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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012 shares
Document and Entity Information [Abstract]
Entity Registrant Name	HESS CORP
Entity Central Index Key	0000004447
Document Type	10-Q
Document Period End Date	Mar. 31, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding (actual number)	341,611,062

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 396	$ 351
Accounts receivable
Trade	4,743	4,761
Other	241	250
Inventories	1,411	1,423
Other current assets	1,421	1,554
Total current assets	8,212	8,339
INVESTMENTS IN AFFILIATES	415	384
PROPERTY, PLANT AND EQUIPMENT
Total - at cost	41,594	39,710
Less reserves for depreciation, depletion, amortization and lease impairment	15,542	14,998
Property, plant and equipment - net	26,052	24,712
GOODWILL	2,293	2,305
DEFERRED INCOME TAXES	3,231	2,941
OTHER ASSETS	444	455
TOTAL ASSETS	40,647	39,136
CURRENT LIABILITIES
Accounts payable	3,891	3,712
Accrued liabilities	3,084	3,524
Taxes payable	1,178	812
Short-term debt and current maturities of long-term debt	38	52
Total current liabilities	8,191	8,100
LONG-TERM DEBT	6,940	6,005
DEFERRED INCOME TAXES	2,908	2,843
ASSET RETIREMENT OBLIGATIONS	1,823	1,844
OTHER LIABILITIES AND DEFERRED CREDITS	1,628	1,752
Total liabilities	21,490	20,544
Hess Corporation Stockholders' Equity
Common stock, par value $1.00 Authorized - 600,000,000 shares Issued - 341,611,062 shares at March 31, 2012; 339,975,610 shares at December 31, 2011	342	340
Capital in excess of par value	3,441	3,417
Retained earnings	16,337	15,826
Accumulated other comprehensive income (loss)	(1,057)	(1,067)
Total Hess Corporation stockholders' equity	19,063	18,516
Noncontrolling interests	94	76
Total equity	19,157	18,592
TOTAL LIABILITIES AND EQUITY	$ 40,647	$ 39,136

Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2012	Dec. 31, 2011
Consolidated Balance Sheet [Abstract]
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	341,611,062	339,975,610

Statement of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
REVENUES AND NON-OPERATING INCOME
Sales (excluding excise taxes) and other operating revenues	$ 9,682	$ 10,215
Income (loss) from equity investment in HOVENSA L.L.C.	0	(48)
Gains on asset sales	36	343
Other, net	29	5
Total revenues and non-operating income	9,747	10,515
COSTS AND EXPENSES
Cost of products sold (excluding items shown separately below)	6,679	7,040
Production expenses	673	531
Marketing expenses	251	283
Exploration expenses, including dry holes and lease impairment	253	313
Other operating expenses	41	42
General and administrative expenses	167	164
Interest expense	104	99
Depreciation, depletion and amortization	681	558
Total costs and expenses	8,849	9,030
INCOME BEFORE INCOME TAXES	898	1,485
Provision (benefit) for income taxes	338	511
NET INCOME	560	974
Less: Net income (loss) attributable to noncontrolling interests	15	45
NET INCOME ATTRIBUTABLE TO HESS CORPORATION	$ 545	$ 929
NET INCOME PER SHARE ATTRIBUTABLE TO HESS CORPORATION
BASIC	$ 1.61	$ 2.77
DILUTED	$ 1.60	$ 2.74
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (DILUTED)	340,336	339,159
COMMON STOCK DIVIDENDS PER SHARE	$ 0.10	$ 0.10

Statement of Consolidated Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Statement of Consolidated Comprehensive Income [Abstract]

Net income

$ 560

$ 974

Deferred gains (losses) on cash flow hedges, after-tax:

Effect of hedge losses reclassified to income (a)

^[1]

101

Net change in fair value of cash flow hedges (b)

^[2]

(292)

(3)

Change in minimum post retirement plan liabilities, after-tax (c)

^[3]

Change in foreign currency translation adjustment and other

196

186

Total other comprehensive income

291

Comprehensive income

574

1,265

Less: Comprehensive income (loss) attributable to noncontrolling interests

COMPREHENSIVE INCOME ATTRIBUTABLE TO HESS CORPORATION

$ 555

$ 1,215

[1]	(a) Net of tax benefit (provision) of $(57) million, and $(60) million for the three months ended March 31, 2012 and 2011, respectively.
[2]	(b) Net of tax benefit (provision) of $187 million, and $2 million for the three months ended March 31, 2012 and 2011, respectively.
[3]	(c) Net of tax benefit (provision) of $(8) million, and $(4) million for the three months ended March 31, 2012 and 2011, respectively.

Statement of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Statement of Consolidated Comprehensive Income [Abstract]
Tax effect of hedge losses reclassified to income	$ (57)	$ (60)
Tax effect of net change in fair value of cash flow hedges	187	2
Tax effect of change in minimum post-retirement plan liabilities	$ (8)	$ (4)

Statement of Consolidated Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 560	$ 974
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization	681	558
Exploratory dry hole costs and lease impairment	145	208
Provision (benefit) for deferred income taxes	(134)	(5)
(Income) loss from equity investment in HOVENSA L.L.C.	0	48
Gains on asset sales	(36)	(343)
Stock compensation expense	17	20
Changes in operating assets and liabilities and other	(245)	(325)
Net cash provided by operating activities	988	1,135
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(1,878)	(1,082)
Proceeds from asset sales	132	359
Other, net	(26)	(11)
Net cash used in investing activities	(1,772)	(734)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings of debt with maturities of 90 days or less	581	0
Debt with maturities of greater than 90 days
Borrowings	390	4
Repayments	(82)	(35)
Cash dividends paid	(68)	(68)
Other, net	8	58
Net cash provided by (used in) financing activities	829	(41)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	45	360
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	351	1,608
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 396	$ 1,968

Statement of Consolidated Equity - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Hess Stockholder's Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2010	$ 16,809	$ 338	$ 3,256	$ 14,254	$ (1,159)	$ 16,689	$ 120
Net income	974			929		929	45
Other comprehensive income (loss) (a)	291				286	286	5
Comprehensive income	1,265					1,215	50
Activity related to restricted common stock awards, net	11	1	10			11
Employee stock options, including income tax benefits	66	1	65			66
Cash dividends declared	(34)			(34)		(34)
Noncontrolling interests, net				2		2	(2)
Ending Balance at Mar. 31, 2011	18,117	340	3,331	15,151	(873)	17,949	168
Beginning Balance at Dec. 31, 2011	18,592	340	3,417	15,826	(1,067)	18,516	76
Net income	560			545		545	15
Other comprehensive income (loss) (a)	14				10	10	4
Comprehensive income	574					555	19
Activity related to restricted common stock awards, net	9	2	7			9
Employee stock options, including income tax benefits	17		17			17
Cash dividends declared	(34)			(34)		(34)
Noncontrolling interests, net	(1)						(1)
Ending Balance at Mar. 31, 2012	$ 19,157	$ 342	$ 3,441	$ 16,337	$ (1,057)	$ 19,063	$ 94

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

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- Definition

This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label.

+ References

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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- Definition

Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.

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Basis of Presentation

3 Months Ended

Mar. 31, 2012

Basis of Presentation [Abstract]

Basis of Presentation

1. Basis of Presentation

The financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of Hess Corporation’s (the Corporation) consolidated financial position at March 31, 2012 and December 31, 2011 and the consolidated results of operations and cash flows for the three month periods ended March 31, 2012 and 2011. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year.

