Hess (HES) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	9 Months Ended
Cover Page	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)	308,118,241
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,864	$ 1,688
Accounts receivable:
From contracts with customers	1,150	1,180
Joint venture and other	189	150
Inventories	397	304
Other current assets	107	108
Total current assets	3,707	3,430
Property, plant and equipment:
Total — at cost	39,432	36,771
Less: Reserves for depreciation, depletion, amortization and lease impairment	20,469	19,339
Property, plant and equipment — net	18,963	17,432
Operating lease right-of-use assets — net	674	720
Finance lease right-of-use assets — net	95	108
Goodwill	360	360
Deferred income taxes	607	320
Post-retirement benefit assets	634	685
Other assets	1,193	952
Total Assets	26,233	24,007
Current Liabilities:
Accounts payable	391	402
Accrued liabilities	2,119	2,102
Taxes payable	88	85
Current portion of long-term debt	20	311
Current portion of operating and finance lease obligations	322	370
Total current liabilities	2,940	3,270
Long-term debt	8,576	8,302
Long-term operating lease obligations	454	459
Long-term finance lease obligations	138	156
Deferred income taxes	739	608
Asset retirement obligations	1,335	1,186
Other liabilities and deferred credits	449	424
Total Liabilities	14,631	14,405
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 308,118,241 shares (2023: 307,158,272)	308	307
Capital in excess of par value	6,587	6,495
Retained earnings	4,115	2,318
Accumulated other comprehensive income (loss)	(189)	(134)
Total Hess Corporation stockholders’ equity	10,821	8,986
Noncontrolling interests	781	616
Total Equity	11,602	9,602
Total Liabilities and Equity	$ 26,233	$ 24,007

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 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)	308,118,241	307,158,272

STATEMENT OF CONSOLIDATED INCOM

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues and Non-Operating Income
Sales and other operating revenues	$ 3,191	$ 2,800	$ 9,702	$ 7,500
Gains on asset sales, net	1	2	1	2
Other, net	5	35	90	108
Total revenues and non-operating income	3,197	2,837	9,793	7,610
Costs and Expenses
Marketing, including purchased oil and gas	713	696	1,967	1,846
Operating costs and expenses	527	467	1,429	1,303
Production and severance taxes	61	61	181	155
Exploration expenses, including dry holes and lease impairment	44	65	187	230
General and administrative expenses	118	115	357	359
Interest expense	100	117	319	362
Depreciation, depletion and amortization	638	499	1,795	1,487
Impairment	132	0	132	82
Total costs and expenses	2,333	2,020	6,367	5,824
Income Before Income Taxes	864	817	3,426	1,786
Provision for income taxes	270	215	914	551
Net Income	594	602	2,512	1,235
Less: Net income attributable to noncontrolling interests	96	98	285	266
Net Income Attributable to Hess Corporation	$ 498	$ 504	$ 2,227	$ 969
Net Income Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 1.62	$ 1.65	$ 7.26	$ 3.17
Diluted (in dollars per share)	$ 1.62	$ 1.64	$ 7.23	$ 3.15
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	306.9	306.1	306.7	305.8
Diluted (in shares)	308.3	307.7	308.2	307.5
Common Stock Dividends Per Share (in dollars per share)	$ 0.5000	$ 0.4375	$ 1.3750	$ 1.3125

STATEMENT OF CONSOLIDATED COMPR

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 594	$ 602	$ 2,512	$ 1,235
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	0	52	0	138
Income taxes on effect of hedge (gains) losses reclassified to income	0	0	0	0
Net effect of hedge (gains) losses reclassified to income	0	52	0	138
Change in fair value of cash flow hedges	0	(97)	0	(187)
Income taxes on change in fair value of cash flow hedges	0	0	0	0
Net change in fair value of cash flow hedges	0	(97)	0	(187)
Change in derivatives designated as cash flow hedges, after taxes	0	(45)	0	(49)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	(42)	0	(67)	(13)
Income taxes on actuarial changes in plan liabilities	10	0	10	0
(Increase) reduction in unrecognized actuarial losses, net	(32)	0	(57)	(13)
Amortization of net actuarial losses	2	0	3	1
Income taxes on amortization of net actuarial losses	(1)	0	(1)	0
Net effect of amortization of net actuarial losses	1	0	2	1
Change in pension and other postretirement plans, after taxes	(31)	0	(55)	(12)
Other Comprehensive Income (Loss)	(31)	(45)	(55)	(61)
Comprehensive Income	563	557	2,457	1,174
Less: Comprehensive income attributable to noncontrolling interests	96	98	285	266
Comprehensive Income Attributable to Hess Corporation	$ 467	$ 459	$ 2,172	$ 908

STATEMENT OF CONSOLIDATED CASH

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities
Net income	$ 2,512	$ 1,235
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net	1	2
Depreciation, depletion and amortization	1,795	1,487
Impairment	132	82
Exploratory dry hole costs	67	97
Exploration lease impairment	16	24
Pension prior service cost	35	0
Stock compensation expense	79	69
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	0	(104)
Provision for deferred income taxes and other tax accruals	197	159
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(9)	(455)
(Increase) decrease in inventories	(93)	(116)
Increase (decrease) in accounts payable and accrued liabilities	2	208
Increase (decrease) in taxes payable	3	62
Changes in other operating assets and liabilities	(447)	(356)
Net cash provided by (used in) operating activities	4,288	2,598
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(2,979)	(2,504)
Additions to property, plant and equipment - Midstream	(211)	(160)
Proceeds from asset sales, net of cash sold	1	3
Other, net	7	5
Net cash provided by (used in) investing activities	(3,196)	(2,666)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	(310)	258
Debt with maturities of greater than 90 days – Borrowings	600	0
Debt with maturities of greater than 90 days - Repayments	(308)	0
Cash dividends paid	(425)	(405)
Payments for Repurchase of Common Stock	0	(20)
Proceeds from sale of Class A shares of Hess Midstream LP	0	167
Noncontrolling interests, net	(459)	(399)
Employee stock options exercised	13	10
Payments on finance lease obligations	(8)	(7)
Other, net	(19)	(4)
Net cash provided by (used in) financing activities	(916)	(400)
Net Increase (Decrease) in Cash and Cash Equivalents	176	(468)
Cash and Cash Equivalents at Beginning of Year	1,688	2,486
Cash and Cash Equivalents at End of Period	$ 1,864	$ 2,018

