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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2011	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	HESS CORP
Entity Central Index Key	0000004447
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float		$ 22,545,000,000
Entity Common Stock, Shares Outstanding (actual number)	339,975,610

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 351	$ 1,608
Accounts receivable
Trade	4,761	4,478
Other	250	240
Inventories	1,423	1,452
Other current assets	1,554	1,002
Total current assets	8,339	8,780
INVESTMENTS IN AFFILIATES	384	443
PROPERTY, PLANT AND EQUIPMENT
Total - at cost	39,710	35,703
Less reserves for depreciation, depletion, amortization and lease impairment	14,998	14,576
Property, plant and equipment - net	24,712	21,127
GOODWILL	2,305	2,408
DEFERRED INCOME TAXES	2,941	2,167
OTHER ASSETS	455	471
TOTAL ASSETS	39,136	35,396
CURRENT LIABILITIES
Accounts payable	3,712	4,274
Accrued liabilities	3,524	2,567
Taxes payable	812	726
Short-term debt and current maturities of long-term debt	52	46
Total current liabilities	8,100	7,613
LONG-TERM DEBT	6,005	5,537
DEFERRED INCOME TAXES	2,843	2,995
ASSET RETIREMENT OBLIGATIONS	1,844	1,203
OTHER LIABILITIES AND DEFERRED CREDITS	1,752	1,239
Total liabilities	20,544	18,587
Hess Corporation Stockholders' Equity
Common stock, par value $1.00 Authorized 600,000 shares Issued: 2011 - 339,976 shares; 2010 - 337,681 shares	340	338
Capital in excess of par value	3,417	3,256
Retained earnings	15,826	14,254
Accumulated other comprehensive income (loss)	(1,067)	(1,159)
Total Hess Corporation stockholders' equity	18,516	16,689
Noncontrolling interests	76	120
Total equity	18,592	16,809
TOTAL LIABILITIES AND EQUITY	$ 39,136	$ 35,396

Consolidated Balance Sheet (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheet [Abstract]
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	600,000	600,000
Common stock, shares issued	339,976	337,681

Statement of Consolidated Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
REVENUES AND NON-OPERATING INCOME
Sales (excluding excise taxes) and other operating revenues	$ 38,466	$ 33,862	$ 29,614
Income (loss) from equity investment in HOVENSA L.L.C.	(1,073)	(522)	(229)
Gains on asset sales	446	1,208	0
Other, net	32	65	184
Total revenues and non-operating income	37,871	34,613	29,569
COSTS AND EXPENSES
Cost of products sold (excluding items shown separately below)	26,774	23,407	20,961
Production expenses	2,352	1,924	1,805
Marketing expenses	1,069	1,021	1,008
Exploration expenses, including dry holes and lease impairment	1,195	865	829
Other operating expenses	171	213	183
General and administrative expenses	702	662	647
Interest expense	383	361	360
Depreciation, depletion and amortization	2,406	2,317	2,200
Asset impairments	358	532	54
Total costs and expenses	35,410	31,302	28,047
INCOME BEFORE INCOME TAXES	2,461	3,311	1,522
Provision for income taxes	785	1,173	715
NET INCOME	1,676	2,138	807
Less: Net income (loss) attributable to noncontrolling interests	(27)	13	67
NET INCOME ATTRIBUTABLE TO HESS CORPORATION	$ 1,703	$ 2,125	$ 740
BASIC NET INCOME PER SHARE	$ 5.05	$ 6.52	$ 2.28
DILUTED NET INCOME PER SHARE	$ 5.01	$ 6.47	$ 2.27
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (DILUTED)	339,898	328,277	325,965

Statement of Consolidated Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,676	$ 2,138	$ 807
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization	2,406	2,317	2,200
(Income) loss from equity investment in HOVENSA L.L.C.	1,073	522	229
Asset impairments	358	532	54
Exploratory dry hole costs	438	237	267
Lease impairment	301	266	231
Stock compensation expense	104	112	128
Gains on asset sales	(446)	(1,208)	0
Provision (benefit) for deferred income taxes	(623)	(495)	(438)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(243)	(760)	320
(Increase) decrease in inventories	4	(16)	(137)
Increase (decrease) in accounts payable and accrued liabilities	544	1,141	(542)
Increase (decrease) in taxes payable	46	95	(81)
Changes in other assets and liabilities	(654)	(351)	8
Net cash provided by operating activities	4,984	4,530	3,046
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(7,006)	(5,492)	(2,918)
Proceeds from asset sales	490	183	0
Other, net	(50)	50	(6)
Net cash used in investing activities	(6,566)	(5,259)	(2,924)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (repayments) of debt with maturities of 90 days or less	100	0	(850)
Debt with maturities of greater than 90 days
Borrowings	422	1,278	1,991
Repayments	(100)	(180)	(694)
Cash dividends paid	(136)	(131)	(131)
Noncontrolling interests, net	(49)	(46)	(2)
Employee stock options exercised, including income tax benefits	88	54	18
Net cash provided by financing activities	325	975	332
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,257)	246	454
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,608	1,362	908
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 351	$ 1,608	$ 1,362

Statement of Consolidated Equity and Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Changes in Equity :
Beginning Balance	$ 16,809	$ 13,528	$ 12,391
Net income	1,676	2,138	807
Deferred gains (losses) on cash flow hedges, after-tax
Effect of hedge losses recognized in income	432	656	963
Net change in fair value of cash flow hedges	2	(198)	(729)
Change in postretirement plan liabilities, after-tax	(246)	28	(6)
Change in foreign currency translation adjustment and other	(94)	31	100
Comprehensive income (loss)	1,770	2,655	1,135
Common stock issued for acquisition	0	648	0
Activity related to restricted common stock awards, net	53	60	62
Employee stock options, including income tax benefits	139	106	73
Cash dividends declared	(136)	(132)	(131)
Noncontrolling interests, net	(43)	(56)	(2)
Ending Balance	18,592	16,809	13,528
Common Stock
Changes in Equity :
Beginning Balance	338	327	326
Deferred gains (losses) on cash flow hedges, after-tax
Common stock issued for acquisition	0	9	0
Activity related to restricted common stock awards, net	1	1	1
Employee stock options, including income tax benefits	1	1	0
Ending Balance	340	338	327
Capital in Excess of Par
Changes in Equity :
Beginning Balance	3,256	2,481	2,347
Deferred gains (losses) on cash flow hedges, after-tax
Common stock issued for acquisition	0	639	0
Activity related to restricted common stock awards, net	52	59	61
Employee stock options, including income tax benefits	138	105	73
Noncontrolling interests, net	(29)	(28)	0
Ending Balance	3,417	3,256	2,481
Retained Earnings
Changes in Equity :
Beginning Balance	14,254	12,251	11,642
Net income	1,703	2,125	740
Deferred gains (losses) on cash flow hedges, after-tax
Cash dividends declared	(136)	(132)	(131)
Noncontrolling interests, net	5	10	0
Ending Balance	15,826	14,254	12,251
Accumulated Other Comprehensive Income (Loss)
Changes in Equity :
Beginning Balance	(1,159)	(1,675)	(2,008)
Deferred gains (losses) on cash flow hedges, after-tax
Effect of hedge losses recognized in income	432	656	963
Net change in fair value of cash flow hedges	2	(198)	(729)
Change in postretirement plan liabilities, after-tax	(246)	28	(6)
Change in foreign currency translation adjustment and other	(96)	30	105
Ending Balance	(1,067)	(1,159)	(1,675)
Total Hess Stockholder's Equity
Changes in Equity :
Beginning Balance	16,689	13,384	12,307
Net income	1,703	2,125	740
Deferred gains (losses) on cash flow hedges, after-tax
Effect of hedge losses recognized in income	432	656	963
Net change in fair value of cash flow hedges	2	(198)	(729)
Change in postretirement plan liabilities, after-tax	(246)	28	(6)
Change in foreign currency translation adjustment and other	(96)	30	105
Comprehensive income (loss)	1,795	2,641	1,073
Common stock issued for acquisition	0	648	0
Activity related to restricted common stock awards, net	53	60	62
Employee stock options, including income tax benefits	139	106	73
Cash dividends declared	(136)	(132)	(131)
Noncontrolling interests, net	(24)	(18)	0
Ending Balance	18,516	16,689	13,384
Noncontrolling Interest
Changes in Equity :
Beginning Balance	120	144	84
Net income	(27)	13	67
Deferred gains (losses) on cash flow hedges, after-tax
Change in foreign currency translation adjustment and other	2	1	(5)
Comprehensive income (loss)	(25)	14	62
Noncontrolling interests, net	(19)	(38)	(2)
Ending Balance	$ 76	$ 120	$ 144

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1.	Summary of Significant Accounting Policies

Nature of Business: Hess Corporation and its subsidiaries (the Corporation) engage in the exploration for and the development, production, purchase, transportation and sale of crude oil and natural gas. These activities are conducted principally in Algeria, Australia, Azerbaijan, Brazil, Brunei, China, Denmark, Egypt, Equatorial Guinea, France, Ghana, Indonesia, the Kurdistan region of Iraq, Libya, Malaysia, Norway, Peru, Russia, Thailand, the United Kingdom and the United States (U.S.). In addition, the Corporation manufactures refined petroleum products and purchases, markets and trades refined petroleum products, natural gas and electricity. The Corporation owns 50% of HOVENSA L.L.C. (HOVENSA), a joint venture in the U.S. Virgin Islands. In January 2012, HOVENSA announced a decision to shut down its refinery and continue to operate the complex as an oil storage terminal. The Corporation also operates a refining facility, terminals and retail gasoline stations, most of which include convenience stores that are located on the East Coast of the United States.

In preparing financial statements in conformity with U.S. generally accepted accounting principles (GAAP), management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the Consolidated Balance Sheet and revenues and expenses in the Statement of Consolidated Income. Actual results could differ from those estimates. Among the estimates made by management are oil and gas reserves, asset valuations, depreciable lives, pension liabilities, legal and environmental obligations, asset retirement obligations and income taxes. Certain information in the financial statements and notes has been reclassified to conform to the current period presentation. In the preparation of these financial statements, the Corporation has evaluated subsequent events through the date of issuance.

Principles of Consolidation: The consolidated financial statements include the accounts of Hess Corporation and entities in which the Corporation owns more than a 50% voting interest or entities that the Corporation controls. The Corporation consolidates the trading partnership in which it owns a 50% voting interest and over which it exercises control. The Corporation’s undivided interests in unincorporated oil and gas exploration and production ventures are proportionately consolidated. Investments in affiliated companies, 20% to 50% owned and where the Corporation has the ability to influence the operating or financial decisions of the affiliate, including HOVENSA, are accounted for using the equity method.

Revenue Recognition: The Corporation recognizes revenues from the sale of crude oil, natural gas, refined petroleum products and other merchandise when title passes to the customer. Sales are reported net of excise and similar taxes in the Statement of Consolidated Income. The Corporation recognizes revenues from the production of natural gas properties based on sales to customers. Differences between Exploration & Production (E&P) natural gas volumes sold and the Corporation’s share of natural gas production are not material. Revenues from natural gas and electricity sales by the Corporation’s marketing operations are recognized based on meter readings and estimated deliveries to customers since the last meter reading.

In its E&P activities, the Corporation engages in crude oil purchase and sale transactions with the same counterparty that are entered into in contemplation of one another for the primary purpose of changing location or quality. Similarly, in its marketing activities, the Corporation enters into refined petroleum product purchase and sale transactions with the same counterparty. These arrangements are reported net in Sales and other operating revenues in the Statement of Consolidated Income.

Derivatives: The Corporation utilizes derivative instruments for both risk management and trading activities. In risk management activities, the Corporation uses futures, forwards, options and swaps, individually or in combination, to mitigate its exposure to fluctuations in prices of crude oil, natural gas, refined petroleum products and electricity, as well as changes in interest and foreign currency exchange rates. In trading activities, the Corporation, principally through a consolidated partnership, trades energy-related commodities and derivatives, including futures, forwards, options and swaps based on expectations of future market conditions.

All derivative instruments are recorded at fair value in the Corporation’s Consolidated Balance Sheet. The Corporation’s policy for recognizing the changes in fair value of derivatives varies based on the designation of the derivative. The changes in fair value of derivatives that are not designated as hedges are recognized currently in earnings. Derivatives may be designated as hedges of expected future cash flows or forecasted transactions (cash flow hedges) or hedges of firm commitments (fair value hedges). The effective portion of changes in fair value of derivatives that are designated as cash flow hedges is recorded as a component of other comprehensive income (loss) while the ineffective portion of the changes in fair value is recorded currently in earnings. Amounts included in Accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. Changes in fair value of derivatives designated as fair value hedges are recognized currently in earnings. The change in fair value of the related hedged commitment is recorded as an adjustment to its carrying amount and recognized currently in earnings.

Cash and Cash Equivalents: Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have maturities of three months or less when acquired.

Inventories: Inventories are valued at the lower of cost or market. For refined petroleum product inventories valued at cost, the Corporation uses principally the last-in, first-out (LIFO) inventory method. For the remaining inventories, cost is generally determined using average actual costs.

Exploration and Development Costs: E&P activities are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and gas leasehold acreage, including lease bonuses, brokers’ fees and other related costs, are capitalized. Annual lease rentals, exploration expenses and exploratory dry hole costs are expensed as incurred. Costs of drilling and equipping productive wells, including development dry holes, and related production facilities are capitalized. In production operations, costs of injected CO₂ for tertiary recovery are expensed as incurred.

The costs of exploratory wells that find oil and gas reserves are capitalized pending determination of whether proved reserves have been found. Exploratory drilling costs remain capitalized after drilling is completed if (1) the well has found a sufficient quantity of reserves to justify completion as a producing well and (2) sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If either of those criteria is not met, or if there is substantial doubt about the economic or operational viability of a project, the capitalized well costs are charged to expense. Indicators of sufficient progress in assessing reserves and the economic and operating viability of a project include commitment of project personnel, active negotiations for sales contracts with customers, negotiations with governments, operators and contractors, firm plans for additional drilling and other factors.

Depreciation, Depletion and Amortization: The Corporation records depletion expense for acquisition costs of proved properties using the units of production method over proved oil and gas reserves. Depreciation and depletion expense for oil and gas production equipment and wells is calculated using the units of production method over proved developed oil and gas reserves. Provisions for impairment of undeveloped oil and gas leases are based on periodic evaluations and other factors. Depreciation of all other plant and equipment is determined on the straight-line method based on estimated useful lives. Retail gas stations and equipment related to a leased property, are depreciated over the estimated useful lives not to exceed the remaining lease period. The Corporation records the cost of acquired customers in its energy marketing activities as intangible assets and amortizes these costs on the straight-line method over the expected renewal period based on historical experience.

Capitalized Interest: Interest from external borrowings is capitalized on material projects using the weighted average cost of outstanding borrowings until the project is substantially complete and ready for its intended use, which for oil and gas assets is at first production from the field. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying assets.

Asset Retirement Obligations: The Corporation has material legal obligations to remove and dismantle long-lived assets and to restore land or seabed at certain exploration and production locations. The Corporation recognizes a liability for the fair value of legally required asset retirement obligations associated with long-lived assets in the period in which the retirement obligations are incurred. In addition, the fair value of any legally required conditional asset retirement obligations is recorded if the liability can be reasonably estimated. The Corporation capitalizes the associated asset retirement costs as part of the carrying amount of the long-lived assets.

Impairment of Long-lived Assets: The Corporation reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts are not expected to be recovered by undiscounted future cash flows, the assets are impaired and an impairment loss is recorded. The amount of impairment is based on the estimated fair value of the assets generally determined by discounting anticipated future net cash flows. In the case of oil and gas fields, the net present value of future cash flows is based on management’s best estimate of future prices, which is determined with reference to recent historical prices and published forward prices, applied to projected production volumes and discounted at a risk-adjusted rate. The projected production volumes represent reserves, including probable reserves, expected to be produced based on a stipulated amount of capital expenditures. The production volumes, prices and timing of production are consistent with internal projections and other externally reported information. Oil and gas prices used for determining asset impairments will generally differ from the average prices used in the standardized measure of discounted future net cash flows.

Impairment of Equity Investees: The Corporation reviews equity method investments for impairment whenever events or changes in circumstances indicate that an other than temporary decline in value may have occurred. The fair value measurement used in the impairment assessment is based on quoted market prices, where available, or other valuation techniques, including discounted cash flows. Differences between the carrying value of the Corporation’s equity investments and its equity in the net assets of the affiliate that result from impairment charges are amortized over the remaining useful life of the affiliate’s fixed assets.

Impairment of Goodwill: Goodwill is tested for impairment annually in the fourth quarter or when events or changes in circumstances indicate that the carrying amount of the goodwill may not be recoverable. This impairment test is calculated at the reporting unit level, which for the Corporation’s goodwill is the Exploration and Production operating segment. The Corporation identifies potential impairments by comparing the fair value of the reporting unit to its book value, including goodwill. If the fair value of the reporting unit exceeds the carrying amount, goodwill is not impaired. If the carrying value exceeds the fair value, the Corporation calculates the possible impairment loss by comparing the implied fair value of goodwill with the carrying amount. If the implied fair value of goodwill is less than the carrying amount, an impairment would be recorded.

Income Taxes: Deferred income taxes are determined using the liability method. The Corporation regularly assesses the realizability of deferred tax assets, based on estimates of future taxable income, the availability of tax planning strategies, the existence of appreciated assets, the available carryforward periods for net operating losses and other factors. If it is more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets to the amount expected to be realized. In addition, the Corporation recognizes the financial statement effect of a tax position only when management believes that it is more likely than not, that based on the technical merits, the position will be sustained upon examination. Additionally, the Corporation has income taxes which have been deferred on intercompany transactions eliminated in consolidation related to transfers of property, plant and equipment remaining within the consolidated group. The amortization of these income taxes deferred on intercompany transactions will occur ratably with the recovery through depletion and depreciation of the carrying value of these assets. The Corporation does not provide for deferred U.S. income taxes for that portion of undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. The Corporation classifies interest and penalties associated with uncertain tax positions as income tax expense.

Fair Value Measurements: The Corporation’s derivative instruments and supplemental pension plan investments are recorded at fair value, with changes in fair value recognized in earnings or other comprehensive income each period as appropriate. The Corporation uses various valuation approaches in determining fair value, including the market and income approaches. The Corporation’s fair value measurements also include non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and the Corporation’s credit is considered for accrued liabilities.

The Corporation also records certain nonfinancial assets and liabilities at fair value when required by GAAP. These fair value measurements are recorded in connection with business combinations, the initial recognition of asset retirement obligations and any impairment of long-lived assets, equity method investments or goodwill.

The Corporation determines fair value in accordance with the fair value measurements accounting standard which established a hierarchy for the inputs used to measure fair value based on the source of the input, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using related market data (Level 3). Multiple inputs may be used to measure fair value, however, the level of fair value is based on the lowest significant input level within this fair value hierarchy.

Details on the methods and assumptions used to determine the fair values are as follows:

Fair value measurements based on Level 1 inputs: Measurements that are most observable are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to assure liquidity. The fair value of certain of the Corporation’s exchange traded futures and options are considered Level 1.

Fair value measurements based on Level 2 inputs: Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements based on Level 2 inputs include over-the-counter derivative instruments that are priced on an exchange traded curve, but have contractual terms that are not identical to exchange traded contracts. The Corporation utilizes fair value measurements based on Level 2 inputs for certain forwards, swaps and options. The liability related to the Corporation’s crude oil hedges is classified as Level 2.

Fair value measurements based on Level 3 inputs: Measurements that are least observable are estimated from related market data, determined from sources with little or no market activity for comparable contracts or are positions with longer durations. For example, in its energy marketing business, the Corporation enters into contracts to sell natural gas and electricity to customers and offsets the price exposure by purchasing forward contracts. The fair value of these sales and purchases may be based on specific prices at less liquid delivered locations, which are classified as Level 3. There may be offsets to these positions that are priced based on more liquid markets, which are, therefore, classified as Level 1 or Level 2. Fair values determined using discounted cash flows and other unobservable data are also classified as Level 3.

Retirement Plans: The Corporation recognizes the funded status of defined benefit postretirement plans in the Consolidated Balance Sheet. The funded status is measured as the difference between the fair value of plan assets and the projected benefit obligation. The Corporation recognizes the net changes in the funded status of these plans in the year in which such changes occur. Prior service costs and actuarial gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active employees.

Share-based Compensation: The fair value of all share-based compensation is expensed and recognized on a straight-line basis over the full vesting period of the awards.

Foreign Currency Translation: The U.S. Dollar is the functional currency (primary currency in which business is conducted) for most foreign operations. Adjustments resulting from translating monetary assets and liabilities that are denominated in a non-functional currency into the functional currency are recorded in Other, net in the Statement of Consolidated Income. For operations that do not use the U.S. Dollar as the functional currency, adjustments resulting from translating foreign currency assets and liabilities into U.S. Dollars are recorded in a separate component of equity titled Accumulated other comprehensive income (loss).

Maintenance and Repairs: Maintenance and repairs are expensed as incurred, including costs of refinery turnarounds. Capital improvements are recorded as additions in Property, plant and equipment.

Environmental Expenditures: The Corporation accrues and expenses environmental costs to remediate existing conditions related to past operations when the future costs are probable and reasonably estimable. The Corporation capitalizes environmental expenditures that increase the life or efficiency of property or that reduce or prevent future adverse impacts to the environment.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2011

Acquisitions and Dispositions [Abstract]

Acquisitions and Dispositions

2.	Acquisitions and Dispositions

2011: In the third quarter of 2011, the Corporation entered into agreements to acquire approximately 85,000 net acres in the Utica Shale play in eastern Ohio for approximately $750 million, principally through the acquisition of Marquette Exploration, LLC (Marquette). This acquisition strengthens the Corporation’s portfolio of unconventional assets. The acquisition of Marquette has been accounted for as a business combination and the assets acquired and the liabilities assumed were recorded at fair value. The estimated fair value was based on a valuation approach using market related data which is a Level 3 measurement. The majority of the purchase price was assigned to unproved properties and the remainder to producing wells and working capital. This transaction is subject to normal post-closing adjustments.

In October 2011, the Corporation completed the acquisition of a 50% undivided interest in CONSOL Energy Inc.’s (CONSOL) nearly 200,000 acres, in the Utica Shale play in eastern Ohio, for $59 million in cash at closing and the agreement to fund 50% of CONSOL’s share of the drilling costs up to $534 million within a 5-year period. This transaction has been accounted for as an asset acquisition.

In February 2011, the Corporation completed the sale of its interests in the Easington Catchment Area (Hess 30%), the Bacton Area (Hess 23%), the Everest Field (Hess 19%) and the Lomond Field (Hess 17%) in the United Kingdom North Sea for cash proceeds of $359 million, after post-closing adjustments. These disposals resulted in pre-tax gains totaling $343 million ($310 million after income taxes). These assets had a productive capacity of approximately 15,000 boepd. The total combined net book value of the disposed assets prior to the sale was $16 million, including allocated goodwill of $14 million.

In August 2011, the Corporation completed the sale of its interests in the Snorre Field (Hess 1%), offshore Norway and the Cook Field (Hess 28%) in the United Kingdom North Sea for cash proceeds of $131 million, after post-closing adjustments. These disposals resulted in non-taxable gains totaling $103 million. These assets were producing at a combined net rate of approximately 2,500 boepd at the time of sale. The total combined net book value of the disposed assets prior to the sale was $28 million, including allocated goodwill of $11 million.

2010: In December, the Corporation acquired approximately 167,000 net acres in the Bakken oil shale play (Bakken) in North Dakota from TRZ Energy, LLC for $1,075 million in cash. In December, the Corporation also completed the acquisition of American Oil & Gas Inc. (American Oil & Gas) for approximately $675 million through the issuance of approximately 8.6 million shares of the Corporation’s common stock, which increased the Corporation’s acreage position in the Bakken by approximately 85,000 net acres. The properties acquired are located near the Corporation’s existing acreage. These acquisitions strengthen the Corporation’s acreage position in the Bakken, leverage existing capabilities and infrastructure and are expected to contribute to future reserve and production growth. Both of these transactions were accounted for as business combinations and the majority of the fair value of the assets acquired was assigned to unproved properties. The total goodwill recorded on these transactions was $332 million after final post-closing adjustments.

In September, the Corporation completed the exchange of its interests in Gabon and the Clair Field in the United Kingdom for additional interests of 28% and 25%, respectively, in the Valhall and Hod fields offshore Norway. This non-monetary exchange was accounted for as a business combination and was recorded at fair value. The transaction resulted in a pre-tax gain of $1,150 million ($1,072 million after income taxes). The total combined carrying amount of the disposed assets prior to the exchange was $702 million, including goodwill of $65 million. The Corporation also acquired, from a different third party, additional interests of 8% and 13% in the Valhall and Hod fields, respectively, for $507 million in cash. This acquisition was accounted for as a business combination. As a result of both of these transactions, the Corporation’s total interests in the Valhall and Hod fields are 64% and 63%, respectively. The primary reason for these transactions was to acquire long-lived crude oil reserves and future production growth. The following table summarizes the fair value of the assets acquired and liabilities assumed in 2010 and adjusted for final post-closing adjustments in both of these transactions:


	Exchange			Acquisition			Total
	(Millions of dollars)
Property, plant and equipment	$	2,020		$	570		$	2,590
Goodwill		688			219			907
Current assets		155			23			178

Total assets acquired		2,863			812			3,675
Current liabilities		(135	)		(32	)		(167	)
Deferred tax liabilities		(688	)		(219	)		(907	)
Asset retirement obligations		(188	)		(54	)		(242	)

Net assets acquired	$	1,852		$	507		$	2,359

For all 2010 acquisitions and the exchange described above, the assets acquired and liabilities assumed are recorded at fair value. The estimated fair value of the property, plant and equipment acquired in the transactions described above was primarily based on an income approach. The significant inputs used in this Level 3 fair value measurement include assumed future production and capital based on anticipated development plans, commodity prices, costs and a risk-adjusted discount rate. The goodwill recorded equals the deferred tax liability recognized for the differences in book and tax bases of the assets acquired. The goodwill is not expected to be deductible for income tax purposes.