The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by U.S. generally accepted accounting principles (GAAP) have been condensed or omitted from these interim financial statements. These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes included in the Corporation’s Form 10-K for the year ended December 31, 2011. Certain information in the financial statements and notes has been reclassified to conform to the current period presentation.

Effective January 1, 2012, the Corporation adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, which requires comprehensive income to be presented either at the end of the income statement or as a separate statement immediately following the income statement. The Corporation elected to adopt the separate statement method.

Effective January 1, 2012, the Corporation adopted FASB ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. For the Corporation, this standard requires additional disclosures related to fair value measurements, which are included in Note 12, Risk Management and Trading Activities.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

Libyan Operations

3 Months Ended

Mar. 31, 2012

Libyan Operations [Abstract]

Libyan Operations

2. Libyan Operations

In response to civil unrest in Libya and the resulting imposition of sanctions, production at the Waha Field was suspended in the first quarter of 2011. During the fourth quarter of 2011, the sanctions were lifted and production restarted. The Corporation’s Libyan production averaged 18,000 barrels of oil per day (bopd) for the first quarter of 2012 and 14,000 bopd for the first quarter of 2011. In the first quarter of 2012, the Corporation was allocated its first crude oil lifting since the withdrawal of sanctions. The force majeure covering the Corporation’s offshore exploration interests was withdrawn in March 2012.

Dispositions

3 Months Ended

Mar. 31, 2012

Dispositions [Abstract]

Dispositions

3. Dispositions

In January 2012, the Corporation completed the sale of its interest in the Snohvit Field (Snohvit) (Hess 3%), offshore Norway, for cash proceeds of $132 million. The transaction resulted in a gain of $36 million, after deducting the net book value of assets including allocated goodwill of $14 million. Snohvit was producing at a net rate of approximately 3,000 barrels of oil equivalent per day (boepd) at the time of sale.

In February 2011, the Corporation completed the sale of its interests in certain natural gas producing assets 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.

Inventories

3 Months Ended

Mar. 31, 2012

Inventories [Abstract]

Inventories

4. Inventories

Inventories consisted of the following:

		September 30			September 30
	March 31, 2012			December 31, 2011
	(Millions of dollars)
Crude oil and other charge stocks	$	601		$	451
Refined petroleum products and natural gas		1,698			1,762
Less: LIFO adjustment		(1,402	)		(1,276	)

		897			937
Merchandise, materials and supplies		514			486

Total inventories	$	1,411		$	1,423

HOVENSA L.L.C. Joint Venture

3 Months Ended

Mar. 31, 2012

HOVENSA L.L.C. Joint Venture [Abstract]

HOVENSA L.L.C. Joint Venture

5. HOVENSA L.L.C. Joint Venture

In January 2012, HOVENSA L.L.C. (HOVENSA) announced a decision to shut down its refinery in St. Croix, U.S. Virgin Islands and started the transition to operating the complex as an oil storage terminal. As a result, the Corporation recorded an accrued liability of $487 million at December 31, 2011 for its share of future funding commitments for costs to shut down HOVENSA’s refinery. The Corporation and its partner fully funded their estimated commitments in the first quarter of 2012.

- 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.

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Property, Plant and Equipment

3 Months Ended

Mar. 31, 2012

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, Plant and Equipment

Assets Held for Sale: In February 2012, the Corporation reached an agreement to sell its interests in the Bittern Field (Hess 28%) in the United Kingdom North Sea. This transaction is subject to various regulatory and other approvals. The Corporation has classified the Bittern assets and another property as assets held for sale. At March 31, 2012, the carrying amount of these assets totaling $557 million, including allocated goodwill of $60 million, was reported in Other current assets. In addition, related asset retirement obligations and deferred income taxes totaling $431 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.

Capitalized Exploratory Well Costs: The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves for the three months ended March 31, 2012 (in millions):

		September 30
Balance at January 1	$	2,022
Additions to capitalized exploratory well costs pending the determination of proved reserves		97
Reclassifications to wells, facilities, and equipment based on the determination of proved reserves		(9	)
Capitalized exploratory well costs charged to expense		(58	)

Balance at end of period	$	2,052

Capitalized exploratory well costs charged to expense in the preceding table excludes $30 million of exploratory well costs which were incurred and subsequently expensed in 2012. Capitalized exploratory well costs greater than one year old after completion of drilling were $1,566 million at March 31, 2012. Approximately 41% of the capitalized well costs in excess of one year relates to the Pony discovery in the deepwater Gulf of Mexico. The Corporation has signed a non-binding agreement with the owners of the adjacent Knotty Head discovery 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 targeted for sanction in 2013. Approximately 34% relates to Block WA-390-P, offshore Western Australia, where further drilling and other appraisal and commercial activities are ongoing. Approximately 17% relates to Area 54, offshore Libya, where force majeure was lifted in March 2012 and the Corporation is in commercial negotiations. 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.

Long-term Debt

3 Months Ended

Mar. 31, 2012

Long-term Debt [Abstract]

Long-term Debt

7. Long-term Debt

At March 31, 2012, the Corporation classified $1,224 million of borrowings under short-term credit facilities and asset-backed credit facilities as long-term based on availability under its $4 billion syndicated revolving credit facility.

- 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

Foreign Currency

3 Months Ended

Mar. 31, 2012

Foreign Currency [Abstract]

Foreign Currency

8. Foreign Currency

Pre-tax foreign currency gains (losses) amounted to the following:

		September 30		September 30
	Three Months Ended March 31,
	2012		2011
	(Millions of dollars)
Pre-tax foreign currency gains (losses)	$	22	$	(1	)

- 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
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-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.

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+ Details

Retirement Plans

3 Months Ended

Mar. 31, 2012

Retirement Plans [Abstract]

Retirement Plans

9. Retirement Plans

Components of net periodic pension cost consisted of the following:

		September 30			September 30
	Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Service cost	$	18		$	14
Interest cost		22			22
Expected return on plan assets		(29	)		(27	)
Amortization of net loss		21			11

Pension expense	$	32		$	20

In 2012, the Corporation expects to contribute approximately $150 million to its funded pension plans. Through March 31, 2012, the Corporation contributed $50 million of this amount.

- 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
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-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.

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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Weighted Average Common Shares

3 Months Ended

Mar. 31, 2012

Weighted Average Common Shares [Abstract]

Weighted Average Common Shares

10. Weighted Average Common Shares

The weighted average number of common shares used in the basic and diluted earnings per share computations are as follows:

		000000000000		000000000000
	Three Months Ended March 31,
	2012		2011
	(In thousands)
Common shares - basic		337,981		335,818
Effect of dilutive securities
Stock options		1,322		1,778
Restricted common stock		1,033		1,563

Common shares - diluted		340,336		339,159

In March 2012, the Corporation changed the long-term incentive award program for its officers so that 50% of the shares awarded annually will be performance share units (PSU) and the remaining 50% will be in the form of restricted stock, with stock option awards being eliminated. The number of shares of common stock that will be issued under the PSU agreement is based on a comparison of the Corporation’s total shareholder return (TSR) to the TSR of a predetermined group of fifteen peer companies over a three-year performance period ending December 31, 2014. Payouts of the 2012 performance share awards will range from 0 to 200% of the target award based on the Corporation’s TSR ranking within the peer group. Dividend equivalents for the performance period will accrue on performance shares and will only be paid out on earned shares after the performance period.

The Corporation granted 1,509,752 shares of restricted stock and 415,773 PSUs during the three months ended March 31, 2012 and 702,955 shares of restricted stock and 2,111,295 stock options for the same period in 2011. The weighted average common shares used in the diluted earnings per share calculations excludes the effect of 6,641,000 out-of-the-money stock options for the three months ended March 31, 2012 (2,857,000 stock options for the same period in 2011).

