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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Jun. 30, 2012
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	HES
Entity Registrant Name	HESS CORP
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	341,527,617
Entity Public Float		$ 13,123,000,000

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 642	$ 351
Accounts receivable
Trade	4,057	4,761
Other	281	250
Inventories	1,259	1,423
Other current assets	2,148	1,554
Total current assets	8,387	8,339
INVESTMENTS IN AFFILIATES	443	384
PROPERTY, PLANT AND EQUIPMENT
Total - at cost	45,553	39,710
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,746	14,998
Property, plant and equipment - net	28,807	24,712
Goodwill	2,208	2,305
DEFERRED INCOME TAXES	3,126	2,941
OTHER ASSETS	470	455
TOTAL ASSETS	43,441	39,136
CURRENT LIABILITIES
Accounts payable	2,809	3,712
Accrued liabilities	3,826	3,524
Taxes payable	960	812
Short-term debt and current maturities of long-term debt	787	52
Total current liabilities	8,382	8,100
LONG-TERM DEBT	7,324	6,005
DEFERRED INCOME TAXES	2,662	2,843
ASSET RETIREMENT OBLIGATIONS	2,212	1,844
OTHER LIABILITIES AND DEFERRED CREDITS	1,658	1,752
Total liabilities	22,238	20,544
Hess Corporation Stockholders' Equity
Common stock, par value $1.00 Authorized - 600,000,000 shares Issued: 2012 - 341,527,617 shares; 2011 - 339,975,610 shares	342	340
Capital in excess of par value	3,524	3,417
Retained earnings	17,717	15,826
Accumulated other comprehensive income (loss)	(493)	(1,067)
Total Hess Corporation stockholders' equity	21,090	18,516
Noncontrolling interests	113	76
Total equity	21,203	18,592
TOTAL LIABILITIES AND EQUITY	$ 43,441	$ 39,136

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2012	Dec. 31, 2011
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	341,527,617	339,975,610

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
REVENUES AND NON-OPERATING INCOME
Sales (excluding excise taxes) and other operating revenues	$ 37,691	$ 38,466	$ 33,862
Loss from equity investment in HOVENSA L.L.C.		(1,073)	(522)
Gains on asset sales	584	446	1,208
Other, net	98	32	65
Total revenues and non-operating income	38,373	37,871	34,613
COSTS AND EXPENSES
Cost of products sold (excluding items shown separately below)	24,917	26,774	23,407
Production expenses	2,752	2,352	1,924
Marketing expenses	1,057	1,069	1,021
Exploration expenses, including dry holes and lease impairment	1,070	1,195	865
Other operating expenses	166	171	213
General and administrative expenses	707	702	662
Interest expense	419	383	361
Depreciation, depletion and amortization	2,949	2,406	2,317
Asset impairments	598	358	532
Total costs and expenses	34,635	35,410	31,302
INCOME BEFORE INCOME TAXES	3,738	2,461	3,311
Provision for income taxes	1,675	785	1,173
NET INCOME	2,063	1,676	2,138
Less: Net income (loss) attributable to noncontrolling interests	38	(27)	13
NET INCOME ATTRIBUTABLE TO HESS CORPORATION	$ 2,025	$ 1,703	$ 2,125
BASIC NET INCOME PER SHARE	$ 5.98	$ 5.05	$ 6.52
DILUTED NET INCOME PER SHARE	$ 5.95	$ 5.01	$ 6.47
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (DILUTED)	340.3	339.9	328.3

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Net income	$ 2,063	$ 1,676	$ 2,138
Derivatives designated as cash flow hedges
Effect of hedge losses reclassified to income	676	690	1,060
Income taxes on effect of hedge losses reclassified to income	(252)	(258)	(404)
Net effect of hedge losses reclassified to income	424	432	656
Change in fair value of cash flow hedges	(156)	4	(326)
Income taxes on change in fair value of cash flow hedges	60	(2)	128
Net change in fair value of cash flow hedges	(96)	2	(198)
Change in cash flow hedges, after-tax	328	434	458
Pension and other postretirement plans
Change in plan liabilities	(15)	(391)	27
Income taxes on change in plan liabilities	7	145	1
Change in plan liabilities, after-tax	(8)	(246)	28
Foreign currency translation adjustment and other	256	(94)	31
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	576	94	517
COMPREHENSIVE INCOME	2,639	1,770	2,655
Less: Comprehensive income (loss) attributable to noncontrolling interests	40	(25)	14
COMPREHENSIVE INCOME ATTRIBUTABLE TO HESS CORPORATION	$ 2,599	$ 1,795	$ 2,641

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 2,063	$ 1,676	$ 2,138
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization	2,949	2,406	2,317
Loss from equity investment in HOVENSA L.L.C.		1,073	522
Asset impairments	598	358	532
Exploratory dry hole costs	377	438	237
Lease impairment	223	301	266
Stock compensation expense	99	104	112
Gains on asset sales	(584)	(446)	(1,208)
Provision (benefit) for deferred income taxes	(459)	(623)	(495)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	634	(243)	(760)
(Increase) decrease in inventories	168	4	(16)
Increase (decrease) in accounts payable and accrued liabilities	(30)	544	1,141
Increase (decrease) in taxes payable	28	46	95
Changes in other assets and liabilities	(406)	(654)	(351)
Net cash provided by operating activities	5,660	4,984	4,530
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(7,795)	(7,006)	(5,492)
Proceeds from asset sales	843	490	183
Other, net	(99)	(50)	50
Net cash used in investing activities	(7,051)	(6,566)	(5,259)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings of debt with maturities of 90 days or less	1,648	100
Debt with maturities of greater than 90 days
Borrowings	630	422	1,278
Repayments	(433)	(100)	(180)
Cash dividends paid	(171)	(136)	(131)
Noncontrolling interests, net	(3)	(49)	(46)
Employee stock options exercised, including income tax benefits	11	88	54
Net cash provided by financing activities	1,682	325	975
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	291	(1,257)	246
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	351	1,608	1,362
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 642	$ 351	$ 1,608

STATEMENT OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Common Stock [Member]	Capital in Excess of Par [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total Hess Stockholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning balance at Dec. 31, 2009	$ 13,528	$ 327	$ 2,481	$ 12,251	$ (1,675)	$ 13,384	$ 144
Net income	2,138			2,125		2,125	13
Other comprehensive income (loss)	517				516	516	1
Comprehensive income (loss)	2,655					2,641	14
Common stock issued for acquisition	648	9	639			648
Activity related to restricted common stock awards, net	60	1	59			60
Employee stock options, including income tax benefits	106	1	105			106
Cash dividends declared	(132)			(132)		(132)
Noncontrolling interests, net	(56)		(28)	10		(18)	(38)
Ending balance at Dec. 31, 2010	16,809	338	3,256	14,254	(1,159)	16,689	120
Net income	1,676			1,703		1,703	(27)
Other comprehensive income (loss)	94				92	92	2
Comprehensive income (loss)	1,770					1,795	(25)
Activity related to restricted common stock awards, net	53	1	52			53
Employee stock options, including income tax benefits	139	1	138			139
Cash dividends declared	(136)			(136)		(136)
Noncontrolling interests, net	(43)		(29)	5		(24)	(19)
Ending balance at Dec. 31, 2011	18,592	340	3,417	15,826	(1,067)	18,516	76
Net income	2,063			2,025		2,025	38
Other comprehensive income (loss)	576				574	574	2
Comprehensive income (loss)	2,639					2,599	40
Activity related to restricted common stock awards, net	57	2	55			57
Employee stock options, including income tax benefits	44		44			44
Performance share units	8		8			8
Cash dividends declared	(136)			(136)		(136)
Noncontrolling interests, net	(1)			2		2	(3)
Ending balance at Dec. 31, 2012	$ 21,203	$ 342	$ 3,524	$ 17,717	$ (493)	$ 21,090	$ 113

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies

1.	Summary of Significant Accounting Policies

Nature of Business: Hess Corporation and its subsidiaries (the Corporation or Hess) operate in two segments, Exploration and Production (E&P) and Marketing and Refining (M&R). The E&P segment explores for, develops, produces, purchases, transports and sells crude oil and natural gas. The M&R segment purchases, markets and trades refined petroleum products, natural gas and electricity. The Corporation also operates terminals and retail gasoline stations, most of which include convenience stores, that are located on the East Coast of the United States. Through February 2013, the Corporation also manufactured refined petroleum products. In January 2013, the Corporation announced its decision to cease refining operations at its Port Reading facility in February and pursue the sale of its terminal network. In January 2012, HOVENSA L.L.C. (HOVENSA), a 50% owned joint venture in the U.S. Virgin Islands, shut down its refinery. HOVENSA plans to operate the complex as an oil storage terminal while the Corporation and its joint venture partner pursue a sale of HOVENSA.

The Corporation has made significant progress in its transformation from an integrated oil and gas company to a predominantly E&P company following the shutdown of the HOVENSA joint venture refinery and its decision to cease refining operations at its Port Reading facility and pursue the sale of its terminal network. The Corporation has also shifted its E&P growth strategy from one based primarily on high impact exploration to one based on a combination of the development of unconventional resources, exploitation of existing discoveries and a smaller, more focused exploratory program.

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

Certain information in the financial statements and notes has been reclassified to conform to the current period presentation. In the preparation of these financial statements, the Corporation has evaluated subsequent events through the date of issuance.

Estimates and Assumptions: In preparing financial statements in conformity with U.S. generally accepted accounting principles (GAAP), management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the Consolidated Balance Sheet and revenues and expenses in the Statement of Consolidated Income. Actual results could differ from those estimates. Among the estimates made by management are oil and gas reserves, asset valuations, depreciable lives, pension liabilities, legal and environmental obligations, asset retirement obligations and income taxes.

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

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

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

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

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

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

Impairment of Long-lived Assets: The Corporation reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts are not expected to be recovered by undiscounted future cash flows, the assets are impaired and an impairment loss is recorded. The amount of impairment is based on the estimated fair value of the assets generally determined by discounting anticipated future net cash flows, an income valuation approach, or by a market-based valuation approach, which are Level 3 fair value measurements. In the case of oil and gas fields, the net present value of future cash flows is based on management’s best estimate of future prices, which is determined with reference to recent historical prices and published forward prices, applied to projected production volumes and discounted at a risk-adjusted rate. The projected production volumes represent reserves, including probable reserves, expected to be produced based on a stipulated amount of capital expenditures. The production volumes, prices and timing of production are consistent with internal projections and other externally reported information. Oil and gas prices used for determining asset impairments will generally differ from the average prices used in the standardized measure of discounted future net cash flows.

Impairment of Equity Investees: The Corporation reviews equity method investments for impairment whenever events or changes in circumstances indicate that an other than temporary decline in value may have occurred. The fair value measurement used in the impairment assessment is based on quoted market prices, where available, or other valuation techniques, including discounted cash flows.

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

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

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

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

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

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

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

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

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

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

The Corporation determines fair value in accordance with the fair value measurements accounting standard which established a hierarchy for the inputs used to measure fair value based on the source of the 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 is based on the lowest significant input level within this fair value hierarchy.

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

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

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

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

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

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

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

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

Changes in Accounting Policies: 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 20, Risk Management and Trading Activities.

Dispositions

12 Months Ended

Dec. 31, 2012

Dispositions

2.	Dispositions

2012: In October 2012, the Corporation completed the sale of its interests in the Bittern Field (Hess 28%) in the United Kingdom North Sea and the associated Triton floating production, storage and offloading vessel for cash proceeds of $187 million. The transaction resulted in an after-tax gain of $172 million, after deducting the net book value of assets including allocated goodwill of $12 million.

In September 2012, the Corporation completed the sale of its interests in the Schiehallion Field (Hess 16%) in the United Kingdom North Sea, its share of the associated floating production, storage and offloading vessel, and the West of Shetland pipeline system for cash proceeds of $524 million. The transaction resulted in a pre-tax gain of $376 million ($349 million after income taxes), after deducting the net book value of assets including allocated goodwill of $27 million.

In January 2012, the Corporation completed the sale of its interest in the Snohvit Field (Snohvit) (Hess 3%), a liquefied natural gas project, offshore Norway, for cash proceeds of $132 million. The transaction resulted in an after-tax gain of $36 million, after deducting the net book value of assets including allocated goodwill of $14 million.

See also Note 6, Property, Plant and Equipment in the notes to the Consolidated Financial Statements for a description of the assets held for sale at December 31, 2012.

2011: 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. These disposals resulted in pre-tax gains totaling $343 million ($310 million after income taxes). The total combined net book value of the assets prior to the sale was $16 million, including allocated goodwill of $14 million.

In August 2011, the Corporation completed the sale of its interests in the Snorre Field (Hess 1%), offshore Norway and the Cook Field (Hess 28%) in the United Kingdom North Sea for cash proceeds of $131 million. These disposals resulted in after-tax gains totaling $103 million. The total combined net book value of the disposed assets prior to the sale was $28 million, including allocated goodwill of $11 million.

2010: In January 2010, the Corporation completed the sale of its interest in the Jambi Merang natural gas development project in Indonesia (Hess 25%) for cash proceeds of $183 million. The transaction resulted in an after-tax gain of $58 million, after deducting the net book value of assets including goodwill of $7 million.

Acquisitions

12 Months Ended

Dec. 31, 2012

Acquisitions

3.	Acquisitions

2011: In the third quarter of 2011, the Corporation entered into agreements to acquire approximately 85,000 net acres in the Utica Shale play in Ohio for approximately $750 million, principally through the acquisition of Marquette Exploration, LLC (Marquette). This acquisition strengthened the Corporation’s portfolio of unconventional assets. The acquisition of Marquette was accounted for as a business combination and the assets acquired and the liabilities assumed were recorded at fair value. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The majority of the purchase price was assigned to unproved properties and the remainder to producing wells and working capital.

In October 2011, the Corporation completed the acquisition of a 50% undivided interest in CONSOL Energy Inc.’s (CONSOL) approximately 200,000 acres, in the Utica Shale play in Ohio, for $59 million in cash at closing and the agreement to fund 50% of CONSOL’s share of the drilling costs up to $534 million within a 5-year period. This transaction was accounted for as an asset acquisition. On January 31, 2013, CONSOL announced that there are chain of title issues with respect to approximately 36,000 acres, most of which likely cannot be cured, and that the value of the Corporation’s carry obligation associated with these acres will reduce by approximately $146 million. The reduction in carry and the validation of title on other acreage is being separately analyzed by the Corporation and will not be finally determined until the title verification process is completed.

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

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

For all the 2010 acquisitions and the exchange described above, the assets acquired and liabilities assumed were recorded at fair value. The estimated fair value for property, plant and equipment acquired in these transactions was based primarily on an income approach (Level 3 fair value measurement).

Inventories

12 Months Ended

Dec. 31, 2012

Inventories

4.	Inventories

Inventories at December 31 were as follows:


	2012			2011
	(In millions)
Crude oil and other charge stocks	$	493		$	451
Refined petroleum products and natural gas		1,362			1,762
Less: LIFO adjustment		(1,123	)		(1,276	)

		732			937
Merchandise, materials and supplies		527			486

Total inventories	$	1,259		$	1,423

The percentage of LIFO inventory to total crude oil, refined petroleum products and natural gas inventories was 71% and 72% at December 31, 2012 and 2011, respectively. During 2012 the Corporation reduced LIFO inventories, which are carried at lower costs than current inventory costs. The effect of the LIFO inventory liquidations was to decrease Cost of products sold by approximately $165 million in 2012 ($104 million after income taxes).

HOVENSA L.L.C. Joint Venture

12 Months Ended

Dec. 31, 2012

HOVENSA L.L.C. Joint Venture

5.	HOVENSA L.L.C. Joint Venture

The Corporation has a 50% interest in HOVENSA, a joint venture with a subsidiary of Petroleos de Venezuela, S.A. (PDVSA), which owns a refinery in St. Croix, U.S. Virgin Islands. In January 2012, HOVENSA shut down its refinery as a result of continued substantial operating losses due to global economic conditions and competitive disadvantages versus other refiners, despite efforts to improve operating performance by reducing refining capacity to 350,000 from 500,000 barrels per day in the first half of 2011. During 2012 and continuing into 2013, HOVENSA and the Government of the Virgin Islands engaged in discussions pertaining to HOVENSA’s plan to run the facility as an oil storage terminal while the Corporation and its joint venture partner pursue a sale of HOVENSA.

As a result of continued substantial operating losses and unsuccessful efforts to improve operating performance by reducing refining capacity, HOVENSA prepared an impairment analysis as of December 31, 2011, which concluded that undiscounted future cash flows would not recover the carrying value of its long-lived assets, and recorded an impairment charge and other charges related to the decision to shut down the refinery. For 2011, the Corporation recorded a total of $1,073 million of losses from its equity investment in HOVENSA. These pre-tax losses included $875 million ($525 million after income taxes) due to the impairment recorded by HOVENSA and other charges associated with its decision to shut down the refinery. The Corporation’s share of the impairment related losses recorded by HOVENSA represented an amount equivalent to the Corporation’s financial support to HOVENSA at December 31, 2011, its planned future funding commitments for costs related to the refinery shutdown, and a charge of $135 million for the write-off of related assets held by the subsidiary which owns the Corporation’s investment in HOVENSA. A deferred income tax benefit of $350 million, consisting primarily of U.S. income taxes, was recorded on the Corporation’s share of HOVENSA’s impairment and refinery shutdown related charges. At December 31, 2011, the Corporation had a liability of $487 million for its planned funding commitments, which was fully funded in 2012.

In December 2010, the Corporation recorded an impairment charge of $300 million before income taxes ($289 million after income taxes) to reduce the carrying value of its equity investment in HOVENSA to its fair value. The investment had been adversely affected by consecutive annual operating losses and a fourth quarter 2010 debt rating downgrade. The Corporation performed an impairment analysis and concluded that its investment had experienced an other than temporary decline in value. The fair value was determined based on an income approach using estimated refined petroleum product selling prices and volumes, related costs of product sold, capital and operating expenditures and a market based discount rate (a Level 3 fair value measurement).

The Corporation’s investment in HOVENSA is accounted for using the equity method. In accordance with Rule 3-09 of Regulation S-X, the Corporation has filed financial statements for HOVENSA in this report on Form 10-K.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References + Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment

6.	Property, Plant and Equipment

Property, plant and equipment at December 31 were as follows:


	2012		2011
	(In millions)
Exploration and Production
Unproved properties	$	3,558	$	4,064
Proved properties		4,072		3,975
Wells, equipment and related facilities		35,385		29,239

		43,015		37,278
Marketing, Refining and Corporate		2,538		2,432

Total — at cost		45,553		39,710
Less: Reserves for depreciation, depletion, amortization and lease impairment		16,746		14,998

Property, plant and equipment — net	$	28,807	$	24,712

Assets Held for Sale: In September 2012, the Corporation reached an agreement to sell its assets in Azerbaijan consisting of its interests in the Azeri-Chirag-Guneshli (ACG) fields and the associated Baku-Tbilisi-Ceyhan (BTC) pipeline for approximately $1 billion before normal post-closing adjustments. This transaction is subject to various government and regulatory approvals. In October 2012, the Corporation also announced that it had reached an agreement to sell its interests in the Beryl fields in the United Kingdom North Sea. The sale was completed in January 2013 for cash proceeds of approximately $440 million, see Note 21, Subsequent Events in the notes to the Consolidated Financial Statements. At December 31, 2012, long-term assets totaling $1,092 million, primarily comprising the net property, plant and equipment balances and allocated goodwill of $100 million have been classified as held for sale and reported in Other current assets. In addition, related asset retirement obligations and deferred income taxes totaling $539 million were reported in Accrued liabilities. At December 31, 2011, long-term assets totaling $764 million, including goodwill of $62 million and liabilities totaling $556 million were reported as held for sale. Properties classified as held for sale are not depreciated but are subject to impairment testing.

