Hess (HES) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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)	308,111,879
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,438	$ 1,688
Accounts receivable:
From contracts with customers	1,524	1,180
Joint venture and other	165	150
Inventories	382	304
Other current assets	115	108
Total current assets	3,624	3,430
Property, plant and equipment:
Total — at cost	37,706	36,771
Less: Reserves for depreciation, depletion, amortization and lease impairment	19,879	19,339
Property, plant and equipment — net	17,827	17,432
Operating lease right-of-use assets — net	658	720
Finance lease right-of-use assets — net	104	108
Goodwill	360	360
Deferred income taxes	408	320
Post-retirement benefit assets	695	685
Other assets	1,043	952
Total Assets	24,719	24,007
Current Liabilities:
Accounts payable	403	402
Accrued liabilities	1,774	2,102
Taxes payable	95	85
Current portion of long-term debt	314	311
Current portion of operating and finance lease obligations	365	370
Total current liabilities	2,951	3,270
Long-term debt	8,415	8,302
Long-term operating lease obligations	398	459
Long-term finance lease obligations	151	156
Deferred income taxes	657	608
Asset retirement obligations	1,192	1,186
Other liabilities and deferred credits	424	424
Total Liabilities	14,188	14,405
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 308,111,879 shares (2023: 307,158,272)	308	307
Capital in excess of par value	6,545	6,495
Retained earnings	3,149	2,318
Accumulated other comprehensive income (loss)	(134)	(134)
Total Hess Corporation stockholders’ equity	9,868	8,986
Noncontrolling interests	663	616
Total Equity	10,531	9,602
Total Liabilities and Equity	$ 24,719	$ 24,007

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	308,111,879	307,158,272

STATEMENT OF CONSOLIDATED INCOM

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues and Non-Operating Income
Sales and other operating revenues	$ 3,309	$ 2,411
Other, net	32	42
Total revenues and non-operating income	3,341	2,453
Costs and Expenses
Marketing, including purchased oil and gas	622	603
Operating costs and expenses	412	382
Production and severance taxes	56	48
Exploration expenses, including dry holes and lease impairment	42	66
General and administrative expenses	124	136
Interest expense	113	123
Depreciation, depletion and amortization	557	491
Total costs and expenses	1,926	1,849
Income Before Income Taxes	1,415	604
Provision for income taxes	348	176
Net Income	1,067	428
Less: Net income attributable to noncontrolling interests	95	82
Net Income Attributable to Hess Corporation	$ 972	$ 346
Net Income Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 3.17	$ 1.13
Diluted (in dollars per share)	$ 3.16	$ 1.13
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	306.4	305.4
Diluted (in shares)	307.9	307.3
Common Stock Dividends Per Share (in dollars per share)	$ 0.4375	$ 0.4375

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,067	$ 428
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	0	34
Income taxes on effect of hedge (gains) losses reclassified to income	0	0
Net effect of hedge (gains) losses reclassified to income	0	34
Change in fair value of cash flow hedges	0	(17)
Income taxes on change in fair value of cash flow hedges	0	0
Net change in fair value of cash flow hedges	0	(17)
Change in derivatives designated as cash flow hedges, after taxes	0	17
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	0
Income taxes on amortization of net actuarial losses	0	0
Net effect of amortization of net actuarial losses	0	0
Change in pension and other postretirement plans, after taxes	0	0
Other Comprehensive Income (Loss)	0	17
Comprehensive Income	1,067	445
Less: Comprehensive income attributable to noncontrolling interests	95	82
Comprehensive Income Attributable to Hess Corporation	$ 972	$ 363

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities
Net income	$ 1,067	$ 428
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	557	491
Exploratory dry hole costs	0	31
Exploration lease impairment	3	5
Stock compensation expense	39	35
Provision for deferred income taxes and other tax accruals	63	42
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(359)	(202)
(Increase) decrease in inventories	(78)	(12)
Increase (decrease) in accounts payable and accrued liabilities	(294)	(23)
Increase (decrease) in taxes payable	10	12
Changes in other operating assets and liabilities	(123)	(169)
Net cash provided by (used in) operating activities	885	638
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(902)	(773)
Additions to property, plant and equipment - Midstream	(55)	(64)
Other, net	1	4
Net cash provided by (used in) investing activities	(958)	(841)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	115	103
Debt with maturities of greater than 90 days – Borrowings	0	0
Debt with maturities of greater than 90 days - Repayments	(3)	0
Cash dividends paid	(137)	(137)
Payments for Repurchase of Common Stock	0	(20)
Noncontrolling interests, net	(151)	(131)
Employee stock options exercised	11	3
Payments on finance lease obligations	(3)	(2)
Other, net	(9)	1
Net cash provided by (used in) financing activities	(177)	(183)
Net Increase (Decrease) in Cash and Cash Equivalents	(250)	(386)
Cash and Cash Equivalents at Beginning of Year	1,688	2,486
Cash and Cash Equivalents at End of Period	$ 1,438	$ 2,100