In January, the Corporation completed the sale of its interest in the Jambi Merang natural gas development project in Indonesia (Hess 25%) for cash proceeds of $183 million. The transaction resulted in a gain of $58 million, after deducting the net book value of assets including goodwill of $7 million.

2009: The Corporation acquired for $74 million a 50% interest in Blocks PM301 and PM302 in Malaysia, which are adjacent to Block A-18 of the Joint Development Area of Malaysia/Thailand (JDA) and contain an extension of the Bumi Field. The Corporation also acquired 37 previously leased retail gasoline stations, primarily through the assumption of $65 million of fixed-rate notes.

Libyan Operations

12 Months Ended

Dec. 31, 2011

Libyan Operations [Abstract]

Libyan Operations

3.	Libyan Operations

In response to civil unrest in Libya, a number of measures were taken by the international community in the first quarter of 2011, including the imposition of economic sanctions. Production at the Waha Field was suspended in the first quarter of 2011. As a consequence of the civil unrest and the sanctions, the Corporation delivered force majeure notices to the Libyan government relating to the agreements covering its exploration and production interests in order to protect its rights while it was temporarily prevented from fulfilling its obligations and benefiting from the rights granted by those agreements. Production at the Waha Field restarted during the fourth quarter of 2011 at levels that were significantly lower than those prior to the civil unrest. The Corporation’s Libyan production averaged 23,000 barrels of oil equivalent per day (boepd) for the full year of 2010 and 4,000 boepd for 2011. The force majeure covering the Corporation’s production interests was withdrawn at the end of the fourth quarter of 2011, as the economic sanctions were lifted. The force majeure covering the Corporation’s offshore exploration interests remained in place at year-end but is expected to be withdrawn in 2012. The Corporation had proved reserves of 166 million barrels of oil equivalent in Libya at December 31, 2011. At December 31, 2011, the net book value of the Corporation’s exploration and production assets in Libya was approximately $500 million.

Inventories

12 Months Ended

Dec. 31, 2011

Inventories [Abstract]

Inventories

4.	Inventories

Inventories at December 31 were as follows:


	2011			2010
	(Millions of dollars)
Crude oil and other charge stocks	$	451		$	496
Refined petroleum products and natural gas		1,762			1,528
Less: LIFO adjustment		(1,276	)		(995	)

		937			1,029
Merchandise, materials and supplies		486			423

Total inventories	$	1,423		$	1,452

The percentage of LIFO inventory to total crude oil, refined petroleum products and natural gas inventories was 72% and 65% at December 31, 2011 and 2010, respectively.

HOVENSA L.L.C. Joint Venture

12 Months Ended

Dec. 31, 2011

Joint Venture [Abstract]

Joint Venture

5.	HOVENSA L.L.C. Joint Venture

The Corporation has a 50% interest in HOVENSA L.L.C. (HOVENSA), a joint venture with a subsidiary of Petroleos de Venezuela, S.A. (PDVSA), which owns a refinery in the U.S. Virgin Islands. The Corporation’s investment in HOVENSA is accounted for using the equity method. In accordance with Rule 3-09 of Regulation S-X, the Corporation has filed the audited financial statements for HOVENSA in this report on Form 10-K. Summarized financial information for HOVENSA as of December 31 and for the years then ended follows:


	2011			2010			2009
	(Millions of dollars)
Summarized Balance Sheet, at December 31
Cash and cash equivalents	$	42		$	45		$	78
Other current assets		329			668			580
Net fixed assets		—			1,987			2,080
Other assets		10			27			33
Current liabilities, including member support		(1,858	)		(1,001	)		(953	)
Long-term debt		—	*		(706	)		(356	)
Deferred liabilities and credits		(115	)		(135	)		(137	)

Members’ equity	$	(1,592	)	$	885		$	1,325

Carrying value of Hess Corporation’s equity investment	$	—		$	158		$	681

Summarized Income Statement, for the years ended December 31
Sales	$	13,126		$	12,258		$	10,048
Costs and expenses		(15,613	)		(12,696	)		(10,499	)

Net income (loss)	$	(2,487	)	$	(438	)	$	(451	)

Hess Corporation’s income (loss) from equity investment in HOVENSA L.L.C.	$	(1,073	)**	$	(522	)**	$	(229	)

*	Long-term debt of $356 million was classified as a current liability, resulting from HOVENSA’S tender offer in January 2012 to repurchase the debt.

**	The Corporation’s share of HOVENSA’s 2011 loss excludes $300 million previously recorded in 2010 for the partial impairment of the Corporation’s investment.

In 2011, HOVENSA experienced continued substantial operating losses due to global economic conditions and competitive disadvantages versus other refiners, despite efforts to improve operating performance by reducing refining capacity to 350,000 from 500,000 barrels per day in the first half of the year. Operating losses were also projected to continue. In January 2012, HOVENSA announced a decision to shut down its refinery and operate the complex as an oil storage terminal. As a result of these developments, HOVENSA prepared an impairment analysis as of December 31, 2011, which concluded that undiscounted future cash flows would not recover the carrying value of its long-lived assets, and recorded an impairment charge and other charges related to the decision to shut down the refinery. For 2011, the Corporation recorded a total of $1,073 million of losses from its equity investment in HOVENSA. These pre-tax losses included $875 million ($525 million after income taxes) due to the impairment recorded by HOVENSA and other charges associated with its decision to shut down the refinery. The Corporation’s share of the impairment related losses recorded by HOVENSA represents an amount equivalent to the Corporation’s financial support to HOVENSA at December 31, 2011, its planned future funding commitments for costs related to the refinery shutdown, and a charge of $135 million for the write-off of related assets held by the subsidiary which owns the Corporation’s investment in HOVENSA. At December 31, 2011, the Corporation has a liability of $487 million for its planned funding commitments, which is expected to be incurred in 2012. A deferred income tax benefit of $350 million, consisting primarily of U.S. income taxes, has been recorded on the Corporation’s share of HOVENSA’s impairment and refinery shutdown related charges.

In December 2010, the Corporation recorded an impairment charge of $300 million before income taxes ($289 million after income taxes) to reduce the carrying value of its equity investment in HOVENSA to its fair value, which was recorded in Income (loss) from equity investment in HOVENSA L.L.C. The investment had been adversely affected by consecutive annual operating losses resulting from continued weak refining margins and refinery utilization and a fourth quarter 2010 debt rating downgrade. As a result of a strategic assessment in 2010, HOVENSA decided to lower crude oil refining capacity to 350,000 from 500,000 barrels per day in 2011. The Corporation performed an impairment analysis and concluded that its investment had experienced an other than temporary decline in value. The fair value was determined based on an income approach using estimated refined petroleum product selling prices and volumes, related costs of product sold, capital and operating expenditures and a market based discount rate (a Level 3 fair value measurement).

In February 2012, HOVENSA completed a tender offer to repurchase its outstanding tax exempt bonds at par.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

+ References + Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6.	Property, Plant and Equipment

Property, plant and equipment at December 31 consist of the following:


	2011		2010
	(Millions of dollars)
Exploration and Production
Unproved properties	$	4,064	$	3,796
Proved properties		3,975		3,496
Wells, equipment and related facilities		29,239		26,064

		37,278		33,356
Marketing, Refining and Corporate		2,432		2,347

Total — at cost		39,710		35,703
Less: reserves for depreciation, depletion, amortization and lease impairment		14,998		14,576

Property, plant and equipment — net	$	24,712	$	21,127

In the fourth quarter of 2011, the Corporation agreed to sell its interests in the Snohvit Field in Norway (Hess 3%) for approximately $135 million, after normal closing adjustments. At December 31, 2011, the Corporation classified this property and another property as assets held for sale. At December 31, 2011, the total carrying amount of these assets of $764 million was reported in Other current assets, including goodwill of $62 million. In addition, related asset retirement obligations and deferred income taxes totaling $556 million were reported in Accrued liabilities. In accordance with GAAP, properties classified as held for sale are not depreciated but are subject to impairment testing.

The following table discloses the amount of capitalized exploratory well costs pending determination of proved reserves at December 31, and the changes therein during the respective years:


	2011			2010			2009
	(Millions of dollars)
Beginning balance at January 1	$	1,783		$	1,437		$	1,094
Additions to capitalized exploratory well costs pending the determination of proved reserves		512			675			433
Reclassifications to wells, facilities, and equipment based on the determination of proved reserves		(171	)		(87	)		(16	)
Capitalized exploratory well costs charged to expense		(90	)		(110	)		(74	)
Dispositions		(12	)		(132	)		—

Ending balance at December 31	$	2,022		$	1,783		$	1,437

Number of wells at end of year		59			77			53

The preceding table excludes exploratory dry hole costs of $348 million, $127 million and $193 million in 2011, 2010 and 2009, respectively, which were incurred and subsequently expensed in the same year. In 2011, capitalized well costs reclassified based on the determination of proved reserves primarily related to the Tubular Bells project in the deepwater Gulf of Mexico, which was sanctioned during the year.

At December 31, 2011, exploratory drilling costs capitalized in excess of one year past completion of drilling were incurred as follows (in millions of dollars):


2010	$	423
2009		448
2008		392
2007		72
2006		168

	$	1,503

The capitalized well costs in excess of one year relate to 11 projects. Approximately 43% of the capitalized well costs in excess of one year relates to the Pony prospect in the deepwater Gulf of Mexico. The Corporation has signed a non-binding agreement with the owners of the adjacent Knotty Head prospect on Green Canyon Block 512 that outlines a proposal to jointly develop the field. Negotiation of a joint operating agreement, including working interest percentages for the partners, and planning for the field development are progressing. The project is now targeted for sanction in 2013. Approximately 30% relates to Block WA-390-P, offshore Western Australia, where further drilling and other appraisal and commercial activities are ongoing. Approximately 18% relates to Area 54, offshore Libya, where force majeure was declared in 2011 following the civil unrest in Libya, see Note 3, Libyan Operations in the notes to the Consolidated Financial Statements. The Corporation expects the force majeure to be lifted in 2012 and commercial negotiations with the Libyan government to resume. The remainder of the capitalized well costs in excess of one year relates to projects where further drilling is planned or development planning and other assessment activities are ongoing to determine the economic and operating viability of the projects.

Goodwill

12 Months Ended

Dec. 31, 2011

Goodwill and Asset Impairments [Abstract]

Goodwill

7.	Goodwill

The changes in the carrying amount of goodwill are as follows:


	2011			2010
	(Millions of dollars)

Beginning balance at January 1	$	2,408		$	1,225
Acquisitions		—			1,255
Dispositions and other		(103	)		(72	)

Ending balance at December 31	$	2,305		$	2,408

Asset Impairments

12 Months Ended

Dec. 31, 2011

Asset Impairments [Abstract]

Asset Impairments

8.	Asset Impairments

During 2011, the Corporation recorded impairment charges of $358 million ($140 million after income taxes) related to increases in the Corporation’s estimated abandonment liabilities primarily for non-producing properties which resulted in the book value of the properties exceeding their fair value. See also Note 9, Asset Retirement Obligations in the notes to the Consolidated Financial Statements. The Corporation’s estimated fair values for these properties were determined using a valuation approach based on market related data which is a Level 3 fair value measurement.

During 2010, the Corporation recorded a charge of $532 million ($334 million after income taxes) to fully impair the carrying value of its 55% interest in the West Mediterranean Block 1 concession (West Med Block), located offshore Egypt. This interest was acquired in 2006 and included four natural gas discoveries and additional exploration prospects. The Corporation and its partners subsequently explored and further evaluated the area, made a fifth discovery, conducted development planning, and held negotiations with the Egyptian authorities to amend the existing gas sales agreement. In September 2010, the Corporation and its partners notified the Egyptian authorities of their decision to cease exploration activities on the block and to relinquish a significant portion of the block. As a result, the Corporation fully impaired the carrying value of its interest in the West Med Block. The Corporation’s estimated fair value of the West Med Block was determined using a valuation approach based on market related data (Level 3 fair value measurement).

During 2009, the Corporation recorded total asset impairment charges of $54 million ($26 million after income taxes) to reduce the carrying value of two short-lived fields in the United Kingdom North Sea.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2011

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

9.	Asset Retirement Obligations

The following table describes changes to the Corporation’s asset retirement obligations:


	2011			2010
	(Millions of dollars)

Asset retirement obligations at January 1	$	1,358		$	1,297
Liabilities incurred		25			255
Liabilities settled or disposed of		(334	)		(282	)
Accretion expense		96			78
Revisions of estimated liabilities		947			(6	)
Foreign currency translation		(21	)		16

Asset retirement obligations at December 31		2,071			1,358
Less: current obligations		227			155

Long-term obligations at December 31	$	1,844		$	1,203

In 2011, the revisions of estimated liabilities reflect an increase in well abandonment obligations resulting from enhanced cement seal verification procedures, changes in scope and timing due to updated work programs and higher service and equipment costs. In 2010, liabilities incurred mostly related to the acquisition of additional interests in the Valhall and Hod fields. Liabilities settled or disposed of primarily relate to assets held for sale and dispositions.

Long term Debt

12 Months Ended

Dec. 31, 2011

Long term Debt [Abstract]

Long term Debt

10.

Long-term Debt

Long-term debt at December 31 consists of the following:


	2011		2010
	(Millions of dollars)

Asset-backed credit facility, weighted average rate 0.8%	$	350	$	—
Short-term credit facility, rate 1.2%		100		—
Fixed-rate public notes:
7.0% due 2014		250		250
8.1% due 2019		998		997
7.9% due 2029		695		695
7.3% due 2031		746		746
7.1% due 2033		598		598
6.0% due 2040		744		744
5.6% due 2041		1,242		1,241

Total fixed-rate public notes		5,273		5,271
Other fixed-rate notes, weighted average rate 8.3%, due through 2023		112		133
Project lease financing, weighted average rate 5.1%, due through 2014		90		102
Pollution control revenue bonds, weighted average rate 5.9%, due through 2034		53		53
Fair value adjustments — interest rate hedging		53		8
Other debt		9		2

		6,040		5,569
Less: current maturities		35		32

Total	$	6,005	$	5,537

In April 2011, the Corporation entered into a new $4 billion syndicated revolving credit facility that matures in April 2016. This facility, which replaced a $3 billion facility that was scheduled to mature in May 2012, can be used for borrowings and letters of credit. Borrowings on the facility bear interest at 1.25% above the London Interbank Offered Rate. A facility fee of 0.25% per annum is also payable on the amount of the facility. The interest rate and facility fee are subject to adjustment if the Corporation’s credit rating changes. The covenants that establish restrictions on the amount of total borrowings and secured debt are consistent with the previous facility.

The Corporation has a 364-day asset-backed credit facility securitized by certain accounts receivable from its Marketing and Refining operations. Under the terms of this financing arrangement, the Corporation has the ability to borrow or issue letters of credit of up to $1 billion, subject to the availability of sufficient levels of eligible receivables. At December 31, 2011, outstanding borrowings under this facility of $350 million were collateralized by a total of $947 million of accounts receivable, which are held by a wholly-owned subsidiary. These receivables are only available to pay the general obligations of the Corporation after satisfaction of the outstanding obligations under the asset-backed facility. At December 31, 2011, the Corporation classified $350 million of borrowings under the asset-backed credit facility and $100 million of borrowings under a short-term credit facility as long-term debt, based on the available capacity under the $4 billion syndicated revolving credit facility.

In August 2010, the Corporation issued $1,250 million of 30-year fixed-rate public notes with a coupon of 5.6% scheduled to mature in 2041. The proceeds were used to purchase additional acreage in the Bakken and additional interests in the Valhall and Hod fields.

At December 31, 2011, the Corporation’s fixed-rate public notes have a principal amount of $5,300 million ($5,273 million net of unamortized discount). Interest rates on the outstanding fixed-rate public notes have a weighted average rate of 6.9%.

The aggregate long-term debt maturing during the next five years is as follows (in millions of dollars): 2012 — $35; 2013 — $37; 2014 — $349; 2015 — $4 and 2016 — $455.

The Corporation’s long-term debt agreements contain a financial covenant that restricts the amount of total borrowings and secured debt. At December 31, 2011, the Corporation is permitted to borrow up to an additional $24.9 billion for the construction or acquisition of assets. The Corporation has the ability to borrow up to an additional $4.5 billion of secured debt at December 31, 2011.

Outstanding letters of credit at December 31 were as follows:


	2011		2010
	(Millions of dollars)
Revolving credit facility	$	173	$	—
Asset-backed credit facility		—		400
Committed lines*		1,063		1,161
Uncommitted lines*		462		521

Total	$	1,698	$	2,082

*	Committed and uncommitted lines have expiration dates through 2014.

Of the total letters of credit outstanding at December 31, 2011, $67 million relates to contingent liabilities and the remaining $1,631 million relates to liabilities recorded in the Consolidated Balance Sheet.

The total amount of interest paid (net of amounts capitalized) was $383 million, $319 million and $335 million in 2011, 2010 and 2009, respectively. The Corporation capitalized interest of $13 million, $5 million and $6 million in 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2011

Share Based Compensation [Abstract]

Share-Based Compensation

11.

Share-based Compensation

The Corporation awards restricted common stock and stock options under its 2008 Long-term Incentive Plan. Generally, stock options vest in one to three years from the date of grant, have a 10-year term, and the exercise price equals or exceeds the market price on the date of grant. Outstanding restricted common stock generally vests in three years from the date of grant.

Share-based compensation expense consists of the following:


	Before Income Taxes						After Income Taxes
	2011		2010		2009		2011		2010		2009
	(Millions of dollars)
Stock options	$	51	$	52	$	58	$	31	$	32	$	36
Restricted stock		53		60		70		32		37		44

Total	$	104	$	112	$	128	$	63	$	69	$	80

Based on restricted stock and stock option awards outstanding at December 31, 2011, unearned compensation expense, before income taxes, will be recognized in future years as follows (in millions of dollars): 2012 — $71, 2013 — $43 and 2014 — $4.

The Corporation’s stock option and restricted stock activity consisted of the following:


	Stock Options					Restricted Stock
	Options			Weighted- Average Exercise Price per Share		Shares of Restricted Common Stock			Weighted- Average Price on Date of Grant
	(Thousands)					(Thousands)
Outstanding at January 1, 2009		9,700		$	52.73		3,161		$	64.78
Granted		3,135			56.44		1,056			56.27
Exercised		(416	)		38.85		—			—
Vested		—			—		(893	)		50.13
Forfeited		(317	)		65.68		(376	)		66.11

Outstanding at December 31, 2009		12,102			53.83		2,948			66.00
Granted		2,792			60.12		952			60.04
Exercised		(1,080	)		42.37		—			—
Vested		—			—		(880	)		55.42
Forfeited		(394	)		65.04		(182	)		65.56

Outstanding at December 31, 2010		13,420			55.73		2,838			67.32
Granted		2,227			82.92		742			82.99
Exercised		(1,716	)		41.40		—			—
Vested		—			—		(970	)		84.81
Forfeited		(361	)		67.64		(163	)		63.71

Outstanding at December 31, 2011		13,570			61.68		2,447			65.38

Exercisable at December 31, 2009		6,636		$	46.11
Exercisable at December 31, 2010		8,079			51.73
Exercisable at December 31, 2011		8,841			57.37

The table below summarizes information regarding the outstanding and exercisable stock options as of December 31, 2011:


Range of Exercise Prices	Outstanding Options						Exercisable Options
Range of Exercise Prices	Options		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price per Share		Options		Weighted- Average Exercise Price per Share
	(Thousands)		(Years)				(Thousands)
$20.00 – $40.00		1,098		3	$	27.52		1,098	$	27.52
$40.01 – $50.00		1,520		4		49.25		1,520		49.25
$50.01 – $60.00		4,304		6		55.17		3,348		54.77
$60.01 – $80.00		2,584		8		60.57		839		60.63
$80.01 – $120.00		4,064		8		83.18		2,036		82.48

		13,570		7		61.68		8,841		57.37

The intrinsic value (or the amount by which the market price of the Corporation’s common stock exceeds the exercise price of an option) at December 31, 2011 totaled $51 million for both outstanding options and exercisable options. At December 31, 2011, the weighted average remaining term of exercisable options was five years.

The Corporation uses the Black-Scholes model to estimate the fair value of employee stock options. The following weighted average assumptions were utilized for stock options awarded:


	2011			2010			2009
Risk free interest rate		1.81	%		2.14	%		1.80	%
Stock price volatility		.395			.390			.390
Dividend yield		.49	%		.67	%		.70	%
Expected life in years		4.5			4.5			4.5
Weighted average fair value per option granted	$	27.98		$	20.18		$	18.47

The risk free interest rate is based on the expected life of the options and is obtained from published sources. The stock price volatility is determined from historical stock prices using the same period as the expected life of the options. The expected stock option life is based on historical exercise patterns.

In May 2008, shareholders approved the 2008 Long-term Incentive Plan and in May 2010, approved an amendment to the 2008 Long-term Incentive Plan. The Corporation also has stock options outstanding under a former plan. At December 31, 2011, the number of common shares reserved for issuance under the 2008 Long-term Incentive Plan, as amended, is as follows (in thousands):


Total common shares reserved for issuance			16,006
Less: stock options outstanding			7,603

Available for future awards of restricted stock and stock options			8,403

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Foreign Currency

12 Months Ended

Dec. 31, 2011

Foreign Currency [Abstract]

Foreign Currency

12.

Foreign Currency

Foreign currency gains (losses) before income taxes recorded in the Statement of Consolidated Income amounted to $(29) million in 2011, $(5) million in 2010 and $20 million in 2009. Foreign currency translation adjustments recorded in Accumulated other comprehensive income (loss) were a reduction to stockholders’ equity of $84 million at December 31, 2011 and an increase to stockholders’ equity of $12 million at December 31, 2010.

- Definition

The entire disclosure for foreign currency transactions and translation. This may include description of foreign currency transactions, foreign currency gains and losses, explanation of change in cumulative translation adjustment, description of effect of subsequent foreign currency exchange rate change, cumulative translation adjustment movement, foreign currency translation adjustment by component movement, translation adjustment for net investment hedge movement, adjustment for long-term intercompany transactions, schedule of long-term intercompany balances and any other foreign currency transactions and translation related items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30, 31, 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32157-110900

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30857-110895

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32618-110901

+ Details

Retirement Plans

12 Months Ended

Dec. 31, 2011

Retirement Plans [Abstract]

Retirement Plans

13.

Retirement Plans

The Corporation has funded noncontributory defined benefit pension plans for a significant portion of its employees. In addition, the Corporation has an unfunded supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from the Corporation’s principal pension plans, were it not for limitations imposed by income tax regulations. The plans provide defined benefits based on years of service and final average salary. Additionally, the Corporation maintains an unfunded postretirement medical plan that provides health benefits to certain qualified retirees from ages 55 through 65. The measurement date for all retirement plans is December 31.

The following table summarizes the Corporation’s benefit obligations and the fair value of plan assets and shows the funded status of the pension and postretirement medical plans:


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2011			2010			2011			2010			2011			2010
	(Millions of dollars)
Change in benefit obligation
Balance at January 1	$	1,497		$	1,359		$	192		$	188		$	107		$	84
Service cost		49			41			9			8			6			5
Interest cost		81			78			8			8			5			4
Actuarial (gain) loss		294			75			31			7			9			18
Benefit payments		(51	)		(46	)		(13	)		(2	)		(2	)		(4	)
Plan settlements		–			–			–			(17	)		–			–
Foreign currency exchange rate changes		(4	)		(10	)		–			–			–			–

Balance at December 31		1,866			1,497			227			192			125			107

Change in fair value of plan assets
Balance at January 1		1,365			1,072			–			–			–			–
Actual return on plan assets		(3	)		155			–			–			–			–
Employer contributions		185			192			13			20			2			4
Benefit payments		(51	)		(46	)		(13	)		(20	)		(2	)		(4	)
Foreign currency exchange rate changes		(3	)		(8	)		–			–			–			–

Balance at December 31		1,493			1,365			–			–			–			–

Funded status (plan assets less than benefit obligations) at December 31		(373	)		(132	)		(227	)*		(192	)*		(125	)		(107	)
Unrecognized net actuarial losses		829			460			103			83			39			32

Net amount recognized	$	456		$	328		$	(124	)	$	(109	)	$	(86	)	$	(75	)

*	The trust established by the Corporation for the supplemental plan held assets valued at $7 million at December 31, 2011 and $21 million at December 31, 2010.

Amounts recognized in the Consolidated Balance Sheet at December 31 consist of the following:


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2011			2010			2011			2010			2011			2010
	(Millions of dollars)
Accrued benefit liability	$	(373	)	$	(132	)	$	(227	)	$	(192	)	$	(125	)	$	(107	)
Accumulated other comprehensive loss, pre-tax*		829			460			103			83			39			32

Net amount recognized	$	456		$	328		$	(124	)	$	(109	)	$	(86	)	$	(75	)

*	The after-tax reduction to equity recorded in Accumulated other comprehensive income (loss) was $631 million at December 31, 2011 and $385 million at December 31, 2010.