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


	2012			2011			2010
	(In millions)
Beginning balance at January 1	$	2,022		$	1,783		$	1,437
Additions to capitalized exploratory well costs pending the determination of proved reserves		407			512			675
Reclassifications to wells, facilities and equipment based on the determination of proved reserves		(41	)		(171	)		(87	)
Capitalized exploratory well costs charged to expense		(129	)		(90	)		(110	)
Dispositions		—			(12	)		(132	)

Ending balance at December 31	$	2,259		$	2,022		$	1,783

Number of wells at end of year		68			59			77

The preceding table excludes exploratory dry hole costs of $248 million, $348 million and $127 million in 2012, 2011 and 2010, respectively, which were incurred and subsequently expensed in the same year. In 2012, capitalized well costs reclassified based on the determination of proved reserves primarily related to projects in Indonesia, Russia and the Joint Development Area of Malaysia/Thailand.

At December 31, 2012, exploratory drilling costs capitalized in excess of one year past completion of drilling were incurred as follows (in millions):


2011	$	404
2010		357
2009		426
2008		392
2007 and prior		228

	$	1,807

The capitalized well costs in excess of one year relate to 10 projects. Approximately 36% relates to Block WA-390-P, offshore Western Australia, where development planning and commercial activities, including negotiations with potential liquefaction partners, are ongoing. Successful negotiation with a third party liquefaction partner is necessary before the Corporation can negotiate a gas sales agreement and sanction development of the project. Approximately 36% of the capitalized well costs in excess of one year relates to the Corporation’s Pony discovery on Block 468 in the deepwater Gulf of Mexico. In the third quarter of 2012, the Corporation signed an exchange agreement with partners of the adjacent Green Canyon Block 512, which contains the Knotty Head discovery. Under this agreement covering Blocks 468 and 512, Hess was appointed operator and has a 20% working interest in the blocks, now collectively referred to as Stampede. Field development planning for Stampede is progressing and the project is targeted for sanction in 2014. Approximately 14% relates to Area 54, offshore Libya, where force majeure was withdrawn in March 2012 and the Corporation is pursuing commercial options. Approximately 7% relates to offshore Ghana where the Corporation completed drilling its seventh consecutive successful exploration well in February 2013. The Corporation now plans to submit an appraisal plan to the Ghanaian government for approval on or before June 2, 2013. In parallel, the Corporation has begun pre-development studies on the block. The remainder of the capitalized well costs in excess of one year relates to projects where further drilling is planned or development planning and other assessment activities are ongoing to determine the economic and operating viability of the projects.

Goodwill

12 Months Ended

Dec. 31, 2012

Goodwill

7.	Goodwill

The changes in the carrying amount of goodwill, all of which relate to the E&P segment, are as follows:


	2012			2011
	(In millions)
Beginning balance at January 1	$	2,305		$	2,408
Dispositions		(97	)		(103	)

Ending balance at December 31	$	2,208		$	2,305

Asset Impairments

12 Months Ended

Dec. 31, 2012

Asset Impairments

8.	Asset Impairments

During 2012, the Corporation recorded total asset impairment charges of $598 million ($360 million after income taxes), including three charges totaling $582 million ($344 million after income taxes) in the E&P segment. As a result of a competitive bidding process, the Corporation obtained additional information relating to the fair value of its interests in the Cotulla area of the Eagle Ford Shale in Texas in February 2013. Based on this information and management’s anticipated plan for the assets as of December 31, 2012, the Corporation recorded an impairment charge of $315 million ($192 million after income taxes). The Corporation also recorded charges of $208 million ($116 million after income taxes) related to increases in estimated abandonment liabilities primarily for non-producing properties which resulted in the book value of the properties exceeding their fair value. In addition, the Corporation recorded a charge of $59 million ($36 million after income taxes) in the second quarter related to the disposal of certain Eagle Ford properties as part of an asset exchange with its joint venture partner. In 2012, the Corporation also recorded impairment charges of $16 million relating to certain marketing properties in the M&R segment.

During 2011, the Corporation recorded asset impairment charges of $358 million ($140 million after income taxes) related to increases in the Corporation’s estimated abandonment liabilities primarily for non-producing properties which resulted in the book value of the properties exceeding their fair value. During 2010, the Corporation recorded an asset impairment charge of $532 million ($334 million after income taxes) to fully impair the carrying value of its 55% interest in the West Mediterranean Block 1 concession (West Med Block), located offshore Egypt, when the Corporation and its partners notified the Egyptian authorities of their decision to cease exploration activities on the block and to relinquish a significant portion of the block. For both 2011 and 2010, these asset impairments related to the E&P segment.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2012

Asset Retirement Obligations

9.	Asset Retirement Obligations

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


	2012			2011
	(In millions)
Asset retirement obligations at January 1	$	2,071		$	1,358
Liabilities incurred		186			25
Liabilities settled or disposed of		(324	)		(334	)
Accretion expense		135			96
Revisions of estimated liabilities		529			947
Foreign currency translation		64			(21	)

Asset retirement obligations at December 31		2,661			2,071
Less: Current obligations		449			227

Long-term obligations at December 31	$	2,212		$	1,844

The revisions in 2012 reflect overall increases in estimated abandonment obligations resulting from changes in the expected scope of operations, increases in the time expected to complete dismantlement activities and updates to service rates. In 2011, the revisions of estimated liabilities reflect an increase in well abandonment obligations resulting from enhanced cement seal verification procedures, changes in scope and timing due to updated work programs and higher service and equipment costs.

Debt and Interest Expense

12 Months Ended

Dec. 31, 2012

Debt and Interest Expense

10.

Debt and Interest Expense

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


	2012		2011
	(In millions)
Revolving credit facility, weighted average rate 1.6%	$	758	$	—
Asset-backed credit facility, weighted average rate 0.8%		600		350
Short-term credit facilities, weighted average rate 1.5%		990		100
Fixed-rate public notes:
7.0% due 2014		250		250
8.1% due 2019		998		998
7.9% due 2029		695		695
7.3% due 2031		746		746
7.1% due 2033		598		598
6.0% due 2040		745		744
5.6% due 2041		1,242		1,242

Total fixed-rate public notes		5,274		5,273
Leased floating production system		180		7
Other fixed-rate notes, weighted average rate 10.9%, due through 2023		111		112
Project lease financing, weighted average rate 5.1%, due through 2014		78		90
Pollution control revenue bonds, weighted average rate 5.9%, due through 2034		53		53
Fair value adjustments — interest rate hedging		65		53
Other debt		2		19

Total debt		8,111		6,057
Less: Short-term debt and current maturities of long-term debt		787		52

Total long-term debt	$	7,324	$	6,005

The Corporation has a $4 billion syndicated revolving credit facility that matures in April 2016. This facility can be used for borrowings and letters of credit. Borrowings on the facility bear interest at 1.25% above the London Interbank Offered Rate. A fee of 0.25% per annum is also payable on the amount of the facility. The interest rate and facility fee are subject to adjustment if the Corporation’s credit rating changes.

The Corporation has a 364-day asset-backed credit facility securitized by certain accounts receivable from its M&R operations. Under the terms of this financing arrangement, the Corporation has the ability to borrow or issue letters of credit of up to $1 billion, subject to the availability of sufficient levels of eligible receivables. At December 31, 2012, outstanding borrowings under this facility of $600 million were collateralized by a total of approximately $1,050 million of accounts receivable, which are held by a wholly-owned subsidiary. These receivables are only available to pay the general obligations of the Corporation after satisfaction of the outstanding obligations under the asset-backed facility.

During 2012, the Corporation borrowed a net amount of $1,845 million from available credit facilities, which consisted of $758 million from its syndicated revolving credit facility, $890 million from the Corporation’s short-term credit facilities and $250 million from its asset-backed credit facility, which was partially offset by net repayments of other debt of $53 million. At December 31, 2012, the Corporation classified as long-term $1,598 million of outstanding borrowings under its short-term facilities, based on availability under its long-term syndicated revolving credit facility.

During 2012, the Corporation recorded a net increase of $173 million in long-term debt related to progress on construction of a leased floating production system to be used at the Tubular Bells project.

At December 31, 2012, the Corporation’s fixed-rate public notes have a principal amount of $5,300 million ($5,274 million net of unamortized discount). Interest rates on the outstanding fixed-rate public notes have a weighted average rate of 6.9%.

The aggregate long-term debt maturing during the next five years is as follows (in millions): 2013 — $37; 2014 — $524; 2015 — $6; 2016 — $1,604 and 2017 — $13.

The Corporation’s long-term debt agreements, including the revolving credit facility, contain financial covenants that restrict the amount of total borrowings and secured debt. At December 31, 2012, the Corporation is permitted to borrow up to an additional $27.2 billion for the construction or acquisition of assets. The Corporation has the ability to borrow up to an additional $4.9 billion of secured debt at December 31, 2012.

Outstanding letters of credit at December 31 were as follows:


	2012		2011
	(In millions)
Committed lines*	$	463	$	1,063
Uncommitted lines*		283		462
Revolving credit facility		—		173

Total	$	746	$	1,698

*	Committed and uncommitted lines have expiration dates through 2014.

Of the letters of credit outstanding at December 31, 2012, totaling $746 million, $141 million relates to contingent liabilities and the remaining $605 million relates to liabilities recorded in the Consolidated Balance Sheet.

The total amount of interest paid (net of amounts capitalized) was $419 million, $383 million and $319 million in 2012, 2011 and 2010, respectively. The Corporation capitalized interest of $28 million, $13 million and $5 million in 2012, 2011 and 2010, respectively.

- Definition

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

+ References + Details

Share-based Compensation

12 Months Ended

Dec. 31, 2012

Share-based Compensation

11.

Share-based Compensation

Prior to 2012, the Corporation awarded restricted common stock and stock options under its 2008 Long-term Incentive Plan, as amended. In March 2012, the Corporation began awarding performance share units (PSUs) under this plan. Outstanding restricted stock and PSUs generally vest three years from the date of grant. Outstanding stock options vest over three years from the date of grant and have a 10-year term and an exercise price equal to the market price on the date of grant.

The number of shares of common stock to 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 awards 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.

Share-based compensation expense consisted of the following:


	Before Income Taxes						After Income Taxes
	2012		2011		2010		2012		2011		2010
	(In millions)
Stock options	$	34	$	51	$	52	$	21	$	31	$	32
Restricted stock		57		53		60		35		32		37
Performance share units		8		—		—		5		—		—

Total	$	99	$	104	$	112	$	61	$	63	$	69

Based on share-based compensation awards outstanding at December 31, 2012, unearned compensation expense, before income taxes, will be recognized in future years as follows (in millions): 2013 — $69, 2014 — $43 and 2015 — $8.

The Corporation’s share-based compensation activity consisted of the following:


	Performance Share Units					Stock Options					Restricted Stock
	Performance Share Units			Weighted- Average Price on Date of Grant		Options			Weighted- Average Exercise Price per Share		Shares of Restricted Common Stock			Weighted- Average Price on Date of Grant
	(In thousands)					(In thousands)					(In thousands)
Outstanding at January 1, 2012		—		$	—		13,570		$	61.68		2,447		$	65.38
Granted		425			64.14		48			52.47		1,580			63.50
Exercised		—			—		(212	)		49.53		—			—
Vested		—			—		—			—		(883	)		56.53
Forfeited		(11	)		64.14		(503	)		72.00		(240	)		67.25

Outstanding at December 31, 2012*		414		$	64.14		12,903		$	61.45		2,904		$	66.89

*	Includes 10,789 thousand exercisable options at a weighted average price of $58.99 at December 31, 2012.

The table below summarizes information regarding the outstanding and exercisable stock options as of December 31, 2012:


	Outstanding Options					Exercisable Options
Range of Exercise Prices	Options		Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price per Share		Options		Weighted- Average Exercise Price per Share



	(In thousands)		(Years)			(In thousands)
$20.00 – $40.00		1,065	2	$	27.59		1,065	$	27.59
$40.01 – $50.00		1,477	3		49.28		1,467		49.30
$50.01 – $60.00		4,153	5		55.12		4,089		55.11
$60.01 – $80.00		2,400	7		60.56		1,596		60.53
$80.01 – $120.00		3,808	7		83.10		2,572		82.72

		12,903	5	$	61.45		10,789	$	58.99

The intrinsic value (or the amount by which the market price of the Corporation’s common stock exceeds the exercise price of an option) at December 31, 2012 totaled $32 million for both outstanding options and exercisable options. At December 31, 2012, the weighted average remaining term of exercisable options was five years.

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


	2012			2011			2010
Risk free interest rate		0.64	%		1.81	%		2.14	%
Stock price volatility		.397			.395			.390
Dividend yield		.77	%		.49	%		.67	%
Expected life in years		4.5			4.5			4.5
Weighted average fair value per option granted	$	16.49		$	27.98		$	20.18

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

The Corporation uses a Monte Carlo simulation model to estimate the fair value of PSUs. The following weighted average assumptions were utilized for PSUs awarded:


	2012
Risk free interest rate		0.40	%
Stock price volatility		.394
Contractual term in years		3.0
Grant date price of Hess common stock	$	64.14

The risk free interest rate is based on the vesting period of the award and is obtained from published sources. The stock price volatility is determined from the historical stock prices of the peer group using the vesting period. The contractual term is equivalent to the vesting period.

In May 2008, shareholders approved the 2008 Long-term Incentive Plan, which was amended in May 2010 and May 2012 to increase the number of new shares of common stock available for awards. The Corporation also has stock options outstanding under a former plan. At December 31, 2012, the Corporation had 12.4 million shares that remain available for issuance under the 2008 Long-term Incentive Plan, as amended, out of the total of 29 million shares of common stock authorized for issuance under the 2008 Long-term Incentive Plan, as amended.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Foreign Currency

12 Months Ended

Dec. 31, 2012

Foreign Currency

12.

Foreign Currency

Foreign currency gains (losses) before income taxes recorded in the Statement of Consolidated Income amounted to a gain of $37 million in 2012, a loss of $29 million in 2011 and a loss of $5 million in 2010. The after-tax foreign currency translation adjustments recorded in Accumulated other comprehensive income (loss) were an increase to stockholders’ equity of $169 million at December 31, 2012 and a reduction to stockholders’ equity of $84 million at December 31, 2011.

- 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 Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32618-110901

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30857-110895

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32157-110900

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30, 31, 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Retirement Plans

12 Months Ended

Dec. 31, 2012

Retirement Plans

13.

Retirement Plans

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

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


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2012			2011			2012			2011			2012			2011
	(In millions)
Change in benefit obligation
Balance at January 1	$	1,866		$	1,497		$	227		$	192		$	125		$	107
Service cost		64			49			10			9			7			6
Interest cost		81			81			7			8			5			5
Actuarial (gain) loss		134			294			13			31			2			9
Benefit payments		(54	)		(51	)		(2	)		(13	)		(5	)		(2	)
Plan settlements*		—			—			(21	)		—			—			—
Foreign currency exchange rate changes		19			(4	)		—			—			—			—

Balance at December 31		2,110			1,866			234			227			134			125

	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2012			2011			2012			2011			2012			2011
	(In millions)
Change in fair value of plan assets
Balance at January 1		1,493			1,365			—			—			—			—
Actual return on plan assets		155			(3	)		—			—			—			—
Employer contributions		150			185			23			13			5			2
Benefit payments		(54	)		(51	)		(2	)		(13	)		(5	)		(2	)
Plan settlements*		—			—			(21	)		—			—			—
Foreign currency exchange rate changes		19			(3	)		—			—			—			—

Balance at December 31		1,763			1,493			—			—			—			—

Funded status (plan assets less than benefit obligations) at December 31		(347	)		(373	)		(234	)		(227	)		(134	)		(125	)
Unrecognized net actuarial losses		850			829			97			103			39			39

Net amount recognized	$	503		$	456		$	(137	)	$	(124	)	$	(95	)	$	(86	)

*	In 2012, the Corporation recorded charges related to plan settlements of $9 million ($5 million after income taxes) due to employee retirements.

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


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2012			2011			2012			2011			2012			2011
	(In millions)
Accrued benefit liability	$	(347	)	$	(373	)	$	(234	)	$	(227	)	$	(134	)	$	(125	)
Accumulated other comprehensive loss, pre-tax*		850			829			97			103			39			39

Net amount recognized	$	503		$	456		$	(137	)	$	(124	)	$	(95	)	$	(86	)

*	The after-tax reduction to equity recorded in Accumulated other comprehensive income (loss) for these retirement plans was $639 million at December 31, 2012 and $631 million at December 31, 2011.

The accumulated benefit obligation for the funded defined benefit pension plans increased to $1,937 million at December 31, 2012 from $1,703 million at December 31, 2011. The accumulated benefit obligation for the unfunded defined benefit pension plan was $216 million at December 31, 2012 and $202 million at December 31, 2011.

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


	Pension Plans									Postretirement Medical Plan
	2012			2011			2010			2012		2011		2010
	(In millions)
Service cost	$	74		$	58		$	49		$	7	$	6	$	5
Interest cost		88			89			86			5		5		4
Expected return on plan assets		(116	)		(109	)		(86	)		—		—		—
Amortization of unrecognized net actuarial losses		83			47			48			2		2		1
Settlement loss		9			—			8			—		—		—

Net periodic benefit cost	$	138		$	85		$	105		$	14	$	13	$	10

The Corporation’s 2013 pension and postretirement medical expense is estimated to be approximately $135 million, of which approximately $85 million relates to the amortization of unrecognized net actuarial losses.

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


	2012			2011			2010
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate		3.8	%		4.3	%		5.3	%
Rate of compensation increase		4.3			4.3			4.4
Weighted average assumptions used to determine net benefit cost for the years ended December 31
Discount rate		4.3			5.3			5.8
Expected return on plan assets		7.5			7.5			7.5
Rate of compensation increase		4.3			4.4			4.3

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


	2012			2011			2010
Assumptions used to determine benefit obligations at December 31
Discount rate		3.1	%		3.9	%		4.8	%
Initial health care trend rate		7.3	%		8.0	%		8.0	%
Ultimate trend rate		4.8	%		5.0	%		5.0	%
Year in which ultimate trend rate is reached		2022			2018			2017

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

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

The following tables provide the fair value of the financial assets of the funded pension plans as of December 31, 2012 and 2011 in accordance with the fair value measurement hierarchy described in Note 1, Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements:


	Level 1		Level 2		Level 3		Total
	(In millions)
December 31, 2012
Cash and short-term investment funds	$	2	$	37	$	—	$	39
Equities:
U.S. equities (domestic)		534		—		—		534
International equities (non-U.S.)		61		148		—		209
Global equities (domestic and non-U.S.)		5		174		—		179
Fixed income:
Treasury and government issued (a)		—		184		2		186
Government related (b)		—		8		—		8
Mortgage-backed securities (c)		—		96		—		96
Corporate		1		110		—		111
Other:
Hedge funds		—		—		255		255
Private equity funds		—		—		75		75
Real estate funds		9		—		45		54
Diversified commodities funds		—		17		—		17

	$	612	$	774	$	377	$	1,763

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

	$	522	$	654	$	317	$	1,493

(a)

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

(b)

Primarily consists of securities issued by governmental agencies and municipalities.