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, 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)
Noncontrolling interests, net	(81)						(81)
Balance at Mar. 31, 2023	8,721	307	6,254	1,686	(114)	8,133	588
Balance at Dec. 31, 2023	9,602	307	6,495	2,318	(134)	8,986	616
Net Income	1,067			972		972	95
Other comprehensive income (loss)	0
Share-based compensation	45	1	50	(6)		45
Dividends on common stock	(135)			(135)		(135)
Sale of Class A shares of Hess Midstream LP	94						94
Repurchase of Class B units of Hess Midstream Operations LP	(53)						(53)
Noncontrolling interests, net	(89)						(89)
Balance at Mar. 31, 2024	$ 10,531	$ 308	$ 6,545	$ 3,149	$ (134)	$ 9,868	$ 663

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023, the consolidated results of operations for the three months ended March 31, 2024 and 2023, and consolidated cash flows for the three months ended March 31, 2024 and 2023. 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, 2023. On October 22, 2023, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Chevron Corporation (Chevron) and Yankee Merger Sub Inc. (Merger Subsidiary), a direct, wholly-owned subsidiary of Chevron. The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Subsidiary will be merged with and into Hess, and Hess will be the surviving corporation in the Merger as a direct, wholly-owned subsidiary of Chevron (such transaction, the Merger). Under the terms of the Merger Agreement, if the Merger is completed, our stockholders will receive at the effective time of the Merger consideration consisting of 1.025 shares of Chevron common stock for each share of our common stock. Chevron and Hess are working to complete the Merger as soon as practicable and continue to anticipate obtaining all requisite stockholder and regulatory approvals by the middle of 2024. The filing of the arbitration relating to a right of first refusal (the Stabroek ROFR) contained in the operating agreement (the Stabroek JOA) among Hess Guyana Exploration Limited (HGEL) and affiliates of Exxon Mobil Corporation (Exxon Mobil) and China National Offshore Oil Corporation (CNOOC), however, may cause the transaction to be completed at a later time or to fail to be completed. Hess is seeking to have the merits of the arbitration heard by the third quarter of 2024 and to complete the arbitration by the end of 2024. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed because it is subject to conditions beyond each company’s control. New Accounting Pronouncements: In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures . The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU does not change how an entity identifies its operating segments. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the ASU on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures , which enhances the disclosure requirements within ASC Topic 740. The ASU requires, among other disclosures, greater disaggregation of information and the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting this ASU on our consolidated financial statements.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of the following: March 31, December 31, (In millions) Crude oil and natural gas liquids $ 100 $ 72 Materials and supplies 282 232 Total Inventories $ 382 $ 304

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
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, 2024 (in millions): Balance at January 1, 2024 $ 952 Additions to capitalized exploratory well costs pending the determination of proved reserves 65 Balance at March 31, 2024 $ 1,017 In the first three months, 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, 2024, 37 exploration and appraisal wells on the Stabroek Block, with a total cost of $904 million, were capitalized pending determination of proved reserves. At March 31, 2024, exploratory well costs capitalized for greater than one year following completion of drilling of $812 million was comprised of the following: Guyana: 88% of the capitalized well costs in excess of one year relate to successful exploration and appraisal wells where hydrocarbons were encountered on the Stabroek Block. In April 2024, the Government of Guyana and the partners sanctioned the development of the Whiptail project, the sixth sanctioned project on the block. Approximately $115 million of capitalized exploratory well costs at March 31, 2024 related to the Whiptail project will be reclassified to wells, facilities and equipment in the second quarter of 2024. The operator also plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development. Suriname: 5% of the capitalized well costs in excess of one year relate to the Zanderij-1 well on Block 42 (Hess 33%). Exploration and appraisal activities are ongoing. Joint Development Area (JDA): 5% 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: 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 two successful exploration wells. Pre-development studies are ongoing.