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	1,235			969		969	266
Other comprehensive income (loss)	(61)				(61)	(61)
Share-based compensation	83	1	82	0		83
Dividends on common stock	(404)			(404)		(404)
Sale of Class A shares of Hess Midstream LP	333		158			158	175
Repurchase of Class B units of Hess Midstream Operations LP	(134)		31			31	(165)
Noncontrolling interests, net	(249)						(249)
Balance at Sep. 30, 2023	9,299	307	6,477	2,039	(192)	8,631	668
Balance at Jun. 30, 2023	8,902	307	6,442	1,670	(147)	8,272	630
Net Income	602			504		504	98
Other comprehensive income (loss)	(45)				(45)	(45)
Share-based compensation	23		23			23
Dividends on common stock	(135)			(135)		(135)
Sale of Class A shares of Hess Midstream LP	82						82
Repurchase of Class B units of Hess Midstream Operations LP	(44)		12			12	(56)
Noncontrolling interests, net	(86)						(86)
Balance at Sep. 30, 2023	9,299	307	6,477	2,039	(192)	8,631	668
Balance at Dec. 31, 2023	9,602	307	6,495	2,318	(134)	8,986	616
Net Income	2,512			2,227		2,227	285
Other comprehensive income (loss)	(55)				(55)	(55)
Share-based compensation	87	1	92	(6)		87
Dividends on common stock	(424)			(424)		(424)
Sale of Class A shares of Hess Midstream LP	309						309
Repurchase of Class B units of Hess Midstream Operations LP	(157)						(157)
Noncontrolling interests, net	(272)						(272)
Balance at Sep. 30, 2024	11,602	308	6,587	4,115	(189)	10,821	781
Balance at Jun. 30, 2024	11,201	308	6,566	3,771	(158)	10,487	714
Net Income	594			498		498	96
Other comprehensive income (loss)	(31)				(31)	(31)
Share-based compensation	21		21			21
Dividends on common stock	(154)			(154)		(154)
Sale of Class A shares of Hess Midstream LP	115						115
Repurchase of Class B units of Hess Midstream Operations LP	(52)						(52)
Noncontrolling interests, net	(92)						(92)
Balance at Sep. 30, 2024	$ 11,602	$ 308	$ 6,587	$ 4,115	$ (189)	$ 10,821	$ 781

Basis of Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 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 September 30, 2024 and December 31, 2023, the consolidated results of operations for the three and nine months ended September 30, 2024 and 2023, and consolidated cash flows for the nine months ended September 30, 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. On May 28, 2024, holders of a majority of Hess’ outstanding common stock voted to approve the Merger. Hess Guyana Exploration Limited (HGEL), a wholly-owned subsidiary of Hess, is currently in arbitration relating to the applicability of a right of first refusal (the Stabroek ROFR) contained in the operating agreement (the Stabroek JOA) among HGEL and affiliates of Exxon Mobil Corporation (Exxon Mobil) and China National Offshore Oil Corporation (CNOOC). The arbitration merits hearing about the applicability of the Stabroek ROFR to the Merger has been scheduled for May 2025, with a decision expected in the following three months. We cannot predict the date on which the Merger will be completed because it is subject to conditions beyond our control, including the outcome of the arbitration. 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 this 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	9 Months Ended
Inventories	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	2. Inventories Inventories consisted of the following: September 30, December 31, (In millions) Crude oil and natural gas liquids $ 78 $ 72 Materials and supplies 319 232 Total Inventories $ 397 $ 304

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
Property, Plant and Equipment	Sep. 30, 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 nine months ended September 30, 2024 (in millions): Balance at January 1, 2024 $ 952 Additions to capitalized exploratory well costs pending the determination of proved reserves 203 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (117) Capitalized exploratory well costs charged to expense (48) Balance at September 30, 2024 $ 990 In the first nine 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. Reclassifications to wells, facilities and equipment based on the determination of proved reserves resulted from the sanction of the Whiptail development project, the sixth sanctioned project on the Stabroek Block. At September 30, 2024, 37 exploration and appraisal wells on the Stabroek Block, with a total cost of $870 million, were capitalized pending determination of proved reserves. Capitalized exploratory well costs charged to expense in the first nine months primarily relate to three exploration wells in the Malaysia/Thailand Joint Development Area (JDA) (Hess 50%) in the Gulf of Thailand. In the second quarter of 2024, the regulator provided notification that the current production sharing contract (PSC) for JDA Block A-18 will not be re-awarded to the existing PSC contractors upon its expiration in 2029. There is no plan to develop these discoveries prior to the expiration of the existing PSC. The preceding table excludes well costs of $19 million that were incurred and expensed during the first nine months of 2024. At September 30, 2024, exploratory well costs capitalized for greater than one year following completion of drilling of $707 million was comprised of the following: Guyana: 92% 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. The operator plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development. Suriname: 6% 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. 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	9 Months Ended
Hess Midstream LP	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP At September 30, 2024, Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,660 million (December 31, 2023: $3,385 million) that are on a non-recourse basis to Hess Corporation, while Hess Midstream LP assets available to settle the obligations of Hess Midstream LP included cash and cash equivalents totaling $10 million (December 31, 2023: $5 million), property, plant and equipment with a carrying value of $3,292 million (December 31, 2023: $3,229 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant with a carrying value of $89 million (December 31, 2023: $90 million). At September 30, 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 and nine months ended September 30, 2024 were $9 million and $24 million, respectively, compared with $7 million and $18 million for the three and nine months ended September 30, 2023, respectively. During the first nine months of 2024, Hess Midstream LP completed three underwritten public equity offerings of an aggregate of 35.7 million Hess Midstream LP Class A shares held by an affiliate of Global Infrastructure Partners (GIP). Hess Corporation did not receive any proceeds from these public equity offerings. As these transactions did not result in a change in Hess Corporation’s ownership interest in Hess Midstream LP on a consolidated basis, there was no adjustment to Noncontrolling interests resulting from changes to ownership interests. However, these transactions, in aggregate, resulted in an increase in Noncontrolling interests and deferred tax assets of $309 million resulting from step-ups in the tax basis of Hess Midstream LP’s investment in HESM Opco. During the first nine months of 2024, HESM Opco repurchased an aggregate of approximately 8.4 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for total proceeds of $300 million. The repurchases were financed using borrowings under HESM Opco’s revolving credit facility and cash on hand. As Hess Corporation participated in these repurchases only to the extent necessary to maintain its current ownership interest in Hess Midstream LP on a consolidated basis, there was no adjustment to Noncontrolling interests resulting from changes to ownership interests. However, the repurchases, in aggregate, resulted in an increase in deferred tax assets and Noncontrolling interests of $30 million due to adjustments in the carrying value of Hess Midstream LP’s investment in HESM Opco without corresponding adjustments in the tax basis. The aggregate proceeds paid to GIP of $187 million reduced Noncontrolling interests . During the first nine months of 2023, Hess Midstream LP completed two underwritten public equity offerings of an aggregate of 24.3 million Hess Midstream LP Class A shares. Hess Corporation received net proceeds of $167 million from the first public offering in May 2023, but did not participate or receive any proceeds from the second public offering in August 2023. The transactions, in aggregate, resulted in an increase in Capital in excess of par and Noncontrolling interests of $158 million and $175 million, respectively. The increase to Noncontrolling interests of $175 million is comprised of $9 million resulting from changes to ownership interests due to the first public offering in May 2023, and $166 million from an increase to deferred tax assets resulting from step-ups in the tax basis of Hess Midstream LP’s investment in HESM Opco. During the first nine months of 2023, HESM Opco repurchased an aggregate of approximately 10.3 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for total proceeds of $300 million. The repurchases were financed using borrowings under HESM Opco’s revolving credit facility. The repurchases, in aggregate, resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $31 million due to changes in ownership interests, and an increase in deferred tax assets and Noncontrolling interests of $16 million due to adjustments in the carrying value of Hess Midstream LP’s investment in HESM Opco without corresponding adjustments in the tax basis. The aggregate proceeds paid to GIP of $150 million reduced Noncontrolling interests .