Segment Information

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Segment Information

11. Segment Information

The Corporation’s results by operating segment were as follows:

		September 30			September 30
		Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Operating revenues
Exploration and Production	$	2,896		$	2,687
Marketing and Refining		6,800			7,563
Less: Transfers between affiliates		(14	)		(35	)

Total (*)	$	9,682		$	10,215


Net income (loss) attributable to Hess Corporation
Exploration and Production	$	635		$	979
Marketing and Refining		11			39
Corporate, including interest		(101	)		(89	)

Total	$	545		$	929

(*)	Operating revenues exclude excise and similar taxes of approximately $640 million and $560 million for the three months ended March 31, 2012 and 2011, respectively.

Identifiable assets by operating segment were as follows:

		000000000000		000000000000
	March 31, 2012		December 31, 2011
	(Millions of dollars)
Exploration and Production	$	33,672	$	32,323
Marketing and Refining		6,197		6,302
Corporate		778		511

Total	$	40,647	$	39,136

- 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
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-Name Statement of Financial Accounting Standard (FAS)
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-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.

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+ Details

Risk Management and Trading Activities

3 Months Ended

Mar. 31, 2012

Risk Management and Trading Activities [Abstract]

Risk Management and Trading Activities

12. 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 trading of new instruments or commodities. Risk limits are monitored and reported on a daily basis to business units and senior management. The Corporation’s risk management department also performs independent price verifications (IPV) of sources of fair values, validations of valuation models and analyzes changes in fair value measurements on a daily, monthly and/or quarterly basis. 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 foreign exchange rate and interest rate hedging programs using similar controls and processes, where applicable.

The Corporation’s risk management department, in performing the IPV procedures, utilizes independent sources and valuation models that are specific to the individual contracts and pricing locations to identify positions that require adjustments to better reflect the market. This review is performed quarterly and the results are presented to the chief risk officer and senior management. The IPV process considers the reliability of the pricing services through assessing the number of available quotes, the frequency at which data is available and, where appropriate, the comparability between pricing sources.

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:

		September 30		September 30
	March 31, 2012		December 31, 2011
Crude oil and refined petroleum products (millions of barrels)		26		28
Natural gas (millions of mcf)		2,587		2,616
Electricity (millions of megawatt hours)		345		244

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 and losses on derivative contracts not designated as hedges amounted to a gain of $55 million and a loss of $3 million for the three months ended March 31, 2012 and 2011, respectively.

At March 31, 2012, 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 March 31, 2012, 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 and then reclassifies amounts to Cost of products sold in the Statement of Consolidated Income as the hedged transactions are recognized in earnings. At March 31, 2012, the after-tax deferred losses relating to energy marketing activities recorded in Accumulated other comprehensive income (loss) were $62 million ($64 million at December 31, 2011). The Corporation estimates that after-tax losses of approximately $42 million will be reclassified into earnings over the next twelve months. The amounts of ineffectiveness recognized immediately in Cost of products sold were losses of approximately $1 million and $4 million for the three months ended March 31, 2012 and 2011, respectively. 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 Activities: 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 the Corporate risk management derivative contracts outstanding:

		September 30		September 30
	March 31, 2012		December 31, 2011
Commodity, primarily crude oil (millions of barrels)		47		51
Foreign exchange (millions of U.S. Dollars)	$	1,022	$	900
Interest rate swaps (millions of U.S. Dollars)	$	895	$	895

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. For 2012, the Corporation has entered into Brent crude oil hedges using fixed-price swap contracts to hedge the variability of forecasted future cash flows from 120,000 barrels per day of crude oil sales volumes for the full year. The average price for these hedges is $107.70 per barrel.

Realized losses from Exploration and Production hedging activities reduced Sales and other operating revenues by $244 million and $128 million for the three months ended March 31, 2012 and 2011, respectively ($151 million and $81 million after-taxes, respectively). At March 31, 2012, the after-tax deferred losses in Accumulated other comprehensive income (loss) related to Brent crude oil hedges were $483 million ($286 million at December 31, 2011), which will be reclassified into earnings during the remainder of 2012 as the hedged crude oil sales are recognized. The amount of ineffectiveness from Brent crude oil hedges that was recognized immediately in Sales and other operating revenues was a loss of $11 million and zero for the three months ended March 31, 2012 and 2011, respectively.

At March 31, 2012 and December 31, 2011, the Corporation had interest rate swaps with gross notional amounts of $895 million, 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 three months ended March 31, 2012 and 2011, the Corporation recorded a decrease of $3 million and $2 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.

Gains or losses on foreign exchange contracts that are not designated as hedges 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:

		September 30		September 30
	Three Months Ended March 31,
	2012		2011
	(Millions of dollars)
Commodity	$	—	$	1
Foreign exchange		26		19

Total	$	26	$	20

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:

		September 30		September 30
	March 31, 2012		December 31, 2011
Commodity
Crude oil and refined petroleum products (millions of barrels)		2,220		2,169
Natural gas (millions of mcf)		4,531		4,203
Electricity (millions of megawatt hours)		227		304
Foreign exchange (millions of U.S. Dollars)	$	859	$	581
Other
Interest rate (millions of U.S. Dollars)	$	161	$	182
Equity securities (millions of shares)		12		16

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:

		September 30		September 30
	Three Months Ended March 31,
	2012		2011
	(Millions of dollars)
Commodity	$	33	$	122
Foreign exchange		—		(5	)
Other		1		13

Total	$	34	$	130

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

		September 30			September 30
	Accounts Receivable			Accounts Payable
	(Millions of dollars)
March 31, 2012
Derivative contracts designated as hedging instruments
Commodity	$	70		$	(560	)
Other		52			(2	)

Total derivative contracts designated as hedging instruments		122			(562	)


Derivative contracts not designated as hedging instruments (*)
Commodity		11,403			(11,530	)
Foreign exchange		18			(7	)
Other		21			(13	)

Total derivative contracts not designated as hedging instruments		11,442			(11,550	)


Gross fair value of derivative contracts		11,564			(12,112	)
Master netting arrangements		(9,414	)		9,414
Cash collateral (received) posted		(201	)		95

Net fair value of derivative contracts	$	1,949		$	(2,603	)


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	)

(*)

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’s policy is to record the fair value of derivative assets and liabilities on a net basis.

The Corporation determines fair value in accordance with the fair value measurements accounting standard (Accounting Standards Codification 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). Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2.