Hess Midstream LP

Hess Midstream LP	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP At March 31, 2024, Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,460 million (December 31, 2023: $3,385 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream LP assets available to settle the obligations of Hess Midstream LP included cash and cash equivalents totaling $4 million (December 31, 2023: $5 million), property, plant and equipment with a carrying value of $3,215 million (December 31, 2023: $3,229 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $89 million (December 31, 2023: $90 million). At March 31, 2024, we have an approximate 38% consolidated ownership interest in Hess Midstream LP on an as-exchanged basis, primarily through our ownership of Class B units in Hess Midstream Operations LP (HESM Opco), the operating subsidiary of Hess Midstream LP, which are exchangeable into Class A shares of Hess Midstream LP on a one-for-one basis. 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 LP and Targa Resources Corp. Hess Midstream LP 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, 2024 were $7 million (2023: $5 million). In February 2024, Hess Midstream LP completed an underwritten public equity offering of 11.5 million Hess Midstream LP Class A shares held by an affiliate of Global Infrastructure Partners (GIP). Hess Corporation did not receive any proceeds from this public equity offering. The transaction resulted in an increase in Noncontrolling interests and deferred tax assets of $94 million resulting from a step-up in the tax basis of Hess Midstream LP’s investment in HESM Opco. In March 2024, HESM Opco repurchased approximately 2.8 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for $100 million, which was financed by HESM Opco's revolving credit facility. The transaction resulted in an increase in deferred tax assets and Noncontrolling interests of $9 million due to an adjustment in the carrying value of Hess Midstream LP’s investment in HESM Opco without a corresponding adjustment in the tax basis. The $62 million paid to GIP reduced Noncontrolling interests . In March 2023, HESM Opco repurchased approximately 3.6 million HESM Opco Class B units held by affiliates of Hess Corporation and 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 due to an adjustment in the carrying value of Hess Midstream LP’s investment in HESM Opco without a corresponding adjustment in the tax basis. The $50 million paid to GIP reduced Noncontrolling interests .

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued Liabilities consisted of the following: March 31, December 31, (In millions) Accrued capital expenditures $ 636 $ 670 Accrued operating and marketing expenditures 579 593 Accrued payments to royalty and working interest owners 189 178 Current portion of asset retirement obligations 163 160 Accrued interest on debt 111 144 Accrued compensation and benefits 73 193 Other accruals 23 164 Total Accrued Liabilities $ 1,774 $ 2,102

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 E&P Total Three Months Ended March 31, 2024 Sales of net production volumes: Crude oil revenue $ 789 $ 1,510 $ 29 $ 2,328 $ — $ — $ 2,328 Natural gas liquids revenue 153 — — 153 — — 153 Natural gas revenue 48 — 211 259 — — 259 Sales of purchased oil and gas 533 30 — 563 — — 563 Third-party services — — — — 5 — 5 Intercompany revenue — — — — 350 (350) — Total sales (a) 1,523 1,540 240 3,303 355 (350) 3,308 Other operating revenues (b) — — — — 1 — 1 Total sales and other operating revenues $ 1,523 $ 1,540 $ 240 $ 3,303 $ 356 $ (350) $ 3,309 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 (a) 1,391 842 209 2,442 303 (303) 2,442 Other operating revenues (b) (26) (7) — (33) 2 — (31) Total sales and other operating revenues $ 1,365 $ 835 $ 209 $ 2,409 $ 305 $ (303) $ 2,411 (a) Guyana crude oil revenue includes $252 million of revenue from non-customers for the three months ended March 31, 2024 (2023: $108 million). (b) Other operating revenues are not a component of revenues from contracts with customers. Included within other operating revenues are gains (losses) on commodity derivative There have been no significant changes to contracts with customers or the composition thereof during the three months ended March 31, 2024. 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, 2024 and December 31, 2023, there were no contract assets or liabilities.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Plans	7. Retirement Plans Components of net periodic benefit cost consisted of the following: Three Months Ended 2024 2023 (In millions) Service cost $ 10 $ 9 Interest cost (a) 23 25 Expected return on plan assets (a) (38) (39) Amortization of unrecognized net actuarial losses (a) — — Net periodic benefit cost (income) $ (5) $ (5) ( a) Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $15 million for the three months ended March 31, 2024, compared with income of $14 million for the three months ended March 31, 2023. The board of trustees for our U.K. pension plan is evaluating various alternatives to settle all or a portion of the plan’s projected benefit obligation. A decision to proceed will occur only after the board of trustees receives and evaluates proposals and determines that the transaction is in the best interest of plan participants. Should a settlement be completed, a material noncash settlement loss may be recorded reflecting any difference between the settlement value and projected benefit obligation, and the acceleration of the recognition of unrecognized actuarial losses. At March 31, 2024, pre-tax unrecognized net actuarial losses related to the U.K. pension plan were $179 million.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2024
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 2024 2023 (In millions) Net income attributable to Hess Corporation: Net income $ 1,067 $ 428 Less: Net income attributable to noncontrolling interests 95 82 Net income attributable to Hess Corporation $ 972 $ 346 Weighted average number of common shares outstanding: Basic 306.4 305.4 Effect of dilutive securities Restricted common stock 0.4 0.7 Stock options 0.6 0.7 Performance share units 0.5 0.5 Diluted 307.9 307.3 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended 2024 2023 Restricted common stock 174 121,189 Stock options 189,260 52,973 Performance share units — — During the three months ended March 31, 2024, we granted 732,691 shares of restricted stock (2023: 446,508), no performance share units (2023: 130,272) and no stock options (2023: 189,479).