Accrued Liabilities

Accrued Liabilities	9 Months Ended
Accrued Liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued Liabilities consisted of the following: September 30, December 31, (In millions) Accrued operating and marketing expenditures $ 769 $ 593 Accrued capital expenditures 762 670 Accrued payments to royalty and working interest owners 191 178 Accrued compensation and benefits 145 193 Accrued interest on debt 123 144 Current portion of asset retirement obligations 103 160 Other accruals 26 164 Total Accrued Liabilities $ 2,119 $ 2,102

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	6. Debt In May 2024, HESM Opco issued $600 million in aggregate principal amount of 6.500% fixed-rate senior unsecured notes due in 2029 in a private offering. At the time of issuance, the proceeds were primarily used to reduce indebtedness outstanding under HESM Opco’s revolving credit facility. The indenture for the 6.500% fixed-rate senior unsecured notes contains covenants that are substantially similar to the covenants contained in the indentures for the other existing HESM Opco fixed-rate senior unsecured notes. In July 2024, we repaid the outstanding $300 million principal amount of our 3.500% fixed-rate senior unsecured notes, which matured on July 15, 2024.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	7. Revenue Revenue from contracts with customers on a disaggregated basis was as follows (in millions): Exploration and Production Midstream Eliminations Total United States Guyana Malaysia and JDA E&P Total Three Months Ended September 30, 2024 Sales of net production volumes: Crude oil revenue $ 839 $ 1,279 $ 32 $ 2,150 $ — $ — $ 2,150 Natural gas liquids revenue 149 — — 149 — — 149 Natural gas revenue 34 — 173 207 — — 207 Sales of purchased oil and gas 651 25 — 676 — — 676 Third-party services — — — — 7 — 7 Intercompany revenue — — — — 371 (371) — Total sales (a) 1,673 1,304 205 3,182 378 (371) 3,189 Other operating revenues (b) 1 — — 1 1 — 2 Total sales and other operating revenues $ 1,674 $ 1,304 $ 205 $ 3,183 $ 379 $ (371) $ 3,191 Three Months Ended September 30, 2023 Sales of net production volumes: Crude oil revenue $ 861 $ 896 $ 36 $ 1,793 $ — $ — $ 1,793 Natural gas liquids revenue 133 — — 133 — — 133 Natural gas revenue 44 — 223 267 — — 267 Sales of purchased oil and gas 640 20 — 660 — — 660 Intercompany revenue — — — — 361 (361) — Total sales (a) 1,678 916 259 2,853 361 (361) 2,853 Other operating revenues (b) (27) (17) (11) (55) 2 — (53) Total sales and other operating revenues $ 1,651 $ 899 $ 248 $ 2,798 $ 363 $ (361) $ 2,800 Nine Months Ended September 30, 2024 Sales of net production volumes: Crude oil revenue $ 2,448 $ 4,159 $ 90 $ 6,697 $ — $ — $ 6,697 Natural gas liquids revenue 442 — — 442 — — 442 Natural gas revenue 110 — 613 723 — — 723 Sales of purchased oil and gas 1,732 82 — 1,814 — — 1,814 Third-party services — — — — 18 — 18 Intercompany revenue — — — — 1,079 (1,079) — Total sales (a) 4,732 4,241 703 9,676 1,097 (1,079) 9,694 Other operating revenues (b) 5 — — 5 3 — 8 Total sales and other operating revenues $ 4,737 $ 4,241 $ 703 $ 9,681 $ 1,100 $ (1,079) $ 9,702 Nine Months Ended September 30, 2023 Sales of net production volumes: Crude oil revenue $ 2,240 $ 2,508 $ 89 $ 4,837 $ — $ — $ 4,837 Natural gas liquids revenue 386 — — 386 — — 386 Natural gas revenue 136 — 585 721 — — 721 Sales of purchased oil and gas 1,636 52 — 1,688 — — 1,688 Intercompany revenue — — — — 986 (986) — Total sales (a) 4,398 2,560 674 7,632 986 (986) 7,632 Other operating revenues (b) (83) (44) (11) (138) 6 — (132) Total sales and other operating revenues $ 4,315 $ 2,516 $ 663 $ 7,494 $ 992 $ (986) $ 7,500 (a) Guyana crude oil revenue includes $180 million and $646 million of revenue from non-customers for the three and nine months ended September 30, 2024, respectively, compared to $112 million and $308 million for the three and nine months ended September 30, 2023, respectively . (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 nine months ended September 30, 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 September 30, 2024 and December 31, 2023, there were no contract assets or liabilities.

