Hess (HES) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

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