Guarantees and Contingencies

Guarantees and Contingencies	3 Months Ended
	Mar. 31, 2024
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. We are also involved in six claims in federal and state courts in North Dakota related to post-production deductions from royalty and working interest payments. The plaintiffs in these cases assert that we take unauthorized or excessive post-production deductions from royalty or working interest payments for various oil and gas processing and transportation related costs and expenses. These plaintiffs seek reimbursement for allegedly underpaid revenue. It is our position that these costs and expenses are actual, reasonable, necessary, and authorized by the respective leases and North Dakota law. We believe that based on the facts and circumstances of these claims and because we have viable defenses, loss is not probable and the ultimate impact of these claims on our business or accounts cannot be estimated at this time due to the early stages of the proceedings and the speculative and indeterminate damages. 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, 2024
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, 2024 Sales and other operating revenues $ 3,303 $ 6 $ — $ — $ 3,309 Intersegment revenues — 350 — (350) — Total sales and other operating revenues $ 3,303 $ 356 $ — $ (350) $ 3,309 Net income (loss) attributable to Hess Corporation $ 997 $ 67 $ (92) $ — $ 972 Depreciation, depletion and amortization 507 50 — — 557 Provision for income taxes 334 14 — — 348 Capital expenditures 888 35 — — 923 For the Three Months Ended March 31, 2023 Sales and other operating revenues $ 2,409 $ 2 $ — $ — $ 2,411 Intersegment revenues — 303 — (303) — Total 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 Corporate, Interest and Other had interest income of $17 million for the three months ended March 31, 2024 (2023: $20 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 $ 18,826 $ 17,931 Midstream 4,055 3,984 Corporate, Interest and Other 1,838 2,092 Total $ 24,719 $ 24,007

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. Such strategies are subject to certain limitations under the Merger Agreement. 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, 2024, these forward contracts and swaps 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) Foreign exchange forwards / swaps $ 259 $ 226 Interest rate swaps $ 100 $ 100 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. There were no open crude oil hedging contracts at March 31, 2024 or December 31, 2023, or during the three months ended March 31, 2024. Interest rate swaps designated as fair value hedges: At March 31, 2024 and December 31, 2023, we had interest rate swaps with gross notional amounts totaling $100 million, which were designated as fair value hedges and relate to debt where we have converted interest payments from fixed to floating rates. Changes in the fair value of interest rate swaps and the hedged fixed-rate debt are recorded in Interest expense in the Statement of Consolidated Income . The fair value of our interest rate swaps was a liability of $1 million and a liability of $2 million at March 31, 2024 and December 31, 2023, respectively. 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 net losses of $2 million in the three months ended March 31, 2024 (2023: net gains of $2 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 $5 million in the three months ended March 31, 2024 (2023: net losses of $2 million). The fair value of our foreign exchange forwards and swaps was nil at March 31, 2024 and a liability of $6 million at December 31, 2023. Fair Value Measurement: At March 31, 2024, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $8,729 million and a fair value of $8,965 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, 2024 and December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Hess Corporation	$ 972	$ 346