Impairment

Impairment	9 Months Ended
Impairment	Sep. 30, 2024
Asset Impairment Charges [Abstract]
Impairment	8. Impairment In the third quarter of 2024, we recorded a pre-tax charge of $92 million ($92 million after income taxes) to fully impair the net book value of our interests in Conger, a mature field in the Gulf of Mexico, due to a mechanical issue on one of the main producing wells. Significant inputs used in determining future net cash flows include future prices, estimated expenditures to remedy the mechanical issue, and projected production volumes using risk adjusted oil and gas reserves. Future pricing assumptions were based on forward strip crude oil prices as of September 30, 2024 to the end of field life. Estimated expenditures to remedy the mechanical issue reflect the use of a deepwater drilling rig, and the nature and scope of the work required to return the well to production. A pre-tax charge of $40 million ($38 million after income taxes) was also recorded in the third quarter of 2024 resulting from revisions to our estimated abandonment liabilities for uneconomic properties, primarily in the Gulf of Mexico. In the second quarter of 2023, we recognized a pre-tax charge of $82 million ($82 million after income taxes) that resulted from revisions to estimated costs to abandon certain wells, pipelines and production facilities in the West Delta field in the Gulf of Mexico. These abandonment obligations were assigned to us as a former owner after they were discharged from Fieldwood Energy LLC as part of its approved bankruptcy plan in 2021.

Retirement Plans

Retirement Plans	9 Months Ended
Retirement Plans	Sep. 30, 2024
Retirement Benefits [Abstract]
Retirement Plans	9. Retirement Plans Components of net periodic benefit cost (income) consisted of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In millions) Service cost $ 11 $ 9 $ 32 $ 28 Interest cost (a) 25 25 71 75 Expected return on plan assets (a) (41) (39) (117) (118) Amortization of unrecognized net actuarial losses (a) 2 — 3 1 Prior service cost (a) 35 — 35 — Net periodic benefit cost (income) $ 32 $ (5) $ 24 $ (14) ( a) These other components of net periodic benefit cost (income), are included in Other, net in the Statement of Consolidated Income, and total $21 million and $(8) million for the three and nine months ended September 30, 2024, compared with $(14) million and $(42) million for the three and nine months ended September 30, 2023. In September 2024, the board of trustees for our U.K. pension plan purchased a bulk annuity policy from an insurer for £361 million covering all benefits payable under the plan. The bulk annuity policy is an asset of the plan. The plan retains responsibility for all liabilities associated with member and beneficiary benefits until such time a buy-out transaction is executed with the insurer. Concurrent with the purchase of the bulk annuity policy, the plan was amended to augment benefits for certain members and beneficiaries to equalize the minimum level of pension inflation protection. Due to the amendments to our U.K. pension plan, the funded status of the plan was remeasured at September 30, 2024, resulting in a total decrease in the funded status of $77 million. The augmentation of benefits generated prior service cost of $35 million, which was recognized immediately in earnings as a component of net periodic benefit cost (income), and the remaining reduction in the funded status of $42 million was recognized as an actuarial loss in Other comprehensive income (loss) and primarily relates to the valuation of the benefit obligation using annuity pricing, and an update to the fair value of plan assets. At September 30, 2024, the funded status of the plan before any applicable taxes was $85 million, representing the excess of the fair value of plan assets over the benefit obligation. Should a buy-out transaction be executed that settles the entirety of the plan’s benefit obligation, a settlement loss will be recorded to recognize all cumulative net actuarial losses within Accumulated other comprehensive income (loss)

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
Weighted Average Common Shares	Sep. 30, 2024
Earnings Per Share [Abstract]
Weighted Average Common Shares	10. 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 Nine Months Ended 2024 2023 2024 2023 (In millions) Net income attributable to Hess Corporation: Net income $ 594 $ 602 $ 2,512 $ 1,235 Less: Net income attributable to noncontrolling interests 96 98 285 266 Net income attributable to Hess Corporation $ 498 $ 504 $ 2,227 $ 969 Weighted average number of common shares outstanding: Basic 306.9 306.1 306.7 305.8 Effect of dilutive securities Restricted common stock 0.4 0.4 0.4 0.5 Stock options 0.6 0.7 0.6 0.7 Performance share units 0.4 0.5 0.5 0.5 Diluted 308.3 307.7 308.2 307.5 The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Restricted common stock 7,794 — 3,147 40,993 Stock options 187,247 189,479 188,268 143,977 Performance share units — — — — During the nine months ended September 30, 2024, we granted 739,474 shares of restricted stock (2023: 463,209), no performance share units (2023: 130,272) and no stock options (2023: 189,479).

Guarantees and Contingencies

Guarantees and Contingencies	9 Months Ended
Guarantees and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Contingencies	11. Guarantees and Contingencies We are subject to loss contingencies with respect to various claims, lawsuits and other proceedings. A liability is recognized in our consolidated financial statements when it is probable that a loss has been incurred and the amount can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated or the risk of loss is only reasonably possible, a liability is not accrued; however, we disclose the nature of those contingencies. We cannot predict with certainty if, how or when existing claims, lawsuits and proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. We, along with many companies that have been or continue to be engaged in refining and marketing of gasoline, have been a party to lawsuits and claims related to the use of methyl tertiary butyl ether (MTBE) in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the 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	9 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	12. Segment Information We currently have two operating segments, Exploration and Production and Midstream. All unallocated costs are reflected under Corporate, Interest and Other. The following table presents operating segment financial data: Exploration and Production Midstream Corporate, Interest and Other Eliminations Total (In millions) For the Three Months Ended September 30, 2024 Sales and other operating revenues $ 3,183 $ 8 $ — $ — $ 3,191 Intersegment revenues — 371 — (371) — Total sales and other operating revenues $ 3,183 $ 379 $ — $ (371) $ 3,191 Net income (loss) attributable to Hess Corporation $ 489 $ 69 $ (60) $ — $ 498 Depreciation, depletion and amortization 585 52 1 — 638 Impairment 132 — — — 132 Provision for income taxes 251 19 — — 270 Capital expenditures 1,070 96 — — 1,166 For the Three Months Ended September 30, 2023 Sales and other operating revenues $ 2,798 $ 2 $ — $ — $ 2,800 Intersegment revenues — 361 — (361) — Total sales and other operating revenues $ 2,798 $ 363 $ — $ (361) $ 2,800 Net income (loss) attributable to Hess Corporation $ 529 $ 66 $ (91) $ — $ 504 Depreciation, depletion and amortization 451 48 — — 499 Provision for income taxes 203 12 — — 215 Capital expenditures 948 65 — — 1,013 For the Nine Months Ended September 30, 2024 Sales and other operating revenues $ 9,681 $ 21 $ — $ — $ 9,702 Intersegment revenues — 1,079 — (1,079) — Total sales and other operating revenues $ 9,681 $ 1,100 $ — $ (1,079) $ 9,702 Net income (loss) attributable to Hess Corporation $ 2,251 $ 202 $ (226) $ — $ 2,227 Depreciation, depletion and amortization 1,642 152 1 — 1,795 Impairment 132 — — — 132 Provision for income taxes 865 49 — — 914 Capital expenditures 3,078 204 — — 3,282 For the Nine Months Ended September 30, 2023 Sales and other operating revenues $ 7,494 $ 6 $ — $ — $ 7,500 Intersegment revenues — 986 — (986) — Total sales and other operating revenues $ 7,494 $ 992 $ — $ (986) $ 7,500 Net income (loss) attributable to Hess Corporation $ 1,089 $ 189 $ (309) $ — $ 969 Depreciation, depletion and amortization 1,344 142 1 — 1,487 Impairment 82 — — — 82 Provision for income taxes 525 26 — — 551 Capital expenditures 2,587 174 — — 2,761 Corporate, Interest and Other had interest income of $17 million and $52 million for the three and nine months ended September 30, 2024, respectively, compared to $21 million and $62 million for the three and nine months ended September 30, 2023, respectively. Interest income is included in Other, net in the Statement of Consolidated Income . Identifiable assets by operating segment were as follows: September 30, December 31, (In millions) Exploration and Production $ 19,571 $ 17,931 Midstream 4,347 3,984 Corporate, Interest and Other 2,315 2,092 Total $ 26,233 $ 24,007