The accumulated benefit obligation for the funded defined benefit pension plans increased to $1,703 million at December 31, 2011 from $1,355 million at December 31, 2010 primarily due to a reduction in the discount rate. The accumulated benefit obligation for the unfunded defined benefit pension plan was $202 million at December 31, 2011 and $176 million at December 31, 2010.

Components of net periodic benefit cost for funded and unfunded pension plans and the postretirement medical plan consisted of the following:


	Pension Plans									Postretirement Medical Plan
	2011			2010			2009			2011		2010		2009
	(Millions of dollars)
Service cost	$	58		$	49		$	40		$	6	$	5	$	3
Interest cost		89			86			83			5		4		4
Expected return on plan assets		(109	)		(86	)		(59	)		—		—		—
Amortization of unrecognized net actuarial losses		47			48			65			2		1		—
Settlement loss		—			8			17			—		—		—

Net periodic benefit cost	$	85		$	105		$	146		$	13	$	10	$	7

The Corporation’s 2012 pension and postretirement medical expense is estimated to be approximately $145 million, of which approximately $85 million relates to the amortization of unrecognized net actuarial losses.

The weighted average actuarial assumptions used by the Corporation’s funded and unfunded pension plans were as follows:


	2011			2010			2009
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate		4.3	%		5.3	%		5.8	%
Rate of compensation increase		4.3			4.4			4.3
Weighted average assumptions used to determine net benefit cost for years ended December 31
Discount rate		5.3			5.8			6.3
Expected return on plan assets		7.5			7.5			7.5
Rate of compensation increase		4.4			4.3			4.4

The actuarial assumptions used by the Corporation’s postretirement medical plan were as follows:


	2011			2010			2009
Assumptions used to determine benefit obligations at December 31
Discount rate		3.9	%		4.8	%		5.4	%
Initial health care trend rate		8.0	%		8.0	%		8.0	%
Ultimate trend rate		5.0	%		5.0	%		4.5	%
Year in which ultimate trend rate is reached		2018			2017			2013

The assumptions used to determine net periodic benefit cost for each year were established at the end of each previous year while the assumptions used to determine benefit obligations were established at each year-end. The net periodic benefit cost and the actuarial present value of benefit obligations are based on actuarial assumptions that are reviewed on an annual basis. The discount rate is developed based on a portfolio of high-quality, fixed income debt instruments with maturities that approximate the expected payment of plan obligations. The overall expected return on plan assets is developed from the expected future returns for each asset category, weighted by the target allocation of pension assets to that asset category.

The Corporation’s investment strategy is to maximize long-term returns at an acceptable level of risk through broad diversification of plan assets in a variety of asset classes. Asset classes and target allocations are determined by the Corporation’s investment committee and include domestic and foreign equities, fixed income, and other investments, including hedge funds, real estate and private equity. Investment managers are prohibited from investing in securities issued by the Corporation unless indirectly held as part of an index strategy. The majority of plan assets are highly liquid, providing ample liquidity for benefit payment requirements. The current target allocations for plan assets are 50% equity securities, 25% fixed income securities (including cash and short-term investment funds) and 25% to all other types of investments. Asset allocations are rebalanced on a periodic basis throughout the year to bring assets to within an acceptable range of target levels.

The following tables provide the fair value of the financial assets of the funded pension plans as of December 31, 2011 and 2010 in accordance with the fair value measurement hierarchy described in Note 1, Summary of Significant Accounting Policies:


	Level 1		Level 2		Level 3		Total
	(Millions of dollars)
December 31, 2011
Cash and short-term investment funds	$	2	$	28	$	—	$	30
Equities:
U.S. equities (domestic)		452		—		—		452
International equities (non-U.S.)		50		118		—		168
Global equities (domestic and non-U.S.)		11		149		—		160
Fixed income:
Treasury and government issued (a)		—		149		1		150
Government related (b)		—		12		2		14
Mortgage-backed securities (c)		—		87		—		87
Corporate		—		96		1		97
Other:
Hedge funds		—		—		211		211
Private equity funds		—		—		58		58
Real estate funds		7		—		44		51
Diversified commodities funds		—		15		—		15

	$	522	$	654	$	317	$	1,493

December 31, 2010
Cash and short-term investment funds	$	5	$	31	$	—	$	36
Equities:
U.S. equities (domestic)		444		—		—		444
International equities (non-U.S.)		53		121		—		174
Global equities (domestic and non-U.S.)		18		140		—		158
Fixed income:
Treasury and government issued (a)		—		98		3		101
Government related (b)		—		14		3		17
Mortgage-backed securities (c)		—		61		—		61
Corporate		—		93		1		94
Other:
Hedge funds		—		—		187		187
Private equity funds		—		—		40		40
Real estate funds		7		—		32		39
Diversified commodities funds		—		14		—		14

	$	527	$	572	$	266	$	1,365

(a)

Includes securities issued and guaranteed by U.S. and non-U.S. governments.

(b)

Primarily consists of securities issued by governmental agencies and municipalities.

(c)

Comprised of U.S. residential and commercial mortgage-backed securities.

Cash and short-term investment funds consist of cash on hand and short-term investment funds. The short-term investment funds provide for daily investments and redemptions and are valued and carried at a $1 net asset value (NAV) per fund share. Cash on hand is classified as Level 1 and short-term investment funds are classified as Level 2.

Equities consist of equity securities issued by U.S. and non-U.S. corporations as well as commingled investment funds that invest in equity securities. Individually held equity securities are traded actively on exchanges and price quotes for these shares are readily available. Individual equity securities are classified as Level 1. Commingled fund values reflect the NAV per fund share, derived from the quoted prices in active markets of the underlying securities. Equity commingled funds are classified as Level 2.

Fixed income investments consist of securities issued by the U.S. government, non-U.S. governments, governmental agencies, municipalities and corporations, and agency and non-agency mortgage-backed securities. This investment category also includes commingled investment funds that invest in fixed income securities. Individual fixed income securities are generally priced on the basis of evaluated prices from independent pricing services. Such prices are monitored and provided by an independent, third-party custodial firm responsible for safekeeping plan assets. Individual fixed income securities are classified as Level 2 or 3. Commingled fund values reflect the NAV per fund share, derived indirectly from observable inputs or from quoted prices in less liquid markets of the underlying securities. Fixed income commingled funds are classified as Level 2.

Other investments consist of exchange-traded real estate investment trust securities as well as commingled fund and limited partnership investments in hedge funds, private equity, real estate and diversified commodities. Exchange-traded securities are classified as Level 1. Commingled fund values reflect the NAV per fund share and are classified as Level 2 or 3. Private equity and real estate limited partnership values reflect information reported by the fund managers, which include inputs such as cost, operating results, discounted future cash flows, market based comparable data and independent appraisals from third-party sources with professional qualifications. Hedge funds, private equity and non-exchange-traded real estate investments are classified as Level 3.

The following tables provide changes in financial assets that are measured at fair value based on Level 3 inputs that are held by institutional funds classified as:


	Fixed Income*			Hedge Funds			Private Equity Funds		Real Estate Funds		Total


	(Millions of dollars)
Balance at January 1, 2010	$	8		$	143		$	29	$	14	$	194
Actual return on plan assets:
Related to assets held at December 31, 2010		—			6			1		1		8
Related to assets sold during 2010		—			—			—		—		—
Purchases, sales or other settlements		1			38			10		17		66
Net transfers in (out) of Level 3		(2	)		—			—		—		(2	)

Balance at December 31, 2010		7			187			40		32		266

Actual return on plan assets:
Related to assets held at December 31, 2011		—			(5	)		9		2		6
Related to assets sold during 2011		—			2			—		—		2
Purchases, sales or other settlements		(3	)		27			9		10		43
Net transfers in (out) of Level 3		—			—			—		—		—

Balance at December 31, 2011	$	4		$	211		$	58	$	44	$	317

*	Fixed Income includes treasury and government issued, government related, mortgage-backed and corporate securities.

The Corporation has budgeted contributions of approximately $150 million to its funded pension plans in 2012.

Estimated future benefit payments by the funded and unfunded pension plans and the postretirement medical plan, which reflect expected future service, are as follows (in millions of dollars):


2012	$	82
2013		95
2014		95
2015		102
2016		118
Years 2017 to 2021		650

The Corporation also contributes to several defined contribution plans for eligible employees. Employees may contribute a portion of their compensation to the plans and the Corporation matches a portion of the employee contributions. The Corporation recorded expense of $28 million in 2011 and $24 million in both 2010 and 2009 for contributions to these plans.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

14.

Income Taxes

The provision for (benefit from) income taxes consisted of:


	2011			2010			2009
	(Millions of dollars)
United States Federal
Current	$	202		$	151		$	39
Deferred		(588	)		(309	)		(284	)
State		17			46			(15	)

		(369	)		(112	)		(260	)

Foreign
Current		1,185			1,515			1,143
Deferred		(60	)		(230	)		(168	)

		1,125			1,285			975

Adjustment of deferred tax liability for foreign income tax rate change*		29			—			—

Total provision for income taxes	$	785		$	1,173		$	715

*	Reflects the July 2011 enactment of an increase in the United Kingdom supplementary income tax rate to 32% from 20%.

Income (loss) before income taxes consisted of the following:


	2011		2010			2009
	(Millions of dollars)
United States*	$	211	$	(108	)	$	(711	)
Foreign**		2,250		3,419			2,233

Total income before income taxes	$	2,461	$	3,311		$	1,522

*	Includes substantially all of the Corporation’s interest expense and the results of hedging activities.

**	Foreign income includes the Corporation’s Virgin Islands and other operations located outside of the United States.

A summary of the components of deferred tax liabilities, deferred tax assets and taxes deferred at December 31 follows:


	2011			2010
	(Millions of dollars)
Deferred tax liabilities
Property, plant and equipment	$	(3,742	)	$	(4,026	)
Other		(125	)		(52	)

Total deferred tax liabilities		(3,867	)		(4,078	)

Deferred tax assets
Net operating loss carryforwards		1,204			896
Tax credit carryforwards		396			244
Property, plant and equipment and investments		2,217			1,852
Investment in HOVENSA		331			—
Accrued compensation and other liabilities		508			391
Asset retirement obligations		438			369
Other		332			302

Total deferred tax assets		5,426			4,054
Valuation allowances*		(1,071	)		(444	)

Total deferred tax assets, net		4,355			3,610

Net deferred tax assets (liabilities)	$	488		$	(468	)

*	The increase in the valuation allowances from 2010 to 2011 is principally attributable to operating loss and tax credit carry forwards and other deductible temporary differences originating in the current year.

At December 31, 2011, the Corporation has recognized a gross deferred tax asset related to net operating loss carryforwards of $1,204 million before application of the valuation allowances. The deferred tax asset is comprised of approximately $920 million attributable to foreign net operating losses, which begin to expire in 2020, $90 million attributable to United States federal operating losses which begin to expire in 2020 and $194 million attributable to losses in various states which begin to expire in 2012. At December 31, 2011, the Corporation has federal, state and foreign alternative minimum tax credit carryforwards of approximately $140 million, which can be carried forward indefinitely and approximately $1 million of other business credit carryforwards. Foreign tax credit carryforwards, which begin to expire in 2016, total $255 million. Included within Property, plant and equipment and investments in the foregoing table are taxes deferred, resulting from intercompany transactions eliminated in consolidation related to transfers of property, plant and equipment remaining within the consolidated group.

In the Consolidated Balance Sheet at December 31, deferred tax assets and liabilities from the preceding table are netted by taxing jurisdiction, combined with taxes deferred on intercompany transactions, and are recorded in the following captions:


	2011			2010
	(Millions of dollars)
Other current assets	$	398		$	386
Deferred income taxes (long-term asset)		2,941			2,167
Accrued liabilities		(8	)		(26	)
Deferred income taxes (long-term liability)		(2,843	)		(2,995	)

Net deferred tax assets (liabilities)	$	488		$	(468	)

The difference between the Corporation’s effective income tax rate and the United States statutory rate is reconciled below:


	2011			2010			2009
United States statutory rate		35.0	%		35.0	%		35.0	%
Effect of foreign operations*		(2.9	)		9.4			15.2
State income taxes, net of Federal income tax		0.4			0.9			(1.2	)
Gains on asset sales		(5.0	)		(10.4	)		—
Effect of equity loss and operations related to HOVENSA		2.8			3.1			—
Other		1.6			(2.6	)		(2.0	)

Total		31.9	%		35.4	%		47.0	%

*	The decrease in the effective income tax rate in 2011 compared with 2010 attributable to the effect of foreign operations relates to a change in the proportion of income earned among foreign jurisdictions, with the suspension of Libyan operations providing the highest impact.

Below is a reconciliation of the beginning and ending amount of unrecognized tax benefits:


	2011			2010
	(Millions of dollars)
Balance at January 1	$	400		$	271
Additions based on tax positions taken in the current year		62			152
Additions based on tax positions of prior years		20			57
Reductions based on tax positions of prior years		(8	)		(2	)
Reductions due to settlements with taxing authorities		(59	)		(77	)
Reductions due to lapse of statutes of limitation		—			(1	)

Balance at December 31	$	415		$	400

At December 31, 2011, the unrecognized tax benefits include $331 million, which if recognized, would affect the Corporation’s effective income tax rate. Over the next 12 months, it is reasonably possible that the total amount of unrecognized tax benefits could decrease by $30 to $40 million due to settlements with taxing authorities and lapsing of statutes of limitation. The Corporation had accrued interest and penalties related to unrecognized tax benefits of approximately $42 million as of December 31, 2011 and approximately $16 million as of December 31, 2010.

The Corporation has not recognized deferred income taxes for that portion of undistributed earnings of foreign subsidiaries expected to be indefinitely reinvested in foreign operations. The Corporation had undistributed earnings from foreign subsidiaries expected to be indefinitely reinvested in foreign operations of approximately $5.2 billion at December 31, 2011. If these earnings were not indefinitely reinvested, a deferred tax liability of approximately $1.8 billion would be recognized, not accounting for the potential utilization of foreign tax credits in the United States.

The Corporation and its subsidiaries file income tax returns in the United States and various foreign jurisdictions. The Corporation is no longer subject to examinations by income tax authorities in most jurisdictions for years prior to 2005.

Income taxes paid (net of refunds) in 2011, 2010 and 2009 amounted to $1,384 million, $1,450 million and $1,177 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2011

Outstanding and Weighted Average Common Shares [Abstract]

Outstanding and Weighted Average Common Shares

15.

Outstanding and Weighted Average Common Shares

The following table provides the changes in the Corporation’s outstanding common shares:


	2011		2010		2009
	(Thousands of shares)
Balance at January 1		337,681		327,229		326,133
Issued for an acquisition*		—		8,602		—
Activity related to restricted common stock awards, net		579		770		680
Employee stock options		1,716		1,080		416

Balance at December 31		339,976		337,681		327,229

*	See Note 2, Acquisitions and Dispositions in the notes to the Consolidated Financial Statements.

The weighted average number of common shares used in the basic and diluted earnings per share computations for each year is summarized below:

2011

2010

2009

(Thousands of shares)

Common shares — basic

336,901

325,999

323,890

Effect of dilutive securities

Stock options

1,617

829

836

Restricted common stock

1,380

1,449

1,239

Common shares — diluted

339,898

328,277

325,965

The calculation of weighted average common shares excludes the effect of 3,490,000, 5,157,000 and 4,050,000 out-of-the-money stock options for 2011, 2010 and 2009, respectively. Cash dividends on common stock totaled $0.40 per share ($0.10 per quarter) during 2011, 2010 and 2009.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph d

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

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-Topic 505
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Leased Assets

12 Months Ended

Dec. 31, 2011

Leased Assets [Abstract]

Leased Assets

16.

Leased Assets

The Corporation and certain of its subsidiaries lease gasoline stations, drilling rigs, tankers, office space and other assets for varying periods under contractual obligations accounted for as operating leases. Certain operating leases provide an option to purchase the related property at fixed prices. At December 31, 2011, future minimum rental payments applicable to non-cancelable operating leases with remaining terms of one year or more (other than oil and gas property leases) are as follows (in millions of dollars):


2012	$	531
2013		672
2014		523
2015		199
2016		121
Remaining years		1,164

Total minimum lease payments		3,210
Less: income from subleases		47

Net minimum lease payments	$	3,163

Operating lease expenses for drilling rigs used to drill development wells and successful exploration wells are capitalized.

Rental expense was as follows:


	2011		2010		2009
	(Millions of dollars)
Total rental expense	$	348	$	273	$	266
Less: income from subleases		12		13		11

Net rental expense	$	336	$	260	$	255

Risk Management and Trading Activities

12 Months Ended

Dec. 31, 2011

Risk Management and Trading Activities [Abstract]

Risk Management and Trading Activities

17.

Risk Management and Trading Activities

In the normal course of its business, the Corporation is exposed to commodity risks related to changes in the prices of crude oil, natural gas, refined petroleum products and electricity, as well as to changes in interest rates and foreign currency values. In the disclosures that follow, risk management activities are referred to as energy marketing and corporate risk management activities. The Corporation also has trading operations, principally through a 50% voting interest in a consolidated partnership, that trades energy-related commodities, securities and derivatives. These activities are also exposed to commodity price risks primarily related to the prices of crude oil, natural gas, refined petroleum products and electricity.

The Corporation maintains a control environment under the direction of its chief risk officer and through its corporate risk policy, which the Corporation’s senior management has approved. Controls include volumetric, term and value at risk limits. The chief risk officer must approve the use of new instruments or commodities. Risk limits are monitored and are reported on a daily basis to business units and senior management. The Corporation’s risk management department also performs independent verifications of sources of fair values and validations of valuation models. These controls apply to all of the Corporation’s risk management and trading activities, including the consolidated trading partnership. The Corporation’s treasury department is responsible for administering and monitoring foreign exchange and interest rate hedging programs.

Following is a description of the Corporation’s activities that use derivatives as part of their operations and strategies. Derivatives include both financial instruments and forward purchase and sale contracts. Gross notional amounts of both long and short positions are presented in the volume tables below. These amounts include long and short positions that offset in closed positions and have not reached contractual maturity. Gross notional amounts do not quantify risk or represent assets or liabilities of the Corporation, but are used in the calculation of cash settlements under the contracts.

Energy Marketing Activities: In its energy marketing activities, the Corporation sells refined petroleum products, natural gas and electricity principally to commercial and industrial businesses at fixed and floating prices for varying periods of time. Commodity contracts such as futures, forwards, swaps and options, together with physical assets such as storage and pipeline capacity, are used to obtain supply and reduce margin volatility or lower costs related to sales contracts with customers.

The table below shows the gross volume of the Corporation’s energy marketing commodity contracts outstanding:


	At December 31,
	2011		2010
Crude oil and refined petroleum products (millions of barrels)		28		30
Natural gas (millions of mcf)		2,616		2,210
Electricity (millions of megawatt hours)		244		301

The changes in fair value of certain energy marketing commodity contracts that are not designated as hedges are recognized currently in earnings. Revenues from the sales contracts are recognized in Sales and other operating revenues in the Statement of Consolidated Income, while supply contract purchases and net settlements from financial derivatives related to these energy marketing activities are recognized in Cost of products sold in the Statement of Consolidated Income. Net realized and unrealized pre-tax gains on derivative contracts not designated as hedges amounted to $65 million in 2011, $247 million in 2010 and $102 million in 2009.

At December 31, 2011, a portion of energy marketing commodity contracts are designated as cash flow hedges to hedge variability of expected future cash flows of forecasted supply transactions. The length of time over which the Corporation hedges exposure to variability in future cash flows is predominantly one year or less. For contracts outstanding at December 31, 2011, the maximum duration was approximately two years. The Corporation records the effective portion of changes in the fair value of cash flow hedges as a component of Accumulated other comprehensive income (loss) in the Consolidated Balance Sheet. Amounts recorded in Accumulated other comprehensive income (loss) are reclassified into Cost of products sold in the Statement of Consolidated Income in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in fair value of cash flow hedges is recognized immediately in Cost of products sold.

The after-tax deferred losses relating to energy marketing activities recorded in Accumulated other comprehensive income (loss) were $64 million and $147 million at December 31, 2011 and 2010, respectively. The Corporation estimates that a loss of approximately $44 million will be reclassified into earnings over the next twelve months. During 2011, 2010 and 2009, the Corporation reclassified after-tax losses from Accumulated other comprehensive income (loss) of $105 million, $318 million and $596 million ($172 million, $527 million and $955 million of pre-tax losses), respectively. The amounts of ineffectiveness were a loss of $4 million in 2011, a gain of $2 million in 2010 and a loss of $2 million in 2009. The pre-tax amount of deferred hedge losses is reflected in Accounts payable and the related income tax benefits are recorded as deferred income tax assets, which are included in Other current assets in the Consolidated Balance Sheet.

Corporate Risk Management: Corporate risk management activities include transactions designed to reduce risk in the selling prices of crude oil, refined petroleum products or natural gas produced by the Corporation or to reduce exposure to foreign currency or interest rate movements. Generally, futures, swaps or option strategies may be used to fix the forward selling price of a portion of the Corporation’s crude oil, refined petroleum products or natural gas production. Forward contracts may also be used to purchase certain currencies in which the Corporation does business with the intent of reducing exposure to foreign currency fluctuations. These forward contracts comprise various currencies including the British Pound and Thai Baht. Interest rate swaps may be used to convert interest payments on certain long-term debt from fixed to floating rates.

The table below shows the gross volume of Corporate risk management derivative contracts outstanding:


	At December 31,
	2011		2010
Commodity, primarily crude oil (millions of barrels)		51		35
Foreign exchange (millions of U.S. Dollars)	$	900	$	1,025
Interest rate swaps (millions of U.S. Dollars)	$	895	$	310

During 2008, the Corporation closed Brent crude oil cash flow hedges covering 24,000 barrels per day through 2012, by entering into offsetting contracts with the same counterparty. As a result, the valuation of those contracts is no longer subject to change due to price fluctuations. The deferred hedge losses as of the date that the hedges were closed are being recorded in earnings as the hedged transactions occur. Hedging activities primarily related to closed Brent crude oil positions decreased Exploration and Production Sales and other operating revenues by $517 million in 2011 and $533 million in both 2010 and 2009 ($327 million, $338 million and $337 million after-taxes, respectively).

During the fourth quarter of 2011, the Corporation entered into Brent crude oil hedges using fixed-price swap contracts to hedge the variability of expected future cash flows from 90,000 barrels per day of forecasted crude oil sales volumes for the full year of 2012. In January 2012, the Corporation entered into additional Brent crude oil hedges of 30,000 barrels per day for the full year of 2012. The average price for these hedges is $107.70 per barrel. The Corporation records the effective portion of changes in the fair value of cash flow hedges as a component of Accumulated other comprehensive income (loss). Amounts recorded in Accumulated other comprehensive income (loss) are reclassified into Sales and other operating revenues in the Statement of Consolidated Income in the same period that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of cash flow hedges is recognized immediately in Sales and other operating revenues.

The after-tax deferred losses in Accumulated other comprehensive income (loss) related to Brent crude oil hedges were $286 million and $638 million at December 31, 2011 and 2010, respectively. The entire amount of net after-tax deferred losses of $286 million as of December 31, 2011 will be reclassified into earnings during 2012. In 2011, the amount of ineffectiveness from Brent crude oil hedges was a gain of $9 million.

As a result of changes in the fair value of cash flow hedge positions used in the Corporation’s Energy Marketing and Corporate Risk Management Activities, pre-tax deferred losses in Accumulated other comprehensive income (loss) decreased by $5 million in 2011, increased by $324 million in 2010 and $1,148 million in 2009 ($2 million, $198 million and $729 million after-tax, respectively).

At December 31, 2011 and 2010, the Corporation had interest rate swaps with gross notional amounts of $895 million and $310 million, respectively, which were designated as fair value hedges. 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. For the years ended December 31, 2011 and 2010, the Corporation recorded increases of $45 million and $8 million (excluding accrued interest), respectively, in the fair value of interest rate swaps and a corresponding adjustment in the carrying value of the hedged fixed-rate debt.

Foreign exchange contracts are not designated as hedges. Gains or losses on foreign exchange contracts are recognized immediately in Other, net in Revenues and non-operating income in the Statement of Consolidated Income.

Net realized and unrealized pre-tax gains (losses) on derivative contracts used for Corporate risk management and not designated as hedges amounted to the following:


	Year Ended December 31,
	2011			2010			2009
	(Millions of dollars)
Commodity	$	1		$	(7	)	$	9
Foreign exchange		(15	)		(7	)		86

Total	$	(14	)	$	(14	)	$	95

Trading Activities: Trading activities are conducted principally through a trading partnership in which the Corporation has a 50% voting interest. This consolidated entity intends to generate earnings through various strategies primarily using energy-related commodities, securities and derivatives. The Corporation also takes trading positions for its own account. The information that follows represents 100% of the trading partnership and the Corporation’s proprietary trading accounts.

The table below shows the gross volume of derivative contracts outstanding relating to trading activities:


	At December 31,
	2011		2010
Commodity
Crude oil and refined petroleum products (millions of barrels)		2,169		3,328
Natural gas (millions of mcf)		4,203		4,699
Electricity (millions of megawatt hours)		304		79
Foreign exchange (millions of U.S. Dollars)	$	581	$	506
Other
Interest rate (millions of U.S. Dollars)	$	182	$	205
Equity securities (millions of shares)		16		35

Pre-tax unrealized and realized gains (losses) recorded in Sales and other operating revenues in the Statement of Consolidated Income from trading activities amounted to the following:


	Year Ended December 31,
	2011			2010		2009
	(Millions of dollars)
Commodity	$	44		$	88	$	196
Foreign exchange		—			5		23
Other		(28	)		10		17

Total	$	16		$	103	$	236

Fair Value Measurements: The Corporation determines fair value in accordance with the fair value measurements accounting standard (ASC 820 – Fair Value Measurements and Disclosures), which established a hierarchy that categorizes the sources of inputs, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using related market data (Level 3).