(c)

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

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

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

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

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

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


	Fixed Income*			Hedge Funds			Private Equity Funds		Real Estate Funds		Total
	(In millions)
Balance at January 1, 2011	$	7		$	187		$	40	$	32	$	266
Actual return on plan assets:
Related to assets held at December 31, 2011		—			(5	)		9		2		6
Related to assets sold during 2011		—			2			—		—		2
Purchases, sales or other settlements		(3	)		27			9		10		43
Net transfers in (out) of Level 3		—			—			—		—		—

Balance at December 31, 2011		4			211			58		44		317

Actual return on plan assets:
Related to assets held at December 31, 2012		—			13			5		1		19
Related to assets sold during 2012		—			—			—		—		—
Purchases, sales or other settlements		(1	)		31			12		—		42
Net transfers in (out) of Level 3		(1	)		—			—		—		(1	)

Balance at December 31, 2012	$	2		$	255		$	75	$	45	$	377

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

The Corporation has budgeted contributions of approximately $140 million to its funded pension plans in 2013.

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


2013	$	101
2014		98
2015		102
2016		119
2017		113
Years 2018 to 2022		677

The Corporation also contributes to several defined contribution plans for eligible employees. Employees may contribute a portion of their compensation to the plans and the Corporation matches a portion of the employee contributions. The Corporation recorded expense of $40 million in 2012, $28 million in 2011 and $24 million in 2010 for contributions to these plans.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes

14.

Income Taxes

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


	2012			2011			2010
	(In millions)
United States Federal
Current	$	30		$	202		$	151
Deferred		(317	)		(588	)		(309	)
State		46			17			46

		(241	)		(369	)		(112	)

Foreign
Current		2,019			1,185			1,515
Deferred		(218	)		(60	)		(230	)

		1,801			1,125			1,285

Adjustment of deferred tax liability for foreign income tax rate change*		115			29			—

Total provision for income taxes	$	1,675		$	785		$	1,173

*	Represents the effect of the United Kingdom (UK) supplementary income tax rate change to 20% from 32% on dismantlement expenses in July 2012. Also reflects the July 2011 increase in the supplementary tax on petroleum operations to 32% from 20% in the UK.

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


	2012			2011		2010
	(In millions)
United States (a)	$	(211	)	$	211	$	(108	)
Foreign (b)		3,949			2,250		3,419

Total income before income taxes	$	3,738		$	2,461	$	3,311

(a)

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

(b)

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

The components of deferred tax liabilities, deferred tax assets and taxes deferred at December 31 were as follows:


	2012			2011
	(In millions)
Deferred tax liabilities
Property, plant and equipment	$	(4,951	)	$	(3,742	)
Other		(36	)		(125	)

Total deferred tax liabilities		(4,987	)		(3,867	)

Deferred tax assets
Net operating loss carryforwards		1,985			1,204
Tax credit carryforwards		373			396
Property, plant and equipment and investments		3,165			2,217
Investment in HOVENSA		—			331
Accrued compensation, other liabilities and deferred credits		976			508
Asset retirement obligations		508			438
Other		313			332

Total deferred tax assets		7,320			5,426
Valuation allowances		(1,282	)		(1,071	)

Total deferred tax assets, net		6,038			4,355

Net deferred tax assets	$	1,051		$	488

At December 31, 2012, the Corporation has recognized a gross deferred tax asset related to net operating loss carryforwards of $1,985 million before application of the valuation allowances. The deferred tax asset is comprised of $1,637 million attributable to foreign net operating losses, which begin to expire in 2020, $91 million attributable to United States federal operating losses which begin to expire in 2020 and $257 million attributable to losses in various states which begin to expire in 2013. The deferred tax asset attributable to foreign net operating losses, net of valuation allowances, is $1,056 million, substantially all of which relates to loss carryforwards in Norway and Indonesia. At December 31, 2012, the Corporation has federal, state and foreign alternative minimum tax credit carryforwards of $148 million, which can be carried forward indefinitely and approximately $1 million of other business credit carryforwards. Foreign tax credit carryforwards, which begin to expire in 2016, total $224 million. Included within Property, plant and equipment and investments in the foregoing table are taxes deferred, resulting from intercompany transactions eliminated in consolidation related to transfers of property, plant and equipment remaining within the consolidated group.

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


	2012			2011
	(In millions)
Other current assets	$	596		$	398
Deferred income taxes (long-term asset)		3,126			2,941
Accrued liabilities		(9	)		(8	)
Deferred income taxes (long-term liability)		(2,662	)		(2,843	)

Net deferred tax assets	$	1,051		$	488

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


	2012			2011			2010
United States statutory rate		35.0	%		35.0	%		35.0	%
Effect of foreign operations*		11.3			(4.1	)		9.4
State income taxes, net of Federal income tax		0.8			0.4			0.9
Change in enacted tax rate		3.1			1.2			—
Gains on asset sales		(4.8	)		(5.0	)		(10.4	)
Effect of equity loss and operations related to HOVENSA		—			2.8			3.1
Other		(0.6	)		1.6			(2.6	)

Total		44.8	%		31.9	%		35.4	%

*	The variance in effective income tax rates attributable to the effect of foreign operations primarily resulted from the suspension of operations in Libya for most of 2011.

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


	2012			2011
	(In millions)
Balance at January 1	$	415		$	400
Additions based on tax positions taken in the current year		132			62
Additions based on tax positions of prior years		45			20
Reductions based on tax positions of prior years		(33	)		(8	)
Reductions due to settlements with taxing authorities		(30	)		(59	)
Reductions due to lapse of statutes of limitation		(6	)		—

Balance at December 31	$	523		$	415

At December 31, 2012, the unrecognized tax benefits include $466 million, which if recognized, would affect the Corporation’s effective income tax rate. Over the next 12 months, it is reasonably possible that the total amount of unrecognized tax benefits could decrease by $25 million to $35 million due to settlements with taxing authorities and lapsing of statutes of limitation. The Corporation had accrued interest and penalties related to unrecognized tax benefits of $60 million as of December 31, 2012 and $42 million as of December 31, 2011.

The Corporation has not recognized deferred income taxes for that portion of undistributed earnings of foreign subsidiaries expected to be indefinitely reinvested in foreign operations. The Corporation had undistributed earnings from foreign subsidiaries expected to be indefinitely reinvested in foreign operations of approximately $6.7 billion at December 31, 2012. If these earnings were not indefinitely reinvested, a deferred tax liability of approximately $2.3 billion would be recognized, not accounting for the utilization of foreign tax credits in the United States.

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

Income taxes paid (net of refunds) in 2012, 2011 and 2010 amounted to $1,822 million, $1,384 million and $1,450 million, respectively.

- Definition

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

+ References

+ Details

Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2012

Outstanding and Weighted Average Common Shares

15.

Outstanding and Weighted Average Common Shares

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


	2012		2011		2010
	(In millions)
Balance at January 1		340.0		337.7		327.2
Activity related to restricted common stock awards, net		1.3		0.6		0.8
Stock options		0.2		1.7		1.1
Issued for an acquisition *		—		—		8.6

Balance at December 31		341.5		340.0		337.7

*	See Note 3, Acquisitions in the notes to the Consolidated Financial Statements.

The following table presents the calculation of basic and diluted earnings per share:


	2012		2011		2010
	(In millions, except per share amounts)
Net income attributable to Hess Corporation	$	2,025	$	1,703	$	2,125

Weighted average common shares:
Basic		338.4		336.9		326.0
Effect of dilutive securities
Stock options		0.8		1.6		0.8
Restricted common stock		1.1		1.4		1.5

Diluted		340.3		339.9		328.3

Net income per share:
Basic	$	5.98	$	5.05	$	6.52
Diluted	$	5.95	$	5.01	$	6.47

The weighted average common shares used in the diluted earnings per share calculations exclude the effect of approximately 9.2 million, 3.5 million and 5.2 million out-of-the-money stock options for 2012, 2011 and 2010, respectively, and 414,175 PSUs for 2012 based on the Corporation’s TSR through December 31, 2012. Cash dividends declared on common stock totaled $0.40 per share ($0.10 per quarter) during 2012, 2011 and 2010.

- Definition

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

+ References

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

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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
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-Paragraph 7, 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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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.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
-Section 08
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-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
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Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Leased Assets

12 Months Ended

Dec. 31, 2012

Leased Assets

16.

Leased Assets

The Corporation and certain of its subsidiaries lease gasoline stations, drilling rigs, tankers, office space and other assets for varying periods under contractual obligations accounted for as operating leases. Certain operating leases provide an option to purchase the related property at fixed prices. At December 31, 2012, future minimum rental payments applicable to non-cancelable operating leases with remaining terms of one year or more (other than oil and gas property leases) are as follows (in millions):


2013	$	700
2014		604
2015		227
2016		127
2017		125
Remaining years		1,060

Total minimum lease payments		2,843
Less: Income from subleases		43

Net minimum lease payments	$	2,800

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

Rental expense was as follows:


	2012		2011		2010
	(In millions)
Total rental expense	$	375	$	348	$	273
Less: Income from subleases		15		12		13

Net rental expense	$	360	$	336	$	260

Guarantees and Contingencies

12 Months Ended

Dec. 31, 2012

Guarantees and Contingencies

17.

Guarantees and Contingencies

At December 31, 2012, the Corporation has $141 million in letters of credit for which it is contingently liable. The Corporation also has a contingent purchase obligation to acquire the remaining interest in WilcoHess, a retail gasoline station joint venture. This contingent obligation, which expires in April 2014, was approximately $210 million at December 31, 2012.

The Corporation is subject to loss contingencies with respect to various lawsuits, claims and other proceedings, including environmental matters. A liability is recognized in the Corporation’s consolidated financial statements when it is probable a loss has been incurred and the amount can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated or the risk of loss is only reasonably possible, a liability is not accrued; however, the Corporation discloses the nature of those contingencies.

The Corporation, along with many other companies engaged in refining and marketing of gasoline, has been a party to lawsuits and claims related to the use of methyl tertiary butyl ether (MTBE) in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the United States against producers of MTBE and petroleum refiners who produced gasoline containing MTBE, including the Corporation. The principal allegation in all cases was that gasoline containing MTBE is a defective product and that these parties are strictly liable in proportion to their share of the gasoline market for damage to groundwater resources and are required to take remedial action to ameliorate the alleged effects on the environment of releases of MTBE. In 2008, the majority of the cases against the Corporation were settled. In 2010 and 2011, additional cases were settled including an action brought in state court by the State of New Hampshire. Two cases brought by the State of New Jersey and the Commonwealth of Puerto Rico remain unresolved. In 2007, a pre-tax charge of $40 million was recorded to cover all of the known MTBE cases against the Corporation.

The Corporation is from time to time involved in other judicial and administrative proceedings, including proceedings relating to other environmental matters. The Corporation cannot predict with certainty if, how or when such proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters before a loss or range of loss can be reasonably estimated for any proceeding. Subject to the foregoing, in management’s opinion, based upon currently known facts and circumstances, the outcome of such proceedings is not expected to have a material adverse effect on the financial condition, results of operations or cash flows of the Corporation.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 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.

+ Details

Segment Information

12 Months Ended

Dec. 31, 2012

Segment Information

18.

Segment Information

The Corporation has two operating segments that comprise the structure used by senior management to make key operating decisions and assess performance. These are (1) Exploration and Production and (2) Marketing and Refining. The following table presents financial data by segment:


	Exploration and Production		Marketing and Refining			Corporate and Interest			Consolidated (a)
	(In millions)
2012
Operating revenues
Total operating revenues (b)	$	12,245	$	25,520		$	2
Less: Transfers between affiliates		75		1			—

Operating revenues from unaffiliated customers	$	12,170	$	25,519		$	2		$	37,691

Net income (loss) attributable to Hess Corporation	$	2,212	$	231		$	(418	)	$	2,025

Interest expense	$	—	$	—		$	419		$	419
Depreciation, depletion and amortization		2,853		83			13			2,949
Asset impairments		582		16			—			598
Provision (benefit) for income taxes		1,793		145			(263	)		1,675
Investments in affiliates		75		368			—			443
Identifiable assets		37,687		5,139			615			43,441
Capital employed (c)		26,339		2,570			405			29,314
Capital expenditures		7,676		113			6			7,795

2011
Operating revenues
Total operating revenues (b)	$	10,646	$	27,936		$	1
Less: Transfers between affiliates		116		1			—

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

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

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

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

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

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

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

(a)

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

(b)

Sales and operating revenues are reported net of excise and similar taxes in the Statement of Consolidated Income, which amounted to approximately $2,580 million, $2,350 million and $2,200 million in 2012, 2011 and 2010, respectively.

(c)

E&P, M&R and Corporate only. Calculated as equity plus debt.

Financial information by major geographic area is as follows:


	United States		Europe			Africa		Asia and Other		Consolidated
	(In millions)
2012
Operating revenues	$	30,784	$	2,530		$	2,484	$	1,893	$	37,691
Property, plant and equipment (net)		14,233		8,172	*		2,517		3,885		28,807
2011
Operating revenues	$	31,813	$	3,137		$	1,782	$	1,734	$	38,466
Property, plant and equipment (net)		11,490		6,826	*		2,355		4,041		24,712
2010
Operating revenues	$	28,066	$	2,109		$	2,271	$	1,416	$	33,862
Property, plant and equipment (net)		8,343		6,764	*		2,573		3,447		21,127

*	Of the total Europe property, plant and equipment (net), Norway represented $6,426 million, $5,031 million and $5,002 million in 2012, 2011 and 2010, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
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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.

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions

19.

Related Party Transactions

The following table presents the Corporation’s related party transactions:


	2012		2011		2010
	(In millions)
Purchases:
HOVENSA (a)	$	145	$	3,806	$	4,307
Bayonne Energy Center LLC (b)		20		—		—

Sales:
WilcoHess		3,058		2,898		2,113
HOVENSA		191		710		607

(a)

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

(b)

Represents payments under a 15 year tolling agreement with remaining total minimum payments of approximately $395 million.

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


	2012			2011
	(In millions)
WilcoHess	$	119		$	127
Bayonne Energy Center LLC		(3	)		—
HOVENSA, net *		—			(22	)

*	Excludes the Corporation’s planned funding commitments of $487 million at December 31, 2011 related to the refinery shutdown, which was paid in 2012.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-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

Risk Management and Trading Activities

12 Months Ended

Dec. 31, 2012

Risk Management and Trading Activities

20.

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, which 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’s) 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 gross volumes of the Corporation’s energy marketing commodity contracts outstanding at December 31 were as follows:


	2012		2011
Crude oil and refined petroleum products (millions of barrels)		26		28
Natural gas (millions of mcf)		2,938		2,616
Electricity (millions of megawatt hours)		278		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 on derivative contracts not designated as hedges amounted to $127 million in 2012, $65 million in 2011 and $247 million in 2010.

At December 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 December 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. The after-tax deferred losses relating to energy marketing activities recorded in Accumulated other comprehensive income (loss) were $22 million and $64 million at December 31, 2012 and 2011, respectively. The Corporation estimates that a loss of approximately $14 million will be reclassified into earnings over the next twelve months. During 2012, 2011 and 2010, the Corporation reclassified after-tax losses from Accumulated other comprehensive income (loss) of $52 million, $105 million and $318 million ($85 million, $172 million and $527 million of pre-tax losses), respectively.

The amounts of ineffectiveness recognized immediately in Cost of products sold were a loss of $4 million in 2011 and a gain of $2 million in 2010. There was no ineffectiveness in 2012. 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 gross volumes of the Corporate risk management derivative contracts outstanding at December 31, were as follows:


	2012		2011
Commodity, primarily crude oil (millions of barrels)		1		51
Foreign exchange (millions of U.S. Dollars)	$	1,285	$	900
Interest rate swaps (millions of U.S. Dollars)	$	880	$	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 was no longer subject to change due to price fluctuations. The deferred hedge losses as of the date that the hedges were closed were recorded in earnings as the hedged transactions occurred. For 2012, the Corporation 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 was $107.70 per barrel. Both of these hedge programs matured as of December 31, 2012. Realized losses from E&P hedging activities decreased Sales and other operating revenues by $688 million in 2012, $517 million in 2011 and $533 million in 2010 ($431 million, $327 million and $338 million after-taxes, respectively). The amounts of ineffectiveness related to Brent crude oil hedges were a loss of $9 million in 2012, a gain of $9 million in 2011 and zero in 2010. The after-tax deferred losses in Accumulated other comprehensive income (loss) related to Brent crude oil hedges was $286 million at December 31, 2011. In January and February of 2013, the Corporation entered into new Brent crude oil hedges covering 90,000 barrels per day for the remainder of 2013 at an average price of approximately $109.70 per barrel.

At December 31, 2012 and 2011, the Corporation had interest rate swaps with gross notional amounts of $880 million and $895 million, respectively, which were designated as fair value hedges. Changes in the fair value of interest rate swaps and the hedged fixed-rate debt are recorded in Interest expense in the Statement of Consolidated Income. For the years ended December 31, 2012 and 2011, the Corporation recorded increases of $12 million and $45 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 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:


	2012		2011			2010
	(In millions)
Commodity	$	1	$	1		$	(7	)
Foreign exchange		43		(15	)		(7	)

Total	$	44	$	(14	)	$	(14	)

Trading Activities: Trading activities are conducted principally through a trading partnership in which the Corporation has a 50% voting interest. This consolidated entity operates 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 gross volumes of derivative contracts outstanding relating to trading activities at December 31, were as follows:


	2012		2011
Commodity
Crude oil and refined petroleum products (millions of barrels)		1,179		2,169
Natural gas (millions of mcf)		3,377		4,203
Electricity (millions of megawatt hours)		19		304
Foreign exchange (millions of U.S. Dollars)	$	412	$	581
Other
Interest rate (millions of U.S. Dollars)	$	167	$	182
Equity securities (millions of shares)		14		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:


	2012		2011			2010
	(In millions)
Commodity	$	104	$	44		$	88
Foreign exchange		3		—			5
Other		10		(28	)		10

Total	$	117	$	16		$	103

Fair Value Measurements: The gross and net fair values of the Corporation’s risk management and trading derivative instruments were as follows:


	Accounts Receivable			Accounts Payable
	(In millions)
December 31, 2012
Derivative contracts designated as hedging instruments
Commodity	$	65		$	(124	)
Interest rate and other		72			(2	)

Total derivative contracts designated as hedging instruments		137			(126	)

Derivative contracts not designated as hedging instruments*
Commodity		3,188			(3,188	)
Foreign exchange		14			—
Other		14			(8	)

Total derivative contracts not designated as hedging instruments		3,216			(3,196	)

Gross fair value of derivative contracts		3,353			(3,322	)
Master netting arrangements		(2,750	)		2,750
Cash collateral (received) posted		(34	)		5

Net fair value of derivative contracts	$	569		$	(567	)

December 31, 2011
Derivative contracts designated as hedging instruments
Commodity	$	181		$	(216	)
Interest rate and 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 the counterparty’s default or bankruptcy. Where these arrangements provide the right of offset and the Corporation’s intent and practice is to offset amounts in the case of contract terminations, the Corporation records fair value on a net basis.

