Hess (HES) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-1204
Entity Registrant Name	HESS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4921002
Entity Address, Address Line One	1185 AVENUE OF THE AMERICAS
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	997-8500
Title of 12(b) Security	Common Stock
Trading Symbol	HES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	307,051,889
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,100	$ 2,486
Accounts receivable:
From contracts with customers	1,064	1,041
Joint venture and other	143	121
Inventories	229	217
Other current assets	263	66
Total current assets	3,799	3,931
Property, plant and equipment:
Total — at cost	33,276	32,592
Less: Reserves for depreciation, depletion, amortization and lease impairment	17,864	17,494
Property, plant and equipment — net	15,412	15,098
Operating lease right-of-use assets — net	542	570
Finance lease right-of-use assets — net	121	126
Goodwill	360	360
Deferred income taxes	131	133
Post-retirement benefit assets	663	648
Other assets	910	829
Total Assets	21,938	21,695
Current Liabilities:
Accounts payable	344	285
Accrued liabilities	1,663	1,840
Taxes payable	59	47
Current portion of long-term debt	5	3
Current portion of operating and finance lease obligations	237	221
Total current liabilities	2,308	2,396
Long-term debt	8,382	8,278
Long-term operating lease obligations	422	469
Long-term finance lease obligations	174	179
Deferred income taxes	454	418
Asset retirement obligations	1,050	1,034
Other liabilities and deferred credits	427	425
Total Liabilities	13,217	13,199
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 307,051,889 shares (2022: 306,176,864)	307	306
Capital in excess of par value	6,254	6,206
Retained earnings	1,686	1,474
Accumulated other comprehensive income (loss)	(114)	(131)
Total Hess Corporation stockholders’ equity	8,133	7,855
Noncontrolling interests	588	641
Total Equity	8,721	8,496
Total Liabilities and Equity	$ 21,938	$ 21,695

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	307,051,889	306,176,864

STATEMENT OF CONSOLIDATED INCOM

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and Non-Operating Income
Sales and other operating revenues	$ 2,411	$ 2,313
Gains on asset sales, net	0	22
Other, net	42	36
Total revenues and non-operating income	2,453	2,371
Costs and Expenses
Marketing, including purchased oil and gas	603	682
Operating costs and expenses	382	313
Production and severance taxes	48	61
Exploration expenses, including dry holes and lease impairment	66	43
General and administrative expenses	136	110
Interest expense	123	123
Depreciation, depletion and amortization	491	337
Total costs and expenses	1,849	1,669
Income Before Income Taxes	604	702
Provision for income taxes	176	197
Net Income	428	505
Less: Net income attributable to noncontrolling interests	82	88
Net Income Attributable to Hess Corporation	$ 346	$ 417
Net Income Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 1.13	$ 1.35
Diluted (in dollars per share)	$ 1.13	$ 1.34
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	305.4	308.9
Diluted (in shares)	307.3	310.4
Common Stock Dividends Per Share (in dollars per share)	$ 0.4375	$ 0.3750

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 428	$ 505
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	34	92
Income taxes on effect of hedge (gains) losses reclassified to income	0	0
Net effect of hedge (gains) losses reclassified to income	34	92
Change in fair value of cash flow hedges	(17)	(455)
Income taxes on change in fair value of cash flow hedges	0	0
Net change in fair value of cash flow hedges	(17)	(455)
Change in derivatives designated as cash flow hedges, after taxes	17	(363)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	0	0
Income taxes on actuarial changes in plan liabilities	0	0
(Increase) reduction in unrecognized actuarial losses, net	0	0
Amortization of net actuarial losses	0	3
Income taxes on amortization of net actuarial losses	0	0
Net effect of amortization of net actuarial losses	0	3
Change in pension and other postretirement plans, after taxes	0	3
Other Comprehensive Income (Loss)	17	(360)
Comprehensive Income	445	145
Less: Comprehensive income attributable to noncontrolling interests	82	88
Comprehensive Income Attributable to Hess Corporation	$ 363	$ 57