Financial Risk Management Activ

Financial Risk Management Activities	9 Months Ended
Financial Risk Management Activities	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Risk Management Activities	13. Financial Risk Management Activities In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas, 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 September 30, 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: September 30, December 31, (In millions) Foreign exchange forwards / swaps $ 202 $ 226 Interest rate swaps $ — $ 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 $52 million and $138 million in the three and nine months ended September 30, 2023, respectively. There were no open crude oil hedging contracts at September 30, 2024 or December 31, 2023, or during the three and nine months ended September 30, 2024. Interest rate swaps designated as fair value hedges: At 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. These interest rate swaps expired in July 2024. 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 $2 million at December 31, 2023. 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 $4 million and $3 million in the three and nine months ended September 30, 2024, respectively, compared with nil in both the three and nine months ended September 30, 2023. 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 $22 million and $17 million in the three and nine months ended September 30, 2024, respectively, compared to net gains of $8 million and $6 million in the three and nine months ended September 30, 2023, respectively. The fair value of our foreign exchange forwards and swaps was a liability of $1 million at September 30, 2024 and a liability of $6 million at December 31, 2023. Fair Value Measurement: At September 30, 2024, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $8,596 million and a fair value of $9,021 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 September 30, 2024 and December 31, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Hess Corporation	$ 498	$ 504	$ 2,227	$ 969

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 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 this 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)	9 Months Ended
Inventories (Tables)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: September 30, December 31, (In millions) Crude oil and natural gas liquids $ 78 $ 72 Materials and supplies 319 232 Total Inventories $ 397 $ 304

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
Property, Plant and Equipment (Tables)	Sep. 30, 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 nine months ended September 30, 2024 (in millions): Balance at January 1, 2024 $ 952 Additions to capitalized exploratory well costs pending the determination of proved reserves 203 Reclassifications to wells, facilities and equipment based on the determination of proved reserves (117) Capitalized exploratory well costs charged to expense (48) Balance at September 30, 2024 $ 990

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
Accrued Liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued Liabilities consisted of the following: September 30, December 31, (In millions) Accrued operating and marketing expenditures $ 769 $ 593 Accrued capital expenditures 762 670 Accrued payments to royalty and working interest owners 191 178 Accrued compensation and benefits 145 193 Accrued interest on debt 123 144 Current portion of asset retirement obligations 103 160 Other accruals 26 164 Total Accrued Liabilities $ 2,119 $ 2,102