The Corporation determines fair value in accordance with the fair value measurements accounting standard 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). The Corporation’s net physical derivative and financial assets and (liabilities) that are measured at fair value based on this hierarchy were as follows:


	Level 1			Level 2			Level 3			Collateral and counterparty netting			Balance
	(In millions)
December 31, 2012
Assets
Derivative contracts
Commodity	$	94		$	445		$	243		$	(190	)	$	592
Interest rate and other		6			86			1			(1	)		92
Collateral and counterparty netting		(23	)		(54	)		(4	)		(34	)		(115	)

Total derivative contracts		77			477			240			(225	)		569
Other assets measured at fair value on a recurring basis		5			49			—			(2	)		52

Total assets measured at fair value on a recurring basis	$	82		$	526		$	240		$	(227	)	$	621

Liabilities
Derivative contracts
Commodity	$	(83	)	$	(657	)	$	(101	)	$	190		$	(651	)
Other		(1	)		(2	)		—			1			(2	)
Collateral and counterparty netting		23			54			4			5			86

Total derivative contracts		(61	)		(605	)		(97	)		196			(567	)
Other liabilities measured at fair value on a recurring basis		(40	)		(2	)		(2	)		2			(42	)

Total liabilities measured at fair value on a recurring basis	$	(101	)	$	(607	)	$	(99	)	$	198		$	(609	)

Other fair value measurement disclosures
Long-term debt*	$	—		$	(8,887	)	$	—		$	—		$	(8,887	)

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	)

*	Long-term debt, including current maturities, had a carrying value of $7,361 million and $6,040 million at December 31, 2012 and 2011, respectively.

In addition to the financial assets and (liabilities) disclosed in the tables above, the Corporation had other short-term financial instruments, primarily cash equivalents and accounts receivable and payable, for which the carrying value approximated their fair value at December 31, 2012 and December 31, 2011.

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


	2012			2011
	(In millions)
Transfers into Level 1	$	251		$	(17	)
Transfers out of Level 1		210			297

	$	461		$	280

Transfers into Level 2	$	(234	)	$	—
Transfers out of Level 2		(293	)		(97	)

	$	(527	)	$	(97	)

Transfers into Level 3	$	99		$	(114	)
Transfers out of Level 3		(33	)		(69	)

	$	66		$	(183	)

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


	2012			2011
	(In millions)
Balance at January 1	$	(143	)	$	412
Unrealized pre-tax gains (losses)
Included in earnings (a)		(78	)		(52	)
Included in other comprehensive income (b)		44			25
Purchases (c)		247			2,294
Sales (c)		(266	)		(2,524	)
Settlements (d)		271			(115	)
Transfers into Level 3		99			(114	)
Transfers out of Level 3		(33	)		(69	)

Balance at December 31	$	141		$	(143	)

(a)

The unrealized pre-tax gains (losses) included in earnings for 2012 are comprised of $(44) million reflected in Sales and other operating revenues and $(34) million 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 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. Fair value measurements for all recurring inputs were performed using a combination of market and income approach techniques. 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, independent or correlated, may result in a different fair value.


	Unit of Measurement	Range / Weighted Average
December 31, 2012
Assets
Commodity contracts with a fair value of $243 million
Contract prices
Crude oil and refined petroleum products	$ / bbl (a)	$79.35 - 144.27 / 113.06
Electricity	$ / MWH (b)	$23.37 - 79.27 / 40.81

Basis prices
Natural gas	$ / MMBTU (c)	$(0.47) - 6.66 / 0.39

Contract volatilities
Crude oil and refined petroleum products	%	23.00 - 27.00 / 26.00
Natural gas	%	21.00 - 36.00 / 25.00
Electricity	%	18.00 - 40.00 / 28.00

Liabilities
Commodity contracts with a fair value of $101 million
Contract prices
Crude oil and refined petroleum products	$ / bbl (a)	$83.49 - 133.38 / 109.94
Electricity	$ / MWH (b)	$25.01 - 72.60 / 40.38

Basis prices
Natural gas	$ / MMBTU (c)	$(0.72) - 6.66 / 1.26

Contract volatilities
Crude oil and refined petroleum products	%	24.00 - 27.00 / 26.00
Natural gas	%	21.00 - 28.00 / 22.00

(a)

Price per barrel.

(b)

Price per megawatt hour.

(c)

Price per million British thermal units.

Credit Risk: The Corporation is exposed to credit risks that may at times be concentrated with certain counterparties, groups of counterparties or customers. Accounts receivable are generated from a diverse domestic and international customer base. The Corporation’s net receivables at December 31, 2012 are concentrated with the following counterparty and customer industry segments: Integrated Oil Companies —23%, Refiners —15%, Government Entities —11%, Real Estate —8%, Services —8% and Manufacturing —6%. The Corporation reduces its risk related to certain counterparties by using master netting arrangements and requiring collateral, generally cash or letters of credit. The Corporation records the cash collateral received or posted as an offset to the fair value of derivatives executed with the same counterparty. At December 31, 2012 and 2011, the Corporation held cash from counterparties of $34 million and $121 million, respectively. The Corporation posted cash to counterparties at December 31, 2012 and 2011 of $5 million and $117 million, respectively.

At December 31, 2012, the Corporation had outstanding letters of credit totaling $746 million, primarily issued to satisfy margin requirements. Certain of the Corporation’s agreements also contain contingent collateral provisions that could require the Corporation to post additional collateral if the Corporation’s credit rating declines. As of December 31, 2012, the net liability related to derivatives with contingent collateral provisions was approximately $435 million. There was no cash collateral posted on those derivatives. At December 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 December 31, 2012, the Corporation would be required to post additional collateral of approximately $275 million.

Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events

21.

Subsequent Events

In January 2013, the Corporation completed the sale of its interests in the Beryl fields in the United Kingdom North Sea for cash proceeds of approximately $440 million. The Corporation announced in January 2013 its decision to cease refining operations at its Port Reading facility in February and pursue the sale of its terminal network

On January 29, 2013, Elliott Management Corporation (Elliott) sent a letter to Hess shareholders informing them that affiliates of Elliott beneficially own 4 percent of the outstanding common stock of the Corporation and are nominating five individuals for election as directors at the Corporation’s 2013 Annual Meeting. Among other things, Elliott also stated its view that Hess should (1) spin off the Corporation’s Bakken assets along with the Eagle Ford and Utica acreage; (2) divest the Corporation’s downstream assets and place midstream assets into a master limited partnership (MLP) or real estate investment trust (REIT) structure; and (3) divest assets from the Corporation’s remaining international portfolio. The Corporation is in the process of reviewing Elliott’s proposals with the Board and its advisors and intends to respond in the near future.

VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2012

VALUATION AND QUALIFYING ACCOUNTS

Schedule II

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2012, 2011 and 2010


			Additions
Description	Balance January 1		Charged to Costs and Expenses		Charged to Other Accounts		Deductions from Reserves		Balance December 31
	(In millions)
2012
Losses on receivables	$	55	$	—	$	—	$	21	$	34

Deferred income tax valuation	$	1,071	$	248	$	—	$	37	$	1,282

2011
Losses on receivables	$	58	$	4	$	1	$	8	$	55

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

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

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

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2012
Nature of Business	*Nature of Business:* Hess Corporation and its subsidiaries (the Corporation or Hess) operate in two segments, Exploration and Production (E&P) and Marketing and Refining (M&R). The E&P segment explores for, develops, produces, purchases, transports and sells crude oil and natural gas. The M&R segment purchases, markets and trades refined petroleum products, natural gas and electricity. The Corporation also operates terminals and retail gasoline stations, most of which include convenience stores, that are located on the East Coast of the United States. Through February 2013, the Corporation also manufactured refined petroleum products. In January 2013, the Corporation announced its decision to cease refining operations at its Port Reading facility in February and pursue the sale of its terminal network. In January 2012, HOVENSA L.L.C. (HOVENSA), a 50% owned joint venture in the U.S. Virgin Islands, shut down its refinery. HOVENSA plans to operate the complex as an oil storage terminal while the Corporation and its joint venture partner pursue a sale of HOVENSA. The Corporation has made significant progress in its transformation from an integrated oil and gas company to a predominantly E&P company following the shutdown of the HOVENSA joint venture refinery and its decision to cease refining operations at its Port Reading facility and pursue the sale of its terminal network. The Corporation has also shifted its E&P growth strategy from one based primarily on high impact exploration to one based on a combination of the development of unconventional resources, exploitation of existing discoveries and a smaller, more focused exploratory program.
Principles of Consolidation and Basis of Presentation	*Principles of Consolidation and Basis of Presentation:* The consolidated financial statements include the accounts of Hess Corporation and entities in which the Corporation owns more than a 50% voting interest or entities that the Corporation controls. The Corporation consolidates the trading partnership in which it owns a 50% voting interest and over which it exercises control. The Corporation’s undivided interests in unincorporated oil and gas exploration and production ventures are proportionately consolidated. Investments in affiliated companies, 20% to 50% owned and where the Corporation has the ability to influence the operating or financial decisions of the affiliate, are accounted for using the equity method. Certain information in the financial statements and notes has been reclassified to conform to the current period presentation. In the preparation of these financial statements, the Corporation has evaluated subsequent events through the date of issuance.
Estimates and Assumptions	*Estimates and Assumptions:* In preparing financial statements in conformity with U.S. generally accepted accounting principles (GAAP), management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the Consolidated Balance Sheet and revenues and expenses in the Statement of Consolidated Income. Actual results could differ from those estimates. Among the estimates made by management are oil and gas reserves, asset valuations, depreciable lives, pension liabilities, legal and environmental obligations, asset retirement obligations and income taxes.
Revenue Recognition	*Revenue Recognition:* The Corporation recognizes revenues from the sale of crude oil, natural gas, refined petroleum products and other merchandise when title passes to the customer. Sales are reported net of excise and similar taxes in the Statement of Consolidated Income. The Corporation recognizes revenues from the production of natural gas properties based on sales to customers. Differences between E&P natural gas volumes sold and the Corporation’s share of natural gas production are not material. Revenues from natural gas and electricity sales by the Corporation’s marketing operations are recognized based on meter readings and estimated deliveries to customers since the last meter reading. In its E&P activities, the Corporation engages in crude oil purchase and sale transactions with the same counterparty that are entered into in contemplation of one another for the primary purpose of changing location or quality. Similarly, in its marketing activities, the Corporation enters into refined petroleum product purchase and sale transactions with the same counterparty. These arrangements are reported net in Sales and other operating revenues in the Statement of Consolidated Income.
Exploration and Development Costs	*Exploration and Development Costs:* E&P activities are accounted for using the successful efforts method. Costs of acquiring unproved and proved oil and gas leasehold acreage, including lease bonuses, brokers’ fees and other related costs, are capitalized. Annual lease rentals, exploration expenses and exploratory dry hole costs are expensed as incurred. Costs of drilling and equipping productive wells, including development dry holes, and related production facilities are capitalized. In production operations, costs of injected CO₂ for tertiary recovery are expensed as incurred. The costs of exploratory wells that find oil and gas reserves are capitalized pending determination of whether proved reserves have been found. Exploratory drilling costs remain capitalized after drilling is completed if (1) the well has found a sufficient quantity of reserves to justify completion as a producing well and (2) sufficient progress is being made in assessing the reserves and the economic and operational viability of the project. If either of those criteria is not met, or if there is substantial doubt about the economic or operational viability of a project, the capitalized well costs are charged to expense. Indicators of sufficient progress in assessing reserves and the economic and operating viability of a project include commitment of project personnel, active negotiations for sales contracts with customers, negotiations with governments, operators and contractors, firm plans for additional drilling and other factors.
Depreciation, Depletion and Amortization	*Depreciation, Depletion and Amortization:* The Corporation records depletion expense for acquisition costs of proved properties using the units of production method over proved oil and gas reserves. Depreciation and depletion expense for oil and gas production equipment and wells is calculated using the units of production method over proved developed oil and gas reserves. Provisions for impairment of undeveloped oil and gas leases are based on periodic evaluations and other factors. Depreciation of all other plant and equipment is determined on the straight-line method based on estimated useful lives. Retail gas stations and equipment related to a leased property, are depreciated over the estimated useful lives not to exceed the remaining lease period. The Corporation records the cost of acquired customers in its energy marketing activities as intangible assets and amortizes these costs on the straight-line method over the expected renewal period based on historical experience.
Capitalized Interest	*Capitalized Interest:* Interest from external borrowings is capitalized on material projects using the weighted average cost of outstanding borrowings until the project is substantially complete and ready for its intended use, which for oil and gas assets is at first production from the field. Capitalized interest is depreciated over the useful lives of the assets in the same manner as the depreciation of the underlying assets.
Impairment of Long-lived Assets	*Impairment of Long-lived Assets:* The Corporation reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts are not expected to be recovered by undiscounted future cash flows, the assets are impaired and an impairment loss is recorded. The amount of impairment is based on the estimated fair value of the assets generally determined by discounting anticipated future net cash flows, an income valuation approach, or by a market-based valuation approach, which are Level 3 fair value measurements. In the case of oil and gas fields, the net present value of future cash flows is based on management’s best estimate of future prices, which is determined with reference to recent historical prices and published forward prices, applied to projected production volumes and discounted at a risk-adjusted rate. The projected production volumes represent reserves, including probable reserves, expected to be produced based on a stipulated amount of capital expenditures. The production volumes, prices and timing of production are consistent with internal projections and other externally reported information. Oil and gas prices used for determining asset impairments will generally differ from the average prices used in the standardized measure of discounted future net cash flows.
Impairment of Equity Investees	*Impairment of Equity Investees:* The Corporation reviews equity method investments for impairment whenever events or changes in circumstances indicate that an other than temporary decline in value may have occurred. The fair value measurement used in the impairment assessment is based on quoted market prices, where available, or other valuation techniques, including discounted cash flows.
Impairment of Goodwill	*Impairment of Goodwill:* Goodwill is tested for impairment annually in the fourth quarter or when events or changes in circumstances indicate that the carrying amount of the goodwill may not be recoverable. This impairment test is calculated at the reporting unit level, which for the Corporation’s goodwill is the E&P operating segment. The Corporation identifies potential impairments by comparing the fair value of the reporting unit to its book value, including goodwill. If the fair value of the reporting unit exceeds the carrying amount, goodwill is not impaired. If the carrying value exceeds the fair value, the Corporation calculates the possible impairment loss by comparing the implied fair value of goodwill with the carrying amount. If the implied fair value of goodwill is less than the carrying amount, an impairment would be recorded.
Cash and Cash Equivalents	*Cash and Cash Equivalents:* Cash equivalents consist of highly liquid investments, which are readily convertible into cash and have maturities of three months or less when acquired.
Inventories	*Inventories:* Inventories are valued at the lower of cost or market. For refined petroleum product inventories valued at cost, the Corporation uses principally the last-in, first-out (LIFO) inventory method. For the remaining inventories, cost is generally determined using average actual costs.
Income Taxes	*Income Taxes:* Deferred income taxes are determined using the liability method. The Corporation regularly assesses the realizability of deferred tax assets, based on estimates of future taxable income, the availability of tax planning strategies, the existence of appreciated assets, the available carryforward periods for net operating losses and other factors. If it is more likely than not that some or all of the deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets to the amount expected to be realized. In addition, the Corporation recognizes the financial statement effect of a tax position only when management believes that it is more likely than not, that based on the technical merits, the position will be sustained upon examination. Additionally, the Corporation has income taxes which have been deferred on intercompany transactions eliminated in consolidation related to transfers of property, plant and equipment remaining within the consolidated group. The amortization of these income taxes deferred on intercompany transactions will occur ratably with the recovery through depletion and depreciation of the carrying value of these assets. The Corporation does not provide for deferred U.S. income taxes for that portion of undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. The Corporation classifies interest and penalties associated with uncertain tax positions as income tax expense.
Asset Retirement Obligations	*Asset Retirement Obligations:* The Corporation has material legal obligations to remove and dismantle long-lived assets and to restore land or seabed at certain exploration and production locations. The Corporation recognizes a liability for the fair value of legally required asset retirement obligations associated with long-lived assets in the period in which the retirement obligations are incurred. In addition, the fair value of any legally required conditional asset retirement obligations is recorded if the liability can be reasonably estimated. The Corporation capitalizes the associated asset retirement costs as part of the carrying amount of the long-lived assets.
Retirement Plans	*Retirement Plans:* The Corporation recognizes the funded status of defined benefit postretirement plans in the Consolidated Balance Sheet. The funded status is measured as the difference between the fair value of plan assets and the projected benefit obligation. The Corporation recognizes the net changes in the funded status of these plans in the year in which such changes occur. Prior service costs and actuarial gains and losses in excess of 10% of the greater of the benefit obligation or the market value of assets are amortized over the average remaining service period of active employees.
Derivatives	*Derivatives:* The Corporation utilizes derivative instruments for both risk management and trading activities. In risk management activities, the Corporation uses futures, forwards, options and swaps, individually or in combination, to mitigate its exposure to fluctuations in prices of crude oil, natural gas, refined petroleum products and electricity, as well as changes in interest and foreign currency exchange rates. In trading activities, the Corporation, principally through a consolidated partnership, trades energy-related commodities and derivatives, including futures, forwards, options and swaps based on expectations of future market conditions. All derivative instruments are recorded at fair value in the Corporation’s Consolidated Balance Sheet. The Corporation’s policy for recognizing the changes in fair value of derivatives varies based on the designation of the derivative. The changes in fair value of derivatives that are not designated as hedges are recognized currently in earnings. Derivatives may be designated as hedges of expected future cash flows or forecasted transactions (cash flow hedges) or hedges of firm commitments (fair value hedges). The effective portion of changes in fair value of derivatives that are designated as cash flow hedges is recorded as a component of other comprehensive income (loss) while the ineffective portion of the changes in fair value is recorded currently in earnings. Amounts included in Accumulated other comprehensive income (loss) for cash flow hedges are reclassified into earnings in the same period that the hedged item is recognized in earnings. Changes in fair value of derivatives designated as fair value hedges are recognized currently in earnings. The change in fair value of the related hedged commitment is recorded as an adjustment to its carrying amount and recognized currently in earnings.
Fair Value Measurements	*Fair Value Measurements:* The Corporation’s derivative instruments are recorded at fair value, with changes in fair value recognized in earnings or other comprehensive income each period as appropriate. The Corporation uses various valuation approaches in determining fair value, including the market and income approaches. The Corporation’s fair value measurements also include non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and the Corporation’s credit is considered for accrued liabilities. The Corporation also records certain nonfinancial assets and liabilities at fair value when required by GAAP. These fair value measurements are recorded in connection with business combinations, qualifying nonmonetary exchanges, the initial recognition of asset retirement obligations and any impairment of long-lived assets, equity method investments or goodwill. The Corporation determines fair value in accordance with the fair value measurements accounting standard which established a hierarchy for the inputs used to measure fair value based on the source of the 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 is based on the lowest significant input level within this fair value hierarchy. Details on the methods and assumptions used to determine the fair values are as follows: *Fair value measurements based on Level 1 inputs:* Measurements that are most observable are based on quoted prices of identical instruments obtained from the principal markets in which they are traded. Closing prices are both readily available and representative of fair value. Market transactions occur with sufficient frequency and volume to assure liquidity. The fair value of certain of the Corporation’s exchange traded futures and options are considered Level 1. *Fair value measurements based on Level 2 inputs:* Measurements derived indirectly from observable inputs or from quoted prices from markets that are less liquid are considered Level 2. Measurements based on Level 2 inputs include over-the-counter derivative instruments that are priced on an exchange traded curve, but have contractual terms that are not identical to exchange traded contracts. The Corporation utilizes fair value measurements based on Level 2 inputs for certain forwards, swaps and options. *Fair value measurements based on Level 3 inputs:* Measurements that are least observable are estimated from related market data, determined from sources with little or no market activity for comparable contracts or are positions with longer durations. For example, in its energy marketing business, the Corporation enters into contracts to sell natural gas and electricity to customers and offsets the price exposure by purchasing forward contracts. The fair value of these sales and purchases may be based on specific prices at less liquid delivered locations, which are classified as Level 3. There may be offsets to these positions that are priced based on more liquid markets, which are, therefore, classified as Level 1 or Level 2. Fair values determined using discounted cash flows and other unobservable data are also classified as Level 3.
Share-based Compensation	*Share-based Compensation:* The fair value of all share-based compensation is recognized as expense on a straight-line basis over the full vesting period of the awards.
Foreign Currency Translation	*Foreign Currency Translation:* The U.S. Dollar is the functional currency (primary currency in which business is conducted) for most foreign operations. Adjustments resulting from translating monetary assets and liabilities that are denominated in a non-functional currency into the functional currency are recorded in Other, net in the Statement of Consolidated Income. For operations that do not use the U.S. Dollar as the functional currency, adjustments resulting from translating foreign currency assets and liabilities into U.S. Dollars are recorded in a separate component of equity titled Accumulated other comprehensive income (loss).
Maintenance and Repairs	*Maintenance and Repairs:* Maintenance and repairs are expensed as incurred, including costs of refinery turnarounds. Capital improvements are recorded as additions in Property, plant and equipment.
Environmental Expenditures	*Environmental Expenditures:* The Corporation accrues and expenses environmental costs to remediate existing conditions related to past operations when the future costs are probable and reasonably estimable. The Corporation capitalizes environmental expenditures that increase the life or efficiency of property or reduce or prevent future adverse impacts to the environment.
Changes in Accounting Policies - 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)