When Level 1 inputs are available within a particular market, those inputs are selected for determination of fair value over Level 2 or 3 inputs in the same market. To value derivatives that are characterized as Level 2 and 3, the Corporation uses observable inputs for similar instruments that are available from exchanges, pricing services or broker quotes. These observable inputs may be supplemented with other methods, including internal extrapolation, that result in the most representative prices for instruments with similar characteristics. Multiple inputs may be used to measure fair value, however, the level of fair value for each physical derivative and financial asset or liability presented below is based on the lowest significant input level within this fair value hierarchy.

The following table provides the Corporation’s net physical derivative and financial assets and (liabilities) that are measured at fair value based on this hierarchy:


	Level 1			Level 2			Level 3			Collateral and counterparty netting			Balance
	(Millions of dollars)
December 31, 2011
Assets
Derivative contracts
Commodity	$	135		$	1,188		$	511		$	(67	)	$	1,767
Interest rate and other		—			66			—			—			66
Collateral and counterparty netting		(33	)		(148	)		(4	)		(121	)		(306	)

Total derivative contracts		102			1,106			507			(188	)		1,527
Other assets measured at fair value on a recurring basis		7			34			—			(2	)		39

Total assets	$	109		$	1,140		$	507		$	(190	)	$	1,566

Liabilities
Derivative contracts
Commodity	$	(191	)	$	(1,501	)	$	(650	)	$	67		$	(2,275	)
Foreign exchange		—			(15	)		—			—			(15	)
Other		—			(18	)		(2	)		—			(20	)
Collateral and counterparty netting		33			148			4			117			302

Total derivative contracts		(158	)		(1,386	)		(648	)		184			(2,008	)
Other liabilities measured at fair value on a recurring basis		—			(52	)		(2	)		2			(52	)

Total liabilities	$	(158	)	$	(1,438	)	$	(650	)	$	186		$	(2,060	)

December 31, 2010
Assets
Derivative contracts
Commodity	$	65		$	1,308		$	883		$	(304	)	$	1,952
Foreign exchange		—			1			—			—			1
Interest rate and other		—			17			—			—			17
Collateral and counterparty netting		(1	)		(274	)		(19	)		(213	)		(507	)

Total derivative contracts		64			1,052			864			(517	)		1,463
Other assets measured at fair value on a recurring basis		20			49			3			—			72

Total assets	$	84		$	1,101		$	867		$	(517	)	$	1,535

Liabilities
Derivative contracts
Commodity	$	(324	)	$	(2,519	)	$	(474	)	$	304		$	(3,013	)
Foreign exchange		—			(12	)		—			—			(12	)
Other		—			(10	)		—			—			(10	)
Collateral and counterparty netting		1			274			19			34			328

Total derivative contracts		(323	)		(2,267	)		(455	)		338			(2,707	)
Other liabilities measured at fair value on a recurring basis		—			—			—			—			—

Total liabilities	$	(323	)	$	(2,267	)	$	(455	)	$	338		$	(2,707	)

The following table provides changes in physical derivative and financial assets and liabilities that are measured at fair value based on Level 3 inputs:


	Year Ended December 31,
	2011			2010
	(Millions of dollars)
Balance at January 1	$	412		$	84
Unrealized pre-tax gains (losses)
Included in earnings		(52	)		169
Included in other comprehensive income		25			101
Purchases		2,294			1,141
Sales		(2,524	)		(1,090	)
Settlements		(115	)		32
Transfers into Level 3		(114	)		30
Transfers out of Level 3		(69	)		(55	)

Balance at December 31	$	(143	)	$	412

Purchases and sales in the table above primarily represent option premiums paid or received, respectively, during the reporting period. Settlements represent realized gains and losses on derivatives settled during the reporting period.

The following table provides net transfers into and out of each level of the fair value hierarchy:


	Year Ended December 31,
	2011			2010
	(Millions of dollars)
Transfers into Level 1	$	(17	)	$	14
Transfers out of Level 1		297			28

	$	280		$	42

Transfers into Level 2	$	—		$	312
Transfers out of Level 2		(97	)		(329	)

	$	(97	)	$	(17	)

Transfers into Level 3	$	(114	)	$	30
Transfers out of Level 3		(69	)		(55	)

	$	(183	)	$	(25	)

The Corporation’s policy is to recognize transfers in and transfers out as of the end of the reporting period. Transfers between levels result from the passage of time as contracts move closer to their maturities, fluctuations in the market liquidity for certain contracts and/or changes in the level of significance of fair value measurement inputs.

In addition to the financial assets and liabilities disclosed in the tables above, the Corporation had other short-term financial instruments, primarily cash equivalents and accounts receivable and payable, for which the carrying value approximated their fair value at December 31, 2011 and December 31, 2010. Outstanding long-term debt had a carrying value of $6,040 million, compared with a fair value of $7,317 million at December 31, 2011, and a carrying value of $5,569 million, compared with a fair value of $6,353 million at December 31, 2010.

The table below reflects the gross and net fair values of the Corporation’s risk management and trading derivative instruments:


	Accounts Receivable			Accounts Payable
	(Millions of dollars)
December 31, 2011
Derivative contracts designated as hedging instruments
Commodity	$	181		$	(216	)
Other		61			(3	)

Total derivative contracts designated as hedging instruments		242			(219	)

Derivative contracts not designated as hedging instruments*
Commodity		9,350			(9,823	)
Foreign exchange		6			(21	)
Other		12			(24	)

Total derivative contracts not designated as hedging instruments		9,368			(9,868	)

Gross fair value of derivative contracts		9,610			(10,087	)
Master netting arrangements		(7,962	)		7,962
Cash collateral (received) posted		(121	)		117

Net fair value of derivative contracts	$	1,527		$	(2,008	)

December 31, 2010
Derivative contracts designated as hedging instruments
Commodity	$	225		$	(483	)
Other		10			(2	)

Total derivative contracts designated as hedging instruments		235			(485	)

Derivative contracts not designated as hedging instruments*
Commodity		11,581			(12,383	)
Foreign exchange		7			(19	)
Other		31			(32	)

Total derivative contracts not designated as hedging instruments		11,619			(12,434	)

Gross fair value of derivative contracts		11,854			(12,919	)
Master netting arrangements		(10,178	)		10,178
Cash collateral (received) posted		(213	)		34

Net fair value of derivative contracts	$	1,463		$	(2,707	)

*	Includes trading derivatives and derivatives used for risk management.

The Corporation generally enters into master netting arrangements to mitigate counterparty credit risk. Master netting arrangements are standardized contracts that govern all specified transactions with the same counterparty and allow the Corporation to terminate all contracts upon occurrence of certain events, such as a counterparty’s default or bankruptcy. Where these arrangements provide the right of offset and the Corporation’s intent and practice is to offset amounts in the case of contract terminations, the Corporation records fair value on a net basis.

Credit Risk: The Corporation is exposed to credit risks that may at times be concentrated with certain counterparties, groups of counterparties or customers. Accounts receivable are generated from a diverse domestic and international customer base. The Corporation’s net receivables at December 31, 2011 are concentrated with the following counterparty and customer industry segments: Integrated Oil Companies —29%, Government Entities — 10%, Services —9%, Trading Companies —8%, Real Estate —8% and Manufacturing —7%. The Corporation reduces its risk related to certain counterparties by using master netting arrangements and requiring collateral, generally cash or letters of credit. The Corporation records the cash collateral received or posted as an offset to the fair value of derivatives executed with the same counterparty. At December 31, 2011 and 2010, the Corporation held cash from counterparties of $121 million and $213 million, respectively. The Corporation posted cash to counterparties at December 31, 2011 and 2010 of $117 million and $34 million, respectively.

At December 31, 2011, the Corporation had outstanding letters of credit totaling $1,698 million, primarily issued to satisfy margin requirements. Certain of the Corporation’s agreements also contain contingent collateral provisions that could require the Corporation to post additional collateral if the Corporation’s credit rating declines. As of December 31, 2011, the net liability related to derivatives with contingent collateral provisions was approximately $962 million before cash collateral posted of $3 million. At December 31, 2011, all three major credit rating agencies that rate the Corporation’s debt had assigned an investment grade rating. If two of the three agencies were to downgrade the Corporation’s rating to below investment grade, as of December 31, 2011, the Corporation would be required to post additional collateral of approximately $189 million.

Guarantees and Contingencies

12 Months Ended

Dec. 31, 2011

Guarantees and Contingencies [Abstract]

Guarantees and Contingencies

18.

Guarantees and Contingencies

The Corporation has $67 million in letters of credit for which it is contingently liable. The Corporation also has a contingent purchase obligation to acquire the remaining interest in WilcoHess, a retail gasoline station joint venture. This contingent obligation, which expires in April 2014, was approximately $205 million at December 31, 2011.

The Corporation is subject to loss contingencies with respect to various lawsuits, claims and other proceedings, including environmental matters. A liability is recognized in the Corporation’s consolidated financial statements when it is probable 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, the Corporation discloses the nature of those contingencies.

The Corporation, along with many other companies engaged in refining and marketing of gasoline, has 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 the Corporation. The principal allegation in all cases was that gasoline containing MTBE is a defective product and that these parties 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. In 2008, the majority of the cases against the Corporation were settled. In 2010 and 2011, additional cases were settled including an action brought in state court by the State of New Hampshire. Two cases brought by the State of New Jersey and the Commonwealth of Puerto Rico remain unresolved. In 2007, a pre-tax charge of $40 million was recorded to cover all of the known MTBE cases against the Corporation.

Over the last several years, many refineries have entered into consent agreements to resolve the United States Environmental Protection Agency’s (EPA) assertions that refining facilities were modified or expanded without complying with the New Source Review regulations that require permits and new emission controls in certain circumstances and other regulations that impose emissions control requirements. In January 2011, HOVENSA signed a consent decree with the EPA to resolve its claims. Under the terms of the Consent Decree, HOVENSA agreed to pay a penalty of approximately $5 million and spend approximately $700 million over the next 10 years to install equipment and implement additional operating procedures at the HOVENSA refinery to reduce emissions. In addition, the Consent Decree requires HOVENSA to spend approximately $5 million to fund an environmental project to be determined at a later date by the Virgin Islands and $500,000 to assist the Virgin Islands Water and Power Authority with monitoring. However, as a result of HOVENSA’s decision to shut down its refinery, which was announced in January 2012, HOVENSA believes that it will not be required to make material capital expenditures pursuant to this consent decree. The Corporation believes that it will also enter into a consent decree with the EPA in the near future to resolve these matters as they relate to its Port Reading refinery facility, which is not expected to have a material adverse impact on the financial condition, results of operations or cash flows of the Corporation. In addition, many states and localities are adopting requirements that mandate a low sulfur content of fuel oils and restrict the types of fuel sold within their jurisdictions. These proposals could require capital expenditures by the Corporation for its Port Reading refining facility to meet the required sulfur content standards or other changes in the marketing of fuel oils and affect the profitability of that facility.

The United States Deep Water Royalty Relief Act of 1995 (the Act) implemented a royalty relief program that relieves eligible leases issued between November 28, 1995 and November 28, 2000 from paying royalties on deepwater production in Federal Outer Continental Shelf lands. The Act does not impose any price thresholds in order to qualify for the royalty relief. The U.S. Minerals Management Service (MMS, predecessor to the Bureau of Ocean Energy Management, Regulation and Enforcement) created regulations that included pricing requirements to qualify for the royalty relief provided in the Act. During the period from 2003 to 2009, the Corporation accrued the royalties imposed by the MMS regulations. The legality of the thresholds imposed by the MMS was challenged in the federal courts and, in October 2009, the U.S. Supreme Court decided not to review the appellate court’s decision against the MMS. As a result, the Corporation recognized a pre-tax gain of $143 million ($89 million after income taxes) in 2009 to reverse all previously recorded royalties. The pre-tax gain is reported in Other, net in the Statement of Consolidated Income.

The Corporation is from time to time involved in other judicial and administrative proceedings, including proceedings relating to other environmental matters. The Corporation 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 such proceedings is not expected to have a material adverse effect on the financial condition, results of operations or cash flows of the Corporation.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

19.

Segment Information

The Corporation has two operating segments that comprise the structure used by senior management to make key operating decisions and assess performance. These are (1) Exploration and Production and (2) Marketing and Refining. The Exploration and Production segment explores for, develops, produces, purchases, transports and sells crude oil and natural gas. The Marketing and Refining segment manufactures refined petroleum products and purchases, markets and trades refined petroleum products, natural gas and electricity.

The following table presents financial data by segment for each of the three years ended December 31:


	Exploration and Production		Marketing and Refining			Corporate and Interest			Consolidated (a)
	(Millions of dollars)
2011
Operating revenues
Total operating revenues (b)	$	10,646	$	27,936		$	1
Less: Transfers between affiliates		116		1			—

Operating revenues from unaffiliated customers	$	10,530	$	27,935		$	1		$	38,466

Net income (loss) attributable to Hess Corporation	$	2,675	$	(584	)	$	(388	)	$	1,703

Income (loss) from equity investment in
HOVENSA L.L.C.	$	—	$	(1,073	)	$	—		$	(1,073	)
Interest expense		—		—			383			383
Depreciation, depletion and amortization		2,305		88			13			2,406
Asset impairments		358		—			—			358
Provision (benefit) for income taxes		1,313		(273	)		(255	)		785
Investments in affiliates		97		287			—			384
Identifiable assets		32,323		6,302			511			39,136
Capital employed (c)		22,699		2,337			(387	)		24,649
Capital expenditures		6,888		115			3			7,006

2010
Operating revenues
Total operating revenues (b)	$	9,119	$	24,885		$	1
Less: Transfers between affiliates		143		—			—

Operating revenues from unaffiliated customers	$	8,976	$	24,885		$	1		$	33,862

Net income (loss) attributable to Hess Corporation	$	2,736	$	(231	)	$	(380	)	$	2,125

Income (loss) from equity investment in
HOVENSA L.L.C.	$	—	$	(522	)	$	—		$	(522	)
Interest expense		—		—			361			361
Depreciation, depletion and amortization		2,222		82			13			2,317
Asset impairments		532		—			—			532
Provision (benefit) for income taxes		1,417		4			(248	)		1,173
Investments in affiliates		57		386			—			443
Identifiable assets		28,242		6,377			777			35,396
Capital employed (c)		19,803		2,715			(126	)		22,392
Capital expenditures		5,394		82			16			5,492

2009
Operating revenues
Total operating revenues (b)	$	7,259	$	22,464		$	1
Less: Transfers between affiliates		110		—			—

Operating revenues from unaffiliated customers	$	7,149	$	22,464		$	1		$	29,614

Net income (loss) attributable to Hess Corporation	$	1,042	$	127		$	(429	)	$	740

Income (loss) from equity investment in
HOVENSA L.L.C.	$	—	$	(229	)	$	—		$	(229	)
Interest expense		—		—			360			360
Depreciation, depletion and amortization		2,113		79			8			2,200
Asset impairments		54		—			—			54
Provision (benefit) for income taxes		944		24			(253	)		715
Investments in affiliates		57		856			—			913
Identifiable assets		21,810		6,388			1,267			29,465
Capital employed (c)		14,163		2,979			853			17,995
Capital expenditures		2,800		83			35			2,918

(a)

After elimination of transactions between affiliates, which are valued at approximate market prices.

(b)

Sales and operating revenues are reported net of excise and similar taxes in the Statement of Consolidated Income, which amounted to approximately $2,350 million, $2,200 million and $2,100 million in 2011, 2010 and 2009, respectively.

(c)

Calculated as equity plus debt.

Financial information by major geographic area for each of the three years ended December 31, 2011:


	United States		Europe			Africa		Asia and Other		Consolidated
	(Millions of dollars)
2011
Operating revenues	$	31,813	$	3,137		$	1,782	$	1,734	$	38,466
Property, plant and equipment (net)		11,490		6,826	*		2,355		4,041		24,712
2010
Operating revenues	$	28,066	$	2,109		$	2,271	$	1,416	$	33,862
Property, plant and equipment (net)		8,343		6,764	*		2,573		3,447		21,127
2009
Operating revenues	$	24,611	$	1,771		$	1,898	$	1,334	$	29,614
Property, plant and equipment (net)		5,792		3,930	*		3,617		3,288		16,627

*	Of the total Europe property, plant and equipment (net), Norway represented $5,031 million, $5,002 million and $2,049 million in 2011, 2010 and 2009, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions

20.

Related Party Transactions

The following table presents the Corporation’s related party transactions for the years ended December 31:


	2011		2010		2009
	(Millions of dollars)
Purchases of petroleum products:
HOVENSA*	$	3,806	$	4,307	$	3,659
Sales of petroleum products and crude oil:
WilcoHess		2,898		2,113		1,634
HOVENSA		710		607		530

*	Following the closure of HOVENSA’s refinery in St. Croix as announced in January 2012, the Corporation will no longer purchase 50% of HOVENSA’s production of refined petroleum products, after any sales to unaffiliated parties.

The following table presents the Corporation’s related party accounts receivable (payable) at December 31:


	2011			2010
	(Millions of dollars)

WilcoHess	$	127		$	110
HOVENSA, net		(22	)		(107	)

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Article 3A
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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+ Details

Subsequent Event

12 Months Ended

Dec. 31, 2011

Subsequent Event [Abstract]

Subsequent Event

21.

Subsequent Event

In January 2012, the Corporation completed the sale of its interest in the Snohvit Field (Hess 3%) for proceeds of approximately $135 million, after normal closing adjustments.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2011

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Schedule II

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2011, 2010 and 2009


Description	Balance January 1		Additions
Description	Balance January 1		Charged to Costs and Expenses		Charged to Other Accounts		Deductions from Reserves		Balance December 31
	(Millions of dollars)
2011
Losses on receivables	$	58	$	4	$	1	$	8	$	55

Deferred income tax valuation	$	444	$	648	$	—	$	21	$	1,071

2010
Losses on receivables	$	54	$	9	$	1	$	6	$	58

Deferred income tax valuation	$	500	$	135	$	—	$	191	$	444

2009
Losses on receivables	$	46	$	13	$	—	$	5	$	54

Deferred income tax valuation	$	266	$	455	$	—	$	221	$	500

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2011
Summary of Significant Accounting Policies [Abstract]
Nature of Business	*Nature of Business:* Hess Corporation and its subsidiaries (the Corporation) engage in the exploration for and the development, production, purchase, transportation and sale of crude oil and natural gas. These activities are conducted principally in Algeria, Australia, Azerbaijan, Brazil, Brunei, China, Denmark, Egypt, Equatorial Guinea, France, Ghana, Indonesia, the Kurdistan region of Iraq, Libya, Malaysia, Norway, Peru, Russia, Thailand, the United Kingdom and the United States (U.S.). In addition, the Corporation manufactures refined petroleum products and purchases, markets and trades refined petroleum products, natural gas and electricity. The Corporation owns 50% of HOVENSA L.L.C. (HOVENSA), a joint venture in the U.S. Virgin Islands. In January 2012, HOVENSA announced a decision to shut down its refinery and continue to operate the complex as an oil storage terminal. The Corporation also operates a refining facility, terminals and retail gasoline stations, most of which include convenience stores that are located on the East Coast of the United States. In preparing financial statements in conformity with U.S. generally accepted accounting principles (GAAP), management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the Consolidated Balance Sheet and revenues and expenses in the Statement of Consolidated Income. Actual results could differ from those estimates. Among the estimates made by management are oil and gas reserves, asset valuations, depreciable lives, pension liabilities, legal and environmental obligations, asset retirement obligations and income taxes. Certain information in the financial statements and notes has been reclassified to conform to the current period presentation. In the preparation of these financial statements, the Corporation has evaluated subsequent events through the date of issuance.
Principles of Consolidation	*Principles of Consolidation:* The consolidated financial statements include the accounts of Hess Corporation and entities in which the Corporation owns more than a 50% voting interest or entities that the Corporation controls. The Corporation consolidates the trading partnership in which it owns a 50% voting interest and over which it exercises control. The Corporation’s undivided interests in unincorporated oil and gas exploration and production ventures are proportionately consolidated. Investments in affiliated companies, 20% to 50% owned and where the Corporation has the ability to influence the operating or financial decisions of the affiliate, including HOVENSA, are accounted for using the equity method.
Revenue Recognition	*Revenue Recognition:* The Corporation recognizes revenues from the sale of crude oil, natural gas, refined petroleum products and other merchandise when title passes to the customer. Sales are reported net of excise and similar taxes in the Statement of Consolidated Income. The Corporation recognizes revenues from the production of natural gas properties based on sales to customers. Differences between Exploration & Production (E&P) natural gas volumes sold and the Corporation’s share of natural gas production are not material. Revenues from natural gas and electricity sales by the Corporation’s marketing operations are recognized based on meter readings and estimated deliveries to customers since the last meter reading. In its E&P activities, the Corporation engages in crude oil purchase and sale transactions with the same counterparty that are entered into in contemplation of one another for the primary purpose of changing location or quality. Similarly, in its marketing activities, the Corporation enters into refined petroleum product purchase and sale transactions with the same counterparty. These arrangements are reported net in Sales and other operating revenues in the Statement of Consolidated Income.
Derivatives	*Derivatives:* The Corporation utilizes derivative instruments for both risk management and trading activities. In risk management activities, the Corporation uses futures, forwards, options and swaps, individually or in combination, to mitigate its exposure to fluctuations in prices of crude oil, natural gas, refined petroleum products and electricity, as well as changes in interest and foreign currency exchange rates. In trading activities, the Corporation, principally through a consolidated partnership, trades energy-related commodities and derivatives, including futures, forwards, options and swaps based on expectations of future market conditions. All derivative instruments are recorded at fair value in the Corporation’s Consolidated Balance Sheet. The Corporation’s policy for recognizing the changes in fair value of derivatives varies based on the designation of the derivative. The changes in fair value of derivatives that are not designated as hedges are recognized currently in earnings. Derivatives may be designated as hedges of expected future cash flows or forecasted transactions (cash flow hedges) or hedges of firm commitments (fair value hedges). The effective portion of changes in fair value of derivatives that are designated as cash flow hedges is recorded as a component of other comprehensive income (loss) while the ineffective portion of the changes in fair value is recorded currently in earnings. Amounts included in Accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. Changes in fair value of derivatives designated as fair value hedges are recognized currently in earnings. The change in fair value of the related hedged commitment is recorded as an adjustment to its carrying amount and recognized currently in earnings.
Cash and Cash Equivalents	*Cash and Cash Equivalents:* Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have maturities of three months or less when acquired.
Inventories	*Inventories:* Inventories are valued at the lower of cost or market. For refined petroleum product inventories valued at cost, the Corporation uses principally the last-in, first-out (LIFO) inventory method. For the remaining inventories, cost is generally determined using average actual costs.
Exploration and Development Costs	*Exploration and Development Costs:* E&P activities are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and gas leasehold acreage, including lease bonuses, brokers’ fees and other related costs, are capitalized. Annual lease rentals, exploration expenses and exploratory dry hole costs are expensed as incurred. Costs of drilling and equipping productive wells, including development dry holes, and related production facilities are capitalized. In production operations, costs of injected CO₂ for tertiary recovery are expensed as incurred. The costs of exploratory wells that find oil and gas reserves are capitalized pending determination of whether proved reserves have been found. Exploratory drilling costs remain capitalized after drilling is completed if (1) the well has found a sufficient quantity of reserves to justify completion as a producing well and (2) sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If either of those criteria is not met, or if there is substantial doubt about the economic or operational viability of a project, the capitalized well costs are charged to expense. Indicators of sufficient progress in assessing reserves and the economic and operating viability of a project include commitment of project personnel, active negotiations for sales contracts with customers, negotiations with governments, operators and contractors, firm plans for additional drilling and other factors.
Depreciation, Depletion and Amortization	*Depreciation, Depletion and Amortization:* The Corporation records depletion expense for acquisition costs of proved properties using the units of production method over proved oil and gas reserves. Depreciation and depletion expense for oil and gas production equipment and wells is calculated using the units of production method over proved developed oil and gas reserves. Provisions for impairment of undeveloped oil and gas leases are based on periodic evaluations and other factors. Depreciation of all other plant and equipment is determined on the straight-line method based on estimated useful lives. Retail gas stations and equipment related to a leased property, are depreciated over the estimated useful lives not to exceed the remaining lease period. The Corporation records the cost of acquired customers in its energy marketing activities as intangible assets and amortizes these costs on the straight-line method over the expected renewal period based on historical experience.
Capitalized Interest	*Capitalized Interest:* Interest from external borrowings is capitalized on material projects using the weighted average cost of outstanding borrowings until the project is substantially complete and ready for its intended use, which for oil and gas assets is at first production from the field. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying assets.
Asset Retirement Obligations	*Asset Retirement Obligations:* The Corporation has material legal obligations to remove and dismantle long-lived assets and to restore land or seabed at certain exploration and production locations. The Corporation recognizes a liability for the fair value of legally required asset retirement obligations associated with long-lived assets in the period in which the retirement obligations are incurred. In addition, the fair value of any legally required conditional asset retirement obligations is recorded if the liability can be reasonably estimated. The Corporation capitalizes the associated asset retirement costs as part of the carrying amount of the long-lived assets.
Impairment of Long-Lived Assets	*Impairment of Long-lived Assets:* The Corporation reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts are not expected to be recovered by undiscounted future cash flows, the assets are impaired and an impairment loss is recorded. The amount of impairment is based on the estimated fair value of the assets generally determined by discounting anticipated future net cash flows. In the case of oil and gas fields, the net present value of future cash flows is based on management’s best estimate of future prices, which is determined with reference to recent historical prices and published forward prices, applied to projected production volumes and discounted at a risk-adjusted rate. The projected production volumes represent reserves, including probable reserves, expected to be produced based on a stipulated amount of capital expenditures. The production volumes, prices and timing of production are consistent with internal projections and other externally reported information. Oil and gas prices used for determining asset impairments will generally differ from the average prices used in the standardized measure of discounted future net cash flows.
Impairment of Equity Investees	*Impairment of Equity Investees:* The Corporation reviews equity method investments for impairment whenever events or changes in circumstances indicate that an other than temporary decline in value may have occurred. The fair value measurement used in the impairment assessment is based on quoted market prices, where available, or other valuation techniques, including discounted cash flows. Differences between the carrying value of the Corporation’s equity investments and its equity in the net assets of the affiliate that result from impairment charges are amortized over the remaining useful life of the affiliate’s fixed assets.
Impairment of Goodwill	*Impairment of Goodwill:* Goodwill is tested for impairment annually in the fourth quarter or when events or changes in circumstances indicate that the carrying amount of the goodwill may not be recoverable. This impairment test is calculated at the reporting unit level, which for the Corporation’s goodwill is the Exploration and Production operating segment. The Corporation identifies potential impairments by comparing the fair value of the reporting unit to its book value, including goodwill. If the fair value of the reporting unit exceeds the carrying amount, goodwill is not impaired. If the carrying value exceeds the fair value, the Corporation calculates the possible impairment loss by comparing the implied fair value of goodwill with the carrying amount. If the implied fair value of goodwill is less than the carrying amount, an impairment would be recorded.
Income Taxes	*Income Taxes:* Deferred income taxes are determined using the liability method. The Corporation regularly assesses the realizability of deferred tax assets, based on estimates of future taxable income, the availability of tax planning strategies, the existence of appreciated assets, the available carryforward periods for net operating losses and other factors. If it is more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets to the amount expected to be realized. In addition, the Corporation recognizes the financial statement effect of a tax position only when management believes that it is more likely than not, that based on the technical merits, the position will be sustained upon examination. Additionally, the Corporation has income taxes which have been deferred on intercompany transactions eliminated in consolidation related to transfers of property, plant and equipment remaining within the consolidated group. The amortization of these income taxes deferred on intercompany transactions will occur ratably with the recovery through depletion and depreciation of the carrying value of these assets. The Corporation does not provide for deferred U.S. income taxes for that portion of undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. The Corporation classifies interest and penalties associated with uncertain tax positions as income tax expense.
Fair Value Measurements	*Fair Value Measurements:* The Corporation’s derivative instruments and supplemental pension plan investments are recorded at fair value, with changes in fair value recognized in earnings or other comprehensive income each period as appropriate. The Corporation uses various valuation approaches in determining fair value, including the market and income approaches. The Corporation’s fair value measurements also include non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and the Corporation’s credit is considered for accrued liabilities. The Corporation also records certain nonfinancial assets and liabilities at fair value when required by GAAP. These fair value measurements are recorded in connection with business combinations, the initial recognition of asset retirement obligations and any impairment of long-lived assets, equity method investments or goodwill. The Corporation determines fair value in accordance with the fair value measurements accounting standard which established a hierarchy for the inputs used to measure fair value based on the source of the input, which generally range from quoted prices for identical instruments in a principal trading market (Level 1) to estimates determined using related market data (Level 3). Multiple inputs may be used to measure fair value, however, the level of fair value is based on the lowest significant input level within this fair value hierarchy. Details on the methods and assumptions used to determine the fair values are as follows: *Fair value measurements based on Level 1 inputs:* Measurements that are most observable are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to assure liquidity. The fair value of certain of the Corporation’s exchange traded futures and options are considered Level 1. *Fair value measurements based on Level 2 inputs:* Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements based on Level 2 inputs include over-the-counter derivative instruments that are priced on an exchange traded curve, but have contractual terms that are not identical to exchange traded contracts. The Corporation utilizes fair value measurements based on Level 2 inputs for certain forwards, swaps and options. The liability related to the Corporation’s crude oil hedges is classified as Level 2. *Fair value measurements based on Level 3 inputs:* Measurements that are least observable are estimated from related market data, determined from sources with little or no market activity for comparable contracts or are positions with longer durations. For example, in its energy marketing business, the Corporation enters into contracts to sell natural gas and electricity to customers and offsets the price exposure by purchasing forward contracts. The fair value of these sales and purchases may be based on specific prices at less liquid delivered locations, which are classified as Level 3. There may be offsets to these positions that are priced based on more liquid markets, which are, therefore, classified as Level 1 or Level 2. Fair values determined using discounted cash flows and other unobservable data are also classified as Level 3.
Retirement Plans	*Retirement Plans:* The Corporation recognizes the funded status of defined benefit postretirement plans in the Consolidated Balance Sheet. The funded status is measured as the difference between the fair value of plan assets and the projected benefit obligation. The Corporation recognizes the net changes in the funded status of these plans in the year in which such changes occur. Prior service costs and actuarial gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active employees.
Share-Based Compensation	*Share-based Compensation:* The fair value of all share-based compensation is expensed and recognized on a straight-line basis over the full vesting period of the awards.
Foreign Currency Translation	*Foreign Currency Translation:* The U.S. Dollar is the functional currency (primary currency in which business is conducted) for most foreign operations. Adjustments resulting from translating monetary assets and liabilities that are denominated in a non-functional currency into the functional currency are recorded in Other, net in the Statement of Consolidated Income. For operations that do not use the U.S. Dollar as the functional currency, adjustments resulting from translating foreign currency assets and liabilities into U.S. Dollars are recorded in a separate component of equity titled Accumulated other comprehensive income (loss).
Maintenance and Repairs	*Maintenance and Repairs:* Maintenance and repairs are expensed as incurred, including costs of refinery turnarounds. Capital improvements are recorded as additions in Property, plant and equipment.
Environmental Expenditures	*Environmental Expenditures:* The Corporation accrues and expenses environmental costs to remediate existing conditions related to past operations when the future costs are probable and reasonably estimable. The Corporation capitalizes environmental expenditures that increase the life or efficiency of property or that reduce or prevent future adverse impacts to the environment.

