Total derivative contracts designated as hedging instruments 64 (2) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — — Total derivative contracts not designated as hedging instruments — — Gross fair value of derivative contracts 64 (2) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 64 $ (2) December 31, 2021 Derivative Contracts Designated as Hedging Instruments: Crude oil collars $ 155 $ — Interest rate swaps 2 — Total derivative contracts designated as hedging instruments 157 — Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (1) Total derivative contracts not designated as hedging instruments — (1) Gross fair value of derivative contracts 157 (1) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 157 $ (1) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Crude oil and natural gas liquids | $ 83 | $ 52 |
Materials and supplies | 160 | 171 |
Total Inventories | $ 243 | $ 223 |
Property, Plant and Equipment -
Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Property, Plant and Equipment [Abstract] | |
Beginning balance | $ 681 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 120 |
Ending balance | $ 801 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)well | |
Capitalized Exploratory Well Costs [Line Items] | |
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 467 |
Stabroek Block, Offshore Guyana | |
Capitalized Exploratory Well Costs [Line Items] | |
Capitalized well costs percentage | 90.00% |
Project interest percentage | 30.00% |
Yellowtail Field, Stabroek Block, Offshore Guyana | |
Capitalized Exploratory Well Costs [Line Items] | |
Capitalized exploratory well costs that have been capitalized for period greater than one year | $ | $ 90 |
Huron Prospect | |
Capitalized Exploratory Well Costs [Line Items] | |
Project interest percentage | 40.00% |
JDA, Gulf of Thailand | |
Capitalized Exploratory Well Costs [Line Items] | |
Capitalized well costs percentage | 8.00% |
Project interest percentage | 50.00% |
Number of successful exploration wells drilled | well | 3 |
North Malay Basin, Offshore Peninsular Malaysia | |
Capitalized Exploratory Well Costs [Line Items] | |
Capitalized well costs percentage | 2.00% |
Project interest percentage | 50.00% |
Number of successful exploration wells drilled | well | 1 |
Hess Midstream LP (Detail)
Hess Midstream LP (Detail) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2021USD ($)shares | Mar. 31, 2022USD ($)ft³ | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Variable Interest Entity [Line Items] | ||||
Number of Class A shares of subsidiary public offering (in shares) | shares | 6.9 | |||
Proceeds from sale of Class A shares of Hess Midstream LP | $ 70 | $ 0 | $ 70 | |
Sale of Class A shares of Hess Midstream LP | 97 | |||
Gas processing capacity of LM4 | ft³ | 200,000,000 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Joint venture percentage owned by Targa Resources Corp | 50.00% | |||
Processing fees incurred | $ 5 | 7 | ||
Liabilities | 12,750 | $ 13,489 | ||
Cash and cash equivalents | 1,370 | 2,713 | ||
Property, plant and equipment, net | 14,489 | 14,182 | ||
Capital in Excess of Par | ||||
Variable Interest Entity [Line Items] | ||||
Sale of Class A shares of Hess Midstream LP | 56 | 56 | ||
Noncontrolling Interests | ||||
Variable Interest Entity [Line Items] | ||||
Sale of Class A shares of Hess Midstream LP | 41 | $ 41 | ||
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 | Hess Midstream LP | ||||
Variable Interest Entity [Line Items] | ||||
Cash and cash equivalents | 3 | 2 | ||
Property, plant and equipment, net | 3,118 | 3,125 | ||
Variable Interest Entity | Hess Midstream LP | Nonrecourse | ||||
Variable Interest Entity [Line Items] | ||||
Liabilities | 2,668 | 2,694 | ||
Variable Interest Entity | Hess Midstream LP | Little Missouri Four | ||||
Variable Interest Entity [Line Items] | ||||
Equity method investment in LM4 | $ 97 | $ 102 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued operating and marketing expenditures | $ 589 | $ 462 |
Accrued capital expenditures | 513 | 479 |
Accrued payments to royalty and working interest owners | 255 | 253 |
Current portion of asset retirement obligations | 204 | 185 |
Accrued interest on debt | 100 | 138 |
Accrued compensation and benefits | 70 | 124 |
Other accruals | 18 | 69 |
Accrued liabilities | $ 1,749 | $ 1,710 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Repayment of remaining principal amount of term loan | $ 500 | |
Term loan | $ 1,000 |
Revenue - Summary of Revenue fr
Revenue - Summary of Revenue from Contracts with Customers on a Disaggregated Basis (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 2,399 | $ 1,947 |
Other operating revenues | (86) | (49) |
Total sales and other operating revenues | 2,313 | 1,898 |
Crude oil revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,239 | 1,204 |
Natural gas liquids revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 181 | 143 |