12 Months Ended

Dec. 31, 2012

Inventories

Inventories at December 31 were as follows:


	2012			2011
	(In millions)
Crude oil and other charge stocks	$	493		$	451
Refined petroleum products and natural gas		1,362			1,762
Less: LIFO adjustment		(1,123	)		(1,276	)

		732			937
Merchandise, materials and supplies		527			486

Total inventories	$	1,259		$	1,423

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2012

Components of Property, Plant and Equipment

Property, plant and equipment at December 31 were as follows:


	2012		2011
	(In millions)
Exploration and Production
Unproved properties	$	3,558	$	4,064
Proved properties		4,072		3,975
Wells, equipment and related facilities		35,385		29,239

		43,015		37,278
Marketing, Refining and Corporate		2,538		2,432

Total — at cost		45,553		39,710
Less: Reserves for depreciation, depletion, amortization and lease impairment		16,746		14,998

Property, plant and equipment — net	$	28,807	$	24,712

Net Changes in Capitalized Exploratory Well Costs


	2012			2011			2010
	(In millions)
Beginning balance at January 1	$	2,022		$	1,783		$	1,437
Additions to capitalized exploratory well costs pending the determination of proved reserves		407			512			675
Reclassifications to wells, facilities and equipment based on the determination of proved reserves		(41	)		(171	)		(87	)
Capitalized exploratory well costs charged to expense		(129	)		(90	)		(110	)
Dispositions		—			(12	)		(132	)

Ending balance at December 31	$	2,259		$	2,022		$	1,783

Number of wells at end of year		68			59			77

Exploratory Drilling Costs Capitalized

At December 31, 2012, exploratory drilling costs capitalized in excess of one year past completion of drilling were incurred as follows (in millions):


2011	$	404
2010		357
2009		426
2008		392
2007 and prior		228

	$	1,807

- Definition

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

+ References + Details

Goodwill (Tables)

12 Months Ended

Dec. 31, 2012

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill, all of which relate to the E&P segment, are as follows:


	2012			2011
	(In millions)
Beginning balance at January 1	$	2,305		$	2,408
Dispositions		(97	)		(103	)

Ending balance at December 31	$	2,208		$	2,305

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References + Details

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2012

Changes to Corporation's Asset Retirement Obligations

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


	2012			2011
	(In millions)
Asset retirement obligations at January 1	$	2,071		$	1,358
Liabilities incurred		186			25
Liabilities settled or disposed of		(324	)		(334	)
Accretion expense		135			96
Revisions of estimated liabilities		529			947
Foreign currency translation		64			(21	)

Asset retirement obligations at December 31		2,661			2,071
Less: Current obligations		449			227

Long-term obligations at December 31	$	2,212		$	1,844

Debt and Interest Expense (Tables)

12 Months Ended

Dec. 31, 2012

Long-term Debt

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


	2012		2011
	(In millions)
Revolving credit facility, weighted average rate 1.6%	$	758	$	—
Asset-backed credit facility, weighted average rate 0.8%		600		350
Short-term credit facilities, weighted average rate 1.5%		990		100
Fixed-rate public notes:
7.0% due 2014		250		250
8.1% due 2019		998		998
7.9% due 2029		695		695
7.3% due 2031		746		746
7.1% due 2033		598		598
6.0% due 2040		745		744
5.6% due 2041		1,242		1,242

Total fixed-rate public notes		5,274		5,273
Leased floating production system		180		7
Other fixed-rate notes, weighted average rate 10.9%, due through 2023		111		112
Project lease financing, weighted average rate 5.1%, due through 2014		78		90
Pollution control revenue bonds, weighted average rate 5.9%, due through 2034		53		53
Fair value adjustments — interest rate hedging		65		53
Other debt		2		19

Total debt		8,111		6,057
Less: Short-term debt and current maturities of long-term debt		787		52

Total long-term debt	$	7,324	$	6,005

Outstanding Letters of Credit

Outstanding letters of credit at December 31 were as follows:


	2012		2011
	(In millions)
Committed lines*	$	463	$	1,063
Uncommitted lines*		283		462
Revolving credit facility		—		173

Total	$	746	$	1,698

*	Committed and uncommitted lines have expiration dates through 2014.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Share-Based Compensation Expense

Share-based compensation expense consisted of the following:


	Before Income Taxes						After Income Taxes
	2012		2011		2010		2012		2011		2010
	(In millions)
Stock options	$	34	$	51	$	52	$	21	$	31	$	32
Restricted stock		57		53		60		35		32		37
Performance share units		8		—		—		5		—		—

Total	$	99	$	104	$	112	$	61	$	63	$	69

Summary of Stock-Based Compensation Activity

The Corporation’s share-based compensation activity consisted of the following:


	Performance Share Units					Stock Options					Restricted Stock
	Performance Share Units			Weighted- Average Price on Date of Grant		Options			Weighted- Average Exercise Price per Share		Shares of Restricted Common Stock			Weighted- Average Price on Date of Grant
	(In thousands)					(In thousands)					(In thousands)
Outstanding at January 1, 2012		—		$	—		13,570		$	61.68		2,447		$	65.38
Granted		425			64.14		48			52.47		1,580			63.50
Exercised		—			—		(212	)		49.53		—			—
Vested		—			—		—			—		(883	)		56.53
Forfeited		(11	)		64.14		(503	)		72.00		(240	)		67.25

Outstanding at December 31, 2012*		414		$	64.14		12,903		$	61.45		2,904		$	66.89

*	Includes 10,789 thousand exercisable options at a weighted average price of $58.99 at December 31, 2012.

Summary of Information Regarding Outstanding and Exercisable Stock Options

The table below summarizes information regarding the outstanding and exercisable stock options as of December 31, 2012:


	Outstanding Options					Exercisable Options
Range of Exercise Prices	Options		Weighted- Average Remaining Contractual Life	Weighted- Average Exercise Price per Share		Options		Weighted- Average Exercise Price per Share



	(In thousands)		(Years)			(In thousands)
$20.00 – $40.00		1,065	2	$	27.59		1,065	$	27.59
$40.01 – $50.00		1,477	3		49.28		1,467		49.30
$50.01 – $60.00		4,153	5		55.12		4,089		55.11
$60.01 – $80.00		2,400	7		60.56		1,596		60.53
$80.01 – $120.00		3,808	7		83.10		2,572		82.72

		12,903	5	$	61.45		10,789	$	58.99

Weighted Average Assumptions Utilized for Stock Options Awarded

The following weighted average assumptions were utilized for stock options awarded:


	2012			2011			2010
Risk free interest rate		0.64	%		1.81	%		2.14	%
Stock price volatility		.397			.395			.390
Dividend yield		.77	%		.49	%		.67	%
Expected life in years		4.5			4.5			4.5
Weighted average fair value per option granted	$	16.49		$	27.98		$	20.18

Weighted Average Assumptions Utilized for PSUs Awarded

The following weighted average assumptions were utilized for PSUs awarded:


	2012
Risk free interest rate		0.40	%
Stock price volatility		.394
Contractual term in years		3.0
Grant date price of Hess common stock	$	64.14

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2012

Funded Status of Pension and Postretirement Medical Plans

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


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2012			2011			2012			2011			2012			2011
	(In millions)
Change in benefit obligation
Balance at January 1	$	1,866		$	1,497		$	227		$	192		$	125		$	107
Service cost		64			49			10			9			7			6
Interest cost		81			81			7			8			5			5
Actuarial (gain) loss		134			294			13			31			2			9
Benefit payments		(54	)		(51	)		(2	)		(13	)		(5	)		(2	)
Plan settlements*		—			—			(21	)		—			—			—
Foreign currency exchange rate changes		19			(4	)		—			—			—			—

Balance at December 31		2,110			1,866			234			227			134			125

	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2012			2011			2012			2011			2012			2011
	(In millions)
Change in fair value of plan assets
Balance at January 1		1,493			1,365			—			—			—			—
Actual return on plan assets		155			(3	)		—			—			—			—
Employer contributions		150			185			23			13			5			2
Benefit payments		(54	)		(51	)		(2	)		(13	)		(5	)		(2	)
Plan settlements*		—			—			(21	)		—			—			—
Foreign currency exchange rate changes		19			(3	)		—			—			—			—

Balance at December 31		1,763			1,493			—			—			—			—

Funded status (plan assets less than benefit obligations) at December 31		(347	)		(373	)		(234	)		(227	)		(134	)		(125	)
Unrecognized net actuarial losses		850			829			97			103			39			39

Net amount recognized	$	503		$	456		$	(137	)	$	(124	)	$	(95	)	$	(86	)

*	In 2012, the Corporation recorded charges related to plan settlements of $9 million ($5 million after income taxes) due to employee retirements.

Amounts Recognized in Consolidated Balance Sheet

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


	Funded Pension Plans						Unfunded Pension Plan						Postretirement Medical Plan
	2012			2011			2012			2011			2012			2011
	(In millions)
Accrued benefit liability	$	(347	)	$	(373	)	$	(234	)	$	(227	)	$	(134	)	$	(125	)
Accumulated other comprehensive loss, pre-tax*		850			829			97			103			39			39

Net amount recognized	$	503		$	456		$	(137	)	$	(124	)	$	(95	)	$	(86	)

*	The after-tax reduction to equity recorded in Accumulated other comprehensive income (loss) for these retirement plans was $639 million at December 31, 2012 and $631 million at December 31, 2011.

Components of Net Periodic Benefit Cost

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


	Pension Plans									Postretirement Medical Plan
	2012			2011			2010			2012		2011		2010
	(In millions)
Service cost	$	74		$	58		$	49		$	7	$	6	$	5
Interest cost		88			89			86			5		5		4
Expected return on plan assets		(116	)		(109	)		(86	)		—		—		—
Amortization of unrecognized net actuarial losses		83			47			48			2		2		1
Settlement loss		9			—			8			—		—		—

Net periodic benefit cost	$	138		$	85		$	105		$	14	$	13	$	10

Weighted Average Actuarial Assumptions Used in Calculation of Pension Plans

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


	2012			2011			2010
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate		3.8	%		4.3	%		5.3	%
Rate of compensation increase		4.3			4.3			4.4
Weighted average assumptions used to determine net benefit cost for the years ended December 31
Discount rate		4.3			5.3			5.8
Expected return on plan assets		7.5			7.5			7.5
Rate of compensation increase		4.3			4.4			4.3

Actuarial Assumptions Used by Corporation's Postretirement Medical Plan

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


	2012			2011			2010
Assumptions used to determine benefit obligations at December 31
Discount rate		3.1	%		3.9	%		4.8	%
Initial health care trend rate		7.3	%		8.0	%		8.0	%
Ultimate trend rate		4.8	%		5.0	%		5.0	%
Year in which ultimate trend rate is reached		2022			2018			2017

Fair Value of Plan's Financial Assets


	Level 1		Level 2		Level 3		Total
	(In millions)
December 31, 2012
Cash and short-term investment funds	$	2	$	37	$	—	$	39
Equities:
U.S. equities (domestic)		534		—		—		534
International equities (non-U.S.)		61		148		—		209
Global equities (domestic and non-U.S.)		5		174		—		179
Fixed income:
Treasury and government issued (a)		—		184		2		186
Government related (b)		—		8		—		8
Mortgage-backed securities (c)		—		96		—		96
Corporate		1		110		—		111
Other:
Hedge funds		—		—		255		255
Private equity funds		—		—		75		75
Real estate funds		9		—		45		54
Diversified commodities funds		—		17		—		17

	$	612	$	774	$	377	$	1,763

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

	$	522	$	654	$	317	$	1,493

(a)

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

(b)

Primarily consists of securities issued by governmental agencies and municipalities.

(c)

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

Fair Value of Level 3 Inputs Held by Institutional Funds

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


	Fixed Income*			Hedge Funds			Private Equity Funds		Real Estate Funds		Total
	(In millions)
Balance at January 1, 2011	$	7		$	187		$	40	$	32	$	266
Actual return on plan assets:
Related to assets held at December 31, 2011		—			(5	)		9		2		6
Related to assets sold during 2011		—			2			—		—		2
Purchases, sales or other settlements		(3	)		27			9		10		43
Net transfers in (out) of Level 3		—			—			—		—		—

Balance at December 31, 2011		4			211			58		44		317

Actual return on plan assets:
Related to assets held at December 31, 2012		—			13			5		1		19
Related to assets sold during 2012		—			—			—		—		—
Purchases, sales or other settlements		(1	)		31			12		—		42
Net transfers in (out) of Level 3		(1	)		—			—		—		(1	)

Balance at December 31, 2012	$	2		$	255		$	75	$	45	$	377

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

Estimated Future Benefit Payments for Funded and Unfunded Pension Plans and Postretirement Medical Plan

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


2013	$	101
2014		98
2015		102
2016		119
2017		113
Years 2018 to 2022		677

- 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 Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2439-114920

Reference 2: 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=21915506&loc=d3e2417-114920

Reference 3: 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=21915506&loc=d3e2410-114920

Reference 4: 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=21915506&loc=d3e1928-114920

Reference 5: 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=21916443&loc=d3e4179-114921

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

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Provision for (Benefit from) Income Taxes

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


	2012			2011			2010
	(In millions)
United States Federal
Current	$	30		$	202		$	151
Deferred		(317	)		(588	)		(309	)
State		46			17			46

		(241	)		(369	)		(112	)

Foreign
Current		2,019			1,185			1,515
Deferred		(218	)		(60	)		(230	)

		1,801			1,125			1,285

Adjustment of deferred tax liability for foreign income tax rate change *		115			29			—

Total provision for income taxes	$	1,675		$	785		$	1,173

*	Represents the effect of the United Kingdom (UK) supplementary income tax rate change to 20% from 32% on dismantlement expenses in July 2012. Also reflects the July 2011 increase in the supplementary tax on petroleum operations to 32% from 20% in the UK.

Income (Loss) Before Income Taxes

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


	2012			2011		2010
	(In millions)
United States (a)	$	(211	)	$	211	$	(108	)
Foreign (b)		3,949			2,250		3,419

Total income before income taxes	$	3,738		$	2,461	$	3,311

(a)

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

(b)

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

Components of Deferred Tax Liabilities, Deferred Tax Assets and Taxes Deferred

The components of deferred tax liabilities, deferred tax assets and taxes deferred at December 31 were as follows:


	2012			2011
	(In millions)
Deferred tax liabilities
Property, plant and equipment	$	(4,951	)	$	(3,742	)
Other		(36	)		(125	)

Total deferred tax liabilities		(4,987	)		(3,867	)

Deferred tax assets
Net operating loss carryforwards		1,985			1,204
Tax credit carryforwards		373			396
Property, plant and equipment and investments		3,165			2,217
Investment in HOVENSA		—			331
Accrued compensation, other liabilities and deferred credits		976			508
Asset retirement obligations		508			438
Other		313			332

Total deferred tax assets		7,320			5,426
Valuation allowances		(1,282	)		(1,071	)

Total deferred tax assets, net		6,038			4,355

Net deferred tax assets	$	1,051		$	488

Deferred Tax Assets and Liabilities, Net


	2012			2011
	(In millions)
Other current assets	$	596		$	398
Deferred income taxes (long-term asset)		3,126			2,941
Accrued liabilities		(9	)		(8	)
Deferred income taxes (long-term liability)		(2,662	)		(2,843	)

Net deferred tax assets	$	1,051		$	488

Difference Between Corporation's Effective Income Tax Rate and United States Statutory Rate

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


	2012			2011			2010
United States statutory rate		35.0	%		35.0	%		35.0	%
Effect of foreign operations*		11.3			(4.1	)		9.4
State income taxes, net of Federal income tax		0.8			0.4			0.9
Change in enacted tax rate		3.1			1.2			—
Gains on asset sales		(4.8	)		(5.0	)		(10.4	)
Effect of equity loss and operations related to HOVENSA		—			2.8			3.1
Other		(0.6	)		1.6			(2.6	)

Total		44.8	%		31.9	%		35.4	%

*	The variance in effective income tax rates attributable to the effect of foreign operations primarily resulted from the suspension of operations in Libya for most of 2011.

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

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


	2012			2011
	(In millions)
Balance at January 1	$	415		$	400
Additions based on tax positions taken in the current year		132			62
Additions based on tax positions of prior years		45			20
Reductions based on tax positions of prior years		(33	)		(8	)
Reductions due to settlements with taxing authorities		(30	)		(59	)
Reductions due to lapse of statutes of limitation		(6	)		—

Balance at December 31	$	523		$	415

- Definition

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

+ References + Details

Outstanding and Weighted Average Common Shares (Tables)

12 Months Ended

Dec. 31, 2012

Changes in Corporation's Outstanding Common Shares

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


	2012		2011		2010
	(In millions)
Balance at January 1		340.0		337.7		327.2
Activity related to restricted common stock awards, net		1.3		0.6		0.8
Stock options		0.2		1.7		1.1
Issued for an acquisition *		—		—		8.6

Balance at December 31		341.5		340.0		337.7

*	See Note 3, Acquisitions in the notes to the Consolidated Financial Statements.