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements: In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures . The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU does not change how an entity identifies its operating segments. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the ASU on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: March 31, December 31, (In millions) Crude oil and natural gas liquids $ 100 $ 72 Materials and supplies 282 232 Total Inventories $ 382 $ 304

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 (in millions): Balance at January 1, 2024 $ 952 Additions to capitalized exploratory well costs pending the determination of proved reserves 65 Balance at March 31, 2024 $ 1,017

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued Liabilities consisted of the following: March 31, December 31, (In millions) Accrued capital expenditures $ 636 $ 670 Accrued operating and marketing expenditures 579 593 Accrued payments to royalty and working interest owners 189 178 Current portion of asset retirement obligations 163 160 Accrued interest on debt 111 144 Accrued compensation and benefits 73 193 Other accruals 23 164 Total Accrued Liabilities $ 1,774 $ 2,102

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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 E&P Total Three Months Ended March 31, 2024 Sales of net production volumes: Crude oil revenue $ 789 $ 1,510 $ 29 $ 2,328 $ — $ — $ 2,328 Natural gas liquids revenue 153 — — 153 — — 153 Natural gas revenue 48 — 211 259 — — 259 Sales of purchased oil and gas 533 30 — 563 — — 563 Third-party services — — — — 5 — 5 Intercompany revenue — — — — 350 (350) — Total sales (a) 1,523 1,540 240 3,303 355 (350) 3,308 Other operating revenues (b) — — — — 1 — 1 Total sales and other operating revenues $ 1,523 $ 1,540 $ 240 $ 3,303 $ 356 $ (350) $ 3,309 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 (a) 1,391 842 209 2,442 303 (303) 2,442 Other operating revenues (b) (26) (7) — (33) 2 — (31) Total sales and other operating revenues $ 1,365 $ 835 $ 209 $ 2,409 $ 305 $ (303) $ 2,411 (a) Guyana crude oil revenue includes $252 million of revenue from non-customers for the three months ended March 31, 2024 (2023: $108 million). (b) Other operating revenues are not a component of revenues from contracts with customers. Included within other operating revenues are gains (losses) on commodity derivative

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Pension Cost	Components of net periodic benefit cost consisted of the following: Three Months Ended 2024 2023 (In millions) Service cost $ 10 $ 9 Interest cost (a) 23 25 Expected return on plan assets (a) (38) (39) Amortization of unrecognized net actuarial losses (a) — — Net periodic benefit cost (income) $ (5) $ (5) (

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 (In millions) Net income attributable to Hess Corporation: Net income $ 1,067 $ 428 Less: Net income attributable to noncontrolling interests 95 82 Net income attributable to Hess Corporation $ 972 $ 346 Weighted average number of common shares outstanding: Basic 306.4 305.4 Effect of dilutive securities Restricted common stock 0.4 0.7 Stock options 0.6 0.7 Performance share units 0.5 0.5 Diluted 307.9 307.3
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 2024 2023 Restricted common stock 174 121,189 Stock options 189,260 52,973 Performance share units — —

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Sales and other operating revenues $ 3,303 $ 6 $ — $ — $ 3,309 Intersegment revenues — 350 — (350) — Total sales and other operating revenues $ 3,303 $ 356 $ — $ (350) $ 3,309 Net income (loss) attributable to Hess Corporation $ 997 $ 67 $ (92) $ — $ 972 Depreciation, depletion and amortization 507 50 — — 557 Provision for income taxes 334 14 — — 348 Capital expenditures 888 35 — — 923 For the Three Months Ended March 31, 2023 Sales and other operating revenues $ 2,409 $ 2 $ — $ — $ 2,411 Intersegment revenues — 303 — (303) — Total 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 Corporate, Interest and Other had interest income of $17 million for the three months ended March 31, 2024 (2023: $20 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 $ 18,826 $ 17,931 Midstream 4,055 3,984 Corporate, Interest and Other 1,838 2,092 Total $ 24,719 $ 24,007

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2024
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) Foreign exchange forwards / swaps $ 259 $ 226 Interest rate swaps $ 100 $ 100

Basis of Presentation (Details)

Basis of Presentation (Details)	Mar. 31, 2024 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess common stock conversion rate to the right to receive Chevron common stock	1.025