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 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 September 30, 2024 Sales of net production volumes: Crude oil revenue $ 839 $ 1,279 $ 32 $ 2,150 $ — $ — $ 2,150 Natural gas liquids revenue 149 — — 149 — — 149 Natural gas revenue 34 — 173 207 — — 207 Sales of purchased oil and gas 651 25 — 676 — — 676 Third-party services — — — — 7 — 7 Intercompany revenue — — — — 371 (371) — Total sales (a) 1,673 1,304 205 3,182 378 (371) 3,189 Other operating revenues (b) 1 — — 1 1 — 2 Total sales and other operating revenues $ 1,674 $ 1,304 $ 205 $ 3,183 $ 379 $ (371) $ 3,191 Three Months Ended September 30, 2023 Sales of net production volumes: Crude oil revenue $ 861 $ 896 $ 36 $ 1,793 $ — $ — $ 1,793 Natural gas liquids revenue 133 — — 133 — — 133 Natural gas revenue 44 — 223 267 — — 267 Sales of purchased oil and gas 640 20 — 660 — — 660 Intercompany revenue — — — — 361 (361) — Total sales (a) 1,678 916 259 2,853 361 (361) 2,853 Other operating revenues (b) (27) (17) (11) (55) 2 — (53) Total sales and other operating revenues $ 1,651 $ 899 $ 248 $ 2,798 $ 363 $ (361) $ 2,800 Nine Months Ended September 30, 2024 Sales of net production volumes: Crude oil revenue $ 2,448 $ 4,159 $ 90 $ 6,697 $ — $ — $ 6,697 Natural gas liquids revenue 442 — — 442 — — 442 Natural gas revenue 110 — 613 723 — — 723 Sales of purchased oil and gas 1,732 82 — 1,814 — — 1,814 Third-party services — — — — 18 — 18 Intercompany revenue — — — — 1,079 (1,079) — Total sales (a) 4,732 4,241 703 9,676 1,097 (1,079) 9,694 Other operating revenues (b) 5 — — 5 3 — 8 Total sales and other operating revenues $ 4,737 $ 4,241 $ 703 $ 9,681 $ 1,100 $ (1,079) $ 9,702 Nine Months Ended September 30, 2023 Sales of net production volumes: Crude oil revenue $ 2,240 $ 2,508 $ 89 $ 4,837 $ — $ — $ 4,837 Natural gas liquids revenue 386 — — 386 — — 386 Natural gas revenue 136 — 585 721 — — 721 Sales of purchased oil and gas 1,636 52 — 1,688 — — 1,688 Intercompany revenue — — — — 986 (986) — Total sales (a) 4,398 2,560 674 7,632 986 (986) 7,632 Other operating revenues (b) (83) (44) (11) (138) 6 — (132) Total sales and other operating revenues $ 4,315 $ 2,516 $ 663 $ 7,494 $ 992 $ (986) $ 7,500 (a) Guyana crude oil revenue includes $180 million and $646 million of revenue from non-customers for the three and nine months ended September 30, 2024, respectively, compared to $112 million and $308 million for the three and nine months ended September 30, 2023, respectively . (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)	9 Months Ended
Retirement Plans (Tables)	Sep. 30, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Pension Cost	Components of net periodic benefit cost (income) consisted of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (In millions) Service cost $ 11 $ 9 $ 32 $ 28 Interest cost (a) 25 25 71 75 Expected return on plan assets (a) (41) (39) (117) (118) Amortization of unrecognized net actuarial losses (a) 2 — 3 1 Prior service cost (a) 35 — 35 — Net periodic benefit cost (income) $ 32 $ (5) $ 24 $ (14) ( a) These other components of net periodic benefit cost (income), are included in Other, net in the Statement of Consolidated Income, and total $21 million and $(8) million for the three and nine months ended September 30, 2024, compared with $(14) million and $(42) million for the three and nine months ended September 30, 2023.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	9 Months Ended
Weighted Average Common Shares (Tables)	Sep. 30, 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 Nine Months Ended 2024 2023 2024 2023 (In millions) Net income attributable to Hess Corporation: Net income $ 594 $ 602 $ 2,512 $ 1,235 Less: Net income attributable to noncontrolling interests 96 98 285 266 Net income attributable to Hess Corporation $ 498 $ 504 $ 2,227 $ 969 Weighted average number of common shares outstanding: Basic 306.9 306.1 306.7 305.8 Effect of dilutive securities Restricted common stock 0.4 0.4 0.4 0.5 Stock options 0.6 0.7 0.6 0.7 Performance share units 0.4 0.5 0.5 0.5 Diluted 308.3 307.7 308.2 307.5
Summary of Antidilutive Shares Excluded from Computation of Diluted Shares	The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Restricted common stock 7,794 — 3,147 40,993 Stock options 187,247 189,479 188,268 143,977 Performance share units — — — —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 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 September 30, 2024 Sales and other operating revenues $ 3,183 $ 8 $ — $ — $ 3,191 Intersegment revenues — 371 — (371) — Total sales and other operating revenues $ 3,183 $ 379 $ — $ (371) $ 3,191 Net income (loss) attributable to Hess Corporation $ 489 $ 69 $ (60) $ — $ 498 Depreciation, depletion and amortization 585 52 1 — 638 Impairment 132 — — — 132 Provision for income taxes 251 19 — — 270 Capital expenditures 1,070 96 — — 1,166 For the Three Months Ended September 30, 2023 Sales and other operating revenues $ 2,798 $ 2 $ — $ — $ 2,800 Intersegment revenues — 361 — (361) — Total sales and other operating revenues $ 2,798 $ 363 $ — $ (361) $ 2,800 Net income (loss) attributable to Hess Corporation $ 529 $ 66 $ (91) $ — $ 504 Depreciation, depletion and amortization 451 48 — — 499 Provision for income taxes 203 12 — — 215 Capital expenditures 948 65 — — 1,013 For the Nine Months Ended September 30, 2024 Sales and other operating revenues $ 9,681 $ 21 $ — $ — $ 9,702 Intersegment revenues — 1,079 — (1,079) — Total sales and other operating revenues $ 9,681 $ 1,100 $ — $ (1,079) $ 9,702 Net income (loss) attributable to Hess Corporation $ 2,251 $ 202 $ (226) $ — $ 2,227 Depreciation, depletion and amortization 1,642 152 1 — 1,795 Impairment 132 — — — 132 Provision for income taxes 865 49 — — 914 Capital expenditures 3,078 204 — — 3,282 For the Nine Months Ended September 30, 2023 Sales and other operating revenues $ 7,494 $ 6 $ — $ — $ 7,500 Intersegment revenues — 986 — (986) — Total sales and other operating revenues $ 7,494 $ 992 $ — $ (986) $ 7,500 Net income (loss) attributable to Hess Corporation $ 1,089 $ 189 $ (309) $ — $ 969 Depreciation, depletion and amortization 1,344 142 1 — 1,487 Impairment 82 — — — 82 Provision for income taxes 525 26 — — 551 Capital expenditures 2,587 174 — — 2,761 Corporate, Interest and Other had interest income of $17 million and $52 million for the three and nine months ended September 30, 2024, respectively, compared to $21 million and $62 million for the three and nine months ended September 30, 2023, respectively. Interest income is included in Other, net in the Statement of Consolidated Income . Identifiable assets by operating segment were as follows: September 30, December 31, (In millions) Exploration and Production $ 19,571 $ 17,931 Midstream 4,347 3,984 Corporate, Interest and Other 2,315 2,092 Total $ 26,233 $ 24,007

Financial Risk Management Act_2

Financial Risk Management Activities (Tables)	9 Months Ended
Financial Risk Management Activities (Tables)	Sep. 30, 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: September 30, December 31, (In millions) Foreign exchange forwards / swaps $ 202 $ 226 Interest rate swaps $ — $ 100

Basis of Presentation (Details)

Basis of Presentation (Details)	Sep. 30, 2024 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess common stock conversion rate to the right to receive Chevron common stock (in shares)	1.025

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Detail) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 78	$ 72
Materials and supplies	319	232
Total Inventories	$ 397	$ 304

Property, Plant and Equipment -

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 952
Additions to capitalized exploratory well costs pending the determination of proved reserves	203
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	117
Capitalized exploratory well costs charged to expense	48
Ending balance	$ 990

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) well	Dec. 31, 2023 USD ($)
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs	$ 990	$ 952
Well costs incurred and expensed	19
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 707
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	30%
Suspended capitalized exploratory wells \| well	37
Capitalized exploratory well costs	$ 870
Capitalized well costs percentage	92%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50%
Capitalized exploratory wells suspended greater than one year that were expensed during the current period \| well	3
Block 42, Suriname
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	33%
Capitalized well costs percentage	6%
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50%
Capitalized well costs percentage	2%
Capitalized exploratory wells suspended greater than one year \| well	2

Hess Midstream LP (Detail)