Basic and Diluted Earnings Per Share

The following table presents the calculation of basic and diluted earnings per share:


	2012		2011		2010
	(In millions, except per share amounts)
Net income attributable to Hess Corporation	$	2,025	$	1,703	$	2,125

Weighted average common shares:
Basic		338.4		336.9		326.0
Effect of dilutive securities
Stock options		0.8		1.6		0.8
Restricted common stock		1.1		1.4		1.5

Diluted		340.3		339.9		328.3

Net income per share:
Basic	$	5.98	$	5.05	$	6.52
Diluted	$	5.95	$	5.01	$	6.47

Leased Assets (Tables)

12 Months Ended

Dec. 31, 2012

Future Minimum Rental Payments

At December 31, 2012, future minimum rental payments applicable to non-cancelable operating leases with remaining terms of one year or more (other than oil and gas property leases) are as follows (in millions):


2013	$	700
2014		604
2015		227
2016		127
2017		125
Remaining years		1,060

Total minimum lease payments		2,843
Less: Income from subleases		43

Net minimum lease payments	$	2,800

Rental Expense

Rental expense was as follows:


	2012		2011		2010
	(In millions)
Total rental expense	$	375	$	348	$	273
Less: Income from subleases		15		12		13

Net rental expense	$	360	$	336	$	260

Segment Information (Tables)

12 Months Ended

Dec. 31, 2012

Financial Data by Operating Segment

The following table presents financial data by segment:


	Exploration and Production		Marketing and Refining			Corporate and Interest			Consolidated (a)
	(In millions)
2012
Operating revenues
Total operating revenues (b)	$	12,245	$	25,520		$	2
Less: Transfers between affiliates		75		1			—

Operating revenues from unaffiliated customers	$	12,170	$	25,519		$	2		$	37,691

Net income (loss) attributable to Hess Corporation	$	2,212	$	231		$	(418	)	$	2,025

Interest expense	$	—	$	—		$	419		$	419
Depreciation, depletion and amortization		2,853		83			13			2,949
Asset impairments		582		16			—			598
Provision (benefit) for income taxes		1,793		145			(263	)		1,675
Investments in affiliates		75		368			—			443
Identifiable assets		37,687		5,139			615			43,441
Capital employed (c)		26,339		2,570			405			29,314
Capital expenditures		7,676		113			6			7,795

2011
Operating revenues
Total operating revenues (b)	$	10,646	$	27,936		$	1
Less: Transfers between affiliates		116		1			—

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

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

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

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

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

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

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

(a)

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

(b)

(c)

E&P, M&R and Corporate only. Calculated as equity plus debt.

Financial Information by Major Geographic Area

Financial information by major geographic area is as follows:


	United States		Europe			Africa		Asia and Other		Consolidated
	(In millions)
2012
Operating revenues	$	30,784	$	2,530		$	2,484	$	1,893	$	37,691
Property, plant and equipment (net)		14,233		8,172	*		2,517		3,885		28,807
2011
Operating revenues	$	31,813	$	3,137		$	1,782	$	1,734	$	38,466
Property, plant and equipment (net)		11,490		6,826	*		2,355		4,041		24,712
2010
Operating revenues	$	28,066	$	2,109		$	2,271	$	1,416	$	33,862
Property, plant and equipment (net)		8,343		6,764	*		2,573		3,447		21,127

*	Of the total Europe property, plant and equipment (net), Norway represented $6,426 million, $5,031 million and $5,002 million in 2012, 2011 and 2010, respectively.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2012

Related Party Transactions

The following table presents the Corporation’s related party transactions:


	2012		2011		2010
	(In millions)
Purchases:
HOVENSA (a)	$	145	$	3,806	$	4,307
Bayonne Energy Center LLC (b)		20		—		—

Sales:
WilcoHess		3,058		2,898		2,113
HOVENSA		191		710		607

(a)

(b)

Represents payments under a 15 year tolling agreement with remaining total minimum payments of approximately $395 million.

Corporation's Related Party Accounts Receivable (Payable)

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


	2012			2011
	(In millions)
WilcoHess	$	119		$	127
Bayonne Energy Center LLC		(3	)		—
HOVENSA, net *		—			(22	)

*	Excludes the Corporation’s planned funding commitments of $487 million at December 31, 2011 related to the refinery shutdown, which was paid in 2012.

Risk Management and Trading Activities (Tables)

12 Months Ended

Dec. 31, 2012

Net Pre-Tax Gains (Losses) on Derivative Contracts Used for Corporate Risk Management not Designated as Hedges

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:


	2012		2011			2010
	(In millions)
Commodity	$	1	$	1		$	(7	)
Foreign exchange		43		(15	)		(7	)

Total	$	44	$	(14	)	$	(14	)

Pre-Tax Gains (Losses) from Trading Activities

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:


	2012		2011			2010
	(In millions)
Commodity	$	104	$	44		$	88
Foreign exchange		3		—			5
Other		10		(28	)		10

Total	$	117	$	16		$	103

Gross and Net Fair Values of Corporation's Risk Management and Trading Derivative Instruments

The gross and net fair values of the Corporation’s risk management and trading derivative instruments were as follows:


	Accounts Receivable			Accounts Payable
	(In millions)
December 31, 2012
Derivative contracts designated as hedging instruments
Commodity	$	65		$	(124	)
Interest rate and other		72			(2	)

Total derivative contracts designated as hedging instruments		137			(126	)


Derivative contracts not designated as hedging instruments *
Commodity		3,188			(3,188	)
Foreign exchange		14			—
Other		14			(8	)

Total derivative contracts not designated as hedging instruments		3,216			(3,196	)


Gross fair value of derivative contracts		3,353			(3,322	)
Master netting arrangements		(2,750	)		2,750
Cash collateral (received) posted		(34	)		5

Net fair value of derivative contracts	$	569		$	(567	)


December 31, 2011
Derivative contracts designated as hedging instruments
Commodity	$	181		$	(216	)
Interest rate and 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.

Fair Values for Corporation's Net Physical Derivative Financial Assets and Liabilities

The Corporation’s net physical derivative and financial assets and (liabilities) that are measured at fair value based on this hierarchy were as follows:


	Level 1			Level 2			Level 3			Collateral and counterparty netting			Balance
	(In millions)
December 31, 2012
Assets
Derivative contracts
Commodity	$	94		$	445		$	243		$	(190	)	$	592
Interest rate and other		6			86			1			(1	)		92
Collateral and counterparty netting		(23	)		(54	)		(4	)		(34	)		(115	)

Total derivative contracts		77			477			240			(225	)		569
Other assets measured at fair value on a recurring basis		5			49			—			(2	)		52

Total assets measured at fair value on a recurring basis	$	82		$	526		$	240		$	(227	)	$	621

Liabilities
Derivative contracts
Commodity	$	(83	)	$	(657	)	$	(101	)	$	190		$	(651	)
Other		(1	)		(2	)		—			1			(2	)
Collateral and counterparty netting		23			54			4			5			86

Total derivative contracts		(61	)		(605	)		(97	)		196			(567	)
Other liabilities measured at fair value on a recurring basis		(40	)		(2	)		(2	)		2			(42	)

Total liabilities measured at fair value on a recurring basis	$	(101	)	$	(607	)	$	(99	)	$	198		$	(609	)

Other fair value measurement disclosures
Long-term debt*	$	—		$	(8,887	)	$	—		$	—		$	(8,887	)

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	)

*	Long-term debt, including current maturities, had a carrying value of $7,361 million and $6,040 million at December 31, 2012 and 2011, respectively.

Net Transfers into and Out of Each Level of Fair Value Hierarchy

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


	2012			2011
	(In millions)
Transfers into Level 1	$	251		$	(17	)
Transfers out of Level 1		210			297

	$	461		$	280

Transfers into Level 2	$	(234	)	$	—
Transfers out of Level 2		(293	)		(97	)

	$	(527	)	$	(97	)

Transfers into Level 3	$	99		$	(114	)
Transfers out of Level 3		(33	)		(69	)

	$	66		$	(183	)

Changes in Physical Derivative and Financial Assets and Liabilities that are Measured at Fair Value Based on Level 3 Inputs

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


	2012			2011
	(In millions)
Balance at January 1	$	(143	)	$	412
Unrealized pre-tax gains (losses)
Included in earnings (a)		(78	)		(52	)
Included in other comprehensive income (b)		44			25
Purchases (c)		247			2,294
Sales (c)		(266	)		(2,524	)
Settlements (d)		271			(115	)
Transfers into Level 3		99			(114	)
Transfers out of Level 3		(33	)		(69	)

Balance at December 31	$	141		$	(143	)

(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.

Commodity Contract with a Fair Value

The following table provides information about the Corporation’s significant recurring unobservable inputs used in the Level 3 fair value measurements. Fair value measurements for all recurring inputs were performed using a combination of market and income approach techniques. 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, independent or correlated, may result in a different fair value.


	Unit of Measurement	Range / Weighted Average
December 31, 2012
Assets
Commodity contracts with a fair value of $243 million
Contract prices
Crude oil and refined petroleum products	$ / bbl (a)	$79.35 - 144.27 / 113.06
Electricity	$ / MWH (b)	$23.37 - 79.27 / 40.81

Basis prices
Natural gas	$ / MMBTU (c)	$(0.47) - 6.66 / 0.39

Contract volatilities
Crude oil and refined petroleum products	%	23.00 - 27.00 / 26.00
Natural gas	%	21.00 - 36.00 / 25.00
Electricity	%	18.00 - 40.00 / 28.00

Liabilities
Commodity contracts with a fair value of $101 million
Contract prices
Crude oil and refined petroleum products	$ / bbl (a)	$83.49 - 133.38 / 109.94
Electricity	$ / MWH (b)	$25.01 - 72.60 / 40.38

Basis prices
Natural gas	$ / MMBTU (c)	$(0.72) - 6.66 / 1.26

Contract volatilities
Crude oil and refined petroleum products	%	24.00 - 27.00 / 26.00
Natural gas	%	21.00 - 28.00 / 22.00

(a)

Price per barrel.

(b)

Price per megawatt hour.

(c)

Price per million British thermal units.

Energy Marketing [Member]

Gross Volume of Corporation's Derivative Instruments Outstanding

The gross volumes of the Corporation’s energy marketing commodity contracts outstanding at December 31 were as follows:


	2012		2011
Crude oil and refined petroleum products (millions of barrels)		26		28
Natural gas (millions of mcf)		2,938		2,616
Electricity (millions of megawatt hours)		278		244

Corporate Risk Management [Member]

Gross Volume of Corporation's Derivative Instruments Outstanding

The gross volumes of the Corporate risk management derivative contracts outstanding at December 31, were as follows:


	2012		2011
Commodity, primarily crude oil (millions of barrels)		1		51
Foreign exchange (millions of U.S. Dollars)	$	1,285	$	900
Interest rate swaps (millions of U.S. Dollars)	$	880	$	895

Trading [Member]

Gross Volume of Corporation's Derivative Instruments Outstanding

The gross volumes of derivative contracts outstanding relating to trading activities at December 31, were as follows:


	2012		2011
Commodity
Crude oil and refined petroleum products (millions of barrels)		1,179		2,169
Natural gas (millions of mcf)		3,377		4,203
Electricity (millions of megawatt hours)		19		304
Foreign exchange (millions of U.S. Dollars)	$	412	$	581
Other
Interest rate (millions of U.S. Dollars)	$	167	$	182
Equity securities (millions of shares)		14		16

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012
Schedule of Variable Interest Entities for Loans to Commercial Borrowers [Line Items]
Ownership percentage in HOVENSA L.L.C. (HOVENSA)	50.00%
Ownership in controlling entities	More than a 50% voting interest
Ownership percentage in trading partnership	50.00%
Percentage holding in affiliated companies, minimum	20.00%
Percentage holding in affiliated companies, maximum	50.00%
Prior service costs and actuarial gains and losses in excess of greater of benefit obligation or market value of assets represented as percentage	10.00%

Dispositions - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended						12 Months Ended
	Oct. 31, 2012	Sep. 30, 2012	Jan. 31, 2012	Aug. 31, 2011	Feb. 28, 2011	Jan. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Significant Acquisitions and Disposals [Line Items]
Goodwill written off related to sale of business unit							$ 97	$ 103
Cash proceeds from asset sales							$ 843	$ 490	$ 183
United Kingdom North Sea [Member]
Significant Acquisitions and Disposals [Line Items]
Cash received from the sale of oil and gas assets					$ 359
Gain on asset sale - after tax					310
Goodwill written off related to sale of business unit					14
Gain on asset sale - before tax					343
Carrying value of disposed asset					$ 16
United Kingdom North Sea and Norway [Member]
Significant Acquisitions and Disposals [Line Items]
Gain on asset sale - after tax				$ 103
Goodwill written off related to sale of business unit				11
Cash proceeds from asset sales				131
Carrying value of disposed asset				$ 28
Bittern Field [Member]
Significant Acquisitions and Disposals [Line Items]
Corporation's proportionate interest in oil and gas assets (in percentage)	28.00%
Cash received from the sale of oil and gas assets	$ 187
Gain on asset sale - after tax	172
Goodwill written off related to sale of business unit	$ 12
Schiehallion Field [Member]
Significant Acquisitions and Disposals [Line Items]
Corporation's proportionate interest in oil and gas assets (in percentage)		16.00%
Cash received from the sale of oil and gas assets		$ 524
Gain on asset sale - after tax		349
Goodwill written off related to sale of business unit		27
Gain on asset sale - before tax		$ 376
Snohvit [Member]
Significant Acquisitions and Disposals [Line Items]
Corporation's proportionate interest in oil and gas assets (in percentage)			3.00%
Gain on asset sale - after tax			$ 36
Goodwill written off related to sale of business unit			14
Cash proceeds from asset sales			$ 132
Snorre Field [Member]
Significant Acquisitions and Disposals [Line Items]
Corporation's proportionate interest in oil and gas assets (in percentage)				1.00%
Cook Field [Member]
Significant Acquisitions and Disposals [Line Items]
Corporation's proportionate interest in oil and gas assets (in percentage)				28.00%
Jambi Merang [Member]
Significant Acquisitions and Disposals [Line Items]
Cash received from the sale of oil and gas assets						$ 183
Gain on asset sale - after tax						58
Goodwill written off related to sale of business unit						$ 7
Corporation's proportionate interest in oil and gas assets (in percentage)						25.00%

Acquisitions - Additional Information (Detail) shares in Millions, $ in Millions	1 Months Ended
	Oct. 31, 2011 USD ($) a	Dec. 31, 2010 USD ($) a shares	Sep. 30, 2010 USD ($)	Jan. 31, 2013 USD ($) a	Sep. 30, 2011 USD ($) a
Valhall Field [Member]
Dispositions Of Assets [Line Items]
Additional interests acquired through asset exchange			28.00%
Acquisition of additional interests in oil and gas fields			8.00%
Corporation's interests in oil and gas fields after asset acquisition			64.00%
Hod Field [Member]
Dispositions Of Assets [Line Items]
Additional interests acquired through asset exchange			25.00%
Acquisition of additional interests in oil and gas fields			13.00%
Corporation's interests in oil and gas fields after asset acquisition			63.00%
CONSOL Energy Inc [Member]
Dispositions Of Assets [Line Items]
Corporation's proportionate interest in oil and gas assets (in percentage)	50.00%
Total drilling costs payable over 5-year period (maximum)	$ 534
Period over which drilling costs to be amortized	5 years
Percentage of funding for drilling costs	50.00%
CONSOL Energy Inc [Member] \| Subsequent Events [Member]
Dispositions Of Assets [Line Items]
Acreage with title issues \| a				36,000
Corporation's carry obligation				$ 146
Utica Shale play [Member]
Dispositions Of Assets [Line Items]
Net acres acquired (In acres) \| a					85,000
Business acquisition, cost of acquired entity, purchase price	$ 59				$ 750
Utica Shale play [Member] \| CONSOL Energy Inc [Member]
Dispositions Of Assets [Line Items]
Net acres acquired (In acres) \| a	200,000
Bakken oil shale play [Member]
Dispositions Of Assets [Line Items]
Business acquisition, cost of acquired entity, purchase price		$ 1,075
Capital expenditure in form of acquisition of acres \| a		167,000
American Oil and Gas [Member]
Dispositions Of Assets [Line Items]
Net acres acquired (In acres) \| a		85,000
Business acquisition, cost of acquired entity, purchase price		$ 675
Acquisition through the issuance of common stock (shares) \| shares		8.6
Bakken oil shale play and American Oil and Gas [Member]
Dispositions Of Assets [Line Items]
Total goodwill amount recorded as a result of business combinations		$ 332
Valhall and Hod fields [Member]
Dispositions Of Assets [Line Items]
Business acquisition, cost of acquired entity, purchase price			$ 507
Gain on asset exchange - before tax			1,150
Gain on asset exchange - after tax			1,072
Carrying value of disposed asset before asset exchange			702
Business divestiture goodwill amount			$ 65

Inventories - Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Inventories [Line Items]
Crude oil and other charge stocks	$ 493	$ 451
Refined petroleum products and natural gas	1,362	1,762
Less: LIFO adjustment	(1,123)	(1,276)
Total net crude oil, natural gas and refined petroleum product inventories	732	937
Merchandise, materials and supplies	527	486
Total inventories	$ 1,259	$ 1,423

Inventories - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Percentage of LIFO inventory	71.00%	72.00%
Effect of LIFO inventory liquidations to decrease cost of goods sold	$ 165
Effect of LIFO inventory liquidation on net income	$ 104

HOVENSA L.L.C. Joint Venture - Additional Information (Detail) $ in Millions	1 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Jun. 30, 2011 bbl	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2012
Percentage ownership in joint venture with Petroleos de Venezuela, S.A.(PDVSA)						50.00%
Crude oil refining capacity before the strategic assessment (barrels per day) \| bbl			500,000
Crude oil refining capacity after the strategic assessment (barrels per day) \| bbl			350,000
Hess Corporation's income (loss) from equity investment in HOVENSA L.L.C.				$ (1,073)	$ (522)
Income (loss) from equity investment in HOVENSA L.L.C related to shut down (before income taxes)				(875)
Income (loss) from equity investment in HOVENSA L.L.C related to shut down (after income taxes)				(525)
Write-off of subsidiary assets				135
Deferred Income tax benefit related to shutdown				$ 350
Estimated share of future funding commitments related to shutdown	$ 487
A pre-tax charge to reduce the carrying value of the Corporation's equity investment		$ 300
An after-tax charge to reduce the carrying value of the Corporation's equity investment		$ 289

Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Capitalized Exploratory [Line Items]
Unproved properties	$ 3,558	$ 4,064
Proved properties	4,072	3,975
Wells, equipment and related facilities	35,385	29,239
Total Exploration and Production costs	43,015	37,278
Marketing, Refining and Corporate	2,538	2,432
Total - at cost	45,553	39,710
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,746	14,998
Property, plant and equipment-net	$ 28,807	$ 24,712	$ 21,127

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=8451039&loc=d3e61926-109447

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-Glossary Unproved Properties
-URI http://asc.fasb.org/extlink&oid=6527831