Natural gas revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 280 | 279 |
Sales of purchased oil and gas | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 699 | 321 |
Exploration and Production | ||
Disaggregation of Revenue [Line Items] | ||
Total sales and other operating revenues | 2,313 | 1,898 |
Exploration and Production | Crude oil revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,239 | 1,204 |
Exploration and Production | Crude oil revenue | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 836 | 885 |
Exploration and Production | Crude oil revenue | Guyana | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 226 | 181 |
Exploration and Production | Crude oil revenue | Malaysia and JDA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 31 | 22 |
Exploration and Production | Crude oil revenue | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 146 | 116 |
Exploration and Production | Natural gas liquids revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 181 | 143 |
Exploration and Production | Natural gas liquids revenue | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 181 | 143 |
Exploration and Production | Natural gas liquids revenue | Guyana | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Exploration and Production | Natural gas liquids revenue | Malaysia and JDA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Exploration and Production | Natural gas liquids revenue | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Exploration and Production | Natural gas revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 280 | 279 |
Exploration and Production | Natural gas revenue | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 85 | 113 |
Exploration and Production | Natural gas revenue | Guyana | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Exploration and Production | Natural gas revenue | Malaysia and JDA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 190 | 163 |
Exploration and Production | Natural gas revenue | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 5 | 3 |
Exploration and Production | Sales of purchased oil and gas | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 699 | 321 |
Exploration and Production | Sales of purchased oil and gas | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 660 | 298 |
Exploration and Production | Sales of purchased oil and gas | Guyana | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 4 | 4 |
Exploration and Production | Sales of purchased oil and gas | Malaysia and JDA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Exploration and Production | Sales of purchased oil and gas | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 35 | 19 |
Midstream | ||
Disaggregation of Revenue [Line Items] | ||
Total sales and other operating revenues | 0 | 0 |
Midstream | Crude oil revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Midstream | Natural gas liquids revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Midstream | Natural gas revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Midstream | Sales of purchased oil and gas | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Operating Segments | Exploration and Production | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 2,399 | 1,947 |
Other operating revenues | (86) | (49) |
Total sales and other operating revenues | 2,313 | 1,898 |
Operating Segments | Exploration and Production | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,762 | 1,439 |
Other operating revenues | (58) | (41) |
Total sales and other operating revenues | 1,704 | 1,398 |
Operating Segments | Exploration and Production | Guyana | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 230 | 185 |
Other operating revenues | (15) | (4) |
Total sales and other operating revenues | 215 | 181 |
Operating Segments | Exploration and Production | Malaysia and JDA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 221 | 185 |
Other operating revenues | 0 | 0 |
Total sales and other operating revenues | 221 | 185 |
Operating Segments | Exploration and Production | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 186 | 138 |
Other operating revenues | (13) | (4) |
Total sales and other operating revenues | 173 | 134 |
Operating Segments | Midstream | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 312 | 289 |
Other operating revenues | 0 | 0 |
Total sales and other operating revenues | 312 | 289 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (312) | (289) |
Other operating revenues | 0 | 0 |
Total sales and other operating revenues | (312) | (289) |
Eliminations | Exploration and Production | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total sales and other operating revenues | 0 | 0 |
Eliminations | Exploration and Production | United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Exploration and Production | Guyana | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Exploration and Production | Malaysia and JDA | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Exploration and Production | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Eliminations | Midstream | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 312 | 289 |