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities
Net income	$ 428	$ 505
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net	0	(22)
Depreciation, depletion and amortization	491	337
Exploratory dry hole costs	31	0
Exploration lease impairment	5	6
Stock compensation expense	35	33
Noncash (gains) losses on commodity derivatives, net	0	55
Provision for deferred income taxes and other tax accruals	42	38
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(202)	(642)
(Increase) decrease in inventories	(12)	(20)
Increase (decrease) in accounts payable and accrued liabilities	(23)	81
Increase (decrease) in taxes payable	12	(399)
Changes in other operating assets and liabilities	(169)	(128)
Net cash provided by (used in) operating activities	638	(156)
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(773)	(491)
Additions to property, plant and equipment - Midstream	(64)	(55)
Proceeds from asset sales, net of cash sold	0	24
Other, net	4	0
Net cash provided by (used in) investing activities	(841)	(522)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	103	1
Debt with maturities of greater than 90 days – Borrowings	0	0
Debt with maturities of greater than 90 days - Repayments	0	(505)
Cash dividends paid	(137)	(119)
Payments for Repurchase of Common Stock	(20)	0
Noncontrolling interests, net	(131)	(74)
Employee stock options exercised	3	33
Payments on finance lease obligations	(2)	(2)
Other, net	1	1
Net cash provided by (used in) financing activities	(183)	(665)
Net Increase (Decrease) in Cash and Cash Equivalents	(386)	(1,343)
Cash and Cash Equivalents at Beginning of Year	2,486	2,713
Cash and Cash Equivalents at End of Period	$ 2,100	$ 1,370

STATEMENT OF CONSOLIDATED EQUIT

STATEMENT OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Loss	Total Hess Stockholders' Equity	Noncontrolling Interests
Balance at Dec. 31, 2021	$ 7,026	$ 310	$ 6,017	$ 379	$ (406)	$ 6,300	$ 726
Net Income	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)
Common stock acquired and retired	0
Noncontrolling interests, net	(74)						(74)
Balance at Mar. 31, 2022	7,048	311	6,083	680	(766)	6,308	740
Balance at Dec. 31, 2022	8,496	306	6,206	1,474	(131)	7,855	641
Net Income	428			346		346	82
Other comprehensive income (loss)	17				17	17
Share-based compensation	41	1	40			41
Dividends on common stock	(134)			(134)		(134)
Repurchase of Class B units of Hess Midstream Operations LP	(46)		8			8	(54)
Common stock acquired and retired	(20)
Noncontrolling interests, net	(81)						(81)
Balance at Mar. 31, 2023	$ 8,721	$ 307	$ 6,254	$ 1,686	$ (114)	$ 8,133	$ 588

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022, the consolidated results of operations for the three months ended March 31, 2023 and 2022, and consolidated cash flows for the three months ended March 31, 2023 and 2022. 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, 2022.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of the following: March 31, December 31, (In millions) Crude oil and natural gas liquids $ 67 $ 63 Materials and supplies 162 154 Total Inventories $ 229 $ 217

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
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, 2023 (in millions): Balance at January 1, 2023 $ 886 Additions to capitalized exploratory well costs pending the determination of proved reserves 49 Capitalized exploratory well costs charged to expense (2) Balance at March 31, 2023 $ 933 In the first quarter, additions to capitalized exploratory well costs pending determination of proved reserves primarily related to wells drilled on the Stabroek Block (Hess 30%), offshore Guyana. At March 31, 2023, 38 exploration and appraisal wells on the Stabroek Block, with a total cost of $776 million, were capitalized pending determination of proved reserves. The preceding table excludes well costs of $29 million that were incurred and expensed during the first three months of 2023. At March 31, 2023, exploratory well costs capitalized for greater than one year following completion of drilling of $615 million was comprised of the following: Guyana: Approximately 92% 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 2023, the Government of Guyana and the partners sanctioned the development of the Uaru Field, the fifth sanctioned project on the block. Approximately $80 million of capitalized exploratory well costs at March 31, 2023 related to the Uaru Field will be reclassified to wells, facilities and equipment in the second quarter of 2023. The operator also plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development. Joint Development Area (JDA): Approximately 6% of the capitalized well costs in excess of one year relate 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. Pre-development studies are ongoing.