Hess Midstream LP (Detail) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft³	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares ft³	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Liabilities	$ 14,631		$ 14,631		$ 14,405
Cash and cash equivalents	1,864		1,864		1,688
Property, plant and equipment, net	$ 18,963		$ 18,963		17,432
Joint venture percentage owned by Targa Resources Corp	50%		50%
Processing fees incurred	$ 9	$ 7	$ 24	$ 18
Number of underwritten public equity offerings completed			3	2
Number of Class A shares of subsidiary public offering (in shares) \| shares			35.7	24.3
Deferred tax impact to noncontrolling interests from sale of units held by parent by consolidated subsidiary			$ 309	$ 166
Number of Class B units repurchased by Hess Midstream LP (in shares) \| shares			8.4	10.3
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP			$ 300	$ 300
Deferred tax impact to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary			30	16
Proceeds to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary			187	150
Proceeds from sale of Class A shares of Hess Midstream LP			0	167
Sale of Class A shares of Hess Midstream LP	115	82	309	333
Repurchase of Class B units of Hess Midstream Operations LP	(52)	(44)	(157)	(134)
Noncontrolling Interests
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP	115	82	309	175
Repurchase of Class B units of Hess Midstream Operations LP	$ (52)	(56)	$ (157)	(165)
Noncontrolling Interests \| Change In Ownership
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP				9
Capital in Excess of Par
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP				158
Repurchase of Class B units of Hess Midstream Operations LP		$ 12		$ 31
Little Missouri Four
Variable Interest Entity [Line Items]
Gas processing capacity of LM4 \| ft³	200,000,000		200,000,000
Equity Method Investment, Ownership Percentage	50%		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	$ 10		$ 10		5
Property, plant and equipment, net	3,292		3,292		3,229
Variable Interest Entity \| Hess Midstream LP \| Nonrecourse
Variable Interest Entity [Line Items]
Liabilities	3,660		3,660		3,385
Variable Interest Entity \| Hess Midstream LP \| Little Missouri Four
Variable Interest Entity [Line Items]
Equity method investment in LM4	$ 89		$ 89		$ 90

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued operating and marketing expenditures	$ 769	$ 593
Accrued capital expenditures	762	670
Accrued payments to royalty and working interest owners	191	178
Accrued compensation and benefits	145	193
Accrued interest on debt	123	144
Current portion of asset retirement obligations	103	160
Other accruals	26	164
Accrued liabilities	$ 2,119	$ 2,102

Debt (Details)

Debt (Details) - USD ($) $ in Millions	1 Months Ended
Debt (Details) - USD ($) $ in Millions	Jul. 31, 2024	Sep. 30, 2024	Jun. 30, 2024
Corporate, Interest and Other
Debt Instrument [Line Items]
Interest rate of senior unsecured public notes			3.50%
Repayment of senior unsecured notes	$ 300
Midstream
Debt Instrument [Line Items]
Principal amount of senior unsecured fixed-rate public notes		$ 600
Interest rate of senior unsecured public notes		6.50%

Revenue - Summary of Revenue fr

Revenue - Summary of Revenue from Contracts with Customers on a Disaggregated Basis (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax				$ 0
Revenue from both contract with customer and not from contract with customer	$ 3,189,000,000	$ 2,853,000,000	$ 9,694,000,000	7,632,000,000
Other operating revenues	2,000,000	(53,000,000)	8,000,000	(132,000,000)
Total revenues and non-operating income	3,191,000,000	2,800,000,000	9,702,000,000	7,500,000,000
Gain (loss) on commodity derivatives	$ 0	$ (52,000,000)	$ 0	$ (138,000,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues and non-operating income	Total revenues and non-operating income	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	$ 2,150,000,000	$ 1,793,000,000	$ 6,697,000,000	$ 4,837,000,000
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	149,000,000	133,000,000	442,000,000	386,000,000
Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	207,000,000	267,000,000	723,000,000	721,000,000
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	676,000,000	660,000,000	1,814,000,000	1,688,000,000
Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,000,000		18,000,000
Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	3,183,000,000	2,798,000,000	9,681,000,000	7,494,000,000
Exploration and Production \| Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	2,150,000,000	1,793,000,000	6,697,000,000	4,837,000,000
Exploration and Production \| Crude oil revenue \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	839,000,000	861,000,000	2,448,000,000	2,240,000,000
Exploration and Production \| Crude oil revenue \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	1,279,000,000	896,000,000	4,159,000,000	2,508,000,000
Revenue not from contract with customer	180,000,000	112,000,000	646,000,000	308,000,000
Exploration and Production \| Crude oil revenue \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	32,000,000	36,000,000	90,000,000	89,000,000
Exploration and Production \| Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	149,000,000	133,000,000	442,000,000	386,000,000
Exploration and Production \| Natural gas liquids revenue \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	149,000,000	133,000,000	442,000,000	386,000,000
Exploration and Production \| Natural gas liquids revenue \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	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	0	0
Exploration and Production \| Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	207,000,000	267,000,000	723,000,000	721,000,000
Exploration and Production \| Natural gas revenue \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	34,000,000	44,000,000	110,000,000	136,000,000
Exploration and Production \| Natural gas revenue \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production \| Natural gas revenue \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	173,000,000	223,000,000	613,000,000	585,000,000
Exploration and Production \| Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	676,000,000	660,000,000	1,814,000,000	1,688,000,000
Exploration and Production \| Sales of purchased oil and gas \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	651,000,000	640,000,000	1,732,000,000	1,636,000,000
Exploration and Production \| Sales of purchased oil and gas \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	25,000,000	20,000,000	82,000,000	52,000,000
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	0	0
Exploration and Production \| Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Exploration and Production \| Third-party services \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Exploration and Production \| Third-party services \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Exploration and Production \| Third-party services \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Midstream
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	8,000,000	2,000,000	21,000,000	6,000,000
Midstream \| Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream \| Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream \| Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream \| Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream \| Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	7,000,000		18,000,000
Operating Segments \| Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	3,182,000,000	2,853,000,000	9,676,000,000	7,632,000,000
Other operating revenues	1,000,000	(55,000,000)	5,000,000	(138,000,000)
Total revenues and non-operating income	3,183,000,000	2,798,000,000	9,681,000,000	7,494,000,000
Operating Segments \| Exploration and Production \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,673,000,000	1,678,000,000	4,732,000,000	4,398,000,000
Other operating revenues	1,000,000	(27,000,000)	5,000,000	(83,000,000)
Total revenues and non-operating income	1,674,000,000	1,651,000,000	4,737,000,000	4,315,000,000
Operating Segments \| Exploration and Production \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	1,304,000,000	916,000,000	4,241,000,000	2,560,000,000
Other operating revenues	0	(17,000,000)	0	(44,000,000)
Total revenues and non-operating income	1,304,000,000	899,000,000	4,241,000,000	2,516,000,000
Operating Segments \| Exploration and Production \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	205,000,000	259,000,000	703,000,000	674,000,000
Other operating revenues	0	(11,000,000)	0	(11,000,000)
Total revenues and non-operating income	205,000,000	248,000,000	703,000,000	663,000,000
Operating Segments \| Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	378,000,000	361,000,000	1,097,000,000	986,000,000
Other operating revenues	1,000,000	2,000,000	3,000,000	6,000,000
Total revenues and non-operating income	379,000,000	363,000,000	1,100,000,000	992,000,000
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	(371,000,000)	(361,000,000)	(1,079,000,000)	(986,000,000)
Other operating revenues	0	0	0	0
Total revenues and non-operating income	(371,000,000)	(361,000,000)	(1,079,000,000)	(986,000,000)
Eliminations \| Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Total revenues and non-operating income	0	0	0	0
Eliminations \| Exploration and Production \| United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations \| Exploration and Production \| Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations \| Exploration and Production \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations \| Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	371,000,000	361,000,000	1,079,000,000	986,000,000
Total revenues and non-operating income	$ 371,000,000	$ 361,000,000	$ 1,079,000,000	$ 986,000,000