Total sales and other operating revenues | $ 312 | $ 289 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract with customer, asset | $ 0 | $ 0 |
Contract with customer, liability | $ 24,000,000 | $ 24,000,000 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 13 | $ 14 |
Interest cost | 16 | 14 |
Expected return on plan assets | (53) | (50) |
Amortization of unrecognized net actuarial losses | 3 | 15 |
Settlement loss | 0 | 1 |
Pension (income) expense | (21) | (6) |
Net non-service pension (income) costs included in other, net | $ (34) | $ (20) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Retirement Benefits [Abstract] | |
Corporation's estimated contribution for funded pension plans in current fiscal year | $ 45 |
Weighted Average Common Share_2
Weighted Average Common Shares - Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income (loss) attributable to Hess Corporation: | ||
Net income (loss) | $ 505 | $ 336 |
Less: Net income (loss) attributable to noncontrolling interests | 88 | 84 |
Net Income (Loss) Attributable to Hess Corporation | $ 417 | $ 252 |
Weighted average number of common shares outstanding: | ||
Basic (in shares) | 308.9 | 305.8 |
Diluted (in shares) | 310.4 | 307.8 |
Restricted common stock | ||
Weighted average number of common shares outstanding: | ||
Effect of dilutive securities (in shares) | 0.7 | 0.8 |
Stock options | ||
Weighted average number of common shares outstanding: | ||
Effect of dilutive securities (in shares) | 0.6 | 0.4 |
Performance share units | ||
Weighted average number of common shares outstanding: | ||
Effect of dilutive securities (in shares) | 0.2 | 0.8 |
Weighted Average Common Share_3
Weighted Average Common Shares - Summary of Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted shares (in shares) | 97 | 189,000 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted shares (in shares) | 75,413 | 1,164,214 |
Performance share units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted shares (in shares) | 31,352 | 36,134 |
Weighted Average Common Share_4
Weighted Average Common Shares - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Shares granted, restricted stock (in shares) | 562,530 | 695,832 |
Shares granted, performance share units (in shares) | 178,008 | 205,155 |
Shares granted, stock options (in shares) | 269,748 | 319,295 |
Guarantees and Contingencies (D
Guarantees and Contingencies (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)case | |
MTBE Cases | |
Loss Contingencies [Line Items] | |
Total number of remaining active cases filed | case | 2 |
Lower Passaic River | |
Loss Contingencies [Line Items] | |
Estimated remediation cost | $ 1,820 |
Gowanus Canal Superfund Site | |
Loss Contingencies [Line Items] | |
Estimated remediation cost | $ 506 |
Segment Information - Schedule
Segment Information - Schedule of Financial Data by Operating Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 2,313 | $ 1,898 | |
Net Income (Loss) attributable to Hess Corporation | 417 | 252 | |
Depreciation, depletion and amortization | 337 | 396 | |
Provision (benefit) for income taxes | 197 | 123 | |
Capital Expenditures | 580 | 303 | |
Assets | 19,798 | $ 20,515 | |
Exploration and Production | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 2,313 | 1,898 | |
Midstream | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 0 | 0 | |
Operating Segments | Exploration and Production | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 2,313 | 1,898 | |
Net Income (Loss) attributable to Hess Corporation | 460 | 308 | |
Depreciation, depletion and amortization | 292 | 355 | |
Provision (benefit) for income taxes | 192 | 120 | |
Capital Expenditures | 543 | 280 | |
Assets | 14,403 | 14,173 | |
Operating Segments | Midstream | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 312 | 289 | |
Net Income (Loss) attributable to Hess Corporation | 72 | 75 | |
Depreciation, depletion and amortization | 45 | 40 | |
Provision (benefit) for income taxes | 5 | 3 | |
Capital Expenditures | 37 | 23 | |
Assets | 3,651 | 3,671 | |
Corporate, Interest and Other | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) attributable to Hess Corporation | (115) | (131) | |
Depreciation, depletion and amortization | 0 | 1 | |
Provision (benefit) for income taxes | 0 | 0 | |
Capital Expenditures | 0 | 0 | |
Assets | 1,744 | $ 2,671 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | (312) | (289) | |
Net Income (Loss) attributable to Hess Corporation | 0 | 0 | |
Depreciation, depletion and amortization | 0 | 0 | |
Provision (benefit) for income taxes | 0 | 0 | |
Capital Expenditures | 0 | 0 | |
Eliminations | Exploration and Production | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | 0 | 0 | |
Eliminations | Midstream | |||