Hess Midstream LP

Hess Midstream LP	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP At March 31, 2023, Hess Midstream LP (Hess Midstream), a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,119 million (December 31, 2022: $3,027 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 $4 million (December 31, 2022: $3 million), property, plant and equipment with a carrying value of $3,183 million (December 31, 2022: $3,173 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $93 million (December 31, 2022: $94 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, 2023 were $5 million (2022: $5 million). In March 2023, Hess Midstream Operations LP (HESM Opco), a consolidated subsidiary of Hess Midstream LP, repurchased approximately 3.6 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of Global Infrastructure Partners (GIP) for $100 million, which was financed by HESM Opco's revolving credit facility. The transaction resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $8 million, and an increase in deferred tax assets and Noncontrolling interests of $4 million resulting from a change in the difference between the carrying amount and tax basis of Hess Midstream LP's investment in HESM Opco. The $50 million paid to GIP reduced Noncontrolling interests . After giving effect to this transaction, Hess Corporation continues to own an approximate 41% interest in Hess Midstream LP, on a consolidated basis, at March 31, 2023.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
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 $ 545 $ 522 Accrued capital expenditures 454 499 Accrued payments to royalty and working interest owners 190 201 Current portion of asset retirement obligations 176 207 Accrued interest on debt 111 143 Accrued compensation and benefits 67 132 Other accruals 120 136 Total Accrued Liabilities $ 1,663 $ 1,840

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	6. 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, 2023 Sales of net production volumes: Crude oil revenue $ 669 $ 825 $ 29 $ — $ 1,523 $ — $ — $ 1,523 Natural gas liquids revenue 141 — — — 141 — — 141 Natural gas revenue 54 — 180 — 234 — — 234 Sales of purchased oil and gas 527 17 — — 544 — — 544 Intercompany revenue — — — — — 303 (303) — Total sales (b) 1,391 842 209 — 2,442 303 (303) 2,442 Other operating revenues (c) (26) (7) — — (33) 2 — (31) Total sales and other operating revenues $ 1,365 $ 835 $ 209 $ — $ 2,409 $ 305 $ (303) $ 2,411 Three Months Ended March 31, 2022 Sales of 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 sales (b) 1,762 230 221 186 2,399 312 (312) 2,399 Other operating revenues (c) (58) (15) — (13) (86) — — (86) Total sales and other operating revenues $ 1,704 $ 215 $ 221 $ 173 $ 2,313 $ 312 $ (312) $ 2,313 (a) Other includes our interest in the Waha Concession in Libya, which was sold in November 2022. (b) Guyana crude oil revenue includes $108 million of revenue from non-customers in the first quarter of 2023 (2022: $0 million). (c) Other operating revenues are not a component of revenues from contracts with customers, and primarily includes gains (losses) on commodity derivatives. There have been no significant changes to contracts with customers or the composition thereof during the three months ended March 31, 2023. 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, 2023, contract liabilities of $24 million (December 31, 2022: $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, 2023 and December 31, 2022, there were no contract assets.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Retirement Plans	7. Retirement Plans Components of net periodic benefit cost consisted of the following: Three Months Ended 2023 2022 (In millions) Service cost $ 9 $ 13 Interest cost (a) 25 16 Expected return on plan assets (a) (39) (53) Amortization of unrecognized net actuarial losses (a) — 3 Net periodic benefit cost (income) (a) $ (5) $ (21) ( a) Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million for the three months ended March 31, 2023 (2022: $34 million of income). In 2023, we expect to contribute approximately $2 million to our funded pension plans.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted Average Common Shares	8. Weighted Average Common Shares The Net income and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended 2023 2022 (In millions) Net income attributable to Hess Corporation: Net income $ 428 $ 505 Less: Net income attributable to noncontrolling interests 82 88 Net income attributable to Hess Corporation $ 346 $ 417 Weighted average number of common shares outstanding: Basic 305.4 308.9 Effect of dilutive securities Restricted common stock 0.7 0.7 Stock options 0.7 0.6 Performance share units 0.5 0.2 Diluted 307.3 310.4 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended 2023 2022 Restricted common stock 121,189 97 Stock options 52,973 75,413 Performance share units — 31,352