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 100	$ 72
Materials and supplies	282	232
Total Inventories	$ 382	$ 304

Property, Plant and Equipment -

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 952
Additions to capitalized exploratory well costs pending the determination of proved reserves	65
Ending balance	$ 1,017

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) well	Dec. 31, 2023 USD ($)
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs	$ 1,017	$ 952
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 812
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	30%
Exploration and appraisal wells | well	37
Capitalized exploratory well costs	$ 904
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 115
Capitalized well costs percentage	88%
Block 42, Suriname
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	33%
Capitalized well costs percentage	5%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50%
Capitalized well costs percentage	5%
Number of successful exploration wells drilled | well	3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50%
Capitalized well costs percentage	2%
Number of successful exploration wells drilled | well	2

Hess Midstream LP (Detail)

Hess Midstream LP (Detail) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares ft³	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Liabilities	$ 14,188		$ 14,405
Cash and cash equivalents	1,438		1,688
Property, plant and equipment, net	$ 17,827		17,432
Joint venture percentage owned by Targa Resources Corp	50%
Processing fees incurred	$ 7	$ 5
Number of Class A shares of subsidiary public offering (in shares) | shares	11.5
Deferred tax impact to noncontrolling interests from sale of units held by parent by consolidated subsidiary	$ 94
Number of Class B units repurchased by Hess Midstream LP (in shares) | shares	2.8	3.6
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP	$ 100	$ 100
Deferred tax impact to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	9	4
Proceeds to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary	62	50
Repurchase of Class B units of Hess Midstream Operations LP	$ (53)	(46)
Capital in Excess of Par
Variable Interest Entity [Line Items]
Repurchase of Class B units of Hess Midstream Operations LP		$ 8
Little Missouri Four
Variable Interest Entity [Line Items]
Gas processing capacity of LM4 | ft³	200,000,000
Equity Method Investment, Ownership Percentage	50%
Hess Midstream LP
Variable Interest Entity [Line Items]
Percent interest in consolidated entity	38%
Variable Interest Entity | Hess Midstream LP
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 4		5
Property, plant and equipment, net	3,215		3,229
Variable Interest Entity | Hess Midstream LP | Nonrecourse
Variable Interest Entity [Line Items]
Liabilities	3,460		3,385
Variable Interest Entity | Hess Midstream LP | Little Missouri Four
Variable Interest Entity [Line Items]
Equity method investment in LM4	$ 89		$ 90

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 636	$ 670
Accrued operating and marketing expenditures	579	593
Accrued payments to royalty and working interest owners	189	178
Current portion of asset retirement obligations	163	160
Accrued interest on debt	111	144
Accrued compensation and benefits	73	193
Other accruals	23	164
Accrued liabilities	$ 1,774	$ 2,102

Revenue - Summary of Revenue fr

Revenue - Summary of Revenue from Contracts with Customers on a Disaggregated Basis (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	$ 3,308,000,000	$ 2,442,000,000
Other operating revenues	1,000,000	(31,000,000)
Total revenues and non-operating income	3,309,000,000	2,411,000,000
Gain (loss) on commodity derivatives	$ 0	$ (34,000,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues and non-operating income	Total revenues and non-operating income
Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	$ 2,328,000,000	$ 1,523,000,000
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	153,000,000	141,000,000
Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	259,000,000	234,000,000
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	563,000,000	544,000,000
Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	5,000,000
Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	3,303,000,000	2,409,000,000
Exploration and Production | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	2,328,000,000	1,523,000,000
Exploration and Production | Crude oil revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	789,000,000	669,000,000
Exploration and Production | Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	1,510,000,000	825,000,000
Revenue not from contract with customer	252,000,000	108,000,000
Exploration and Production | Crude oil revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	29,000,000	29,000,000
Exploration and Production | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	153,000,000	141,000,000
Exploration and Production | Natural gas liquids revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	153,000,000	141,000,000
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 revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	259,000,000	234,000,000
Exploration and Production | Natural gas revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	48,000,000	54,000,000
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	211,000,000	180,000,000
Exploration and Production | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	563,000,000	544,000,000
Exploration and Production | Sales of purchased oil and gas | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	533,000,000	527,000,000
Exploration and Production | Sales of purchased oil and gas | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	30,000,000	17,000,000
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 | Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0
Exploration and Production | Third-party services | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0
Exploration and Production | Third-party services | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0
Exploration and Production | Third-party services | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0
Midstream
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	6,000,000	2,000,000
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
Midstream | Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	5,000,000
Operating Segments | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	3,303,000,000	2,442,000,000
Other operating revenues	0	(33,000,000)
Total revenues and non-operating income	3,303,000,000	2,409,000,000
Operating Segments | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,523,000,000	1,391,000,000
Other operating revenues	0	(26,000,000)
Total revenues and non-operating income	1,523,000,000	1,365,000,000
Operating Segments | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	1,540,000,000	842,000,000
Other operating revenues	0	(7,000,000)
Total revenues and non-operating income	1,540,000,000	835,000,000
Operating Segments | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	240,000,000	209,000,000
Other operating revenues	0	0
Total revenues and non-operating income	240,000,000	209,000,000
Operating Segments | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	355,000,000	303,000,000
Other operating revenues	1,000,000	2,000,000
Total revenues and non-operating income	356,000,000	305,000,000
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	(350,000,000)	(303,000,000)
Other operating revenues	0	0
Total revenues and non-operating income	(350,000,000)	(303,000,000)
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 | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	350,000,000	303,000,000
Total revenues and non-operating income	$ 350,000,000	$ 303,000,000