Segment Reporting Information [Line Items] | |||
Sales and other operating revenues | $ 312 | $ 289 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Financial Risk Management Act_3
Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions, $ in Millions | Mar. 31, 2022USD ($)MMBbls | Dec. 31, 2021USD ($)MMBbls |
Commodity Options / Collars | ||
Derivative [Line Items] | ||
Commodity - crude oil | MMBbls | 41.3 | 54.8 |
Foreign Exchange Forwards / Swaps | ||
Derivative [Line Items] | ||
Outstanding gross notional amount | $ 156 | $ 145 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Assets - Gross fair value of derivative contracts | $ 64 | $ 157 |
Liabilities - Gross fair value of derivative contracts | (2) | (1) |
Assets - Gross amounts offset in the Consolidated Balance Sheet | 0 | 0 |
Liabilities - Gross amounts offset in the Consolidated Balance Sheet | 0 | 0 |
Derivative assets | 64 | 157 |
Derivative liabilities | (2) | (1) |
Derivative Contracts Designated as Hedging Instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Assets - Gross fair value of derivative contracts | 64 | 157 |
Liabilities - Gross fair value of derivative contracts | (2) | 0 |
Derivative Contracts Designated as Hedging Instruments: | Commodity Options / Collars | ||
Derivatives, Fair Value [Line Items] | ||
Assets - Gross fair value of derivative contracts | 64 | 155 |
Liabilities - Gross fair value of derivative contracts | 0 | 0 |
Derivative Contracts Designated as Hedging Instruments: | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Assets - Gross fair value of derivative contracts | 0 | 2 |
Liabilities - Gross fair value of derivative contracts | (2) | 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 / Swaps | ||
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) - Commodity Options / Collars bbl / d in Thousands, bbl in Thousands, MMBbls in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($)MMBblsbbl$ / bbl | Dec. 31, 2021MMBblsbbl / d$ / bbl | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of crude oil | MMBbls | 41.3 | 54.8 |
Premiums paid to purchase option contracts | $ | $ 325 | |
West Texas Intermediate | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of crude oil | 90 | 90 |
Average monthly floor price (US dollar per barrel) | 60 | 60 |
Average monthly ceiling price (US dollar per barrel) | 100 | |
Average monthly selling price (US dollar per barrel) | 100 | |
Brent | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of crude oil | 60 | 60 |
Average monthly floor price (US dollar per barrel) | 65 | 65 |
Average monthly ceiling price (US dollar per barrel) | 105 | |
Average monthly selling price (US dollar per barrel) | 105 |
Financial Risk Management Act_6
Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Unrealized change in fair value of interest rate swaps - increase (decrease) | $ 4 | $ 1 | |
Interest Rate Swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Outstanding gross notional amount | 100 | $ 100 | |
Foreign Exchange Forwards / Swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Outstanding gross notional amount | 156 | 145 | |
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 | (92) | (51) | |
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings within the next twelve months | (433) | ||
Deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts, net of tax | (433) | ||
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 | |
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 | (1) | ||
Net gains (losses) on foreign exchange contracts not designated as hedging instruments | $ 4 | $ (1) |
Financial Risk Management Act_7
Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($) |
Fair Value Disclosures [Abstract] | |
Long-term debt | $ 7,956 |
Long-term debt, fair value | $ 8,801 |
Subsequent Events (Details)
Subsequent Events (Details) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2022USD ($)transactionshares | Mar. 31, 2021shares | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||
Public offering, shares issued (in shares) | shares | 6.9 | ||
Percent interest in consolidated entity | 43.50% | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Proceeds from subsidiary's equity transactions | $ 346 | ||
Number of Consolidated Subsidiary's Equity Transactions | transaction | 2 | ||
Number of Class B units repurchased by Hess Midstream LP (in shares) | shares | 13.6 | ||
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP | $ 400 | ||
Proceeds from repurchase of units held by parent by consolidated subsidiary | 200 | ||
Principal amount of senior unsecured notes issued by Hess Midstream Operations LP | $ 400 | ||
Interest rate of senior unsecured notes issued by Hess Midstream Operations LP | 5.50% | ||
Percent interest in consolidated entity | 41.00% | ||
Subsequent Event | Common Class A | |||
Subsequent Event [Line Items] | |||
Public offering, shares issued (in shares) | shares | 10.2 | ||
Net proceeds from public offering | $ 146 |