Guarantees and Contingencies

Guarantees and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Contingencies	9. 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 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 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 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. On April 28, 2022, HONX, Inc. initiated a Chapter 11 § 524G process in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, to resolve these asbestos-related claims. In February 2023, Hess, HONX, Inc., the Unsecured Creditors’ Committee, and counsel representing claimants, reached a mediated resolution of the matter, contingent upon final approvals of all parties and confirmation by the Bankruptcy Court. As of March 31, 2023, we have a provision of $116 million for the amounts expected to be funded to the § 524G trust established for the settlement of claims, based on the mediated resolution. 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, 2023
Segment Reporting [Abstract]
Segment Information	10. 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, 2023 Sales and Other Operating Revenues $ 2,409 $ 2 $ — $ — $ 2,411 Intersegment Revenues — 303 — (303) — Sales and Other Operating Revenues $ 2,409 $ 305 $ — $ (303) $ 2,411 Net Income (Loss) attributable to Hess Corporation $ 405 $ 61 $ (120) $ — $ 346 Depreciation, Depletion and Amortization 443 47 1 — 491 Provision for Income Taxes 170 6 — — 176 Capital Expenditures 735 57 — — 792 For the Three Months Ended March 31, 2022 Sales and Other Operating Revenues $ 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 for Income Taxes 192 5 — — 197 Capital Expenditures 543 37 — — 580 Corporate, Interest and Other had interest income of $20 million in the first quarter of 2023 (2022 Q1: $0 million) which is included in Other, net in the Statement of Consolidated Income . Identifiable assets by operating segment were as follows: March 31, December 31, (In millions) Exploration and Production $ 15,497 $ 15,022 Midstream 3,780 3,775 Corporate, Interest and Other 2,661 2,898 Total $ 21,938 $ 21,695

Financial Risk Management Activ

Financial Risk Management Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Risk Management Activities	11. 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 reduce 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, 2023, 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) 35.8 — Foreign exchange forwards / swaps $ 184 $ 177 Interest rate swaps $ 100 $ 100 In the first quarter of 2023, we have hedged 80,000 barrels of oil per day (bopd) with WTI put options with an average monthly floor price of $70 per barrel, and 50,000 bopd with Brent put options with an average monthly floor price of $75 per barrel for the remainder of 2023. The table below reflects the fair values of risk management derivative instruments. Assets Liabilities (In millions) March 31, 2023 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 173 $ — Interest rate swaps — (3) Total derivative contracts designated as hedging instruments 173 (3) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (2) Total derivative contracts not designated as hedging instruments — (2) Gross fair value of derivative contracts 173 (5) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 173 $ (5) December 31, 2022 Derivative Contracts Designated as Hedging Instruments: Interest rate swaps $ — $ (4) Total derivative contracts designated as hedging instruments — (4) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (2) Total derivative contracts not designated as hedging instruments — (2) Gross fair value of derivative contracts — (6) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ — $ (6) The fair value of our crude oil hedge contracts is presented within Other current assets in our Consolidated Balance Sheet . The fair value of our interest rate swaps is presented within Other liabilities and deferred credits in our Consolidated Balance Sheet . The fair value of our foreign exchange forwards and swaps is presented within Accrued liabilities 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 $34 million in the three months ended March 31, 2023 (2022 Q1: decrease by $92 million). At March 31, 2023, pre-tax deferred gains in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts were $17 million ($17 million after income taxes), all of which will be reclassified into earnings during the remainder of 2023 as the hedged crude oil sales are recognized in earnings. 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 gains of $2 million in the three months ended March 31, 2023 (2022 Q1: nil). 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 losses of $2 million in the three months ended March 31, 2023 (2022 Q1: net gains of $4 million). Fair Value Measurement: At March 31, 2023, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $8,387 million and a fair value of $8,460 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, 2023 and December 31, 2022.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: March 31, December 31, (In millions) Crude oil and natural gas liquids $ 67 $ 63 Materials and supplies 162 154 Total Inventories $ 229 $ 217