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2011

Acquisitions and Dispositions [Abstract]

Summary of the allocation of the purchase price to the assets and liabilities acquired in a business combination


	Exchange			Acquisition			Total
	(Millions of dollars)
Property, plant and equipment	$	2,020		$	570		$	2,590
Goodwill		688			219			907
Current assets		155			23			178

Total assets acquired		2,863			812			3,675
Current liabilities		(135	)		(32	)		(167	)
Deferred tax liabilities		(688	)		(219	)		(907	)
Asset retirement obligations		(188	)		(54	)		(242	)

Net assets acquired	$	1,852		$	507		$	2,359

Inventories (Tables)

12 Months Ended

Dec. 31, 2011

Inventories [Abstract]

Inventories


	2011			2010
	(Millions of dollars)
Crude oil and other charge stocks	$	451		$	496
Refined petroleum products and natural gas		1,762			1,528
Less: LIFO adjustment		(1,276	)		(995	)

		937			1,029
Merchandise, materials and supplies		486			423

Total inventories	$	1,423		$	1,452

HOVENSA L.L.C. Joint Venture (Tables)

12 Months Ended

Dec. 31, 2011

Joint Venture [Abstract]

Summarized Financial Information


	2011			2010			2009
	(Millions of dollars)
Summarized Balance Sheet, at December 31
Cash and cash equivalents	$	42		$	45		$	78
Other current assets		329			668			580
Net fixed assets		—			1,987			2,080
Other assets		10			27			33
Current liabilities, including member support		(1,858	)		(1,001	)		(953	)
Long-term debt		—	*		(706	)		(356	)
Deferred liabilities and credits		(115	)		(135	)		(137	)

Members’ equity	$	(1,592	)	$	885		$	1,325

Carrying value of Hess Corporation’s equity investment	$	—		$	158		$	681

Summarized Income Statement, for the years ended December 31
Sales	$	13,126		$	12,258		$	10,048
Costs and expenses		(15,613	)		(12,696	)		(10,499	)

Net income (loss)	$	(2,487	)	$	(438	)	$	(451	)

Hess Corporation’s income (loss) from equity investment in HOVENSA L.L.C.	$	(1,073	)**	$	(522	)**	$	(229	)

*	Long-term debt of $356 million was classified as a current liability, resulting from HOVENSA’S tender offer in January 2012 to repurchase the debt.

**	The Corporation’s share of HOVENSA’s 2011 loss excludes $300 million previously recorded in 2010 for the partial impairment of the Corporation’s investment.

Property Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment


	2011		2010
	(Millions of dollars)
Exploration and Production
Unproved properties	$	4,064	$	3,796
Proved properties		3,975		3,496
Wells, equipment and related facilities		29,239		26,064

		37,278		33,356
Marketing, Refining and Corporate		2,432		2,347

Total — at cost		39,710		35,703
Less: reserves for depreciation, depletion, amortization and lease impairment		14,998		14,576

Property, plant and equipment — net	$	24,712	$	21,127

Net changes in capitalized exploratory well costs


	2011			2010			2009
	(Millions of dollars)
Beginning balance at January 1	$	1,783		$	1,437		$	1,094
Additions to capitalized exploratory well costs pending the determination of proved reserves		512			675			433
Reclassifications to wells, facilities, and equipment based on the determination of proved reserves		(171	)		(87	)		(16	)
Capitalized exploratory well costs charged to expense		(90	)		(110	)		(74	)
Dispositions		(12	)		(132	)		—

Ending balance at December 31	$	2,022		$	1,783		$	1,437

Number of wells at end of year		59			77			53

Exploratory drilling costs capitalized


2010	$	423
2009		448
2008		392
2007		72
2006		168

	$	1,503

- Definition

Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities.

+ References + Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2011

Goodwill and Asset Impairments [Abstract]

Changes in the carrying amount of goodwill


	2011			2010
	(Millions of dollars)

Beginning balance at January 1	$	2,408		$	1,225
Acquisitions		—			1,255
Dispositions and other		(103	)		(72	)

Ending balance at December 31	$	2,305		$	2,408

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2011

Asset Retirement Obligations [Abstract]

Change to asset retirement obligations


	2011			2010
	(Millions of dollars)

Asset retirement obligations at January 1	$	1,358		$	1,297
Liabilities incurred		25			255
Liabilities settled or disposed of		(334	)		(282	)
Accretion expense		96			78
Revisions of estimated liabilities		947			(6	)
Foreign currency translation		(21	)		16

Asset retirement obligations at December 31		2,071			1,358
Less: current obligations		227			155

Long-term obligations at December 31	$	1,844		$	1,203

Long term Debt (Tables)

12 Months Ended

Dec. 31, 2011

Long term Debt [Abstract]

Long-term debt


	2011		2010
	(Millions of dollars)

Asset-backed credit facility, weighted average rate 0.8%	$	350	$	—
Short-term credit facility, rate 1.2%		100		—
Fixed-rate public notes:
7.0% due 2014		250		250
8.1% due 2019		998		997
7.9% due 2029		695		695
7.3% due 2031		746		746
7.1% due 2033		598		598
6.0% due 2040		744		744
5.6% due 2041		1,242		1,241

Total fixed-rate public notes		5,273		5,271
Other fixed-rate notes, weighted average rate 8.3%, due through 2023		112		133
Project lease financing, weighted average rate 5.1%, due through 2014		90		102
Pollution control revenue bonds, weighted average rate 5.9%, due through 2034		53		53
Fair value adjustments — interest rate hedging		53		8
Other debt		9		2

		6,040		5,569
Less: current maturities		35		32

Total	$	6,005	$	5,537

Outstanding letters of credit


	2011		2010
	(Millions of dollars)
Revolving credit facility	$	173	$	—
Asset-backed credit facility		—		400
Committed lines*		1,063		1,161
Uncommitted lines*		462		521

Total	$	1,698	$	2,082

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2011

Share Based Compensation [Abstract]

Share-based compensation expense


	Before Income Taxes						After Income Taxes
	2011		2010		2009		2011		2010		2009
	(Millions of dollars)
Stock options	$	51	$	52	$	58	$	31	$	32	$	36
Restricted stock		53		60		70		32		37		44

Total	$	104	$	112	$	128	$	63	$	69	$	80

Stock option and Restricted stock activity


	Stock Options					Restricted Stock
	Options			Weighted- Average Exercise Price per Share		Shares of Restricted Common Stock			Weighted- Average Price on Date of Grant
	(Thousands)					(Thousands)
Outstanding at January 1, 2009		9,700		$	52.73		3,161		$	64.78
Granted		3,135			56.44		1,056			56.27
Exercised		(416	)		38.85		—			—
Vested		—			—		(893	)		50.13
Forfeited		(317	)		65.68		(376	)		66.11

Outstanding at December 31, 2009		12,102			53.83		2,948			66.00
Granted		2,792			60.12		952			60.04
Exercised		(1,080	)		42.37		—			—
Vested		—			—		(880	)		55.42
Forfeited		(394	)		65.04		(182	)		65.56

Outstanding at December 31, 2010		13,420			55.73		2,838			67.32
Granted		2,227			82.92		742			82.99
Exercised		(1,716	)		41.40		—			—
Vested		—			—		(970	)		84.81
Forfeited		(361	)		67.64		(163	)		63.71

Outstanding at December 31, 2011		13,570			61.68		2,447			65.38

Exercisable at December 31, 2009		6,636		$	46.11
Exercisable at December 31, 2010		8,079			51.73
Exercisable at December 31, 2011		8,841			57.37

Summary of information regarding the outstanding and exercisable stock options


Range of Exercise Prices	Outstanding Options						Exercisable Options
Range of Exercise Prices	Options		Weighted- Average Remaining Contractual Life		Weighted- Average Exercise Price per Share		Options		Weighted- Average Exercise Price per Share
	(Thousands)		(Years)				(Thousands)
$20.00 – $40.00		1,098		3	$	27.52		1,098	$	27.52
$40.01 – $50.00		1,520		4		49.25		1,520		49.25
$50.01 – $60.00		4,304		6		55.17		3,348		54.77
$60.01 – $80.00		2,584		8		60.57		839		60.63
$80.01 – $120.00		4,064		8		83.18		2,036		82.48

		13,570		7		61.68		8,841		57.37

Weighted average assumptions utilized for Stock options awarded


	2011			2010			2009
Risk free interest rate		1.81	%		2.14	%		1.80	%
Stock price volatility		.395			.390			.390
Dividend yield		.49	%		.67	%		.70	%
Expected life in years		4.5			4.5			4.5
Weighted average fair value per option granted	$	27.98		$	20.18		$	18.47

Number of common shares reserved for issuance under Long Term Incentive Plan


Total common shares reserved for issuance			16,006
Less: stock options outstanding			7,603

Available for future awards of restricted stock and stock options			8,403

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2011

Retirement Plans [Abstract]

Funded status of the pension and postretirement medical plans


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2011			2010			2011			2010			2011			2010
	(Millions of dollars)
Change in benefit obligation
Balance at January 1	$	1,497		$	1,359		$	192		$	188		$	107		$	84
Service cost		49			41			9			8			6			5
Interest cost		81			78			8			8			5			4
Actuarial (gain) loss		294			75			31			7			9			18
Benefit payments		(51	)		(46	)		(13	)		(2	)		(2	)		(4	)
Plan settlements		–			–			–			(17	)		–			–
Foreign currency exchange rate changes		(4	)		(10	)		–			–			–			–

Balance at December 31		1,866			1,497			227			192			125			107

Change in fair value of plan assets
Balance at January 1		1,365			1,072			–			–			–			–
Actual return on plan assets		(3	)		155			–			–			–			–
Employer contributions		185			192			13			20			2			4
Benefit payments		(51	)		(46	)		(13	)		(20	)		(2	)		(4	)
Foreign currency exchange rate changes		(3	)		(8	)		–			–			–			–

Balance at December 31		1,493			1,365			–			–			–			–

Funded status (plan assets less than benefit obligations) at December 31		(373	)		(132	)		(227	)*		(192	)*		(125	)		(107	)
Unrecognized net actuarial losses		829			460			103			83			39			32

Net amount recognized	$	456		$	328		$	(124	)	$	(109	)	$	(86	)	$	(75	)

*	The trust established by the Corporation for the supplemental plan held assets valued at $7 million at December 31, 2011 and $21 million at December 31, 2010.

Amounts recognized in the consolidated balance sheet


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2011			2010			2011			2010			2011			2010
	(Millions of dollars)
Accrued benefit liability	$	(373	)	$	(132	)	$	(227	)	$	(192	)	$	(125	)	$	(107	)
Accumulated other comprehensive loss, pre-tax*		829			460			103			83			39			32

Net amount recognized	$	456		$	328		$	(124	)	$	(109	)	$	(86	)	$	(75	)

*	The after-tax reduction to equity recorded in Accumulated other comprehensive income (loss) was $631 million at December 31, 2011 and $385 million at December 31, 2010.

Components of net periodic pension cost


	Pension Plans									Postretirement Medical Plan
	2011			2010			2009			2011		2010		2009
	(Millions of dollars)
Service cost	$	58		$	49		$	40		$	6	$	5	$	3
Interest cost		89			86			83			5		4		4
Expected return on plan assets		(109	)		(86	)		(59	)		—		—		—
Amortization of unrecognized net actuarial losses		47			48			65			2		1		—
Settlement loss		—			8			17			—		—		—

Net periodic benefit cost	$	85		$	105		$	146		$	13	$	10	$	7

Weighted Average Actuarial Assumptions Used In Calculation Of Pension Plan Text Block


	2011			2010			2009
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate		4.3	%		5.3	%		5.8	%
Rate of compensation increase		4.3			4.4			4.3
Weighted average assumptions used to determine net benefit cost for years ended December 31
Discount rate		5.3			5.8			6.3
Expected return on plan assets		7.5			7.5			7.5
Rate of compensation increase		4.4			4.3			4.4

Actuarial assumptions used by the Corporation's postretirement medical plan


	2011			2010			2009
Assumptions used to determine benefit obligations at December 31
Discount rate		3.9	%		4.8	%		5.4	%
Initial health care trend rate		8.0	%		8.0	%		8.0	%
Ultimate trend rate		5.0	%		5.0	%		4.5	%
Year in which ultimate trend rate is reached		2018			2017			2013

Fair value of the Plan's financial assets


	Level 1		Level 2		Level 3		Total
	(Millions of dollars)
December 31, 2011
Cash and short-term investment funds	$	2	$	28	$	—	$	30
Equities:
U.S. equities (domestic)		452		—		—		452
International equities (non-U.S.)		50		118		—		168
Global equities (domestic and non-U.S.)		11		149		—		160
Fixed income:
Treasury and government issued (a)		—		149		1		150
Government related (b)		—		12		2		14
Mortgage-backed securities (c)		—		87		—		87
Corporate		—		96		1		97
Other:
Hedge funds		—		—		211		211
Private equity funds		—		—		58		58
Real estate funds		7		—		44		51
Diversified commodities funds		—		15		—		15

	$	522	$	654	$	317	$	1,493

December 31, 2010
Cash and short-term investment funds	$	5	$	31	$	—	$	36
Equities:
U.S. equities (domestic)		444		—		—		444
International equities (non-U.S.)		53		121		—		174
Global equities (domestic and non-U.S.)		18		140		—		158
Fixed income:
Treasury and government issued (a)		—		98		3		101
Government related (b)		—		14		3		17
Mortgage-backed securities (c)		—		61		—		61
Corporate		—		93		1		94
Other:
Hedge funds		—		—		187		187
Private equity funds		—		—		40		40
Real estate funds		7		—		32		39
Diversified commodities funds		—		14		—		14

	$	527	$	572	$	266	$	1,365

(a)

Includes securities issued and guaranteed by U.S. and non-U.S. governments.

(b)

Primarily consists of securities issued by governmental agencies and municipalities.

(c)

Comprised of U.S. residential and commercial mortgage-backed securities.

Fair Value of Level 3 inputs held by institutional funds


	Fixed Income*			Hedge Funds			Private Equity Funds		Real Estate Funds		Total


	(Millions of dollars)
Balance at January 1, 2010	$	8		$	143		$	29	$	14	$	194
Actual return on plan assets:
Related to assets held at December 31, 2010		—			6			1		1		8
Related to assets sold during 2010		—			—			—		—		—
Purchases, sales or other settlements		1			38			10		17		66
Net transfers in (out) of Level 3		(2	)		—			—		—		(2	)

Balance at December 31, 2010		7			187			40		32		266

Actual return on plan assets:
Related to assets held at December 31, 2011		—			(5	)		9		2		6
Related to assets sold during 2011		—			2			—		—		2
Purchases, sales or other settlements		(3	)		27			9		10		43
Net transfers in (out) of Level 3		—			—			—		—		—

Balance at December 31, 2011	$	4		$	211		$	58	$	44	$	317

*	Fixed Income includes treasury and government issued, government related, mortgage-backed and corporate securities.

Estimated future benefit payments for the funded and unfunded pension plans and the post retirement medical plan


2012	$	82
2013		95
2014		95
2015		102
2016		118
Years 2017 to 2021		650

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 4, 7, 16, 20, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6930749&loc=d3e4179-114921

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e2410-114920

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e2439-114920

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e2417-114920

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Provision for (benefit from) income taxes


	2011			2010			2009
	(Millions of dollars)
United States Federal
Current	$	202		$	151		$	39
Deferred		(588	)		(309	)		(284	)
State		17			46			(15	)

		(369	)		(112	)		(260	)

Foreign
Current		1,185			1,515			1,143
Deferred		(60	)		(230	)		(168	)

		1,125			1,285			975

Adjustment of deferred tax liability for foreign income tax rate change*		29			—			—

Total provision for income taxes	$	785		$	1,173		$	715

*	Reflects the July 2011 enactment of an increase in the United Kingdom supplementary income tax rate to 32% from 20%.

Income (loss) before income taxes


	2011		2010			2009
	(Millions of dollars)
United States*	$	211	$	(108	)	$	(711	)
Foreign**		2,250		3,419			2,233

Total income before income taxes	$	2,461	$	3,311		$	1,522

*	Includes substantially all of the Corporation’s interest expense and the results of hedging activities.

**	Foreign income includes the Corporation’s Virgin Islands and other operations located outside of the United States.

Components of deferred tax liabilities, deferred tax assets and taxes deferred


	2011			2010
	(Millions of dollars)
Deferred tax liabilities
Property, plant and equipment	$	(3,742	)	$	(4,026	)
Other		(125	)		(52	)

Total deferred tax liabilities		(3,867	)		(4,078	)

Deferred tax assets
Net operating loss carryforwards		1,204			896
Tax credit carryforwards		396			244
Property, plant and equipment and investments		2,217			1,852
Investment in HOVENSA		331			—
Accrued compensation and other liabilities		508			391
Asset retirement obligations		438			369
Other		332			302

Total deferred tax assets		5,426			4,054
Valuation allowances*		(1,071	)		(444	)

Total deferred tax assets, net		4,355			3,610

Net deferred tax assets (liabilities)	$	488		$	(468	)

*	The increase in the valuation allowances from 2010 to 2011 is principally attributable to operating loss and tax credit carry forwards and other deductible temporary differences originating in the current year.

Deferred tax assets and liabilities, net


	2011			2010
	(Millions of dollars)
Other current assets	$	398		$	386
Deferred income taxes (long-term asset)		2,941			2,167
Accrued liabilities		(8	)		(26	)
Deferred income taxes (long-term liability)		(2,843	)		(2,995	)

Net deferred tax assets (liabilities)	$	488		$	(468	)

Difference between the Corporation's effective income tax rate and the United States statutory rate


	2011			2010			2009
United States statutory rate		35.0	%		35.0	%		35.0	%
Effect of foreign operations*		(2.9	)		9.4			15.2
State income taxes, net of Federal income tax		0.4			0.9			(1.2	)
Gains on asset sales		(5.0	)		(10.4	)		—
Effect of equity loss and operations related to HOVENSA		2.8			3.1			—
Other		1.6			(2.6	)		(2.0	)

Total		31.9	%		35.4	%		47.0	%

*	The decrease in the effective income tax rate in 2011 compared with 2010 attributable to the effect of foreign operations relates to a change in the proportion of income earned among foreign jurisdictions, with the suspension of Libyan operations providing the highest impact.

Reconciliation of the beginning and ending amount of unrecognized tax benefits


	2011			2010
	(Millions of dollars)
Balance at January 1	$	400		$	271
Additions based on tax positions taken in the current year		62			152
Additions based on tax positions of prior years		20			57
Reductions based on tax positions of prior years		(8	)		(2	)
Reductions due to settlements with taxing authorities		(59	)		(77	)
Reductions due to lapse of statutes of limitation		—			(1	)

Balance at December 31	$	415		$	400

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References + Details

Outstanding and Weighted Average Common Shares (Tables)

12 Months Ended

Dec. 31, 2011

Outstanding and Weighted Average Common Shares [Abstract]

Changes in Corporation's outstanding common shares


	2011		2010		2009
	(Thousands of shares)
Balance at January 1		337,681		327,229		326,133
Issued for an acquisition*		—		8,602		—
Activity related to restricted common stock awards, net		579		770		680
Employee stock options		1,716		1,080		416

Balance at December 31		339,976		337,681		327,229

*	See Note 2, Acquisitions and Dispositions in the notes to the Consolidated Financial Statements.