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 19
-Paragraph 147, 148
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 19
-Paragraph 11
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2013 Well	Jan. 31, 2013 USD ($)	Sep. 30, 2012	Sep. 30, 2012 USD ($)	Dec. 31, 2012 USD ($) Project	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Capitalized Exploratory [Line Items]
Proceeds from asset sales					$ 843	$ 490	$ 183
Carrying amount of properties classified as held for sale reported in other current assets					1,092	764
Goodwill					2,208	2,305	2,408
Assets retirement obligations and deferred income taxes reported in Accrued liabilities					539	556
Exploratory well costs which were incurred and subsequently expensed					$ 248	348	$ 127
Total number of projects with capitalized well costs in excess of one year \| Project					10
Capitalized well costs attributable to Block WA-390-P, offshore Western Australia					36.00%
Capitalized well costs attributable to Pony					36.00%
Capitalized well costs attributable to Area 54 offshore Libya					14.00%
Capitalized well costs attributable to Ghana					7.00%
Azeri Chirag Guneshli Fields Baku Tbilisi Ceyhan Pipeline And Beryl Fields [Member]
Capitalized Exploratory [Line Items]
Goodwill					$ 100
Snohvit Field Norway And Beryl Fields [Member]
Capitalized Exploratory [Line Items]
Goodwill						$ 62
Baku-Tbilisi-Ceyhan pipeline And Azeri-Chirag-Guneshli fields [Member]
Capitalized Exploratory [Line Items]
Proceeds from asset sales				$ 1,000
Beryl fields [Member] \| Subsequent Events [Member]
Capitalized Exploratory [Line Items]
Proceeds from asset sales		$ 440
Stampede [Member]
Capitalized Exploratory [Line Items]
Working interest in the blocks			20.00%
Ghana [Member] \| Subsequent Events [Member]
Capitalized Exploratory [Line Items]
Number of consecutive successful exploration wells \| Well	7

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) Well	Dec. 31, 2011 USD ($) Well	Dec. 31, 2010 USD ($) Well
Capitalized Exploratory [Line Items]
Beginning Balance	$ 2,022	$ 1,783	$ 1,437
Additions to capitalized exploratory well costs pending the determination of proved reserves	407	512	675
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(41)	(171)	(87)
Capitalized exploratory well costs charged to expense	(129)	(90)	(110)
Dispositions		(12)	(132)
Ending Balance	$ 2,259	$ 2,022	$ 1,783
Number of wells at end of year \| Well	68	59	77

Property, Plant and Equipment - Exploratory Drilling Costs Capitalized (Detail) $ in Millions	Dec. 31, 2012 USD ($)
Capitalized Exploratory [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 1,807
Year 2011 [Member]
Capitalized Exploratory [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	404
Year 2010 [Member]
Capitalized Exploratory [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	357
Year 2009 [Member]
Capitalized Exploratory [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	426
Year 2008 [Member]
Capitalized Exploratory [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	392
Year 2007 and prior [Member]
Capitalized Exploratory [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 228

Goodwill - Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Goodwill [Line Items]
Beginning balance	$ 2,305	$ 2,408
Dispositions	(97)	(103)
Ending balance	$ 2,208	$ 2,305

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

Asset Impairments - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) Charge	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax	$ 598	$ 358	$ 532
Impairment charge after income tax	360
Exploration and Production [Member]
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax	582	358	532
Impairment charge after income tax	$ 344
Number of asset impairment charges \| Charge	3
Exploration and Production [Member] \| Corporation's Non-producing Properties [Member]
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax	$ 208	358
Impairment charge after income tax	116	140
Exploration and Production [Member] \| West Med Block 1 [Member]
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax			532
Impairment charge after income tax			$ 334
The Corporation's proportionate interests in oil and gas properties (in percentage)			55.00%
Exploration and Production [Member] \| Eagle Ford Properties [Member]
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax	59
Impairment charge after income tax	36
Exploration and Production [Member] \| Cotulla area of Eagle Ford Shale [Member]
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax	315
Impairment charge after income tax	192
Marketing & Refining [Member]
Significant Acquisitions and Disposals [Line Items]
Impairment charge before income tax	16
Impairment charge after income tax	$ 16

Asset Retirement Obligations - Changes to Corporation Asset Retirement Obligations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Asset Retirement Obligations [Line Items]
Asset retirement obligations at beginning of period	$ 2,071	$ 1,358
Liabilities incurred	186	25
Liabilities settled or disposed of	(324)	(334)
Accretion expense	135	96
Revisions of estimated liabilities	529	947
Foreign currency translation	64	(21)
Asset retirement obligations at end of period	2,661	2,071
Less: Current obligations	449	227
Long-term obligations at end of period	$ 2,212	$ 1,844

Debt and Interest Expense - Long-term Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Fixed-rate public notes	$ 5,274	$ 5,273
Leased floating production system	180	7
Other fixed-rate notes, weighted average rate 10.9%, due through 2023	111	112
Project lease financing, weighted average rate 5.1%, due through 2014	78	90
Pollution control revenue bonds, weighted average rate 5.9%, due through 2034	53	53
Fair value adjustments - interest rate hedging	65	53
Other debt	2	19
Total debt	8,111	6,057
Less: Short-term debt and current maturities of long-term debt	787	52
Total long-term debt	7,324	6,005
7.0% due 2014 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	250	250
8.1% due 2019 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	998	998
7.9% due 2029 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	695	695
7.3% due 2031 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	746	746
7.1% due 2033 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	598	598
6.0% due 2040 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	745	744
5.6% due 2041 [Member]
Debt Instrument [Line Items]
Fixed-rate public notes	1,242	1,242
Revolving credit facility, weighted average rate 1.6% [Member]
Debt Instrument [Line Items]
Credit facility	758
Asset-backed facility, weighted average rate 0.8% [Member]
Debt Instrument [Line Items]
Credit facility	600	350
Short-term credit facilities, weighted average rate 1.5% [Member]
Debt Instrument [Line Items]
Credit facility	$ 990	$ 100

Debt and Interest Expense - Long-term Debt (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Weighted average interest rate	6.90%
Other fixed-rate notes 10.9% due 2023 [Member]
Debt Instrument [Line Items]
Weighted average interest rate	10.90%
Project lease financing 5.1% due 2014 [Member]
Debt Instrument [Line Items]
Weighted average interest rate	5.10%
Pollution control revenue bonds 5.9% due 2034 [Member]
Debt Instrument [Line Items]
Weighted average interest rate	5.90%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Credit facility weighted average interest rate	1.60%
Asset-backed credit facility [Member]
Debt Instrument [Line Items]
Credit facility weighted average interest rate	0.80%	0.80%
Short-term credit facility [Member]
Debt Instrument [Line Items]
Credit facility weighted average interest rate	1.50%
7.0% due 2014 [Member]
Debt Instrument [Line Items]
Coupon rate	7.00%	7.00%
8.1% due 2019 [Member]
Debt Instrument [Line Items]
Coupon rate	8.10%	8.10%
7.9% due 2029 [Member]
Debt Instrument [Line Items]
Coupon rate	7.90%	7.90%
7.3% due 2031 [Member]
Debt Instrument [Line Items]
Coupon rate	7.30%	7.30%
7.1% due 2033 [Member]
Debt Instrument [Line Items]
Coupon rate	7.10%	7.10%
6.0% due 2040 [Member]
Debt Instrument [Line Items]
Coupon rate	6.00%	6.00%
5.6% due 2041 [Member]
Debt Instrument [Line Items]
Coupon rate	5.60%	5.60%

Debt and Interest Expense - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Debt [Line Items]
New syndicated revolving credit facility maturing in April 2016	$ 4,000
Interest rate on the borrowings on the credit facility	1.25% above the London Interbank Offered Rate.
Credit facility fee (per annum)	0.25%
Maturity of revolving credit facilities	2016-04
Facility tenor	364 days
Ability to borrow or issue letters of credit	Up to $1 billion
Asset backed facility classified as long term debt	$ 600
Accounts receivable used to collateralized borrowings under credit facility	1,050
Net borrowings of debt	1,845
Borrowings under revolving credit facility	758
Borrowings under short-term facilities	890
Borrowings under Asset-Backed Facility	250
Net repayments relating to other debt	53
Facilities classified as long-term debt	1,598
Fixed-rate notes, principle amount	5,300
Fixed-rate notes, principle amount net of unamortized discount	$ 5,274	$ 5,273
Weighted average interest rate	6.90%
Aggregate long-term debt, maturing in 2013	$ 37
Aggregate long-term debt, maturing in 2014	524
Aggregate long-term debt, maturing in 2015	6
Aggregate long-term debt, maturing in 2016	1,604
Aggregate long-term debt, maturing in 2017	13
Additional debt for construction or acquisition of assets	27,200
Additional secured debt allowed to be borrowed	4,900
Letters of credit outstanding, contingent liabilities	141
Letters of credit outstanding, balance sheet liabilities	605
Total	746	1,698
Interest paid, net of amounts capitalized	419	383	$ 319
Capitalized interest	28	$ 13	$ 5
Leased Floating Production System [Member]
Debt [Line Items]
Additional non-cash debt	$ 173

Debt and Interest Expense - Outstanding Letters of Credit (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Line Of Credit [Line Items]
Committed lines	$ 463	$ 1,063
Uncommitted lines	283	462
Revolving credit facility		173
Total	$ 746	$ 1,698

Share-based Compensation - Additional Information (Detail) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) Companies shares
Vesting period for stock options from the date of grant	3 years
Option term (in years)	10 years
Vesting period for outstanding restricted common stock from the date of grant	3 years
Number of predetermined peer companies \| Companies	15
Performance of predetermined peer companies	3 years
Minimum PSU award payout	0.00%
Maximum PSU award payout	200.00%
Unearned compensation expense, before income taxes due 2013	$ 69
Unearned compensation expense, before income taxes due 2014	43
Unearned compensation expense, before income taxes due 2015	8
Intrinsic value for exercisable options	32
Intrinsic value for outstanding options	$ 32
Weighted average remaining term of exercisable options	5 years
Long-term Incentive Plan [Member]
Available for future awards of restricted stock, stock options and PSUs \| shares	12.4
Common stock authorized for issuance \| shares	29.0

Share-based Compensation - Share-Based Compensation Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share Based Compensation Expense Per Share [Line Items]
Stock options, Before Income Taxes	$ 34	$ 51	$ 52
Restricted stock, Before Income Taxes	57	53	60
Performance share units, Before Income Taxes	8
Total, Before Income Taxes	99	104	112
Stock options, After Income Taxes	21	31	32
Restricted stock, After Income Taxes	35	32	37
Performance share units , After Income Taxes	5
Total, After Income Taxes	$ 61	$ 63	$ 69

Share-based Compensation - Summary of Stock-Based Compensation Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised Stock Options	(200)	(1,700)	(1,100)
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Stock, Beginning balance	2,447
Granted Stock	1,580
Exercised Stock
Vested Stock	(883)
Forfeited Stock	(240)
Outstanding Stock, Ending balance	2,904	2,447
Outstanding, Weighted Average Fair Value, Beginning	$ 65.38
Granted, Weighted Average Fair Value	63.50
Exercised, Weighted Average Fair Value
Vested, Weighted Average Fair Value	56.53
Forfeited, Weighted Average Fair Value	67.25
Outstanding, Weighted Average Fair Value, Ending balance	66.89	$ 65.38
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Fair Value	$ 16.49	$ 27.98	$ 20.18
Outstanding Stock Options, Beginning balance	13,570
Granted Stock Options	48
Exercised Stock Options	(212)
Vested Stock Options
Forfeited Stock Options	(503)
Outstanding Stock Options , Ending balance	12,903	13,570
Outstanding Stock Options, Weighted Average Exercise Price, Beginning	$ 61.68
Granted, Stock Options, Weighted Average Exercise Price	52.47
Exercised, Stock Options, Weighted Average Exercise Price	49.53
Vested, Stock Options, Weighted Average Exercise Price
Forfeited, Stock Options, Weighted Average Exercise Price	72.00
Outstanding Stock Options, Weighted Average Exercise Price, Ending	$ 61.45	$ 61.68
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Stock, Beginning balance
Granted Stock	425
Exercised Stock
Vested Stock
Forfeited Stock	(11)
Outstanding Stock, Ending balance	414
Outstanding, Weighted Average Fair Value, Beginning
Granted, Weighted Average Fair Value	64.14
Exercised, Weighted Average Fair Value
Vested, Weighted Average Fair Value
Forfeited, Weighted Average Fair Value	64.14
Outstanding, Weighted Average Fair Value, Ending balance	$ 64.14

Share-based Compensation - Summary of Stock-Based Compensation Activity (Parenthetical) (Detail) shares in Thousands	Dec. 31, 2012 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Exercisable \| shares	10,789
Options Exercisable, Weighted-Average Exercise Price per Share \| $ / shares	$ 58.99
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Exercisable \| shares	10,789
Options Exercisable, Weighted-Average Exercise Price per Share \| $ / shares	$ 58.99

Share-based Compensation - Summary of Information Regarding Outstanding and Exercisable Stock Options (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2012 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding \| shares	12,903
Outstanding Options, Weighted-Average Remaining Contractual Life	5 years
Outstanding Options, Weighted-Average Exercise Price per Share	$ 61.45
Options Exercisable \| shares	10,789
Options Exercisable, Weighted-Average Exercise Price per Share	$ 58.99
Exercise Price Range 20.00-40.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	20.00
Range of Exercise Prices, upper limit	$ 40.00
Options Outstanding \| shares	1,065
Outstanding Options, Weighted-Average Remaining Contractual Life	2 years
Outstanding Options, Weighted-Average Exercise Price per Share	$ 27.59
Options Exercisable \| shares	1,065
Options Exercisable, Weighted-Average Exercise Price per Share	$ 27.59
Exercise Price Range 40.01-50.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	40.01
Range of Exercise Prices, upper limit	$ 50.00
Options Outstanding \| shares	1,477
Outstanding Options, Weighted-Average Remaining Contractual Life	3 years
Outstanding Options, Weighted-Average Exercise Price per Share	$ 49.28
Options Exercisable \| shares	1,467
Options Exercisable, Weighted-Average Exercise Price per Share	$ 49.30
Exercise Price Range 50.01-60.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	50.01
Range of Exercise Prices, upper limit	$ 60.00
Options Outstanding \| shares	4,153
Outstanding Options, Weighted-Average Remaining Contractual Life	5 years
Outstanding Options, Weighted-Average Exercise Price per Share	$ 55.12
Options Exercisable \| shares	4,089
Options Exercisable, Weighted-Average Exercise Price per Share	$ 55.11
Exercise Price Range 60.01-80.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	60.01
Range of Exercise Prices, upper limit	$ 80.00
Options Outstanding \| shares	2,400
Outstanding Options, Weighted-Average Remaining Contractual Life	7 years
Outstanding Options, Weighted-Average Exercise Price per Share	$ 60.56
Options Exercisable \| shares	1,596
Options Exercisable, Weighted-Average Exercise Price per Share	$ 60.53
Exercise Price Range 80.01-120.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	80.01
Range of Exercise Prices, upper limit	$ 120.00
Options Outstanding \| shares	3,808
Outstanding Options, Weighted-Average Remaining Contractual Life	7 years
Outstanding Options, Weighted-Average Exercise Price per Share	$ 83.10
Options Exercisable \| shares	2,572
Options Exercisable, Weighted-Average Exercise Price per Share	$ 82.72

Share-based Compensation - Weighted Average Assumptions Utilized for Stock Options Awarded (Detail) - Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Risk free interest rate	0.64%	1.81%	2.14%
Stock price volatility	39.70%	39.50%	39.00%
Dividend yield	0.77%	0.49%	0.67%
Expected life in years	4 years 6 months	4 years 6 months	4 years 6 months
Weighted average fair value per option granted	$ 16.49	$ 27.98	$ 20.18

Share-based Compensation - Weighted Average Assumptions Utilized for PSUs Awarded (Detail) - Performance Share Units [Member]	12 Months Ended
	Dec. 31, 2012 $ / shares
Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Risk free interest rate	0.40%
Stock price volatility	39.40%
Contractual term in years	3 years
Grant date price of Hess common stock	$ 64.14

Foreign Currency - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Foreign Operation (Line Items)
Pre-tax foreign currency gains (losses)	$ 37	$ (29)	$ (5)
Increase (decrease) in stockholders' equity as a result of foreign currency	$ 169	$ (84)

- 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 - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) yr $ / shares	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Age of qualified retirees minimum \| yr	55
Age of qualified retirees maximum \| yr	65
Estimated pension and postretirement medical expense for 2013	$ 135
Estimated amortization of unrecognized net actuarial losses for 2013	$ 85
Net asset value per fund share related to short-term investment funds \| $ / shares	$ 1
Budgeted contributions to funded pension plans in 2013	$ 140
Expense related to contribution for several defined contribution plans	$ 40	$ 28	$ 24
Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Current target allocations for plan assets	50.00%
Fixed income securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Current target allocations for plan assets	25.00%
Other investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Current target allocations for plan assets	25.00%
Funded Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for the defined benefit pension plans	$ 1,937	1,703
Unfunded Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for the defined benefit pension plans	$ 216	$ 202

Retirement Plans - Funded Status of Pension and Postretirement Medical Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Change in fair value of plan assets
Balance at January 1	$ 1,493
Balance at December 31	1,763	$ 1,493
Funded Pension Plans [Member]
Change in benefit obligation
Balance at January 1	1,866	1,497
Service cost	64	49
Interest cost	81	81
Actuarial (gain) loss	134	294
Benefit payments	(54)	(51)
Plan settlements
Foreign currency exchange rate changes	19	(4)
Balance at December 31	2,110	1,866	$ 1,497
Change in fair value of plan assets
Balance at January 1	1,493	1,365
Actual return on plan assets	155	(3)
Employer contributions	150	185
Benefit payments	(54)	(51)
Plan settlements
Foreign currency exchange rate changes	19	(3)
Balance at December 31	1,763	1,493	1,365
Funded status (plan assets less than benefit obligations) at December 31	(347)	(373)
Unrecognized net actuarial losses	850	829
Net amount recognized	503	456
Unfunded Pension Plans [Member]
Change in benefit obligation
Balance at January 1	227	192
Service cost	10	9
Interest cost	7	8
Actuarial (gain) loss	13	31
Benefit payments	(2)	(13)
Plan settlements	(21)
Foreign currency exchange rate changes
Balance at December 31	234	227	192
Change in fair value of plan assets
Balance at January 1
Actual return on plan assets
Employer contributions	23	13
Benefit payments	(2)	(13)
Plan settlements	(21)
Foreign currency exchange rate changes
Balance at December 31
Funded status (plan assets less than benefit obligations) at December 31	(234)	(227)
Unrecognized net actuarial losses	97	103
Net amount recognized	(137)	(124)
Postretirement Medical Plan [Member]
Change in benefit obligation
Balance at January 1	125	107
Service cost	7	6	5
Interest cost	5	5	4
Actuarial (gain) loss	2	9
Benefit payments	(5)	(2)
Plan settlements
Foreign currency exchange rate changes
Balance at December 31	134	125	107
Change in fair value of plan assets
Balance at January 1
Actual return on plan assets
Employer contributions	5	2
Benefit payments	(5)	(2)
Plan settlements
Foreign currency exchange rate changes
Balance at December 31
Funded status (plan assets less than benefit obligations) at December 31	(134)	(125)
Unrecognized net actuarial losses	39	39
Net amount recognized	$ (95)	$ (86)

Retirement Plans - Funded Status of Pension and Postretirement Medical Plans (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Charge related to plan settlements due to employee retirements	$ 9
After tax charge related to plan settlements due to employee retirements	$ 5

Retirement Plans - Amounts Recognized in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Funded Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accrued benefit liability	$ (347)	$ (373)
Accumulated other comprehensive loss, pre-tax	850	829
Net amount recognized	503	456
Unfunded Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accrued benefit liability	(234)	(227)
Accumulated other comprehensive loss, pre-tax	97	103
Net amount recognized	(137)	(124)
Postretirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Accrued benefit liability	(134)	(125)
Accumulated other comprehensive loss, pre-tax	39	39
Net amount recognized	$ (95)	$ (86)