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 (in millions): Balance at January 1, 2023 $ 886 Additions to capitalized exploratory well costs pending the determination of proved reserves 49 Capitalized exploratory well costs charged to expense (2) Balance at March 31, 2023 $ 933

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 545 $ 522 Accrued capital expenditures 454 499 Accrued payments to royalty and working interest owners 190 201 Current portion of asset retirement obligations 176 207 Accrued interest on debt 111 143 Accrued compensation and benefits 67 132 Other accruals 120 136 Total Accrued Liabilities $ 1,663 $ 1,840

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Sales of net production volumes: Crude oil revenue $ 669 $ 825 $ 29 $ — $ 1,523 $ — $ — $ 1,523 Natural gas liquids revenue 141 — — — 141 — — 141 Natural gas revenue 54 — 180 — 234 — — 234 Sales of purchased oil and gas 527 17 — — 544 — — 544 Intercompany revenue — — — — — 303 (303) — Total sales (b) 1,391 842 209 — 2,442 303 (303) 2,442 Other operating revenues (c) (26) (7) — — (33) 2 — (31) Total sales and other operating revenues $ 1,365 $ 835 $ 209 $ — $ 2,409 $ 305 $ (303) $ 2,411 Three Months Ended March 31, 2022 Sales of 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 sales (b) 1,762 230 221 186 2,399 312 (312) 2,399 Other operating revenues (c) (58) (15) — (13) (86) — — (86) Total sales and other operating revenues $ 1,704 $ 215 $ 221 $ 173 $ 2,313 $ 312 $ (312) $ 2,313 (a) Other includes our interest in the Waha Concession in Libya, which was sold in November 2022. (b) Guyana crude oil revenue includes $108 million of revenue from non-customers in the first quarter of 2023 (2022: $0 million). (c) Other operating revenues are not a component of revenues from contracts with customers, and primarily includes gains (losses) on commodity derivatives.

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Components of Net Periodic Pension Cost	Components of net periodic benefit cost consisted of the following: Three Months Ended 2023 2022 (In millions) Service cost $ 9 $ 13 Interest cost (a) 25 16 Expected return on plan assets (a) (39) (53) Amortization of unrecognized net actuarial losses (a) — 3 Net periodic benefit cost (income) (a) $ (5) $ (21) ( a) Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million for the three months ended March 31, 2023 (2022: $34 million of income).

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2023
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 and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows: Three Months Ended 2023 2022 (In millions) Net income attributable to Hess Corporation: Net income $ 428 $ 505 Less: Net income attributable to noncontrolling interests 82 88 Net income attributable to Hess Corporation $ 346 $ 417 Weighted average number of common shares outstanding: Basic 305.4 308.9 Effect of dilutive securities Restricted common stock 0.7 0.7 Stock options 0.7 0.6 Performance share units 0.5 0.2 Diluted 307.3 310.4
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 2023 2022 Restricted common stock 121,189 97 Stock options 52,973 75,413 Performance share units — 31,352