Weighted average number of common shares outstanding - basic and diluted

2011

2010

2009

(Thousands of shares)

Common shares — basic

336,901

325,999

323,890

Effect of dilutive securities

Stock options

1,617

829

836

Restricted common stock

1,380

1,449

1,239

Common shares — diluted

339,898

328,277

325,965

Leased Assets (Tables)

12 Months Ended

Dec. 31, 2011

Leased Assets [Abstract]

Future minimum rental payments


2012	$	531
2013		672
2014		523
2015		199
2016		121
Remaining years		1,164

Total minimum lease payments		3,210
Less: income from subleases		47

Net minimum lease payments	$	3,163

Rental Expense


	2011		2010		2009
	(Millions of dollars)
Total rental expense	$	348	$	273	$	266
Less: income from subleases		12		13		11

Net rental expense	$	336	$	260	$	255

Risk Management and Trading Activities (Tables)

12 Months Ended

Dec. 31, 2011

Derivative [Line Items]

Net pre-tax gains on derivative contracts used for corporate risk management not designated as hedges


	Year Ended December 31,
	2011			2010			2009
	(Millions of dollars)
Commodity	$	1		$	(7	)	$	9
Foreign exchange		(15	)		(7	)		86

Total	$	(14	)	$	(14	)	$	95

Pre-tax gains (losses) from trading activities


	Year Ended December 31,
	2011			2010		2009
	(Millions of dollars)
Commodity	$	44		$	88	$	196
Foreign exchange		—			5		23
Other		(28	)		10		17

Total	$	16		$	103	$	236

Fair Value of the Corporation's financial assets and liabilities based on hierarchy


	Level 1			Level 2			Level 3			Collateral and counterparty netting			Balance
	(Millions of dollars)
December 31, 2011
Assets
Derivative contracts
Commodity	$	135		$	1,188		$	511		$	(67	)	$	1,767
Interest rate and other		—			66			—			—			66
Collateral and counterparty netting		(33	)		(148	)		(4	)		(121	)		(306	)

Total derivative contracts		102			1,106			507			(188	)		1,527
Other assets measured at fair value on a recurring basis		7			34			—			(2	)		39

Total assets	$	109		$	1,140		$	507		$	(190	)	$	1,566

Liabilities
Derivative contracts
Commodity	$	(191	)	$	(1,501	)	$	(650	)	$	67		$	(2,275	)
Foreign exchange		—			(15	)		—			—			(15	)
Other		—			(18	)		(2	)		—			(20	)
Collateral and counterparty netting		33			148			4			117			302

Total derivative contracts		(158	)		(1,386	)		(648	)		184			(2,008	)
Other liabilities measured at fair value on a recurring basis		—			(52	)		(2	)		2			(52	)

Total liabilities	$	(158	)	$	(1,438	)	$	(650	)	$	186		$	(2,060	)

December 31, 2010
Assets
Derivative contracts
Commodity	$	65		$	1,308		$	883		$	(304	)	$	1,952
Foreign exchange		—			1			—			—			1
Interest rate and other		—			17			—			—			17
Collateral and counterparty netting		(1	)		(274	)		(19	)		(213	)		(507	)

Total derivative contracts		64			1,052			864			(517	)		1,463
Other assets measured at fair value on a recurring basis		20			49			3			—			72

Total assets	$	84		$	1,101		$	867		$	(517	)	$	1,535

Liabilities
Derivative contracts
Commodity	$	(324	)	$	(2,519	)	$	(474	)	$	304		$	(3,013	)
Foreign exchange		—			(12	)		—			—			(12	)
Other		—			(10	)		—			—			(10	)
Collateral and counterparty netting		1			274			19			34			328

Total derivative contracts		(323	)		(2,267	)		(455	)		338			(2,707	)
Other liabilities measured at fair value on a recurring basis		—			—			—			—			—

Total liabilities	$	(323	)	$	(2,267	)	$	(455	)	$	338		$	(2,707	)

Changes in financial assets and liabilities at fair value based on level 3 inputs


	Year Ended December 31,
	2011			2010
	(Millions of dollars)
Balance at January 1	$	412		$	84
Unrealized pre-tax gains (losses)
Included in earnings		(52	)		169
Included in other comprehensive income		25			101
Purchases		2,294			1,141
Sales		(2,524	)		(1,090	)
Settlements		(115	)		32
Transfers into Level 3		(114	)		30
Transfers out of Level 3		(69	)		(55	)

Balance at December 31	$	(143	)	$	412

Net transfers into and out of each level of the fair value hierarchy


	Year Ended December 31,
	2011			2010
	(Millions of dollars)
Transfers into Level 1	$	(17	)	$	14
Transfers out of Level 1		297			28

	$	280		$	42

Transfers into Level 2	$	—		$	312
Transfers out of Level 2		(97	)		(329	)

	$	(97	)	$	(17	)

Transfers into Level 3	$	(114	)	$	30
Transfers out of Level 3		(69	)		(55	)

	$	(183	)	$	(25	)

Gross and net fair values of the Corporation's risk management and trading derivative instruments


	Accounts Receivable			Accounts Payable
	(Millions of dollars)
December 31, 2011
Derivative contracts designated as hedging instruments
Commodity	$	181		$	(216	)
Other		61			(3	)

Total derivative contracts designated as hedging instruments		242			(219	)

Derivative contracts not designated as hedging instruments*
Commodity		9,350			(9,823	)
Foreign exchange		6			(21	)
Other		12			(24	)

Total derivative contracts not designated as hedging instruments		9,368			(9,868	)

Gross fair value of derivative contracts		9,610			(10,087	)
Master netting arrangements		(7,962	)		7,962
Cash collateral (received) posted		(121	)		117

Net fair value of derivative contracts	$	1,527		$	(2,008	)

December 31, 2010
Derivative contracts designated as hedging instruments
Commodity	$	225		$	(483	)
Other		10			(2	)

Total derivative contracts designated as hedging instruments		235			(485	)

Derivative contracts not designated as hedging instruments*
Commodity		11,581			(12,383	)
Foreign exchange		7			(19	)
Other		31			(32	)

Total derivative contracts not designated as hedging instruments		11,619			(12,434	)

Gross fair value of derivative contracts		11,854			(12,919	)
Master netting arrangements		(10,178	)		10,178
Cash collateral (received) posted		(213	)		34

Net fair value of derivative contracts	$	1,463		$	(2,707	)

*	Includes trading derivatives and derivatives used for risk management.

Energy Marketing [Member]

Derivative [Line Items]

Gross volume of the Corporation's derivative instruments outstanding


	At December 31,
	2011		2010
Crude oil and refined petroleum products (millions of barrels)		28		30
Natural gas (millions of mcf)		2,616		2,210
Electricity (millions of megawatt hours)		244		301

Trading [Member]

Derivative [Line Items]

Gross volume of the Corporation's derivative instruments outstanding


	At December 31,
	2011		2010
Commodity
Crude oil and refined petroleum products (millions of barrels)		2,169		3,328
Natural gas (millions of mcf)		4,203		4,699
Electricity (millions of megawatt hours)		304		79
Foreign exchange (millions of U.S. Dollars)	$	581	$	506
Other
Interest rate (millions of U.S. Dollars)	$	182	$	205
Equity securities (millions of shares)		16		35

Corporate Risk Management [Member]

Derivative [Line Items]

Gross volume of the Corporation's derivative instruments outstanding


	At December 31,
	2011		2010
Commodity, primarily crude oil (millions of barrels)		51		35
Foreign exchange (millions of U.S. Dollars)	$	900	$	1,025
Interest rate swaps (millions of U.S. Dollars)	$	895	$	310

Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Financial data by operating segment


	Exploration and Production		Marketing and Refining			Corporate and Interest			Consolidated (a)
	(Millions of dollars)
2011
Operating revenues
Total operating revenues (b)	$	10,646	$	27,936		$	1
Less: Transfers between affiliates		116		1			—

Operating revenues from unaffiliated customers	$	10,530	$	27,935		$	1		$	38,466

Net income (loss) attributable to Hess Corporation	$	2,675	$	(584	)	$	(388	)	$	1,703

Income (loss) from equity investment in
HOVENSA L.L.C.	$	—	$	(1,073	)	$	—		$	(1,073	)
Interest expense		—		—			383			383
Depreciation, depletion and amortization		2,305		88			13			2,406
Asset impairments		358		—			—			358
Provision (benefit) for income taxes		1,313		(273	)		(255	)		785
Investments in affiliates		97		287			—			384
Identifiable assets		32,323		6,302			511			39,136
Capital employed (c)		22,699		2,337			(387	)		24,649
Capital expenditures		6,888		115			3			7,006

2010
Operating revenues
Total operating revenues (b)	$	9,119	$	24,885		$	1
Less: Transfers between affiliates		143		—			—

Operating revenues from unaffiliated customers	$	8,976	$	24,885		$	1		$	33,862

Net income (loss) attributable to Hess Corporation	$	2,736	$	(231	)	$	(380	)	$	2,125

Income (loss) from equity investment in
HOVENSA L.L.C.	$	—	$	(522	)	$	—		$	(522	)
Interest expense		—		—			361			361
Depreciation, depletion and amortization		2,222		82			13			2,317
Asset impairments		532		—			—			532
Provision (benefit) for income taxes		1,417		4			(248	)		1,173
Investments in affiliates		57		386			—			443
Identifiable assets		28,242		6,377			777			35,396
Capital employed (c)		19,803		2,715			(126	)		22,392
Capital expenditures		5,394		82			16			5,492

2009
Operating revenues
Total operating revenues (b)	$	7,259	$	22,464		$	1
Less: Transfers between affiliates		110		—			—

Operating revenues from unaffiliated customers	$	7,149	$	22,464		$	1		$	29,614

Net income (loss) attributable to Hess Corporation	$	1,042	$	127		$	(429	)	$	740

Income (loss) from equity investment in
HOVENSA L.L.C.	$	—	$	(229	)	$	—		$	(229	)
Interest expense		—		—			360			360
Depreciation, depletion and amortization		2,113		79			8			2,200
Asset impairments		54		—			—			54
Provision (benefit) for income taxes		944		24			(253	)		715
Investments in affiliates		57		856			—			913
Identifiable assets		21,810		6,388			1,267			29,465
Capital employed (c)		14,163		2,979			853			17,995
Capital expenditures		2,800		83			35			2,918

(a)

After elimination of transactions between affiliates, which are valued at approximate market prices.

(b)

(c)

Calculated as equity plus debt.

Financial information by major geographic area


	United States		Europe			Africa		Asia and Other		Consolidated
	(Millions of dollars)
2011
Operating revenues	$	31,813	$	3,137		$	1,782	$	1,734	$	38,466
Property, plant and equipment (net)		11,490		6,826	*		2,355		4,041		24,712
2010
Operating revenues	$	28,066	$	2,109		$	2,271	$	1,416	$	33,862
Property, plant and equipment (net)		8,343		6,764	*		2,573		3,447		21,127
2009
Operating revenues	$	24,611	$	1,771		$	1,898	$	1,334	$	29,614
Property, plant and equipment (net)		5,792		3,930	*		3,617		3,288		16,627

*	Of the total Europe property, plant and equipment (net), Norway represented $5,031 million, $5,002 million and $2,049 million in 2011, 2010 and 2009, respectively.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2011

Related party transactions


	2011		2010		2009
	(Millions of dollars)
Purchases of petroleum products:
HOVENSA*	$	3,806	$	4,307	$	3,659
Sales of petroleum products and crude oil:
WilcoHess		2,898		2,113		1,634
HOVENSA		710		607		530

*	Following the closure of HOVENSA’s refinery in St. Croix as announced in January 2012, the Corporation will no longer purchase 50% of HOVENSA’s production of refined petroleum products, after any sales to unaffiliated parties.

Accounts receivable/payable from/to related parties


	2011			2010
	(Millions of dollars)

WilcoHess	$	127		$	110
HOVENSA, net		(22	)		(107	)

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2011
Summary of Significant Accounting Policies (Textual) [Abstract]
Ownership percentage in HOVENSA L.L.C. (HOVENSA)	50.00%
Ownership in controlling entities	more than 50% voting interest
The ownership percentage in trading partnership	50.00%
Percentage holding in affiliated companies, minimum	20.00%
Percentage holding in affiliated companies, maximum	50.00%
Prior service costs and actuarial gains and losses in excess of greater of benefit obligation or market value of assets represented as percentage	10.00%

Acquisitions and Dispositions (Details) $ in Millions	Dec. 31, 2010 USD ($)
Summary of the allocation of the purchase price to the assets and liabilities acquired in a business combination
Property, plant and equipment	$ 2,590
Goodwill	907
Current assets	178
Total assets acquired	3,675
Current liabilities	(167)
Deferred tax liabilities	(907)
Asset retirement obligations	(242)
Net assets acquired	2,359
Exchange [Member]
Summary of the allocation of the purchase price to the assets and liabilities acquired in a business combination
Property, plant and equipment	2,020
Goodwill	688
Current assets	155
Total assets acquired	2,863
Current liabilities	(135)
Deferred tax liabilities	(688)
Asset retirement obligations	(188)
Net assets acquired	1,852
Acquisition [Member]
Summary of the allocation of the purchase price to the assets and liabilities acquired in a business combination
Property, plant and equipment	570
Goodwill	219
Current assets	23
Total assets acquired	812
Current liabilities	(32)
Deferred tax liabilities	(219)
Asset retirement obligations	(54)
Net assets acquired	$ 507

Acquisitions and Dispositions (Details Textual) shares in Millions, $ in Millions	1 Months Ended						3 Months Ended	12 Months Ended
	Oct. 31, 2011 USD ($) a	Aug. 31, 2011 USD ($) boepd	Feb. 28, 2011	Dec. 31, 2010 USD ($) a shares	Sep. 30, 2010 USD ($)	Jan. 31, 2010 USD ($)	Mar. 31, 2011 USD ($) boepd	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) a shares	Dec. 31, 2009 USD ($) Station	Sep. 30, 2011 USD ($) a
Additional Acquisitions and Divestitures (Textual) [Abstract]
Goodwill written off related to sale of business unit								$ (103)	$ (72)
Total goodwill amount recorded as a result of business combinations				$ 907					907
Price paid for acquisition in Blocks PM301 and PM302										$ 74
Number of retail gasoline stations acquired \| Station										37
Amount of fixed rate notes assumed for acquisition of gasoline stations										$ 65
Acquisition of interest in blocks										50.00%
United Kingdom North Sea and Norway [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Cash received from the sale of oil and gas assets		$ 131
Gain/(Loss) on Asset Sales - Tax Free		103
Carrying value of disposed asset		28
Goodwill written off related to sale of business unit		$ 11
Combined net production rate of disposed assets (in boepd) \| boepd		2,500
United Kingdom North Sea [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Cash received from the sale of oil and gas assets							$ 359
Gain on asset sale - before tax							343
Gain on asset sale - after tax							310
Carrying value of disposed asset							16
Goodwill written off related to sale of business unit							$ 14
Productive capacity of disposed assets (in boepd) \| boepd							15,000
Easington Catchment Area [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)			30.00%
Bacton Area [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)			23.00%
Everest Field [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)			19.00%
Lomond Field [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)			17.00%
Jambi Natural Gas Development Project [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)						25.00%
Cash received from the sale of oil and gas assets						$ 183
Gain from the sale of oil and gas assets						58
Business divestiture goodwill amount						$ 7
Snorre Field [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)		1.00%
Cook Field [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)		28.00%
Valhall Field [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Acquisition of additional interests in oil and gas fields					8.00%
Additional interests acquired through asset exchange					28.00%
The Corporation's interests in oil and gas fields after asset acquisition					64.00%
Hod Field [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Acquisition of additional interests in oil and gas fields					13.00%
Additional interests acquired through asset exchange					25.00%
The Corporation's interests in oil and gas fields after asset acquisition					63.00%
Consol Energy Inc [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
The corporation's proportionate interest in oil and gas assets (in percentage)	50.00%
Period over which drilling cost to be amortized	5 years
Total drilling costs payable over 5 year period (maximum)	$ 534
Valhall and Hod fields [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Business Acquisition, Cost of Acquired Entity, Purchase Price					$ 507
Gain on asset exchange before tax					1,150
Gain on asset exchange after tax					1,072
Carrying value of disposed asset before asset exchange					702
Business divestiture goodwill amount					$ 65
Utica Shale play [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Net acres acquired (In acres) \| a											85,000
Business Acquisition, Cost of Acquired Entity, Purchase Price	$ 59										$ 750
Utica Shale play [Member] \| Consol Energy Inc [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Net acres acquired (In acres) \| a	200,000
Bakken Oil Shale Play [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Business Acquisition, Cost of Acquired Entity, Purchase Price				$ 1,075					$ 1,075
Capital expenditures inform of acquisitions of acres. \| a				167,000
American Oil and Gas [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Net acres acquired (In acres) \| a				85,000					85,000
Business Acquisition, Cost of Acquired Entity, Purchase Price				$ 675					$ 675
Acquisition through the issuance of common stock \| shares				8.6					8.6
Bakken Oil Shale Play and American Oil and Gas [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Total goodwill amount recorded as a result of business combinations				$ 332					$ 332

Libyan Operations (Details) $ in Millions	12 Months Ended
Libyan Operations (Details) $ in Millions	Dec. 31, 2011 USD ($) boepd	Dec. 31, 2010 boepd
Libyan Operations (Textual) [Abstract]
The Corporation's proved reserves in Libya (in B.O.E)	166,000,000
Libyan Operations [Member]
Libyan Operations (Textual) [Abstract]
The average production in Libya (in boepd)	4,000	23,000
The net book value of the Corporation's assets in Libya \| $	$ 500

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Inventories
Crude oil and other charge stocks	$ 451	$ 496
Refined petroleum products and natural gas	1,762	1,528
Less: LIFO adjustment	(1,276)	(995)
Total net crude oil, other charge stocks, natural gas and refined product inventories	937	1,029
Merchandise, materials and supplies	486	423
Total inventories	$ 1,423	$ 1,452
Inventories (Textual) [Abstract]
Percentage of LIFO Inventory	72.00%	65.00%

HOVENSA L.L.C. Joint Venture (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summarized balance sheet
Other current assets	$ 1,554	$ 1,002
Net fixed assets	24,712	21,127	$ 16,627
Other assets	455	471
Current liabilities, including member support	(8,100)	(7,613)
Long-term debt	(6,040)	(5,569)
Deferred liabilities and credits	(1,752)	(1,239)
Equity method [Member]
Summarized balance sheet
Cash and cash equivalents	42	45	78
Other current assets	329	668	580
Net fixed assets	0	1,987	2,080
Other assets	10	27	33
Current liabilities, including member support	(1,858)	(1,001)	(953)
Long-term debt	0	(706)	(356)
Deferred liabilities and credits	(115)	(135)	(137)
Members' equity	(1,592)	885	1,325
Carrying value of Hess Corporation's equity investment	$ 0	$ 158	$ 681

HOVENSA L.L.C. Joint Venture (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Summarized income statement
Sales	$ 13,126	$ 12,258	$ 10,048
Costs and expenses	(15,613)	(12,696)	(10,499)
Net income (loss)	(2,487)	(438)	(451)
Hess Corporation's income (loss) from Equity investment in HOVENSA L.L.C.	$ (1,073)	$ (522)	$ (229)

- Definition

The amount of net income (loss) reported by an equity method investment of the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph bb
-Article 1

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph w
-Article 1

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph g
-Subparagraph 1, 2

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(g))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33912-111571

+ Details

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 19
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 6
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 9

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.12)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6382870&loc=d3e33749-111570

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 11
-Article 7

+ Details

HOVENSA L.L.C. Joint Venture (Details Textual) $ in Millions	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Mar. 31, 2011 bbl	Dec. 31, 2011 USD ($) bbl	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Joint Venture (Textual) [Abstract]
Percentage ownership in joint venture with Petroleos de Venezuela, S.A.(PDVSA)	50.00%			50.00%
Hess Corporation's income (loss) from Equity investment in HOVENSA L.L.C.				$ (1,073)	$ (522)	$ (229)
Income (loss) from equity investment in HOVENSA L.L.C related to shutdown (Before income taxes)	$ 875
Income (loss) from equity investment in HOVENSA L.L.C related to shutdown (After income taxes)	525
Long-term Debt classified as current liability				$ 356
Write-off of subsidiary assets				135
Estimated share of future funding commitments related to shutdown	487
Deferred Income tax benefit related to shutdown	$ 350
A pre-tax charge to reduce the carrying value of the Corporation's equity investment		$ 300
An after-tax charge to reduce the carrying value of the Corporation's equity investment		$ 289
Crude oil refining capacity before the strategic assessment (barrels per day) \| bbl				500,000
Crude oil refining capacity after the strategic assessment (barrels per day) \| bbl			350,000

Property, Plant & Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Components of Property, plant and equipment
Unproved properties	$ 4,064	$ 3,796
Proved properties	3,975	3,496
Wells, equipment and related facilities	29,239	26,064
Total Exploration and Production costs	37,278	33,356
Marketing, Refining and Corporate	2,432	2,347
Total - at cost	39,710	35,703
Less reserves for depreciation, depletion, amortization and lease impairment	14,998	14,576
Property, plant and equipment - net	$ 24,712	$ 21,127	$ 16,627

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

- Definition

Oil and Gas properties with unproved reserves under the successful effort method.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 19
-Paragraph 11
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6821537&loc=d3e61926-109447

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 360
-Section 25
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6474861&loc=d3e64746-109465

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Unproved Properties
-URI http://asc.fasb.org/extlink&oid=6527831
-Topic 932

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 19
-Paragraph 59N
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 19
-Paragraph 147, 148
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Property, Plant & Equipment (Details 1)	12 Months Ended
Property, Plant & Equipment (Details 1)	Dec. 31, 2011 USD ($) Well	Dec. 31, 2010 USD ($) Well	Dec. 31, 2009 USD ($)
Net changes in capitalized exploratory well costs
Balance at January 1	$ 1,783,000,000	$ 1,437,000,000	$ 1,094,000,000
Additions to capitalized exploratory well costs pending the determination of proved reserves	512,000,000	675,000,000	433,000,000
Reclassification to wells, facilities, and equipment based on the determination of proved reserves	(171,000,000)	(87,000,000)	(16,000,000)
Capitalized exploratory well cost charge to expense	(90,000,000)	(110,000,000)	(74,000,000)
Dispositions	(12,000,000)	(132,000,000)	0
Balance at December 31	$ 2,022,000,000	$ 1,783,000,000	$ 1,437,000,000
Number of Wells at end of year	59	77	53

Property, Plant & Equipment (Details 2) $ in Millions	Dec. 31, 2011 USD ($)
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,503
Year 2010 [Member]
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs that have been capitalized for period greater than one year	423
Year 2009 [Member]
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs that have been capitalized for period greater than one year	448
Year 2008 [Member]
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs that have been capitalized for period greater than one year	392
Year 2007 [Member]
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs that have been capitalized for period greater than one year	72
Year 2006 [Member]
Capitalized Exploratory Well Costs [Abstract]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 168

Property, Plant & Equipment (Details Textual) $ in Millions	1 Months Ended	12 Months Ended
Property, Plant & Equipment (Details Textual) $ in Millions	Jan. 31, 2012 USD ($)	Dec. 31, 2011 USD ($) Project	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Additional (Textual)
GOODWILL		$ 2,305	$ 2,408	$ 1,225
Net proceeds after closing adjustments		490	183	0
Property Plant and Equipment (Textual) [Abstract]
Carrying amount of properties classified as held for sale reported in other current assets		764
Asset retirement obligations and deferred income taxes reported in accrued liabilities		556
Exploratory dry hole costs		$ 348	$ 127	$ 193
Total number of projects with capitalized well costs in excess of one year \| Project		11
Capitalized well costs attributable to Pony Project		43.00%
Capitalized well costs attributable to Block WA-390-P offshore Western Australia		30.00%
Capitalized well costs attributable to Area 54 offshore Libya		18.00%
Snohvit [Member]
Additional (Textual)
Net proceeds after closing adjustments	$ 135	$ 135
Snohvit Norway [Member]
Additional (Textual)
The corporation's proportionate interest in oil and gas assets (in percentage)		3.00%
GOODWILL		$ 62

Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Goodwill [Roll Forward]
Beginning Balance at January 1	$ 2,408	$ 1,225
Acquisitions	0	1,255
Dispositions and other	(103)	(72)
Ending Balance at December 31	$ 2,305	$ 2,408

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Asset Impairments (Details Textual) $ in Millions	12 Months Ended
Asset Impairments (Details Textual) $ in Millions	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($) Well	Dec. 31, 2009 USD ($)
Asset Impairments (Textual) [Abstract]
Impairment charge, before income tax	$ 358	$ 532	$ 54
Impairment charge, after income tax	$ 140	$ 334	$ 26
West Med Block 1 [Member]
Significant Acquisitions and Disposals [Line Items]
The Corporation's proportionate interests in oil and gas properties (in percentage)		55.00%
Number of oil and gas wells \| Well		4
Addition of oil and gas well		Fifth

Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Change to asset retirement obligation
Asset retirement obligations at January 1	$ 1,358	$ 1,297
Liabilities incurred	25	255
Liabilities settled or disposed of	(334)	(282)
Accretion expense	96	78
Revisions of estimated liabilities	947	(6)
Foreign currency	(21)	16
Asset retirement obligations at December 31	2,071	1,358
Less: current obligations	227	155
Long-term obligations at December 31	$ 1,844	$ 1,203