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 or interpolation, 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:

		September 30			September 30			September 30			September 30			September 30
	Level 1			Level 2			Level 3			Collateral and counterparty netting			Balance
	(Millions of dollars)
March 31, 2012
Assets
Derivative contracts
Commodity	$	460		$	1,333		$	583		$	(148	)	$	2,228
Foreign exchange		—			12			—			—			12
Interest rate and other		2			59			5			(1	)		65
Collateral and counterparty netting		(21	)		(103	)		(31	)		(201	)		(356	)

Total derivative contracts		441			1,301			557			(350	)		1,949
Other assets measured at fair value on a recurring basis		2			17			—			—			19

Total assets measured at fair value on a recurring basis	$	443		$	1,318		$	557		$	(350	)	$	1,968


Liabilities
Derivative contracts
Commodity	$	(59	)	$	(2,082	)	$	(852	)	$	148		$	(2,845	)
Foreign exchange		—			(1	)		—			—			(1	)
Interest rate and other		—			(4	)		(4	)		1			(7	)
Collateral and counterparty netting		21			103			31			95			250

Total derivative contracts		(38	)		(1,984	)		(825	)		244			(2,603	)
Other liabilities measured at fair value on a recurring basis		(2	)		(23	)		—			—			(25	)

Total liabilities measured at fair value on a recurring basis	$	(40	)	$	(2,007	)	$	(825	)	$	244		$	(2,628	)

Other fair value measurement disclosures
Long-term debt	$	—		$	(8,144	)	$	—		$	—		$	(8,144	)

		September 30			September 30			September 30			September 30			September 30
	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 measured at fair value on a recurring basis	$	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 measured at fair value on a recurring basis	$	(158	)	$	(1,438	)	$	(650	)	$	186		$	(2,060	)

Other fair value measurement disclosures
Long-term debt	$	—		$	(7,317	)	$	—		$	—		$	(7,317	)

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

		September 30			September 30
	Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Balance at beginning of period	$	(143	)	$	412
Unrealized pre-tax gains (losses)
Included in earnings (a)		(123	)		312
Included in other comprehensive income (b)		—			10
Purchases (c)		220			815
Sales (c)		(234	)		(819	)
Settlements (d)		37			20
Transfers into Level 3		27			83
Transfers out of Level 3		(52	)		(46	)

Balance at end of period	$	(268	)	$	787

(a)

The unrealized pre-tax gains (losses) included in earnings for the three months ended March 31, 2012 are comprised of $(153) million of losses reflected in Sales and other operating revenues and $30 million of gains reflected in Cost of products sold in the Statement of Consolidated Income.

(b)

The unrealized pre-tax gains (losses) included in Other comprehensive income are reflected in the net change in fair value of cash flow hedges in the Statement of Consolidated Comprehensive Income.

(c)

Purchases and sales primarily represent option premiums paid or received, respectively, during the reporting period.

(d)

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:

		September 30			September 30
	Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Transfers into Level 1	$	4		$	(26	)
Transfers out of Level 1		(9	)		214

	$	(5	)	$	188


Transfers into Level 2	$	49		$	8
Transfers out of Level 2		(19	)		(233	)

	$	30		$	(225	)


Transfers into Level 3	$	27		$	83
Transfers out of Level 3		(52	)		(46	)

	$	(25	)	$	37

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.

The significant unobservable inputs used in Level 3 fair value measurements for the Corporation’s physical commodity contracts and derivative instruments primarily include less liquid delivered locations for physical commodity contracts or volatility assumptions for out-of-the-money options. The following table provides information about the Corporation’s significant recurring unobservable inputs used in the Level 3 fair value measurements. Natural gas contracts are usually quoted and transacted using basis pricing relative to an active pricing location (e.g., Henry Hub), for which price inputs represent the approximate value of differences in geography and local market conditions. All other price inputs below represent full contract prices. Significant changes in any of the inputs below, independently or correlated, may result in a different fair value.

	September 30	September 30
	Unit of Measurement	Range / Weighted Average
March 31, 2012
Assets
Commodity contracts with a fair value of $583 million Contract prices
Crude oil and refined petroleum products	$ / bbl	$ 83.15 - 146.51 / 103.95
Electricity	$ / MWH	$ 16.85 - 94.01 / 39.98

Basis prices
Natural gas	$ / MMBTU	$ (1.20) - 3.85 / 0.48

Contract volatilities
Crude oil and refined petroleum products	%	20.00 - 28.00 / 26.00
Natural gas	%	17.00 - 48.00 / 33.00
Electricity	%	6.00 - 64.00 / 32.00


Liabilities
Commodity contracts with a fair value of $852 million Contract prices
Crude oil and refined petroleum products	$ / bbl	$ 87.34 - 146.64 / 108.69
Electricity	$ / MWH	$ 17.60 - 94.01 / 40.68

Basis prices
Natural gas	$ MMBTU	$ (1.20) - 3.85 / 0.87

Contract volatilities
Crude oil and refined petroleum products	%	21.00 - 28.00 / 26.00
Natural gas	%	17.00 - 48.00 / 38.00

Note:

Fair value measurement for all recurring inputs was performed using an income approach technique.

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 March 31, 2012 are concentrated with the following counterparty and customer industry segments: Integrated Oil Companies – 15%, Government Entities – 13%, Services – 11%, Real Estate – 10%, Trading Companies – 9% and Manufacturing – 8%. 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 March 31, 2012 and December 31, 2011, the Corporation held cash from counterparties of $201 million and $121 million, respectively. The Corporation posted cash to counterparties at March 31, 2012 and December 31, 2011 of $95 million and $117 million, respectively.

At March 31, 2012, the Corporation had outstanding letters of credit totaling $2.1 billion, 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 March 31, 2012, the net liability related to derivatives with contingent collateral provisions was approximately $1.5 billion before cash collateral posted of $3 million. At March 31, 2012, 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 March 31, 2012, the Corporation would be required to post additional collateral of approximately $320 million.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2012
Basis of Presentation [Abstract]
Fair Value Measurements	Effective January 1, 2012, the Corporation adopted FASB ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. For the Corporation, this standard requires additional disclosures related to fair value measurements, which are included in Note 12, Risk Management and Trading Activities.
Comprehensive Income	Effective January 1, 2012, the Corporation adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income, which requires comprehensive income to be presented either at the end of the income statement or as a separate statement immediately following the income statement. The Corporation elected to adopt the separate statement method.

Inventories (Tables)

3 Months Ended

Mar. 31, 2012

Inventories [Abstract]

Inventories

		September 30			September 30
	March 31, 2012			December 31, 2011
	(Millions of dollars)
Crude oil and other charge stocks	$	601		$	451
Refined petroleum products and natural gas		1,698			1,762
Less: LIFO adjustment		(1,402	)		(1,276	)

		897			937
Merchandise, materials and supplies		514			486

Total inventories	$	1,411		$	1,423

Property Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2012

Property, Plant and Equipment [Abstract]

Net changes in capitalized exploratory well costs

		September 30
Balance at January 1	$	2,022
Additions to capitalized exploratory well costs pending the determination of proved reserves		97
Reclassifications to wells, facilities, and equipment based on the determination of proved reserves		(9	)
Capitalized exploratory well costs charged to expense		(58	)

Balance at end of period	$	2,052

- 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

Foreign Currency (Tables)

3 Months Ended

Mar. 31, 2012

Foreign Currency [Abstract]

Pre-tax foreign currency gains (losses)

		September 30		September 30
	Three Months Ended March 31,
	2012		2011
	(Millions of dollars)
Pre-tax foreign currency gains (losses)	$	22	$	(1	)

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2012

Retirement Plans [Abstract]

Components of net periodic pension cost

		September 30			September 30
	Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Service cost	$	18		$	14
Interest cost		22			22
Expected return on plan assets		(29	)		(27	)
Amortization of net loss		21			11

Pension expense	$	32		$	20

- 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

Weighted Average Common Shares (Tables)

3 Months Ended

Mar. 31, 2012

Weighted Average Common Shares [Abstract]

Weighted average number of common shares outstanding - basic and diluted

		000000000000		000000000000
	Three Months Ended March 31,
	2012		2011
	(In thousands)
Common shares - basic		337,981		335,818
Effect of dilutive securities
Stock options		1,322		1,778
Restricted common stock		1,033		1,563

Common shares - diluted		340,336		339,159

Segment Information (Tables)

3 Months Ended

Mar. 31, 2012

Segment Information [Abstract]

Operating revenues by operating segment

		September 30			September 30
		Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Operating revenues
Exploration and Production	$	2,896		$	2,687
Marketing and Refining		6,800			7,563
Less: Transfers between affiliates		(14	)		(35	)

Total (*)	$	9,682		$	10,215

(*)	Operating revenues exclude excise and similar taxes of approximately $640 million and $560 million for the three months ended March 31, 2012 and 2011, respectively.