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 Sales and Other Operating Revenues $ 2,409 $ 2 $ — $ — $ 2,411 Intersegment Revenues — 303 — (303) — Sales and Other Operating Revenues $ 2,409 $ 305 $ — $ (303) $ 2,411 Net Income (Loss) attributable to Hess Corporation $ 405 $ 61 $ (120) $ — $ 346 Depreciation, Depletion and Amortization 443 47 1 — 491 Provision for Income Taxes 170 6 — — 176 Capital Expenditures 735 57 — — 792 For the Three Months Ended March 31, 2022 Sales and Other Operating Revenues $ 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 for Income Taxes 192 5 — — 197 Capital Expenditures 543 37 — — 580 Corporate, Interest and Other had interest income of $20 million in the first quarter of 2023 (2022 Q1: $0 million) which is included in Other, net in the Statement of Consolidated Income . Identifiable assets by operating segment were as follows: March 31, December 31, (In millions) Exploration and Production $ 15,497 $ 15,022 Midstream 3,780 3,775 Corporate, Interest and Other 2,661 2,898 Total $ 21,938 $ 21,695

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2023
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) 35.8 — Foreign exchange forwards / swaps $ 184 $ 177 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, 2023 Derivative Contracts Designated as Hedging Instruments: Crude oil put options $ 173 $ — Interest rate swaps — (3) Total derivative contracts designated as hedging instruments 173 (3) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (2) Total derivative contracts not designated as hedging instruments — (2) Gross fair value of derivative contracts 173 (5) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ 173 $ (5) December 31, 2022 Derivative Contracts Designated as Hedging Instruments: Interest rate swaps $ — $ (4) Total derivative contracts designated as hedging instruments — (4) Derivative Contracts Not Designated as Hedging Instruments: Foreign exchange forwards and swaps — (2) Total derivative contracts not designated as hedging instruments — (2) Gross fair value of derivative contracts — (6) Gross amounts offset in the Consolidated Balance Sheet — — Net Amounts Presented in the Consolidated Balance Sheet $ — $ (6)

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 67	$ 63
Materials and supplies	162	154
Total Inventories	$ 229	$ 217

Property, Plant and Equipment -

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 886
Additions to capitalized exploratory well costs pending the determination of proved reserves	49
Capitalized exploratory well costs charged to expense	(2)
Ending balance	$ 933

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) well	Dec. 31, 2022 USD ($)
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs	$ 933	$ 886
Well costs incurred and expensed	29
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 615
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	30%
Exploration and appraisal wells | well	38
Capitalized exploratory well costs	$ 776
Capitalized well costs percentage	92%
Uaru 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	$ 80
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50%
Capitalized well costs percentage	6%
Number of successful exploration wells drilled | well	3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	5,000%
Capitalized well costs percentage	2%
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, 2023 USD ($) shares ft³	Mar. 31, 2023 USD ($) ft³	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Liabilities	$ 13,217	$ 13,217		$ 13,199
Cash and cash equivalents	2,100	2,100		2,486
Property, plant and equipment, net	$ 15,412	$ 15,412		15,098
Gas processing capacity of LM4 | ft³	200,000,000	200,000,000
Joint venture percentage owned by Targa Resources Corp	50%	50%
Processing fees incurred		$ 5	$ 5
Number of Class B units repurchased by Hess Midstream LP (in shares) | shares	3.6
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP	$ 100
Repurchase of Class B units of Hess Midstream Operations LP		$ (46)
Deferred tax impact to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	4
Proceeds to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	50
Percent interest in consolidated entity		41%
Capital in Excess of Par
Variable Interest Entity [Line Items]
Repurchase of Class B units of Hess Midstream Operations LP	8	$ 8
Noncontrolling Interests
Variable Interest Entity [Line Items]
Repurchase of Class B units of Hess Midstream Operations LP	$ 8	$ (54)
Little Missouri Four
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	50%	50%
Variable Interest Entity | Hess Midstream LP
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 4	$ 4		3
Property, plant and equipment, net	3,183	3,183		3,173
Variable Interest Entity | Hess Midstream LP | Nonrecourse
Variable Interest Entity [Line Items]
Liabilities	3,119	3,119		3,027
Variable Interest Entity | Hess Midstream LP | Little Missouri Four
Variable Interest Entity [Line Items]
Equity method investment in LM4	$ 93	$ 93		$ 94