Long term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Long term Debt
Asset-backed credit facility, weighted average rate 0.8%	$ 350	$ 0
Short-term credit facility, rate 1.2%	100	0
Fixed rate notes	5,273	5,271
Other fixed rate notes, weighted average rate 8.3% due through 2023	112	133
Project lease financing, weighted average rate 5.1% due through 2014	90	102
Pollution control revenue bonds, weighted average rate 5.9% due through 2034	53	53
Fair value adjustments - interest rate hedging	53	8
Other debt	9	2
Long-term debt Total	6,040	5,569
Less: amount included in current maturities	35	32
Total	6,005	5,537
7.0% due 2014 [Member]
Long term Debt
Fixed rate notes	250	250
8.1% due 2019 [Member]
Long term Debt
Fixed rate notes	998	997
7.9% due 2029 [Member]
Long term Debt
Fixed rate notes	695	695
7.3% due 2031 [Member]
Long term Debt
Fixed rate notes	746	746
7.1% due 2033 [Member]
Long term Debt
Fixed rate notes	598	598
6.0% due 2040 [Member]
Long term Debt
Fixed rate notes	744	744
5.6% due 2041 [Member]
Long term Debt
Fixed rate notes	$ 1,242	$ 1,241

Long term Debt (Details 1) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Outstanding letters of credit.
Revolving credit facility	$ 173	$ 0
Asset-backed credit facility	0	400
Committed lines	1,063	1,161
Uncommitted lines	462	521
Total	$ 1,698	$ 2,082

Long term Debt (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Long term Debt (Details Textual) - USD ($) $ in Millions	Apr. 30, 2011	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Aug. 31, 2010
Long term Debt (Textual) [Abstract]
Fixed-rate notes, principal amount net of unamortized discount		$ 5,273	$ 5,271
Weighted average interest rate		6.90%
Additional Long Term Debt (Textual)
Old syndicated revolving credit facility maturing in May 2012	$ 3,000
New syndicated revolving credit facility maturing in April 2016	$ 4,000
Maturity of Revolving Credit Facilities		2016-04
Maturity of old credit facilities		2012-05
Interest rate on the borrowings on the Credit facility		1.25% above the London Interbank Offered Rate
Credit Facility Fee (per annum)		0.25%
Aggregate long-term debt, maturing in 2012		$ 35
Aggregate long-term debt, maturing in 2013		37
Aggregate long-term debt, maturing in 2014		349
Aggregate long-term debt, maturing in 2015		4
Aggregate long-term debt, maturing in 2016		455
Fixed rate notes, principle amount		5,300
Asset backed facility classified as long term debt.		350
Short-term credit Facility classified as Long-term Debt		$ 100
Facility tenor		364 days
Ability to borrow or issue letters of credit		Up to 1 billion
Accounts receivable used to collateralize borrowings under credit facility		$ 947
Available capacity under the syndicated revolving credit facility		4,000
Borrowings under the asset-backed credit facility		350	0
Borrowings under the short-term uncommitted line		100
Additional debt for construction or acquisition of assets		24,900
Additional secured debt allowed to be borrowed		4,500
Letters of credit outstanding, contingent liabilities		67
Letters of credit outstanding, balance sheet liabilities		1,631
Interest paid, net of amounts capitalized		383	319	$ 335
Capitalized interest		$ 13	5	$ 6
Thirty Year [Member]
Long term Debt (Textual) [Abstract]
Fixed Rate Notes					$ 1,250
Coupon Rate					5.60%
Other Fixed-Rate Notes 8.3% Due 2023 [Member]
Long term Debt (Textual) [Abstract]
Weighted average interest rate		8.30%
Project lease financing 5.1% Due 2014 [Member]
Long term Debt (Textual) [Abstract]
Weighted average interest rate		5.10%
Pollution control revenue bonds 5.9% Due 2034 [Member]
Long term Debt (Textual) [Abstract]
Weighted average interest rate		5.90%
Asset-backed Securities [Member]
Long term Debt (Textual) [Abstract]
Credit facility weighted average interest rate		0.80%
Short-term uncommitted [Member]
Long term Debt (Textual) [Abstract]
Credit facility weighted average interest rate		1.20%
7.0% due 2014 [Member]
Long term Debt (Textual) [Abstract]
Coupon Rate		7.00%
Fixed-rate notes, principal amount net of unamortized discount		$ 250	250
8.1% due 2019 [Member]
Long term Debt (Textual) [Abstract]
Coupon Rate		8.10%
Fixed-rate notes, principal amount net of unamortized discount		$ 998	997
7.9% due 2029 [Member]
Long term Debt (Textual) [Abstract]
Coupon Rate		7.90%
Fixed-rate notes, principal amount net of unamortized discount		$ 695	695
7.3% due 2031 [Member]
Long term Debt (Textual) [Abstract]
Coupon Rate		7.30%
Fixed-rate notes, principal amount net of unamortized discount		$ 746	746
7.1% due 2033 [Member]
Long term Debt (Textual) [Abstract]
Coupon Rate		7.10%
Fixed-rate notes, principal amount net of unamortized discount		$ 598	598
6.0% due 2040 [Member]
Long term Debt (Textual) [Abstract]
Coupon Rate		6.00%
Fixed-rate notes, principal amount net of unamortized discount		$ 744	744
5.6% due 2041 [Member]
Long term Debt (Textual) [Abstract]
Maturity period of fixed rate notes		30 years
Fixed rate notes maturity		2041
Coupon Rate		5.60%
Fixed-rate notes, principal amount net of unamortized discount		$ 1,242	$ 1,241

Share-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Share based compensation expense
Stock options, before income taxes	$ 51	$ 52	$ 58
Stock options, after income taxes	31	32	36
Restricted stock, before income taxes	53	60	70
Restricted stock, after income taxes	32	37	44
Total, before income taxes	104	112	128
Total, after income taxes	$ 63	$ 69	$ 80

Share-Based Compensation (Details 1) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Stock option and Restricted stock activity
Exercised Stock Options	(1,716)	(1,080)	(416)
Stock Options [Member]
Stock option and Restricted stock activity
Outstanding Stock Options, Beginning	13,420	12,102	9,700
Granted Stock Options	2,227	2,792	3,135
Exercised Stock Options	(1,716)	(1,080)	(416)
Vested Stock Options	0	0	0
Forfeited Stock Options	(361)	(394)	(317)
Outstanding Stock Options, Ending	13,570	13,420	12,102
Outstanding Stock Options, Weighted Average Exercise Price, Beginning	$ 55.73	$ 53.83	$ 52.73
Granted, Stock Options, Weighted Average Exercise Price	82.92	60.12	56.44
Exercised, Stock Options, Weighted Average Exercise Price	41.40	42.37	38.85
Vested, Stock Options, Weighted Average Exercise Price	0	0	0
Forfeited, Stock Options, Weighted Average Exercise Price	67.64	65.04	65.68
Outstanding Stock Options, Weighted Average Exercise Price, Ending	$ 61.68	$ 55.73	$ 53.83
Exercisable, Stock Options, Ending	8,841	8,079	6,636
Exercisable, Stock Options, Weighted Average Exercise Price, Ending	$ 57.37	$ 51.73	$ 46.11
Restricted Stock [Member]
Stock option and Restricted stock activity
Outstanding Restricted Stock, Beginning balance	2,838	2,948	3,161
Granted Restricted Stock	742	952	1,056
Exercised Restricted Stock	0	0	0
Vested Restricted Stock	(970)	(880)	(893)
Forfeited Restricted Stock	(163)	(182)	(376)
Outstanding Restricted Stock, Ending balance	2,447	2,838	2,948
Outstanding, Restricted Stock, Weighted Average Fair Value, Beginning	$ 67.32	$ 66.00	$ 64.78
Granted, Restricted Stock, Weighted Average Fair Value	82.99	60.04	56.27
Exercised, Restricted Stock, Weighted Average Fair Value	0	0	0
Vested, Restricted Stock, Weighted Average Fair Value	84.81	55.42	50.13
Forfeited, Restricted Stock, Weighted Average Fair Value	63.71	65.56	66.11
Outstanding, Restricted Stock, Weighted Average Fair Value, Ending	$ 65.38	$ 67.32	$ 66.00

Share-Based Compensation (Details 2) shares in Thousands	12 Months Ended
Share-Based Compensation (Details 2) shares in Thousands	Dec. 31, 2011 yr shares $ / shares
Summary of information regarding the outstanding and exercisable stock options
Options Outstanding \| shares	13,570
Outstanding Options, Weighted-Average Remaining Contractual Life \| yr	7
Outstanding Options, Weighted Average Exercise Price Per Share	$ 61.68
Options Exercisable \| shares	8,841
Options Exercisable, Weighted Average Exercise Price Per Share	$ 57.37
Exercise Price Range 20.00-40.00 [Member]
Summary of information regarding the outstanding and exercisable stock options
Range of exercise prices, upper limit	40.00
Range of exercise prices, lower limit	$ 20.00
Options Outstanding \| shares	1,098
Outstanding Options, Weighted-Average Remaining Contractual Life \| yr	3
Outstanding Options, Weighted Average Exercise Price Per Share	$ 27.52
Options Exercisable \| shares	1,098
Options Exercisable, Weighted Average Exercise Price Per Share	$ 27.52
Exercise Price Range 40.01-50.00 [Member]
Summary of information regarding the outstanding and exercisable stock options
Range of exercise prices, upper limit	50.00
Range of exercise prices, lower limit	$ 40.01
Options Outstanding \| shares	1,520
Outstanding Options, Weighted-Average Remaining Contractual Life \| yr	4
Outstanding Options, Weighted Average Exercise Price Per Share	$ 49.25
Options Exercisable \| shares	1,520
Options Exercisable, Weighted Average Exercise Price Per Share	$ 49.25
Exercise Price Range 50.01-60.00 [Member]
Summary of information regarding the outstanding and exercisable stock options
Range of exercise prices, upper limit	60.00
Range of exercise prices, lower limit	$ 50.01
Options Outstanding \| shares	4,304
Outstanding Options, Weighted-Average Remaining Contractual Life \| yr	6
Outstanding Options, Weighted Average Exercise Price Per Share	$ 55.17
Options Exercisable \| shares	3,348
Options Exercisable, Weighted Average Exercise Price Per Share	$ 54.77
Exercise Price Range 60.01-80.00 [Member]
Summary of information regarding the outstanding and exercisable stock options
Range of exercise prices, upper limit	80.00
Range of exercise prices, lower limit	$ 60.01
Options Outstanding \| shares	2,584
Outstanding Options, Weighted-Average Remaining Contractual Life \| yr	8
Outstanding Options, Weighted Average Exercise Price Per Share	$ 60.57
Options Exercisable \| shares	839
Options Exercisable, Weighted Average Exercise Price Per Share	$ 60.63
Exercise Price Range 80.01-120.00 [Member]
Summary of information regarding the outstanding and exercisable stock options
Range of exercise prices, upper limit	120.00
Range of exercise prices, lower limit	$ 80.01
Options Outstanding \| shares	4,064
Outstanding Options, Weighted-Average Remaining Contractual Life \| yr	8
Outstanding Options, Weighted Average Exercise Price Per Share	$ 83.18
Options Exercisable \| shares	2,036
Options Exercisable, Weighted Average Exercise Price Per Share	$ 82.48

Share-Based Compensation (Details 3)	12 Months Ended
Share-Based Compensation (Details 3)	Dec. 31, 2011 yr $ / shares	Dec. 31, 2010 yr $ / shares	Dec. 31, 2009 yr $ / shares
Weighted average assumptions utilized for Stock options awarded
Risk free interest rate	1.81%	2.14%	1.80%
Stock price volatility	39.50%	39.00%	39.00%
Dividend yield	0.49%	0.67%	0.70%
Expected life in years \| yr	4.5	4.5	4.5
Weighted average fair value per option granted \| $ / shares	$ 27.98	$ 20.18	$ 18.47

Share-Based Compensation (Details 4) - Long Term Incentive Plan [Member] shares in Thousands	Dec. 31, 2011 shares
Number of common shares reserved for issuance under Long Term Incentive Plan
Total common shares reserved for issuance	16,006
Less: stock options outstanding	7,603
Available for future awards of restricted stock and stock options	8,403

Share-Based Compensation (Details Textual) $ in Millions	12 Months Ended
Share-Based Compensation (Details Textual) $ in Millions	Dec. 31, 2011 USD ($) yr
Share Based Compensation Expense (Textual) [Abstract]
Vesting period for stock option from the date of grant	One to three years
Option term (in years)	10
Vesting period for outstanding restricted common stock from the date of grant	3 years
Unearned compensation expense, before income taxes due 2012	$ 71
Unearned compensation expense, before income taxes due 2013	43
Unearned compensation expense, before income taxes due 2014	4
Intrinsic value for outstanding option	51
Intrinsic value for exercisable option	$ 51
Weighted average remaining term of exercisable option \| yr	5

Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
Foreign Currency (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Foreign Currency (Textual) [Abstract]
Pre-tax foreign currency gains (losses)	$ (29)	$ (5)	$ 20
Increase (decrease) to stockholders' equity as a result of foreign currency	$ (84)	$ 12

- Definition

The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).

+ References + Details

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Change in fair value of plan assets
Balance at January 1	$ 1,365
Balance at December 31	1,493	$ 1,365
Funded Pension Plans [Member]
Change in benefit obligation
Balance at January 1	1,497	1,359
Service cost	49	41
Interest cost	81	78
Actuarial (gain) loss	294	75
Benefit payments	(51)	(46)
Plan settlements	0	0
Foreign currency exchange rate changes	(4)	(10)
Balance at December 31	1,866	1,497	$ 1,359
Change in fair value of plan assets
Balance at January 1	1,365	1,072
Actual return on plan assets	(3)	155
Employer contributions	185	192
Benefit payments	(51)	(46)
Foreign currency exchange rate changes	(3)	(8)
Balance at December 31	1,493	1,365	1,072
Funded status (plan assets less than benefit obligations) at Dec 31	(373)	(132)
Unrecognized net actuarial losses	829	460
Net amount recognized	456	328
Amounts recognized in the consolidated balance sheet
Accrued benefit liability	(373)	(132)
Accumulated other comprehensive loss, pre-tax	829	460
Net amount recognized	456	328
Unfunded Pension Plan [Member]
Change in benefit obligation
Balance at January 1	192	188
Service cost	9	8
Interest cost	8	8
Actuarial (gain) loss	31	7
Benefit payments	(13)	(2)
Plan settlements	0	(17)
Foreign currency exchange rate changes	0	0
Balance at December 31	227	192	188
Change in fair value of plan assets
Balance at January 1	0	0
Actual return on plan assets	0	0
Employer contributions	13	20
Benefit payments	(13)	(20)
Foreign currency exchange rate changes	0	0
Balance at December 31	0	0	0
Funded status (plan assets less than benefit obligations) at Dec 31	(227)	(192)
Unrecognized net actuarial losses	103	83
Net amount recognized	(124)	(109)
Amounts recognized in the consolidated balance sheet
Accrued benefit liability	(227)	(192)
Accumulated other comprehensive loss, pre-tax	103	83
Net amount recognized	(124)	(109)
Postretirement Medical Plan [Member]
Change in benefit obligation
Balance at January 1	107	84
Service cost	6	5	3
Interest cost	5	4	4
Actuarial (gain) loss	9	18
Benefit payments	(2)	(4)
Plan settlements	0	0
Foreign currency exchange rate changes	0	0
Balance at December 31	125	107	84
Change in fair value of plan assets
Balance at January 1	0	0
Actual return on plan assets	0	0
Employer contributions	2	4
Benefit payments	(2)	(4)
Foreign currency exchange rate changes	0	0
Balance at December 31	0	0	$ 0
Funded status (plan assets less than benefit obligations) at Dec 31	(125)	(107)
Unrecognized net actuarial losses	39	32
Net amount recognized	(86)	(75)
Amounts recognized in the consolidated balance sheet
Accrued benefit liability	(125)	(107)
Accumulated other comprehensive loss, pre-tax	39	32
Net amount recognized	$ (86)	$ (75)

Retirement Plans (Details 1) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details 1) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Pension Plans [Member]
Components of net periodic pension cost
Service cost	$ 58	$ 49	$ 40
Interest cost	89	86	83
Expected return on plan assets	(109)	(86)	(59)
Amortization of unrecognized net actuarial losses	47	48	65
Settlement loss	0	8	17
Net periodic benefit cost	85	105	146
Postretirement Medical Plan [Member]
Components of net periodic pension cost
Service cost	6	5	3
Interest cost	5	4	4
Expected return on plan assets	0	0	0
Amortization of unrecognized net actuarial losses	2	1	0
Settlement loss	0	0	0
Net periodic benefit cost	$ 13	$ 10	$ 7

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

The amount of net gain (loss) recognized in net periodic benefit cost as a result of an irrevocable action that relieves the employer (or the plan) of primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include (a) making lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and (b) purchasing nonparticipating annuity contracts to cover vested benefits.

+ References

+ Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

+ Details

Retirement Plans (Details 2)	12 Months Ended
Retirement Plans (Details 2)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Funded and Unfunded Pension Plans [Member]
Weighted-average assumptions used to determine benefit obligations at December 31
Discount rate	4.30%	5.30%	5.80%
Rate of compensation increase	4.30%	4.40%	4.30%
Weighted-average assumptions used to determine net benefit cost for years ended December 31
Discount rate	5.30%	5.80%	6.30%
Expected return on plan assets	7.50%	7.50%	7.50%
Rate of compensation increase	4.40%	4.30%	4.40%
Assumptions used to determine benefit obligations at December 31
Discount rate	4.30%	5.30%	5.80%
Postretirement Medical Plan [Member]
Weighted-average assumptions used to determine benefit obligations at December 31
Discount rate	3.90%	4.80%	5.40%
Assumptions used to determine benefit obligations at December 31
Discount rate	3.90%	4.80%	5.40%
Initial health care trend rate	8.00%	8.00%	8.00%
Ultimate trend rate	5.00%	5.00%	4.50%
Year in which ultimate trend rate is reached	2018	2017	2013

Retirement Plans (Details 3) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	$ 1,493	$ 1,365
Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	522	527
Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	654	572
Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	317	266	$ 194
Cash and short-term investment funds [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	30	36
Cash and short-term investment funds [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	2	5
Cash and short-term investment funds [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	28	31
Cash and short-term investment funds [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
U.S. equities (domestic) [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	452	444
U.S. equities (domestic) [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	452	444
U.S. equities (domestic) [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
U.S. equities (domestic) [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
International equities (non-U.S.) [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	168	174
International equities (non-U.S.) [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	50	53
International equities (non-U.S.) [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	118	121
International equities (non-U.S.) [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Global equities (domestic and non-U.S) [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	160	158
Global equities (domestic and non-U.S) [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	11	18
Global equities (domestic and non-U.S) [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	149	140
Global equities (domestic and non-U.S) [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Treasury and government issued [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	150	101
Treasury and government issued [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Treasury and government issued [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	149	98
Treasury and government issued [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	1	3
Government related [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	14	17
Government related [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Government related [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	12	14
Government related [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	2	3
Mortgage-backed securities [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	87	61
Mortgage-backed securities [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Mortgage-backed securities [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	87	61
Mortgage-backed securities [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Corporate [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	97	94
Corporate [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Corporate [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	96	93
Corporate [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	1	1
Hedge Funds [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	211	187
Hedge Funds [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Hedge Funds [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Hedge Funds [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	211	187	143
Private Equity Funds [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	58	40
Private Equity Funds [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Private Equity Funds [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Private Equity Funds [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	58	40	29
Real Estate Funds [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	51	39
Real Estate Funds [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	7	7
Real Estate Funds [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Real Estate Funds [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	44	32	$ 14
Diversified commodities funds [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	15	14
Diversified commodities funds [Member] \| Level 1 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	0	0
Diversified commodities funds [Member] \| Level 2 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	15	14
Diversified commodities funds [Member] \| Level 3 [Member]
Fair value of the Plan's financial assets
Fair value of the Plan's financial assets	$ 0	$ 0

Retirement Plans (Details 4) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details 4) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	$ 1,365
Actual return on plan assets:
Balance at December 31	1,493	$ 1,365
Level 3 [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	266	194
Actual return on plan assets:
Related to assets held at the end of the year	6	8
Related to assets sold during the year	2	0
Purchases, sales or other settlements	43	66
Net transfers in (out) of Level 3	0	(2)
Balance at December 31	317	266
Fixed Income [Member] \| Level 3 [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	7	8
Actual return on plan assets:
Related to assets held at the end of the year	0	0
Related to assets sold during the year	0	0
Purchases, sales or other settlements	(3)	1
Net transfers in (out) of Level 3	0	(2)
Balance at December 31	4	7
Hedge Funds [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	187
Actual return on plan assets:
Balance at December 31	211	187
Hedge Funds [Member] \| Level 3 [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	187	143
Actual return on plan assets:
Related to assets held at the end of the year	(5)	6
Related to assets sold during the year	2	0
Purchases, sales or other settlements	27	38
Net transfers in (out) of Level 3	0	0
Balance at December 31	211	187
Private Equity Funds [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	40
Actual return on plan assets:
Balance at December 31	58	40
Private Equity Funds [Member] \| Level 3 [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	40	29
Actual return on plan assets:
Related to assets held at the end of the year	9	1
Related to assets sold during the year	0	0
Purchases, sales or other settlements	9	10
Net transfers in (out) of Level 3	0	0
Balance at December 31	58	40
Real Estate Funds [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	39
Actual return on plan assets:
Balance at December 31	51	39
Real Estate Funds [Member] \| Level 3 [Member]
Fair Value of Financial Assets based on Level 3 inputs held by institutional funds
Balance at January 1	32	14
Actual return on plan assets:
Related to assets held at the end of the year	2	1
Related to assets sold during the year	0	0
Purchases, sales or other settlements	10	17
Net transfers in (out) of Level 3	0	0
Balance at December 31	$ 44	$ 32

Retirement Plans (Details 5) $ in Millions	Dec. 31, 2011 USD ($)
Estimated future benefit payments for the funded and unfunded pension plans and the postretirement medical plan, which reflect expected future service, are as follows (in millions):
2012	$ 82
2013	95
2014	95
2015	102
2016	118
Years 2017 to 2021	$ 650

Retirement Plans (Details Textual) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2011 USD ($) yr $ / shares	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Additional Retirement Plans (Textual)
Age of qualified retirees minimum \| yr	55
Age of qualified retirees maximum \| yr	65
Value of assets under supplemental plan	$ 7	$ 21
After tax reduction to equity recorded in accumulated other comprehensive income (loss)	631	385
Estimated pension and postretirement medical expense for 2012	145
Estimated amortization of unrecognized net actuarial losses for 2012	$ 85
Current target allocations for plan assets to equity securities	50.00%
Current target allocations for plan assets to fixed income securities	25.00%
Current target allocations for plan assets to others	25.00%
Net asset value per fund share related to short term investment funds \| $ / shares	$ 1
Budgeted contributions to funded pension plans in 2012	$ 150
Expense related to contribution for several defined contribution plans	28	24	$ 24
Funded Pension Plans [Member]
Retirement Plans (Textual) [Abstract]
Accumulated benefit obligation for the defined benefit pension plan	1,703	1,355
Unfunded Pension Plan [Member]
Retirement Plans (Textual) [Abstract]
Accumulated benefit obligation for the defined benefit pension plan	$ 202	$ 176

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Provision (benefit) for income taxes consisted of
United States Federal income tax provision - Current	$ 202	$ 151	$ 39
United States Federal income tax provision - Deferred	(588)	(309)	(284)
Foreign income tax provision - Current	1,185	1,515	1,143
Foreign income tax provision - Deferred	(60)	(230)	(168)
Total Foreign Income Tax provision	1,125	1,285	975
Adjustment of deferred tax liability for foreign income tax rate change	29	0	0
Provision (benefit) for income taxes	785	1,173	715
Income (loss) before income taxes
Income (Loss) from Continuing Operations before Income Taxes, Domestic	211	(108)	(711)
Income (Loss) from Continuing Operations before Income Taxes, Foreign	2,250	3,419	2,233
Total income before income taxes	2,461	3,311	1,522
State [Member]
Provision (benefit) for income taxes consisted of
Provision (benefit) for income taxes	17	46	(15)
Federal and State [Member]
Provision (benefit) for income taxes consisted of
Provision (benefit) for income taxes	$ (369)	$ (112)	$ (260)

Income Taxes (Details 1) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Deferred tax liabilities
Property, plant and equipment	$ (3,742)	$ (4,026)
Other	(125)	(52)
Total deferred tax liabilities	(3,867)	(4,078)
Deferred tax assets
Net operating loss carryforwards	1,204	896
Tax credit carryforwards	396	244
Property, Plant and Equipment and investments	2,217	1,852
Investment in HOVENSA	331	0
Accrued compensation and other liabilities	508	391
Asset retirement obligations	438	369
Other	332	302
Total deferred tax assets	5,426	4,054
Valuation allowances	(1,071)	(444)
Total deferred tax assets, net	4,355	3,610
Net deferred tax assets (liabilities)	$ 488	$ (468)

Income Taxes (Details 2) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Deferred Tax Assets and Liabilities Net
Other current assets	$ 398	$ 386
Deferred income taxes (long-term asset)	2,941	2,167
Accrued liabilities	(8)	(26)
Deferred income taxes (long-term liability)	(2,843)	(2,995)
Net deferred tax assets (liabilities)	$ 488	$ (468)

- Definition

The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset.

+ References + Details

- Definition

The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference.

+ References + Details

- Definition

Represents the current portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A current taxable temporary difference is a difference between the tax basis and the carrying amount of a current asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference.

+ References + Details

- Definition

Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.