Net income (loss) attributable to Hess Corporation by operating segment

Net income (loss) attributable to Hess Corporation
Exploration and Production	$	635		$	979
Marketing and Refining		11			39
Corporate, including interest		(101	)		(89	)

Total	$	545		$	929

Identifiable assets by operating segment

		000000000000		000000000000
	March 31, 2012		December 31, 2011
	(Millions of dollars)
Exploration and Production	$	33,672	$	32,323
Marketing and Refining		6,197		6,302
Corporate		778		511

Total	$	40,647	$	39,136

Risk Management and Trading Activities (Tables)

3 Months Ended

Mar. 31, 2012

Derivative [Line Items]

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

		September 30		September 30
	Three Months Ended March 31,
	2012		2011
	(Millions of dollars)
Commodity	$	—	$	1
Foreign exchange		26		19

Total	$	26	$	20

Pre-tax gains (losses) from trading activities

		September 30		September 30
	Three Months Ended March 31,
	2012		2011
	(Millions of dollars)
Commodity	$	33	$	122
Foreign exchange		—		(5	)
Other		1		13

Total	$	34	$	130

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

		September 30			September 30			September 30			September 30			September 30
	Level 1			Level 2			Level 3			Collateral and counterparty netting			Balance
	(Millions of dollars)
March 31, 2012
Assets
Derivative contracts
Commodity	$	460		$	1,333		$	583		$	(148	)	$	2,228
Foreign exchange		—			12			—			—			12
Interest rate and other		2			59			5			(1	)		65
Collateral and counterparty netting		(21	)		(103	)		(31	)		(201	)		(356	)

Total derivative contracts		441			1,301			557			(350	)		1,949
Other assets measured at fair value on a recurring basis		2			17			—			—			19

Total assets measured at fair value on a recurring basis	$	443		$	1,318		$	557		$	(350	)	$	1,968


Liabilities
Derivative contracts
Commodity	$	(59	)	$	(2,082	)	$	(852	)	$	148		$	(2,845	)
Foreign exchange		—			(1	)		—			—			(1	)
Interest rate and other		—			(4	)		(4	)		1			(7	)
Collateral and counterparty netting		21			103			31			95			250

Total derivative contracts		(38	)		(1,984	)		(825	)		244			(2,603	)
Other liabilities measured at fair value on a recurring basis		(2	)		(23	)		—			—			(25	)

Total liabilities measured at fair value on a recurring basis	$	(40	)	$	(2,007	)	$	(825	)	$	244		$	(2,628	)

Other fair value measurement disclosures
Long-term debt	$	—		$	(8,144	)	$	—		$	—		$	(8,144	)

		September 30			September 30			September 30			September 30			September 30
	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 measured at fair value on a recurring basis	$	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 measured at fair value on a recurring basis	$	(158	)	$	(1,438	)	$	(650	)	$	186		$	(2,060	)

Other fair value measurement disclosures
Long-term debt	$	—		$	(7,317	)	$	—		$	—		$	(7,317	)

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

		September 30			September 30
	Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Balance at beginning of period	$	(143	)	$	412
Unrealized pre-tax gains (losses)
Included in earnings (a)		(123	)		312
Included in other comprehensive income (b)		—			10
Purchases (c)		220			815
Sales (c)		(234	)		(819	)
Settlements (d)		37			20
Transfers into Level 3		27			83
Transfers out of Level 3		(52	)		(46	)

Balance at end of period	$	(268	)	$	787

(a)

(b)

The unrealized pre-tax gains (losses) included in Other comprehensive income are reflected in the net change in fair value of cash flow hedges in the Statement of Consolidated Comprehensive Income.

(c)

Purchases and sales primarily represent option premiums paid or received, respectively, during the reporting period.

(d)

Settlements represent realized gains and (losses) on derivatives settled during the reporting period.

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

		September 30			September 30
	Three Months Ended March 31,
	2012			2011
	(Millions of dollars)
Transfers into Level 1	$	4		$	(26	)
Transfers out of Level 1		(9	)		214

	$	(5	)	$	188


Transfers into Level 2	$	49		$	8
Transfers out of Level 2		(19	)		(233	)

	$	30		$	(225	)


Transfers into Level 3	$	27		$	83
Transfers out of Level 3		(52	)		(46	)

	$	(25	)	$	37

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

		September 30			September 30
	Accounts Receivable			Accounts Payable
	(Millions of dollars)
March 31, 2012
Derivative contracts designated as hedging instruments
Commodity	$	70		$	(560	)
Other		52			(2	)

Total derivative contracts designated as hedging instruments		122			(562	)


Derivative contracts not designated as hedging instruments (*)
Commodity		11,403			(11,530	)
Foreign exchange		18			(7	)
Other		21			(13	)

Total derivative contracts not designated as hedging instruments		11,442			(11,550	)


Gross fair value of derivative contracts		11,564			(12,112	)
Master netting arrangements		(9,414	)		9,414
Cash collateral (received) posted		(201	)		95

Net fair value of derivative contracts	$	1,949		$	(2,603	)


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	)

(*)

Includes trading derivatives and derivatives used for risk management.

The Corporation's unobservable inputs used in fair value measurements

	September 30	September 30
	Unit of Measurement	Range / Weighted Average
March 31, 2012
Assets
Commodity contracts with a fair value of $583 million Contract prices
Crude oil and refined petroleum products	$ / bbl	$ 83.15 - 146.51 / 103.95
Electricity	$ / MWH	$ 16.85 - 94.01 / 39.98

Basis prices
Natural gas	$ / MMBTU	$ (1.20) - 3.85 / 0.48

Contract volatilities
Crude oil and refined petroleum products	%	20.00 - 28.00 / 26.00
Natural gas	%	17.00 - 48.00 / 33.00
Electricity	%	6.00 - 64.00 / 32.00


Liabilities
Commodity contracts with a fair value of $852 million Contract prices
Crude oil and refined petroleum products	$ / bbl	$ 87.34 - 146.64 / 108.69
Electricity	$ / MWH	$ 17.60 - 94.01 / 40.68

Basis prices
Natural gas	$ MMBTU	$ (1.20) - 3.85 / 0.87

Contract volatilities
Crude oil and refined petroleum products	%	21.00 - 28.00 / 26.00
Natural gas	%	17.00 - 48.00 / 38.00

Note:

Fair value measurement for all recurring inputs was performed using an income approach technique.