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued operating and marketing expenditures	$ 545	$ 522
Accrued capital expenditures	454	499
Accrued payments to royalty and working interest owners	190	201
Current portion of asset retirement obligations	176	207
Accrued interest on debt	111	143
Accrued compensation and benefits	67	132
Other accruals	120	136
Accrued liabilities	$ 1,663	$ 1,840

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, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		$ 2,399
Revenue from both contract with customer and not from contract with customer	$ 2,442
Other operating revenues	(31)	(86)
Total revenues and non-operating income	2,411	2,313
Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		1,239
Revenue from both contract with customer and not from contract with customer	1,523
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	141	181
Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	234	280
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	544	699
Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	2,409	2,313
Exploration and Production | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		1,239
Revenue from both contract with customer and not from contract with customer	1,523
Exploration and Production | Crude oil revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	669	836
Exploration and Production | Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		226
Revenue from both contract with customer and not from contract with customer	825
Revenue not from contract with customer	108	0
Exploration and Production | Crude oil revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	29	31
Exploration and Production | Crude oil revenue | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	146
Exploration and Production | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	141	181
Exploration and Production | Natural gas liquids revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	141	181
Exploration and Production | Natural gas liquids revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Exploration and Production | Natural gas liquids revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Exploration and Production | Natural gas liquids revenue | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Exploration and Production | Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	234	280
Exploration and Production | Natural gas revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	54	85
Exploration and Production | Natural gas revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Exploration and Production | Natural gas revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	180	190
Exploration and Production | Natural gas revenue | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	5
Exploration and Production | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	544	699
Exploration and Production | Sales of purchased oil and gas | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	527	660
Exploration and Production | Sales of purchased oil and gas | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	17	4
Exploration and Production | Sales of purchased oil and gas | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Exploration and Production | Sales of purchased oil and gas | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	35
Midstream
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	2	0
Midstream | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Midstream | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Midstream | Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Midstream | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Operating Segments | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		2,399
Revenue from both contract with customer and not from contract with customer	2,442
Other operating revenues	(33)	(86)
Total revenues and non-operating income	2,409	2,313
Operating Segments | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,391	1,762
Other operating revenues	(26)	(58)
Total revenues and non-operating income	1,365	1,704
Operating Segments | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax		230
Revenue from both contract with customer and not from contract with customer	842
Other operating revenues	(7)	(15)
Total revenues and non-operating income	835	215
Operating Segments | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	209	221
Other operating revenues	0	0
Total revenues and non-operating income	209	221
Operating Segments | Exploration and Production | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	186
Other operating revenues	0	(13)
Total revenues and non-operating income	0	173
Operating Segments | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	303	312
Other operating revenues	2	0
Total revenues and non-operating income	305	312
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	(303)	(312)
Other operating revenues	0	0
Total revenues and non-operating income	(303)	(312)
Eliminations | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Total revenues and non-operating income	0	0
Eliminations | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Eliminations | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Eliminations | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Eliminations | Exploration and Production | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0
Eliminations | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	303	312
Total revenues and non-operating income	$ 303	$ 312

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
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, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 9	$ 13
Interest cost	25	16
Expected return on plan assets	(39)	(53)
Amortization of unrecognized net actuarial losses	0	3
Pension (income) expense	(5)	(21)
Net non-service pension (income) costs included in other, net	$ (14)	$ (34)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Retirement Benefits [Abstract]
Corporation's estimated contribution for funded pension plans in current fiscal year	$ 2