+ References + Details

Income Taxes (Details 3)	12 Months Ended
Income Taxes (Details 3)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Difference between the Corporation's effective income tax rate and the United States statutory rate
United States statutory rate	35.00%	35.00%	35.00%
Effect of foreign operations	(2.90%)	9.40%	15.20%
State income taxes, net of Federal income tax	0.40%	0.90%	(1.20%)
Gains on assets sales	(5.00%)	(10.40%)	0.00%
Effect of equity loss and operations related to HOVENSA	2.80%	3.10%	0.00%
Other	1.60%	(2.60%)	(2.00%)
Total	31.90%	35.40%	47.00%

Income Taxes (Details 4) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 4) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 400	$ 271
Additions based on tax positions taken in the current year	62	152
Additions based on tax positions of prior years	20	57
Reductions based on tax positions of prior years	(8)	(2)
Reductions due to settlements with taxing authorities	(59)	(77)
Reductions due to lapse of statutes of limitation	0	(1)
Balance at December 31	$ 415	$ 400

Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Additional Income Taxes (Textual)
Gross deferred assets before application of valuation allowance	$ 1,204
Income Taxes (Textual) [Abstract]
Alternative minimum tax credit carryforwards	140
other business credit carryforwards	1
Foreign tax credit carryforwards	255
Unrecognized tax benefits that would impact effective income tax rate	$ 331
Number of months impacting effective income tax rate if unrecognized tax benefits are recognized	12 months
The low end of the range of potential unrecognized tax benefits reasonably possible to be reduced by settlements or lapses of statutes of limitation	$ 30
The High end of the range of potential unrecognized tax benefits reasonably possible to be reduced by settlements or lapses of statutes of limitation	$ 40
Old supplementary tax rate on petroleum operations (in percentage)	20.00%
New supplementary tax rate on petroleum operations (in percentage)	32.00%
Undistributed earnings from foreign subsidiaries expected to be indefinitely reinvested in foreign operations	$ 5,200
Approximate amount of deferred tax liability that would be recognized if foreign operations earnings are not indefinitely reinvested	1,800
Income tax paid ( net of refunds)	1,384	$ 1,450	$ 1,177
Approximate accrued interest and penalties	$ 42	$ 16
Year in which foreign tax credit carryforwards begin to expire	2016
United States federal [Member]
Additional Income Taxes (Textual)
Gross deferred assets before application of valuation allowance	$ 90
Year in which operating losses begin to expire	2020
Foreign Jurisdictions [Member]
Additional Income Taxes (Textual)
Gross deferred assets before application of valuation allowance	$ 920
Year in which operating losses begin to expire	2020
Various States [Member]
Additional Income Taxes (Textual)
Gross deferred assets before application of valuation allowance	$ 194
Year in which operating losses begin to expire	2012

Outstanding and Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Changes in Corporation's outstanding common shares
Balance at January 1	337,681	327,229	326,133
Issued for an acquisition	0	8,602	0
Activity related to restricted common stock awards, net	579	770	680
Employee stock options	1,716	1,080	416
Balance at December 31	339,976	337,681	327,229

- Definition

Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited.

+ References + Details

Outstanding and Weighted Average Common Shares (Details 1) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Weighted Average number of shares outstanding - basic and diluted
Common shares - basic	336,901	325,999	323,890
Effect of dilutive securities
Stock options	1,617	829	836
Restricted common stock	1,380	1,449	1,239
Common shares - diluted	339,898	328,277	325,965

- Definition

Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of call options and warrants using the treasury stock method.

+ References + Details

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References + Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1448-109256

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Outstanding and Weighted Average Common Shares (Details Textual) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2009	Sep. 30, 2009	Jun. 30, 2009	Mar. 31, 2009	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Outstanding and Weighted Average Common Shares (Textual) [Abstract]
Out-of-the money options													3,490,000	5,157,000	4,050,000
Cash dividends on common stock	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.40	$ 0.40	$ 0.40

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Leased Assets (Details) - USD ($) $ in Millions	12 Months Ended
Leased Assets (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Future minimum rental payments
2012	$ 531
2013	672
2014	523
2015	199
2016	121
Remaining years	1,164
Total minimum lease payments	3,210
Less: income from subleases	47
Net minimum lease payments	3,163
Rental Expense
Total rental expense	348	$ 273	$ 266
Less: income from subleases	12	13	11
Net rental expense	$ 336	$ 260	$ 255

Risk Management and Trading Activities (Details) shares in Millions, $ in Millions	Dec. 31, 2011 USD ($) MMcf MMWh MMBbls shares	Dec. 31, 2010 USD ($) MMcf MMWh MMBbls shares
Gross volume of the Corporation's derivative contracts and instruments outstanding
Interest rate (millions of U.S. Dollars)	$ 895	$ 310
Gross Volume of Derivative Instruments Outstanding Relating to Trading Activities [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Foreign exchange (millions of U.S. Dollars)	581	506
Interest rate (millions of U.S. Dollars)	182	205
Gross Volume of the corporate risk management derivative instruments outstanding [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Foreign exchange (millions of U.S. Dollars)	900	1,025
Interest rate (millions of U.S. Dollars)	$ 895	$ 310
Crude oil and refined petroleum products (millions of barrels) [Member] \| Gross Volume of Derivative Instruments Outstanding Relating to Trading Activities [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMBbls	2,169	3,328
Crude oil and refined petroleum products (millions of barrels) [Member] \| Gross Volume of the Corporation's Energy Marketing Commodity Contracts Outstanding [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMBbls	28	30
Commodity, primarily crude oil (millions of barrels) [Member] \| Gross Volume of the corporate risk management derivative instruments outstanding [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMBbls	51	35
Natural Gas Millions of Mcf [Member] \| Gross Volume of Derivative Instruments Outstanding Relating to Trading Activities [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMcf	4,203	4,699
Natural Gas Millions of Mcf [Member] \| Gross Volume of the Corporation's Energy Marketing Commodity Contracts Outstanding [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMcf	2,616	2,210
Electricity Millions of Megawatt Hours [Member] \| Gross Volume of Derivative Instruments Outstanding Relating to Trading Activities [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMWh	304	79
Electricity Millions of Megawatt Hours [Member] \| Gross Volume of the Corporation's Energy Marketing Commodity Contracts Outstanding [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Absolute volume of derivative commodity contracts \| MMWh	244	301
Equity securities (millions of shares) [Member] \| Gross Volume of Derivative Instruments Outstanding Relating to Trading Activities [Member]
Gross volume of the Corporation's derivative contracts and instruments outstanding
Equity Securities (millions of shares) \| shares	16	35

Risk Management and Trading Activities (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	$ 16	$ 103	$ 236
Foreign Exchange Contract [Member]
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	0	5	23
Commodity Contract [Member]
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	44	88	196
Other Contracts [Member]
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	(28)	10	17
Corporate Risk Management [Member] \| Not Designated as Hedging Instrument [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	(14)	(14)	95
Corporate Risk Management [Member] \| Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	(15)	(7)	86
Corporate Risk Management [Member] \| Commodity Contract [Member] \| Not Designated as Hedging Instrument [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	$ 1	$ (7)	$ 9

Risk Management and Trading Activities (Details 2) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Assets
Collateral and counterparty netting	$ (306)	$ (507)
Total derivative contracts (Assets)	1,527	1,463
Other assets measured at fair value on a recurring basis	39	72
Total assets	1,566	1,535
Liabilities
Collateral and counterparty netting	302	328
Total derivative contracts (Liabilities)	(2,008)	(2,707)
Other liabilities measured at fair value on a recurring basis	(52)	0
Total liabilities	(2,060)	(2,707)
Level 1 [Member]
Assets
Collateral and counterparty netting	(33)	(1)
Total derivative contracts (Assets)	102	64
Other assets measured at fair value on a recurring basis	7	20
Total assets	109	84
Liabilities
Collateral and counterparty netting	33	1
Total derivative contracts (Liabilities)	(158)	(323)
Other liabilities measured at fair value on a recurring basis	0	0
Total liabilities	(158)	(323)
Level 2 [Member]
Assets
Collateral and counterparty netting	(148)	(274)
Total derivative contracts (Assets)	1,106	1,052
Other assets measured at fair value on a recurring basis	34	49
Total assets	1,140	1,101
Liabilities
Collateral and counterparty netting	148	274
Total derivative contracts (Liabilities)	(1,386)	(2,267)
Other liabilities measured at fair value on a recurring basis	(52)	0
Total liabilities	(1,438)	(2,267)
Level 3 [Member]
Assets
Collateral and counterparty netting	(4)	(19)
Total derivative contracts (Assets)	507	864
Other assets measured at fair value on a recurring basis	0	3
Total assets	507	867
Liabilities
Collateral and counterparty netting	4	19
Total derivative contracts (Liabilities)	(648)	(455)
Other liabilities measured at fair value on a recurring basis	(2)	0
Total liabilities	(650)	(455)
Collateral and counterparty netting elimination [Member]
Assets
Collateral and counterparty netting	(121)	(213)
Total derivative contracts (Assets)	(188)	(517)
Other assets measured at fair value on a recurring basis	(2)	0
Total assets	(190)	(517)
Liabilities
Collateral and counterparty netting	117	34
Total derivative contracts (Liabilities)	184	338
Other liabilities measured at fair value on a recurring basis	2	0
Total liabilities	186	338
Commodity Contract [Member]
Assets
Total derivative contracts (Assets)	1,767	1,952
Liabilities
Total derivative contracts (Liabilities)	(2,275)	(3,013)
Commodity Contract [Member] \| Level 1 [Member]
Assets
Total derivative contracts (Assets)	135	65
Liabilities
Total derivative contracts (Liabilities)	(191)	(324)
Commodity Contract [Member] \| Level 2 [Member]
Assets
Total derivative contracts (Assets)	1,188	1,308
Liabilities
Total derivative contracts (Liabilities)	(1,501)	(2,519)
Commodity Contract [Member] \| Level 3 [Member]
Assets
Total derivative contracts (Assets)	511	883
Liabilities
Total derivative contracts (Liabilities)	(650)	(474)
Commodity Contract [Member] \| Collateral and counterparty netting elimination [Member]
Assets
Total derivative contracts (Assets)	(67)	(304)
Liabilities
Total derivative contracts (Liabilities)	67	304
Foreign Exchange Contract [Member]
Assets
Total derivative contracts (Assets)		1
Liabilities
Total derivative contracts (Liabilities)	(15)	(12)
Foreign Exchange Contract [Member] \| Level 1 [Member]
Assets
Total derivative contracts (Assets)		0
Liabilities
Total derivative contracts (Liabilities)	0	0
Foreign Exchange Contract [Member] \| Level 2 [Member]
Assets
Total derivative contracts (Assets)		1
Liabilities
Total derivative contracts (Liabilities)	(15)	(12)
Foreign Exchange Contract [Member] \| Level 3 [Member]
Assets
Total derivative contracts (Assets)		0
Liabilities
Total derivative contracts (Liabilities)	0	0
Foreign Exchange Contract [Member] \| Collateral and counterparty netting elimination [Member]
Assets
Total derivative contracts (Assets)		0
Liabilities
Total derivative contracts (Liabilities)	0	0
Interest Rate and Other [Member]
Assets
Total derivative contracts (Assets)	66	17
Interest Rate and Other [Member] \| Level 1 [Member]
Assets
Total derivative contracts (Assets)	0	0
Interest Rate and Other [Member] \| Level 2 [Member]
Assets
Total derivative contracts (Assets)	66	17
Interest Rate and Other [Member] \| Level 3 [Member]
Assets
Total derivative contracts (Assets)	0	0
Interest Rate and Other [Member] \| Collateral and counterparty netting elimination [Member]
Assets
Total derivative contracts (Assets)	0	0
Other [Member]
Liabilities
Total derivative contracts (Liabilities)	(20)	(10)
Other [Member] \| Level 1 [Member]
Liabilities
Total derivative contracts (Liabilities)	0	0
Other [Member] \| Level 2 [Member]
Liabilities
Total derivative contracts (Liabilities)	(18)	(10)
Other [Member] \| Level 3 [Member]
Liabilities
Total derivative contracts (Liabilities)	(2)	0
Other [Member] \| Collateral and counterparty netting elimination [Member]
Liabilities
Total derivative contracts (Liabilities)	$ 0	$ 0

Risk Management and Trading Activities (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Changes in financial assets and liabilities at fair value based on level 3 inputs
Balance at beginning of period	$ 412	$ 84
Unrealized pre-tax gains (losses)
Included in earnings	(52)	169
Included in other comprehensive income	25	101
Purchases	2,294	1,141
Sales	(2,524)	(1,090)
Settlements	(115)	32
Transfers into Level 3	(114)	30
Transfers out of Level 3	(69)	(55)
Balance at end of period	$ (143)	$ 412

Risk Management and Trading Activities (Details 4) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Level 1 [Member]
Net transfers into and out of each level of the fair value hierarchy
Fair Value Measurements net transfers in	$ (17)	$ 14
Fair Value Measurements net transfers out	297	28
Fair Value Measurements net transfers into/out of	280	42
Level 2 [Member]
Net transfers into and out of each level of the fair value hierarchy
Fair Value Measurements net transfers in	0	312
Fair Value Measurements net transfers out	(97)	(329)
Fair Value Measurements net transfers into/out of	(97)	(17)
Level 3 [Member]
Net transfers into and out of each level of the fair value hierarchy
Fair Value Measurements net transfers in	(114)	30
Fair Value Measurements net transfers out	(69)	(55)
Fair Value Measurements net transfers into/out of	$ (183)	$ (25)

Risk Management and Trading Activities (Details 5) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010
Accounts Receivable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	$ 242	$ 235
Derivative contracts not designated as hedging instruments	9,368	11,619
Gross fair value of derivative contracts	9,610	11,854
Master netting arrangements	(7,962)	(10,178)
Cash collateral (received) posted	(121)	(213)
Net fair value of derivative contracts	1,527	1,463
Accounts Payable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	(219)	(485)
Derivative contracts not designated as hedging instruments	(9,868)	(12,434)
Gross fair value of derivative contracts	(10,087)	(12,919)
Master netting arrangements	7,962	10,178
Cash collateral (received) posted	117	34
Net fair value of derivative contracts	(2,008)	(2,707)
Commodity [Member] \| Accounts Receivable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	181	225
Derivative contracts not designated as hedging instruments	9,350	11,581
Commodity [Member] \| Accounts Payable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	(216)	(483)
Derivative contracts not designated as hedging instruments	(9,823)	(12,383)
Foreign Exchange [Member] \| Accounts Receivable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts not designated as hedging instruments	6	7
Foreign Exchange [Member] \| Accounts Payable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts not designated as hedging instruments	(21)	(19)
Other [Member] \| Accounts Receivable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	61	10
Derivative contracts not designated as hedging instruments	12	31
Other [Member] \| Accounts Payable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	(3)	(2)
Derivative contracts not designated as hedging instruments	$ (24)	$ (32)

Risk Management and Trading Activities (Details Textual)	12 Months Ended
	Dec. 31, 2011 USD ($) bbl	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Risk Management and Trading Activities (Textual) [Abstract]
Gain (loss) from hedge ineffectiveness reflected in earnings	$ (4,000,000)	$ 2,000,000	$ (2,000,000)
Voting interest in trading partnership	50.00%
The length of time over which the Corporation hedges exposure to variability in future cash flows (in number of years)	One year or less
Maximum duration for the outstanding hedging contracts (in number of years)	2 years
Hedge contracts associated with the termination of Brent crude oil cash flow hedges covering the period through 2012 (barrels per day) \| bbl	24,000
Total number of barrels per day hedged based on new Brent crude oil cash flow hedges \| bbl	90,000
Additional Brent crude oil hedges (barrels per day) \| bbl	30,000
Average price for hedges (per barrel)	107.70
Gross notional amount of interest rate swaps	$ 895,000,000	310,000,000
Percentage of Information disclosed for trading partnership	100.00%
Long-term debt-carrying value	$ 6,040,000,000	5,569,000,000
Long-term debt fair value	7,317,000,000	6,353,000,000
Cash received as collateral	121,000,000	213,000,000
Corporation posted cash to counterparties	117,000,000	34,000,000
Outstanding letters of credit	1,698,000,000
Net liability related to derivatives with contingent collateral provisions	962,000,000
Cash collateral posted for derivatives with contingent collateral provisions	3,000,000
Additional collateral	189,000,000
Increase (decrease) in the after-tax deferred losses in accumulated other comprehensive income related to the changes in the fair value of Corporation's Energy Marketing and Corporate Risk Management cash flow hedge positions	(2,000,000)	198,000,000	729,000,000
Increase (decrease) in the pre-tax deferred losses in accumulated other comprehensive income related to the changes in the fair value of Corporation's Energy Marketing and Corporate Risk Management cash flow hedge positions	(5,000,000)	324,000,000	1,148,000,000
Energy Marketing Activities [Member]
Risk Management and Trading Activities (Textual) [Abstract]
After-tax deferred gains/(losses) in Accumulated other comprehensive income	(64,000,000)	(147,000,000)
Reclassification of accumulated other comprehensive income/(losses) into earnings over the next twelve months	(44,000,000)
Corporation reclassified after-tax gains/(losses) from accumulated other comprehensive income to earnings	(105,000,000)	(318,000,000)	(596,000,000)
Reclassification of the pre-tax (gains) losses to cost of products sold from accumulated other comprehensive income	$ 172,000,000	527,000,000	955,000,000
Trading Activities [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Voting interest in trading partnership	50.00%
Integrated Oil Companies [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	29.00%
Government Entities [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	10.00%
Manufacturing [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	7.00%
Services [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	9.00%
Trading Companies [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	8.00%
Real Estate Funds [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	8.00%
Not designated as hedges [Member] \| Energy Marketing Activities [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Net realized and unrealized pre-tax gains (losses) on derivative contracts not designated as hedges	$ 65,000,000	247,000,000	102,000,000
New Brent Crude Hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Change in the carrying value of the hedged fixed rate debt - increase/(decrease)	45,000,000	8,000,000
Change in the fair value of interest rate swaps - increase/(decrease)	45,000,000	8,000,000
Corporate Risk Management [Member] \| Not designated as hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Net realized and unrealized pre-tax gains (losses) on derivative contracts not designated as hedges	(14,000,000)	(14,000,000)	95,000,000
Corporate Risk Management [Member] \| New Brent Crude Hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Gain (loss) from hedge ineffectiveness reflected in earnings	9,000,000
Corporate Risk Management [Member] \| Closed Brent Crude Hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Reclassification of accumulated other comprehensive income/(losses) into earnings over the next twelve months	(286,000,000)
Corporation reclassified after-tax gains/(losses) from accumulated other comprehensive income to earnings	(327,000,000)	(338,000,000)	(337,000,000)
Increase (decrease) of exploration and production sales and other operating revenue due to hedging activities	(517,000,000)	(533,000,000)	$ (533,000,000)
Corporate Risk Management [Member] \| Closed & New Brent Crude Hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
After-tax deferred gains/(losses) in Accumulated other comprehensive income	$ (286,000,000)	$ (638,000,000)

Guarantees and Contingencies (Details)	12 Months Ended
Guarantees and Contingencies (Details)	Dec. 31, 2011 USD ($) Cases	Dec. 31, 2009 USD ($)	Dec. 31, 2007 USD ($)
Guarantees and Contingencies (Textual) [Abstract]
Contingent liability associated with letters of credit	$ 67,000,000
Contingent purchase obligation expiring date	April, 2014
Estimated value of purchase obligation	$ 205,000,000
Total number of MTBE unresolved cases \| Cases	2
Pre-tax charge recorded to cover known MTBE cases			$ 40,000,000
Total penalty amount under the terms of the Consent Decree with EPA	$ 5,000,000
Total amount to spend to install equipment and implement additional operating procedures	$ 700,000,000
Total number of years the Corporation is required to spend to install equipment and implement additional operating procedures	10 years
Pre-tax gain on previously recorded royalties		$ 143,000,000
After-tax gain on previously recorded royalties		$ 89,000,000
HOVENSA [Member]
Additional Guarantees and Contingencies (Textual) [Abstract]
Total amount required to pay to fund an environmental project	$ 5,000,000
Virgin Islands [Member]
Additional Guarantees and Contingencies (Textual) [Abstract]
Total amount required to pay in order to monitor an environmental project	$ 500,000

Segment Information (Details) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Operating revenues
Operating revenues from unaffiliated customers	$ 38,466	$ 33,862	$ 29,614
Net income (loss) attributable to Hess Corporation	1,703	2,125	740
Income (loss) from equity investment in HOVENSA L.L.C.	(1,073)	(522)	(229)
Interest expense	383	361	360
Depreciation, depletion and amortization	2,406	2,317	2,200
Asset impairments	358	532	54
Provision (benefit) for income taxes	785	1,173	715
Investments in affiliates	384	443	913
Identifiable assets	39,136	35,396	29,465
Capital employed	24,649	22,392	17,995
Capital expenditures	7,006	5,492	2,918
Exploration and Production [Member]
Operating revenues
Total Operating revenues	10,646	9,119	7,259
Less: Transfers between affiliates	116	143	110
Operating revenues from unaffiliated customers	10,530	8,976	7,149
Net income (loss) attributable to Hess Corporation	2,675	2,736	1,042
Depreciation, depletion and amortization	2,305	2,222	2,113
Asset impairments	358	532	54
Provision (benefit) for income taxes	1,313	1,417	944
Investments in affiliates	97	57	57
Identifiable assets	32,323	28,242	21,810
Capital employed	22,699	19,803	14,163
Capital expenditures	6,888	5,394	2,800
Marketing and Refining [Member]
Operating revenues
Total Operating revenues	27,936	24,885	22,464
Less: Transfers between affiliates	1	0	0
Operating revenues from unaffiliated customers	27,935	24,885	22,464
Net income (loss) attributable to Hess Corporation	(584)	(231)	127
Income (loss) from equity investment in HOVENSA L.L.C.	(1,073)	(522)	(229)
Depreciation, depletion and amortization	88	82	79
Provision (benefit) for income taxes	(273)	4	24
Investments in affiliates	287	386	856
Identifiable assets	6,302	6,377	6,388
Capital employed	2,337	2,715	2,979
Capital expenditures	115	82	83
Corporate and Interest [Member]
Operating revenues
Total Operating revenues	1	1	1
Operating revenues from unaffiliated customers	1	1	1
Net income (loss) attributable to Hess Corporation	(388)	(380)	(429)
Interest expense	383	361	360
Depreciation, depletion and amortization	13	13	8
Provision (benefit) for income taxes	(255)	(248)	(253)
Identifiable assets	511	777	1,267
Capital employed	(387)	(126)	853
Capital expenditures	$ 3	$ 16	$ 35

Segment Information (Details 1) - USD ($) $ in Millions	12 Months Ended
Segment Information (Details 1) - USD ($) $ in Millions	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Financial information by major geographic area
Operating revenues from unaffiliated customers	$ 38,466	$ 33,862	$ 29,614
Property, plant and equipment - net	24,712	21,127	16,627
Segment Information (Textual) [Abstract]
Excise and Similar Taxes	2,350	2,200	2,100
United States [Member]
Financial information by major geographic area
Operating revenues from unaffiliated customers	31,813	28,066	24,611
Property, plant and equipment - net	11,490	8,343	5,792
Europe [Member]
Financial information by major geographic area
Operating revenues from unaffiliated customers	3,137	2,109	1,771
Property, plant and equipment - net	6,826	6,764	3,930
Africa [Member]
Financial information by major geographic area
Operating revenues from unaffiliated customers	1,782	2,271	1,898
Property, plant and equipment - net	2,355	2,573	3,617
Asia and Other [Member]
Financial information by major geographic area
Operating revenues from unaffiliated customers	1,734	1,416	1,334
Property, plant and equipment - net	4,041	3,447	3,288
Norway [Member]
Financial information by major geographic area
Property, plant and equipment - net	$ 5,031	$ 5,002	$ 2,049

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
HOVENSA [Member]
Related Party Transaction
Purchases of petroleum products	$ 3,806	$ 4,307	$ 3,659
Sales of petroleum products and crude oil	710	607	530
WilcoHess [Member]
Related Party Transaction
Sales of petroleum products and crude oil	$ 2,898	$ 2,113	$ 1,634

Related Party Transactions (Details 1) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Related Party Transactions (Textual) [Abstract]
The percentage of HOVENSA's production that will no longer be purchased by the Corporation following refinery closure in next fiscal year	50.00%
HOVENSA, net [Member]
Accounts receivable/(payable) with related parties
Accounts receivable/(payable) with related parties	$ (22)	$ (107)
WilcoHess [Member]
Accounts receivable/(payable) with related parties
Accounts receivable/(payable) with related parties	$ 127	$ 110

Subsequent Event (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Subsequent Event (Details) - USD ($) $ in Millions	Jan. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Significant Acquisitions and Disposals [Line Items]
Proceeds from asset sales		$ 490	$ 183	$ 0
Snohvit [Member]
Significant Acquisitions and Disposals [Line Items]
Corporation's proportionate interest in oil and gas assets	3.00%
Proceeds from asset sales	$ 135	$ 135

Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Losses on receivables [Member]
Movement in valuation allowances and reserves
Balance January 1	$ 58	$ 54	$ 46
Charged to Cost and Expenses	4	9	13
Charged to Other Accounts	1	1	0
Deductions from Reserves	8	6	5
Balance December 31	55	58	54
Deferred income tax valuation [Member]
Movement in valuation allowances and reserves
Balance January 1	444	500	266
Charged to Cost and Expenses	648	135	455
Charged to Other Accounts	0	0	0
Deductions from Reserves	21	191	221
Balance December 31	$ 1,071	$ 444	$ 500