Energy Marketing [Member]

Derivative [Line Items]

Gross volume of the Corporation's derivative instruments outstanding

		September 30		September 30
	March 31, 2012		December 31, 2011
Crude oil and refined petroleum products (millions of barrels)		26		28
Natural gas (millions of mcf)		2,587		2,616
Electricity (millions of megawatt hours)		345		244

Trading [Member]

Derivative [Line Items]

Gross volume of the Corporation's derivative instruments outstanding

		September 30		September 30
	March 31, 2012		December 31, 2011
Commodity
Crude oil and refined petroleum products (millions of barrels)		2,220		2,169
Natural gas (millions of mcf)		4,531		4,203
Electricity (millions of megawatt hours)		227		304
Foreign exchange (millions of U.S. Dollars)	$	859	$	581
Other
Interest rate (millions of U.S. Dollars)	$	161	$	182
Equity securities (millions of shares)		12		16

Corporate Risk Management [Member]

Derivative [Line Items]

Gross volume of the Corporation's derivative instruments outstanding

		September 30		September 30
	March 31, 2012		December 31, 2011
Commodity, primarily crude oil (millions of barrels)		47		51
Foreign exchange (millions of U.S. Dollars)	$	1,022	$	900
Interest rate swaps (millions of U.S. Dollars)	$	895	$	895

Libyan Operations (Details Textual) - boepd	3 Months Ended
Libyan Operations (Details Textual) - boepd	Mar. 31, 2012	Mar. 31, 2011
Libyan Operations [Member]
Libyan Operations (Textual) [Abstract]
The average production in Libya (in boepd)	18,000	14,000

Dispositions (Details Textual) $ in Millions	1 Months Ended	3 Months Ended
Dispositions (Details Textual) $ in Millions	Jan. 31, 2012	Mar. 31, 2012 USD ($) boepd	Mar. 31, 2011 USD ($) boepd
Additional Acquisitions and Divestitures (Textual) [Abstract]
Proceeds from asset sales		$ 132	$ 359
United Kingdom North Sea [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Proceeds from asset sales			359
Gain on asset sale - before tax			343
Gain on asset sale - after tax			$ 310
Productive capacity of disposed assets (in boepd) \| boepd			15,000
Snohvit [Member]
Additional Acquisitions and Divestitures (Textual) [Abstract]
Corporation's proportionate interest in oil and gas assets (in percentage)	3.00%
Proceeds from asset sales		132
Goodwill		$ 14
Combined net production rate of disposed assets (in boepd) \| boepd		3,000
Gain on asset sale - after tax		$ 36

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Inventories
Crude oil and other charge stocks	$ 601	$ 451
Refined petroleum products and natural gas	1,698	1,762
Less: LIFO adjustment	(1,402)	(1,276)
Total net crude oil, natural gas and refined petroleum product inventories	897	937
Merchandise, materials and supplies	514	486
Total inventories	$ 1,411	$ 1,423

HOVENSA L.L.C. Joint Venture (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2012 USD ($)
HOVENSA L.L.C. Joint Venture (Textual) [Abstract]
The corporation's future funding commitments for costs related to refinery shutdown recorded in current liabilities on the consolidated balance sheet	$ 487

Property, Plant and Equipment (Details) $ in Millions	3 Months Ended
Property, Plant and Equipment (Details) $ in Millions	Mar. 31, 2012 USD ($)
Net changes in capitalized exploratory well costs
Balance at January 1	$ 2,022
Additions to capitalized exploratory well costs pending the determination of proved reserves	97
Reclassification to wells, facilities, and equipment based on the determination of proved reserves	(9)
Capitalized exploratory well cost charge to expense	(58)
Balance at end of period	$ 2,052

Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Dec. 31, 2011
Capitalized Exploratory (Additional Textual) [Abstract]
Goodwill	$ 2,293	$ 2,305
Property Plant and Equipment (Textual) [Abstract]
Exploratory well costs which were incurred and subsequently expensed	30
Capitalized exploratory well costs greater than one year old after completion of drilling	$ 1,566
Capitalized well costs attributable to Pony Project	41.00%
Capitalized well costs attributable to Block WA-390-P offshore Western Australia	34.00%
Capitalized well costs attributable to Area 54 offshore Libya	17.00%
Bittern Field [Member]
Capitalized Exploratory (Additional Textual) [Abstract]
Corporation's proportionate interest in oil and gas assets (in percentage)	28.00%
Carrying amount of properties classified as held for sale reported in other current assets	$ 557
Goodwill	60
Asset retirement obligations and deferred income taxes reported in accrued liabilities	$ 431

Long-term Debt (Details Textual) $ in Millions	3 Months Ended
Long-term Debt (Details Textual) $ in Millions	Mar. 31, 2012 USD ($)
Long term Debt (Textual) [Abstract]
Borrowings under the syndicated revolving credit facility	$ 4,000
Facilities classified as long-term debt	$ 1,224

Foreign Currency (Details) - USD ($) $ in Millions	3 Months Ended
Foreign Currency (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011
Pre-tax foreign currency gains (losses)
Pre-tax foreign currency gains (losses)	$ 22	$ (1)

- 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) - Pension Plans [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Components of net periodic pension cost
Service cost	$ 18	$ 14
Interest cost	22	22
Expected return on plan assets	(29)	(27)
Amortization net loss	21	11
Pension expense	$ 32	$ 20

- 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 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 Textual) $ in Millions	3 Months Ended
Retirement Plans (Details Textual) $ in Millions	Mar. 31, 2012 USD ($)
Retirement Plans (Textual) [Abstract]
Corporation expects to contribute to its pension plans 2012	$ 150
Corporation contributed to its pension plans	$ 50

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Weighted Average number of shares outstanding - basic and diluted
Common shares - basic	337,981	335,818
Effect of dilutive securities
Stock options	1,322	1,778
Restricted common stock	1,033	1,563
Common shares - diluted	340,336	339,159

- 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

Weighted Average Common Shares (Details Textual)	3 Months Ended
Weighted Average Common Shares (Details Textual)	Mar. 31, 2012 Company shares	Mar. 31, 2011 shares
Weighted Average Common Shares (Textual) [Abstract]
Restricted stock awarded to officers	50.00%
PSU shares awarded annually to officers	50.00%
Stock options issued		2,111,295
Performance shares issued	415,773
Restricted stock issued	1,509,752	702,955
Out-of-the money options	6,641,000	2,857,000
Number of predetermined peer companies \| Company	15
Performance of predetermined peer companies	3 years
Minimum PSU award payout	0.00%
Maximum PSU award payout	200.00%

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
Segment Information (Details) - USD ($) $ in Millions	Mar. 31, 2012	Mar. 31, 2011	Dec. 31, 2011
Operating revenues
Total Operating revenues	$ 9,682	$ 10,215
Less: Transfers between affiliates	(14)	(35)
Net income (loss) attributable to Hess Corporation
Net income (loss) attributable to Hess Corporation	545	929
Identifiable assets by operating segment
Assets	40,647		$ 39,136
Segment Information (Textual) [Abstract]
Excise and Similar Taxes	640	560
Exploration and Production [Member]
Operating revenues
Total Operating revenues	2,896	2,687
Net income (loss) attributable to Hess Corporation
Net income (loss) attributable to Hess Corporation	635	979
Identifiable assets by operating segment
Assets	33,672		32,323
Marketing and Refining [Member]
Operating revenues
Total Operating revenues	6,800	7,563
Net income (loss) attributable to Hess Corporation
Net income (loss) attributable to Hess Corporation	11	39
Identifiable assets by operating segment
Assets	6,197		6,302
Corporate, including Interest [Member]
Net income (loss) attributable to Hess Corporation
Net income (loss) attributable to Hess Corporation	(101)	$ (89)
Corporate [Member]
Identifiable assets by operating segment
Assets	$ 778		$ 511

Risk Management and Trading Activities (Details) shares in Millions, $ in Millions	Mar. 31, 2012 USD ($) MMcf MMWh MMBbls shares	Dec. 31, 2011 USD ($) MMcf MMWh MMBbls shares
Gross volume of the Corporation's derivative contracts and instruments outstanding
Interest rate swaps (millions of U.S. Dollars)	$ 895	$ 895
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)	859	581
Interest rate swaps (millions of U.S. Dollars)	161	182
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)	1,022	900
Interest rate swaps (millions of U.S. Dollars)	$ 895	$ 895
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	2,220	2,169
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	26	28
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	47	51
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	4,531	4,203
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	2,587	2,616
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	227	304
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	345	244
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	12	16