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 0	$ 0
Contract with customer, liability	$ 0	$ 0

Impairment (Details)

Impairment (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
Impairment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Asset Impairment Charges Line Items [Line Items]
Impairment	$ 132	$ 0		$ 132	$ 82
Conger Field in the Gulf of Mexico
Asset Impairment Charges Line Items [Line Items]
Impairment	92
Impairment, after tax	92
Uneconomic Properties in the Gulf of Mexico
Asset Impairment Charges Line Items [Line Items]
Impairment	40
Impairment, after tax	$ 38
West Delta Field in the Gulf of Mexico
Asset Impairment Charges Line Items [Line Items]
Impairment			$ 82
Impairment, after tax			$ 82

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 11	$ 9	$ 32	$ 28
Interest cost	25	25	71	75
Expected return on plan assets	(41)	(39)	(117)	(118)
Amortization of unrecognized net actuarial losses	2	0	3	1
Pension prior service cost	35	0	35	0
Net periodic benefit cost (income)	32	(5)	24	(14)
Net periodic benefit cost (income), excluding service cost, included in Other, net	$ 21	$ (14)	$ (8)	$ (42)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) £ in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 GBP (£)
Retirement Benefits [Abstract]
Premium paid to purchase a bulk annuity policy for the U.K. pension plan \| £					£ 361
Change in funded status recognized upon interim remeasurement for the U.K. pension plan	$ 77		$ 77
Pension prior service cost	35	$ 0	35	$ 0
(Increase) reduction in unrecognized actuarial losses	42	$ 0	67	$ 13
Funded status (plan assets greater than benefit obligations) for the U.K. pension plan	85		85
Unrecognized net actuarial losses related to the U.K. pension plan	$ 219		$ 219

Weighted Average Common Share_2

Weighted Average Common Shares - Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income attributable to Hess Corporation:
Net income	$ 594	$ 602	$ 2,512	$ 1,235
Less: Net income attributable to noncontrolling interests	96	98	285	266
Net Income Attributable to Hess Corporation	$ 498	$ 504	$ 2,227	$ 969
Weighted average number of common shares outstanding:
Basic (in shares)	306.9	306.1	306.7	305.8
Diluted (in shares)	308.3	307.7	308.2	307.5
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.4	0.4	0.4	0.5
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.6	0.7	0.6	0.7
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.4	0.5	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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)	7,794	0	3,147	40,993
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	187,247	189,479	188,268	143,977
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	0	0

Weighted Average Common Share_4

Weighted Average Common Shares - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	739,474	463,209
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	9 Months Ended
Guarantees and Contingencies (Detail) $ in Millions	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 3,191	$ 2,800	$ 9,702	$ 7,500
Net income (loss) attributable to Hess Corporation	498	504	2,227	969
Depreciation, depletion and amortization	638	499	1,795	1,487
Impairment	132	0	132	82
Provision for income taxes	270	215	914	551
Capital expenditures	1,166	1,013	3,282	2,761
Assets	26,233		26,233		$ 24,007
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,183	2,798	9,681	7,494
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	8	2	21	6
Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,183	2,798	9,681	7,494
Net income (loss) attributable to Hess Corporation	489	529	2,251	1,089
Depreciation, depletion and amortization	585	451	1,642	1,344
Impairment	132		132	82
Provision for income taxes	251	203	865	525
Capital expenditures	1,070	948	3,078	2,587
Assets	19,571		19,571		17,931
Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	379	363	1,100	992
Net income (loss) attributable to Hess Corporation	69	66	202	189
Depreciation, depletion and amortization	52	48	152	142
Impairment	0		0	0
Provision for income taxes	19	12	49	26
Capital expenditures	96	65	204	174
Assets	4,347		4,347		3,984
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net income (loss) attributable to Hess Corporation	(60)	(91)	(226)	(309)
Depreciation, depletion and amortization	1	0	1	1
Impairment	0		0	0
Provision for income taxes	0	0	0	0
Capital expenditures	0	0	0	0
Interest income	17	21	52	62
Assets	2,315		2,315		$ 2,092
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(371)	(361)	(1,079)	(986)
Net income (loss) attributable to Hess Corporation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
Impairment	0		0	0
Provision for income taxes	0	0	0	0
Capital expenditures	0	0	0	0
Eliminations \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0	0
Eliminations \| Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 371	$ 361	$ 1,079	$ 986

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Foreign Exchange Forwards / Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 202	$ 226
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 0	$ 100

Financial Risk Management Act_4

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 0		$ 0		$ 100,000,000
Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	202,000,000		202,000,000		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		$ (52,000,000)		$ (138,000,000)
Designated as Hedging Instrument \| Interest Rate Swaps \| Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Liabilities - Gross fair value of derivative contracts					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	1,000,000		1,000,000		$ 6,000,000
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	4,000,000	0	3,000,000	0
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ (22,000,000)	$ 8,000,000	$ (17,000,000)	$ 6,000,000

Financial Risk Management Act_5

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,596
Long-term debt, fair value	$ 9,021