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, 2023	Mar. 31, 2022
Net income attributable to Hess Corporation:
Net income	$ 428	$ 505
Less: Net income attributable to noncontrolling interests	82	88
Net Income Attributable to Hess Corporation	$ 346	$ 417
Weighted average number of common shares outstanding:
Basic (in shares)	305.4	308.9
Diluted (in shares)	307.3	310.4
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.7	0.7
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.7	0.6
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.5	0.2

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, 2023	Mar. 31, 2022
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	121,189	97
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	52,973	75,413
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	0	31,352

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	446,508	562,530
Shares granted, performance share units (in shares)	130,272	178,008
Shares granted, stock options (in shares)	189,479	269,748

Guarantees and Contingencies (D

Guarantees and Contingencies (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) case
Loss Contingencies [Line Items]
Loss contingency accrual	$ 116
MTBE Cases
Loss Contingencies [Line Items]
Total number of remaining active cases filed | case	2
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, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 2,411	$ 2,313
Net Income (Loss) attributable to Hess Corporation	346	417
Depreciation, depletion and amortization	491	337
Provision for income taxes	176	197
Capital Expenditures	792	580
Assets	21,938		$ 21,695
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,409	2,313
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	2	0
Operating Segments | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	2,409	2,313
Net Income (Loss) attributable to Hess Corporation	405	460
Depreciation, depletion and amortization	443	292
Provision for income taxes	170	192
Capital Expenditures	735	543
Assets	15,497		15,022
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	305	312
Net Income (Loss) attributable to Hess Corporation	61	72
Depreciation, depletion and amortization	47	45
Provision for income taxes	6	5
Capital Expenditures	57	37
Assets	3,780		3,775
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net Income (Loss) attributable to Hess Corporation	(120)	(115)
Depreciation, depletion and amortization	1	0
Provision for income taxes	0	0
Capital Expenditures	0	0
Interest income	20	0
Assets	2,661		$ 2,898
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(303)	(312)
Net Income (Loss) attributable to Hess Corporation	0	0
Depreciation, depletion and amortization	0	0
Provision 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	$ 303	$ 312

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 segment
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, 2023 USD ($) MMBbls	Dec. 31, 2022 USD ($) MMBbls
Commodity Options / Collars
Derivative [Line Items]
Commodity - crude oil | MMBbls	35.8	0
Foreign Exchange Forwards / Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 184	$ 177
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, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 173	$ 0
Liabilities - Gross fair value of derivative contracts	(5)	(6)
Assets - Gross amounts offset in the Consolidated Balance Sheet	0	0
Liabilities - Gross amounts offset in the Consolidated Balance Sheet	0	0
Derivative assets	173	0
Derivative liabilities	(5)	(6)
Derivative Contracts Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	173	0
Liabilities - Gross fair value of derivative contracts	(3)	(4)
Derivative Contracts Designated as Hedging Instruments: | Commodity Options / Collars
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	173
Liabilities - Gross fair value of derivative contracts	0
Derivative Contracts Designated as Hedging Instruments: | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	(3)	(4)
Derivative Contracts Not Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	(2)	(2)
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	$ (2)	$ (2)

Financial Risk Management Act_5

Financial Risk Management Activities - Additional Information (Detail) - Commodity Options / Collars bbl in Thousands, MMBbls in Millions	Mar. 31, 2023 bbl MMBbls $ / bbl	Dec. 31, 2022 MMBbls
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | MMBbls	35.8	0
West Texas Intermediate
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl	80
Average monthly floor price (US dollar per barrel) | $ / bbl	70
Brent
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil | bbl	50
Average monthly floor price (US dollar per barrel) | $ / bbl	75

Financial Risk Management Act_6

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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	$ (34)	$ (92)
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings within the next twelve months	17
Deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil hedging contracts, net of tax	17
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	2	0
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ (2)	$ 4

Financial Risk Management Act_7

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,387
Long-term debt, fair value	$ 8,460