Risk Management and Trading Activities (Details 1) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	$ 34	$ 130
Foreign Exchange [Member]
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	0	(5)
Commodity contracts [Member]
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	33	122
Other contracts [Member]
Pre-tax gains (losses) from trading activities
Pre-tax gains (losses) from trading activities	1	13
Corporate Risk Management [Member] \| Not designated as hedges [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	26	20
Corporate Risk Management [Member] \| Foreign Exchange [Member] \| Not designated as hedges [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	26	19
Corporate Risk Management [Member] \| Commodity contracts [Member] \| Not designated as hedges [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	$ 0	$ 1

Risk Management and Trading Activities (Details 2) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Accounts Receivable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	$ 122	$ 242
Derivative contracts not designated as hedging instruments	11,442	9,368
Gross fair value of derivative contracts	11,564	9,610
Master netting arrangements	(9,414)	(7,962)
Cash collateral (received) posted	(201)	(121)
Net fair value of derivative contracts	1,949	1,527
Accounts Payable [Member]
Gross and net fair values of the Corporation's risk management and trading derivative instruments
Derivative contracts designated as hedging instruments	(562)	(219)
Derivative contracts not designated as hedging instruments	(11,550)	(9,868)
Gross fair value of derivative contracts	(12,112)	(10,087)
Master netting arrangements	9,414	7,962
Cash collateral (received) posted	95	117
Net fair value of derivative contracts	(2,603)	(2,008)
Commodity contracts [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	70	181
Derivative contracts not designated as hedging instruments	11,403	9,350
Commodity contracts [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	(560)	(216)
Derivative contracts not designated as hedging instruments	(11,530)	(9,823)
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	18	6
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	(7)	(21)
Other contracts [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	52	61
Derivative contracts not designated as hedging instruments	21	12
Other contracts [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	(2)	(3)
Derivative contracts not designated as hedging instruments	$ (13)	$ (24)

Risk Management and Trading Activities (Details 3) - USD ($) $ in Millions	Mar. 31, 2012	Dec. 31, 2011
Assets
Collateral and counterparty netting	$ (356)	$ (306)
Total derivative contracts (Assets)	1,949	1,527
Other assets measured at fair value on a recurring basis	19	39
Total assets measured at fair value on a recurring basis	1,968	1,566
Liabilities
Collateral and counterparty netting	250	302
Total derivative contracts (Liabilities)	(2,603)	(2,008)
Other liabilities measured at fair value on a recurring basis	(25)	(52)
Total liabilities measured at fair value on a recurring basis	(2,628)	(2,060)
Other fair value measurement disclosures - Long-term debt	(8,144)	(7,317)
Level 1 [Member]
Assets
Collateral and counterparty netting	(21)	(33)
Total derivative contracts (Assets)	441	102
Other assets measured at fair value on a recurring basis	2	7
Total assets measured at fair value on a recurring basis	443	109
Liabilities
Collateral and counterparty netting	21	33
Total derivative contracts (Liabilities)	(38)	(158)
Other liabilities measured at fair value on a recurring basis	(2)	0
Total liabilities measured at fair value on a recurring basis	(40)	(158)
Level 2 [Member]
Assets
Collateral and counterparty netting	(103)	(148)
Total derivative contracts (Assets)	1,301	1,106
Other assets measured at fair value on a recurring basis	17	34
Total assets measured at fair value on a recurring basis	1,318	1,140
Liabilities
Collateral and counterparty netting	103	148
Total derivative contracts (Liabilities)	(1,984)	(1,386)
Other liabilities measured at fair value on a recurring basis	(23)	(52)
Total liabilities measured at fair value on a recurring basis	(2,007)	(1,438)
Other fair value measurement disclosures - Long-term debt	(8,144)	(7,317)
Level 3 [Member]
Assets
Collateral and counterparty netting	(31)	(4)
Total derivative contracts (Assets)	557	507
Total assets measured at fair value on a recurring basis	557	507
Liabilities
Collateral and counterparty netting	31	4
Total derivative contracts (Liabilities)	(825)	(648)
Other liabilities measured at fair value on a recurring basis	0	(2)
Total liabilities measured at fair value on a recurring basis	(825)	(650)
Collateral and counterparty netting elimination [Member]
Assets
Collateral and counterparty netting	(201)	(121)
Total derivative contracts (Assets)	(350)	(188)
Other assets measured at fair value on a recurring basis	0	(2)
Total assets measured at fair value on a recurring basis	(350)	(190)
Liabilities
Collateral and counterparty netting	95	117
Total derivative contracts (Liabilities)	244	184
Other liabilities measured at fair value on a recurring basis	0	2
Total liabilities measured at fair value on a recurring basis	244	186
Commodity contracts [Member]
Assets
Total derivative contracts (Assets)	2,228	1,767
Liabilities
Total derivative contracts (Liabilities)	(2,845)	(2,275)
Commodity contracts [Member] \| Level 1 [Member]
Assets
Total derivative contracts (Assets)	460	135
Liabilities
Total derivative contracts (Liabilities)	(59)	(191)
Commodity contracts [Member] \| Level 2 [Member]
Assets
Total derivative contracts (Assets)	1,333	1,188
Liabilities
Total derivative contracts (Liabilities)	(2,082)	(1,501)
Commodity contracts [Member] \| Level 3 [Member]
Assets
Total derivative contracts (Assets)	583	511
Liabilities
Total derivative contracts (Liabilities)	(852)	(650)
Commodity contracts [Member] \| Collateral and counterparty netting elimination [Member]
Assets
Total derivative contracts (Assets)	(148)	(67)
Liabilities
Total derivative contracts (Liabilities)	148	67
Foreign Exchange [Member]
Assets
Total derivative contracts (Assets)	12
Liabilities
Total derivative contracts (Liabilities)	(1)	(15)
Foreign Exchange [Member] \| Level 2 [Member]
Assets
Total derivative contracts (Assets)	12
Liabilities
Total derivative contracts (Liabilities)	(1)	(15)
Foreign Exchange [Member] \| Collateral and counterparty netting elimination [Member]
Assets
Total derivative contracts (Assets)		0
Interest Rate and Other [Member]
Assets
Total derivative contracts (Assets)	65	66
Liabilities
Total derivative contracts (Liabilities)	(7)
Interest Rate and Other [Member] \| Level 1 [Member]
Assets
Total derivative contracts (Assets)	2	0
Interest Rate and Other [Member] \| Level 2 [Member]
Assets
Total derivative contracts (Assets)	59	66
Liabilities
Total derivative contracts (Liabilities)	(4)
Interest Rate and Other [Member] \| Level 3 [Member]
Assets
Total derivative contracts (Assets)	5	0
Liabilities
Total derivative contracts (Liabilities)	(4)
Interest Rate and Other [Member] \| Collateral and counterparty netting elimination [Member]
Assets
Total derivative contracts (Assets)	(1)
Liabilities
Total derivative contracts (Liabilities)	$ 1
Other contracts [Member]
Liabilities
Total derivative contracts (Liabilities)		(20)
Other contracts [Member] \| Level 2 [Member]
Liabilities
Total derivative contracts (Liabilities)		(18)
Other contracts [Member] \| Level 3 [Member]
Liabilities
Total derivative contracts (Liabilities)		$ (2)

Risk Management and Trading Activities (Details 4) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Changes in financial assets and liabilities at fair value based on level 3 inputs
Balance at beginning of period	$ (143)	$ 412
Unrealized pre-tax gains (losses)
Included in earnings	(123)	312
Included in other comprehensive income	0	10
Purchases	220	815
Sales	(234)	(819)
Settlements	37	20
Transfers into Level 3	27	83
Transfers out of Level 3	(52)	(46)
Balance at end of period	$ (268)	$ 787