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 0	$ 0
Contract with customer, liability	$ 0	$ 0

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Service cost	$ 10	$ 9
Interest cost	23	25
Expected return on plan assets	(38)	(39)
Amortization of unrecognized net actuarial losses	0	0
Pension (income) expense	(5)	(5)
Net non-service pension (income) costs included in other, net	$ (15)	$ (14)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Retirement Benefits [Abstract]
Unrecognized net actuarial losses related to the U.K. pension plan	$ 179

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, 2024	Mar. 31, 2023
Net income attributable to Hess Corporation:
Net income	$ 1,067	$ 428
Less: Net income attributable to noncontrolling interests	95	82
Net Income Attributable to Hess Corporation	$ 972	$ 346
Weighted average number of common shares outstanding:
Basic (in shares)	306.4	305.4
Diluted (in shares)	307.9	307.3
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.4	0.7
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.6	0.7
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.5	0.5

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, 2024	Mar. 31, 2023
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	174	121,189
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	189,260	52,973
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	0

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	732,691	446,508
Shares granted, performance share units (in shares)	0	130,272
Shares granted, stock options (in shares)	0	189,479

Guarantees and Contingencies (D

Guarantees and Contingencies (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) case claim
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
Post-production Deductions from Royalty and Working Interest Payments
Loss Contingencies [Line Items]
Total number of remaining active cases filed | claim	6

Segment Information - Schedule

Segment Information - Schedule of Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 3,309	$ 2,411
Net income (loss) attributable to Hess Corporation	972	346
Depreciation, depletion and amortization	557	491
Provision for income taxes	348	176
Capital expenditures	923	792
Assets	24,719		$ 24,007
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,303	2,409
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	6	2
Operating Segments | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,303	2,409
Net income (loss) attributable to Hess Corporation	997	405
Depreciation, depletion and amortization	507	443
Provision for income taxes	334	170
Capital expenditures	888	735
Assets	18,826		17,931
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	356	305
Net income (loss) attributable to Hess Corporation	67	61
Depreciation, depletion and amortization	50	47
Provision for income taxes	14	6
Capital expenditures	35	57
Assets	4,055		3,984
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net income (loss) attributable to Hess Corporation	(92)	(120)
Depreciation, depletion and amortization	0	1
Provision for income taxes	0	0
Capital expenditures	0	0
Interest income	17	20
Assets	1,838		$ 2,092
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(350)	(303)
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	$ 350	$ 303

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 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) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Foreign Exchange Forwards / Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 259	$ 226
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 100	$ 100

Financial Risk Management Act_4

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 100,000,000		$ 100,000,000
Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	259,000,000		226,000,000
Designated as Hedging Instrument | 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		$ (34,000,000)
Designated as Hedging Instrument | Interest Rate Swaps | Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	100,000,000		100,000,000
Liabilities - Gross fair value of derivative contracts	1,000,000		2,000,000
Not Designated as Hedging Instrument | Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Liabilities - Gross fair value of derivative contracts	6,000,000		$ 0
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	2,000,000	2,000,000
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ 5,000,000	$ (2,000,000)

Financial Risk Management Act_5

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,729
Long-term debt, fair value	$ 8,965