Risk Management and Trading Activities (Details 5) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Level 1 [Member]
Net transfers into and out of each level of the fair value hierarchy
Fair Value Measurements net transfers in	$ 4	$ (26)
Fair Value Measurements net transfers out	(9)	214
Fair Value Measurements net transfers into/out of	(5)	188
Level 2 [Member]
Net transfers into and out of each level of the fair value hierarchy
Fair Value Measurements net transfers in	49	8
Fair Value Measurements net transfers out	(19)	(233)
Fair Value Measurements net transfers into/out of	30	(225)
Level 3 [Member]
Net transfers into and out of each level of the fair value hierarchy
Fair Value Measurements net transfers in	27	83
Fair Value Measurements net transfers out	(52)	(46)
Fair Value Measurements net transfers into/out of	$ (25)	$ 37

Risk Management and Trading Activities (Details Textual)	3 Months Ended
	Mar. 31, 2012 USD ($) bbl	Mar. 31, 2011 USD ($)	Dec. 31, 2011 USD ($)
Risk Management and Trading Activities (Textual) [Abstract]
Realized losses from Exploration and Production hedging activities net of taxes	$ 151,000,000	$ 81,000,000
Gain (loss) from hedge ineffectiveness reflected in earnings	$ (1,000,000)	(4,000,000)
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	120,000
Average price for hedges (per barrel)			107.70
Gross notional amount of interest rate swaps	$ 895,000,000		$ 895,000,000
Percentage of Information disclosed for trading partnership	100.00%
Cash received as collateral	$ 201,000,000		121,000,000
Corporation posted cash to counterparties	95,000,000		117,000,000
Outstanding letters of credit	2,100,000,000
Net liability related to derivatives with contingent collateral provisions	1,500,000,000
Cash collateral posted for derivatives with contingent collateral provisions	3,000,000
Additional collateral	320,000,000
Sales [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Level 3 Unrealized pre-tax gains (losses)	(153,000,000)
Cost of Products Sold [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Level 3 Unrealized pre-tax gains (losses)	30,000,000
Energy Marketing Activities [Member]
Risk Management and Trading Activities (Textual) [Abstract]
After tax deferred losses in Accumulated other comprehensive income	62,000,000		64,000,000
Reclassification of accumulated other comprehensive income/(losses) into earnings over the next twelve months	$ (42,000,000)
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	15.00%
Government Entities [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	13.00%
Manufacturing [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	8.00%
Services [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	11.00%
Trading Companies [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	9.00%
Real Estate Funds [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Fair value, concentration of risk, accounts receivable	10.00%
Level 3 [Member] \| Commodity contracts [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Total derivative contracts (Assets)	$ 583,000,000
Total derivative contracts (Liabilities)	852,000,000
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	55,000,000	(3,000,000)
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)	(3,000,000)	(2,000,000)
Change in the fair value of interest rate swaps - increase/(decrease)	(3,000,000)	(2,000,000)
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	26,000,000	20,000,000
Corporate Risk Management [Member] \| Not designated as hedges [Member] \| Commodity contracts [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Net realized and unrealized pre-tax gains (losses) on derivative contracts not designated as hedges	0	1,000,000
Corporate Risk Management [Member] \| New Brent Crude Hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
Gain (loss) from hedge ineffectiveness reflected in earnings	(11,000,000)	0
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	(483,000,000)
Increase (decrease) of exploration and production sales and other operating revenue due to hedging activities	(244,000,000)	$ (128,000,000)
Corporate Risk Management [Member] \| Closed & New Brent Crude Hedges [Member]
Risk Management and Trading Activities (Textual) [Abstract]
After tax deferred losses in Accumulated other comprehensive income	$ 483,000,000		$ 286,000,000

Risk Management and Trading Activities (Details 6) - Level 3 [Member]	Mar. 31, 2012 $ / MWH $ / BBL $ / MMBTU
Contract prices [Member] \| Crude oil and refined petroleum products [Member] \| Commodity contracts [Member] \| Maximum [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / BBL	146.51
Range of measurement of liabilities for recurring inputs \| $ / BBL	146.64
Contract prices [Member] \| Crude oil and refined petroleum products [Member] \| Commodity contracts [Member] \| Minimum [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / BBL	83.15
Range of measurement of liabilities for recurring inputs \| $ / BBL	87.34
Contract prices [Member] \| Crude oil and refined petroleum products [Member] \| Commodity contracts [Member] \| Weighted Average [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / BBL	103.95
Range of measurement of liabilities for recurring inputs \| $ / BBL	108.69
Contract prices [Member] \| Natural gas [Member] \| Maximum [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / MMBTU	3.85
Range of measurement of liabilities for recurring inputs \| $ / MMBTU	3.85
Contract prices [Member] \| Natural gas [Member] \| Minimum [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / MMBTU	(1.20)
Range of measurement of liabilities for recurring inputs \| $ / MMBTU	(1.20)
Contract prices [Member] \| Natural gas [Member] \| Weighted Average [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / MMBTU	0.48
Range of measurement of liabilities for recurring inputs \| $ / MMBTU	0.87
Contract prices [Member] \| Electricity [Member] \| Commodity contracts [Member] \| Maximum [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / MWH	94.01
Range of measurement of liabilities for recurring inputs \| $ / MWH	94.01
Contract prices [Member] \| Electricity [Member] \| Commodity contracts [Member] \| Minimum [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / MWH	16.85
Range of measurement of liabilities for recurring inputs \| $ / MWH	17.60
Contract prices [Member] \| Electricity [Member] \| Commodity contracts [Member] \| Weighted Average [Member]
Significant unobservable inputs used in fair value measurements
Range of measurement of assets for recurring inputs \| $ / MWH	39.98
Range of measurement of liabilities for recurring inputs \| $ / MWH	40.68
Contract volatilities [Member] \| Crude oil and refined petroleum products [Member] \| Commodity contracts [Member] \| Maximum [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	28.00%
Percentage range of measurement of liabilities for recurring inputs	28.00%
Contract volatilities [Member] \| Crude oil and refined petroleum products [Member] \| Commodity contracts [Member] \| Minimum [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	20.00%
Percentage range of measurement of liabilities for recurring inputs	21.00%
Contract volatilities [Member] \| Crude oil and refined petroleum products [Member] \| Commodity contracts [Member] \| Weighted Average [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	26.00%
Percentage range of measurement of liabilities for recurring inputs	26.00%
Contract volatilities [Member] \| Natural gas [Member] \| Commodity contracts [Member] \| Maximum [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	48.00%
Percentage range of measurement of liabilities for recurring inputs	48.00%
Contract volatilities [Member] \| Natural gas [Member] \| Commodity contracts [Member] \| Minimum [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	17.00%
Percentage range of measurement of liabilities for recurring inputs	17.00%
Contract volatilities [Member] \| Natural gas [Member] \| Commodity contracts [Member] \| Weighted Average [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	33.00%
Percentage range of measurement of liabilities for recurring inputs	38.00%
Contract volatilities [Member] \| Electricity [Member] \| Commodity contracts [Member] \| Maximum [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	64.00%
Contract volatilities [Member] \| Electricity [Member] \| Commodity contracts [Member] \| Minimum [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	6.00%
Contract volatilities [Member] \| Electricity [Member] \| Commodity contracts [Member] \| Weighted Average [Member]
Significant unobservable inputs used in fair value measurements
Percentage range of measurement of assets for recurring inputs	32.00%