Retirement Plans - Amounts Recognized in Consolidated Balance Sheet (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
After-tax reduction to equity recorded in Accumulated other comprehensive income (loss)	$ 639	$ 631

Retirement Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 74	$ 58	$ 49
Interest cost	88	89	86
Expected return on plan assets	(116)	(109)	(86)
Amortization of net loss	83	47	48
Settlement loss	9		8
Pension expense	138	85	105
Postretirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	6	5
Interest cost	5	5	4
Expected return on plan assets
Amortization of net loss	2	2	1
Settlement loss
Pension expense	$ 14	$ 13	$ 10

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512136

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512171

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

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

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

+ 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 Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

Reference 2: 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=21915506&loc=d3e1928-114920

Reference 3: 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=21915506&loc=d3e1928-114920

Reference 4: 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 5: 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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Retirement Plans - Weighted Average Actuarial Assumptions Used in Calculation of Pension Plans (Detail) - Funded and unfunded pension plans [Member]	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate	3.80%	4.30%	5.30%
Rate of compensation increase	4.30%	4.30%	4.40%
Weighted average assumptions used to determine net benefit cost for the years ended December 31
Discount rate	4.30%	5.30%	5.80%
Expected return on plan assets	7.50%	7.50%	7.50%
Rate of compensation increase	4.30%	4.40%	4.30%

Retirement Plans - Actuarial Assumptions Used by Corporation's Postretirement Medical Plan (Detail) - Postretirement Medical Plan [Member]	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assumptions used to determine benefit obligations at December 31
Discount rate	3.10%	3.90%	4.80%
Initial health care trend rate	7.30%	8.00%	8.00%
Ultimate trend rate	4.80%	5.00%	5.00%
Year in which ultimate trend rate is reached	2022	2018	2017

Retirement Plans - Fair Value Based on Level 3 Inputs Held by Institutional Funds (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	$ 1,493
Actual return on plan assets:
Balance at December 31	1,763	$ 1,493
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	317	266
Actual return on plan assets:
Related to assets held at end of the year	19	6
Related to assets sold during the year		2
Purchases, sales or other settlements	42	43
Net transfers in (out) of Level 3	(1)
Balance at December 31	377	317
Fixed Income [Member] \| Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	4	7
Actual return on plan assets:
Related to assets held at end of the year
Related to assets sold during the year
Purchases, sales or other settlements	(1)	(3)
Net transfers in (out) of Level 3	(1)
Balance at December 31	2	4
Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	211
Actual return on plan assets:
Balance at December 31	255	211
Hedge Funds [Member] \| Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	211	187
Actual return on plan assets:
Related to assets held at end of the year	13	(5)
Related to assets sold during the year		2
Purchases, sales or other settlements	31	27
Net transfers in (out) of Level 3
Balance at December 31	255	211
Private Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	58
Actual return on plan assets:
Balance at December 31	75	58
Private Equity Funds [Member] \| Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	58	40
Actual return on plan assets:
Related to assets held at end of the year	5	9
Related to assets sold during the year
Purchases, sales or other settlements	12	9
Net transfers in (out) of Level 3
Balance at December 31	75	58
Real Estate funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	51
Actual return on plan assets:
Balance at December 31	54	51
Real Estate funds [Member] \| Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at January 1	44	32
Actual return on plan assets:
Related to assets held at end of the year	1	2
Related to assets sold during the year
Purchases, sales or other settlements		10
Net transfers in (out) of Level 3
Balance at December 31	$ 45	$ 44

Retirement Plans - Estimated Future Benefit Payments by Funded and Unfunded Pension Plans and Postretirement Medical Plan (Detail) $ in Millions	Dec. 31, 2012 USD ($)
2013	$ 101
2014	98
2015	102
2016	119
2017	113
Years 2018 to 2022	$ 677

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Taxes And Tax Related [Line Items]
United States Federal Current	$ 30	$ 202	$ 151
United States Federal Deferred	(317)	(588)	(309)
Provision (benefit) for income taxes	1,675	785	1,173
Foreign Current	2,019	1,185	1,515
Foreign Deferred	(218)	(60)	(230)
Total Foreign Income Tax provision	1,801	1,125	1,285
Adjustment of deferred tax liability for foreign income tax rate change	115	29
State [Member]
Income Taxes And Tax Related [Line Items]
Provision (benefit) for income taxes	46	17	46
Federal and State [Member]
Income Taxes And Tax Related [Line Items]
Provision (benefit) for income taxes	$ (241)	$ (369)	$ (112)

Income Taxes - Provision (Benefit) for Income Taxes (Parenthetical) (Detail)	1 Months Ended
	Jul. 31, 2012	Jul. 31, 2011
Dismantlement expenses [Member]
Income Taxes And Tax Related [Line Items]
Old supplementary tax rate (in percentage)	32.00%
New supplementary tax rate (in percentage)	20.00%
Petroleum operations [Member]
Income Taxes And Tax Related [Line Items]
Old supplementary tax rate (in percentage)		20.00%
New supplementary tax rate (in percentage)		32.00%

Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Taxes And Tax Related [Line Items]
United States	$ (211)	$ 211	$ (108)
Foreign	3,949	2,250	3,419
INCOME BEFORE INCOME TAXES	$ 3,738	$ 2,461	$ 3,311

Income Taxes - Components of Deferred Tax Liabilities, Deferred Tax Assets and Taxes Deferred (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Deferred tax liabilities
Property, plant and equipment	$ (4,951)	$ (3,742)
Other	(36)	(125)
Total deferred tax liabilities	(4,987)	(3,867)
Deferred tax assets
Net operating loss carryforwards	1,985	1,204
Tax credit carryforwards	373	396
Property, plant and equipment and investments	3,165	2,217
Investment in HOVENSA		331
Accrued compensation, other liabilities and deferred credits	976	508
Asset retirement obligations	508	438
Other	313	332
Total deferred tax assets	7,320	5,426
Valuation allowances	(1,282)	(1,071)
Total deferred tax assets, net	6,038	4,355
Net deferred tax assets	$ 1,051	$ 488

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Line Items]
Gross deferred assets	$ 1,985
Alternative minimum tax credit carryforwards	148
Other business credit carryforwards	1
Foreign tax credit carryforwards	$ 224
Year in which foreign tax credit carryforwards begin to expire	2016
Unrecognized tax benefits that would impact effective income tax rate	$ 466
Number of months impacting effective income tax rate if unrecognized tax benefits are recognized	12 months
The low end of the range of potential unrecognized tax benefits reasonably possible to be reduced by settlements or lapses of statutes of limitation	$ 25
The High end of the range of potential unrecognized tax benefits reasonably possible to be reduced by settlements or lapses of statutes of limitation	35
Approximate accrued interest and penalties	60	$ 42
Undistributed earnings from foreign subsidiaries expected to be indefinitely reinvested in foreign operations	6,700
Approximate amount of deferred tax liability that would be recognized if foreign operations earnings are not indefinitely reinvested	2,300
Income taxes paid (net of refunds)	1,822	$ 1,384	$ 1,450
Foreign Jurisdictions [Member]
Income Taxes [Line Items]
Gross deferred assets	$ 1,637
Year in which operating losses begin to expire	2020
Gross deferred assets net of valuation allowance	$ 1,056
United States federal [Member]
Income Taxes [Line Items]
Gross deferred assets	$ 91
Year in which operating losses begin to expire	2020
State [Member]
Income Taxes [Line Items]
Gross deferred assets	$ 257
Year in which operating losses begin to expire	2013

Income Taxes - Deferred Tax Assets and Liabilities, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Components Of Deferred Tax Assets And Liabilities [Line Items]
Other current assets	$ 596	$ 398
Deferred income taxes (long-term asset)	3,126	2,941
Accrued liabilities	(9)	(8)
Deferred income taxes (long-term liability)	(2,662)	(2,843)
Net deferred tax assets	$ 1,051	$ 488

- Definition

Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.

+ References + Details

- Definition

Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).

+ References + Details

- Definition

Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed within one year or operating cycle, if longer.

+ References + Details

Income Taxes - Difference between Corporation's Effective Income Tax Rate and United States Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Taxes [Line Items]
United States statutory rate	35.00%	35.00%	35.00%
Effect of foreign operations	11.30%	(4.10%)	9.40%
State income taxes, net of Federal income tax	0.80%	0.40%	0.90%
Change in enacted tax rate	3.10%	1.20%
Gains on asset sales	(4.80%)	(5.00%)	(10.40%)
Effect of equity loss and operations related to HOVENSA		2.80%	3.10%
Other	(0.60%)	1.60%	(2.60%)
Total	44.80%	31.90%	35.40%

Income Taxes - Reconciliation of Beginning and Ending of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
Balance at January 1	$ 415	$ 400
Additions based on tax positions taken in the current year	132	62
Additions based on tax positions of prior years	45	20
Reductions based on tax positions of prior years	(33)	(8)
Reductions due to settlements with taxing authorities	(30)	(59)
Reductions due to lapse of statutes of limitation	(6)
Balance at December 31	$ 523	$ 415

Outstanding and Weighted Average Common Shares - Changes in Corporation's Outstanding Common Shares (Detail) - shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Balance at January 1	339,975,610	337,700,000	327,200,000
Activity related to restricted common stock awards, net	1,300,000	600,000	800,000
Stock options	200,000	1,700,000	1,100,000
Issued for an acquisition			8,600,000
Balance at December 31	341,527,617	339,975,610	337,700,000

- Definition

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

+ References + Details

Outstanding and Weighted Average Common Shares - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items]
Net income attributable to Hess Corporation	$ 2,025	$ 1,703	$ 2,125
Weighted average common shares:
Basic	338.4	336.9	326.0
Effect of dilutive securities
Stock options	0.8	1.6	0.8
Restricted common stock	1.1	1.4	1.5
Diluted	340.3	339.9	328.3
Net income per share:
Basic	$ 5.98	$ 5.05	$ 6.52
Diluted	$ 5.95	$ 5.01	$ 6.47

Outstanding and Weighted Average Common Shares - Additional Information (Detail) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Weighted Average Number Of Shares Outstanding [Line Items]
Out-of-the-money options													9,200,000	3,500,000	5,200,000
Out-of-the-money PSUs													414,175
Cash dividends on common stock	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.40	$ 0.40	$ 0.40

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Antidilution
-URI http://asc.fasb.org/extlink&oid=6505113

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Diluted Earnings Per Share
-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
-URI http://asc.fasb.org/extlink&oid=6508534

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 13, 14
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 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.

Reference 8: 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.

+ Details

Leased Assets - Future Minimum Rental Payments (Detail) $ in Millions	Dec. 31, 2012 USD ($)
Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations [Line Items]
2013	$ 700
2014	604
2015	227
2016	127
2017	125
Remaining years	1,060
Total minimum lease payments	2,843
Less: Income from subleases	43
Net minimum lease payments	$ 2,800

Leased Assets - Rental Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Rental Expense And Deferred Rent [Line Items]
Total rental expense	$ 375	$ 348	$ 273
Less: Income from subleases	15	12	13
Net rental expense	$ 360	$ 336	$ 260

Guarantees and Contingencies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($)	Dec. 31, 2011 Cases	Dec. 31, 2007 USD ($)
Schedule of Variable Interest Entities for Loans to Commercial Borrowers [Line Items]
Contingent liability associated with letters of credit	$ 141
Contingent purchase obligation expiring date	April 2014
Estimated value of purchase obligation	$ 210
Total number of MTBE unresolved cases \| Cases		2
Pre-tax charge recorded to cover known MTBE cases			$ 40

Segment Information - Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Operating revenues
Operating revenues from unaffiliated customers	$ 37,691	$ 38,466	$ 33,862
Net income (loss) attributable to Hess Corporation	2,025	1,703	2,125
Interest expense	419	383	361
Depreciation, depletion and amortization	2,949	2,406	2,317
Asset impairments	598	358	532
Provision (benefit) for income taxes	1,675	785	1,173
Investments in affiliates	443	384	443
Identifiable assets	43,441	39,136	35,396
Capital employed	29,314	24,649	22,392
Capital expenditures	7,795	7,006	5,492
Income (loss) from equity investment in HOVENSA L.L.C.		(1,073)	(522)
Exploration and Production [Member]
Operating revenues
Total operating revenues	12,245	10,646	9,119
Less: Transfers between affiliates	75	116	143
Operating revenues from unaffiliated customers	12,170	10,530	8,976
Net income (loss) attributable to Hess Corporation	2,212	2,675	2,736
Interest expense
Depreciation, depletion and amortization	2,853	2,305	2,222
Asset impairments	582	358	532
Provision (benefit) for income taxes	1,793	1,313	1,417
Investments in affiliates	75	97	57
Identifiable assets	37,687	32,323	28,242
Capital employed	26,339	22,699	19,803
Capital expenditures	7,676	6,888	5,394
Income (loss) from equity investment in HOVENSA L.L.C.
Marketing & Refining [Member]
Operating revenues
Total operating revenues	25,520	27,936	24,885
Less: Transfers between affiliates	1	1
Operating revenues from unaffiliated customers	25,519	27,935	24,885
Net income (loss) attributable to Hess Corporation	231	(584)	(231)
Interest expense
Depreciation, depletion and amortization	83	88	82
Asset impairments	16
Provision (benefit) for income taxes	145	(273)	4
Investments in affiliates	368	287	386
Identifiable assets	5,139	6,302	6,377
Capital employed	2,570	2,337	2,715
Capital expenditures	113	115	82
Income (loss) from equity investment in HOVENSA L.L.C.		(1,073)	(522)
Corporate and Interest [Member]
Operating revenues
Total operating revenues	2	1	1
Less: Transfers between affiliates
Operating revenues from unaffiliated customers	2	1	1
Net income (loss) attributable to Hess Corporation	(418)	(388)	(380)
Interest expense	419	383	361
Depreciation, depletion and amortization	13	13	13
Asset impairments
Provision (benefit) for income taxes	(263)	(255)	(248)
Investments in affiliates
Identifiable assets	615	511	777
Capital employed	405	(387)	(126)
Capital expenditures	$ 6	3	16
Income (loss) from equity investment in HOVENSA L.L.C.

Segment Information - Financial Data by Operating Segment (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Excise and similar taxes	$ 2,580	$ 2,350	$ 2,200

Segment Information - Financial Information by Major Geographic Area (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Sales (excluding excise taxes) and other operating revenues	$ 37,691	$ 38,466	$ 33,862
Property, plant and equipment - net	28,807	24,712	21,127
United States [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Sales (excluding excise taxes) and other operating revenues	30,784	31,813	28,066
Property, plant and equipment - net	14,233	11,490	8,343
Europe [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Sales (excluding excise taxes) and other operating revenues	2,530	3,137	2,109
Property, plant and equipment - net	8,172	6,826	6,764
Africa [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Sales (excluding excise taxes) and other operating revenues	2,484	1,782	2,271
Property, plant and equipment - net	2,517	2,355	2,573
Asia and Other [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Sales (excluding excise taxes) and other operating revenues	1,893	1,734	1,416
Property, plant and equipment - net	$ 3,885	$ 4,041	$ 3,447

Segment Information - Financial Information by Major Geographic Area (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Property, plant and equipment - net	$ 28,807	$ 24,712	$ 21,127
Norway [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Property, plant and equipment - net	$ 6,426	$ 5,031	$ 5,002

Related Party Transactions - Related Party Transactions (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
HOVENSA [Member]
Related Party Transaction
Purchases	$ 145	$ 3,806	$ 4,307
Sales	191	710	607
Bayonne Energy Center LLC [Member]
Related Party Transaction
Purchases	20
WilcoHess [Member]
Related Party Transaction
Sales	$ 3,058	$ 2,898	$ 2,113

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References + Details

Related Party Transactions - Related Party Transactions (Parenthetical) (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2012	Dec. 31, 2012 USD ($) yr
Related Party Transaction [Line Items]
The percentage of HOVENSA's production that will no longer be purchased by the Corporation following refinery closure in next fiscal year	50.00%
Total number of years for tolling agreement \| yr		15
Approximate amount of total minimum payments \| $		$ 395

Related Party Transactions - Corporation's Related Party Accounts Receivable (Payable) (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
WilcoHess [Member]
Related Party Transaction [Line Items]
Accounts receivable (payable) with related parties	$ 119	$ 127
Bayonne Energy Center LLC [Member]
Related Party Transaction [Line Items]
Accounts receivable (payable) with related parties	$ (3)
HOVENSA [Member]
Related Party Transaction [Line Items]
Accounts receivable (payable) with related parties		$ (22)

Related Party Transactions - Corporation's Related Party Accounts Receivable (Payable) (Parenthetical) (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011
Related Party Transaction [Line Items]
Excludes the Corporation of future funding commitments related to shutdown	$ 487
HOVENSA [Member]
Related Party Transaction [Line Items]
Excludes the Corporation of future funding commitments related to shutdown		$ 487

Risk Management and Trading Activities - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($) bbl $ / bbl	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Feb. 28, 2013 bbl $ / bbl
Derivative [Line Items]
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
Gain (loss) from hedge ineffectiveness reflected in earnings	$ 0	$ (4)	$ 2
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) \| $ / bbl	107.70
Gross notional amount of interest rate swaps	$ 880	895
Percentage of information disclosed for trading partnership	100.00%
Cash received as collateral	$ 34	121
Corporation posted cash to counterparties	5	117
Outstanding letters of credit	746	1,698
Net liability related to derivatives with contingent collateral provisions	435
Cash collateral posted for derivatives with contingent collateral provisions	0
Additional collateral	275
Subsequent Events [Member]
Derivative [Line Items]
Total number of barrels per day hedged based on new Brent crude oil cash flow hedges \| bbl				90,000
Average price for hedges (per barrel) \| $ / bbl				109.70
New Brent Crude Hedges [Member]
Derivative [Line Items]
Change in the carrying value of the hedged fixed-rate debt - increase/(decrease)	12	45
Change in the fair value of interest rate swaps - increase/(decrease)	12	45
Corporate Risk Management [Member] \| Not designated as hedges [Member]
Derivative [Line Items]
Net realized and unrealized pre-tax gains on derivative contracts not designated as hedges	44	(14)	(14)
Corporate Risk Management [Member] \| New Brent Crude Hedges [Member]
Derivative [Line Items]
Gain (loss) from hedge ineffectiveness reflected in earnings	(9)	9	0
Corporate Risk Management [Member] \| Closed & New Brent Crude Hedges [Member]
Derivative [Line Items]
After-tax deferred losses in Accumulated other comprehensive income (loss)		286
Sales and other operating revenues [Member]
Derivative [Line Items]
Realized losses from Exploration and Production hedging activities due to the decrease in sales and other operating revenue	(688)	(517)	(533)
Realized losses from Exploration and Production hedging activities net of taxes	(431)	(327)	(338)
Energy Marketing Activities [Member]
Derivative [Line Items]
After-tax deferred losses in Accumulated other comprehensive income (loss)	22	64
Reclassification of accumulated other comprehensive income/(losses) into earnings over the next twelve months	(14)
Corporation reclassified after-tax gains/(losses) from accumulated other comprehensive income to earnings	(52)	(105)	(318)
Reclassification of the pre-tax losses to cost of products sold from Accumulated other comprehensive income (loss)	(85)	(172)	(527)
Energy Marketing Activities [Member] \| Not designated as hedges [Member]
Derivative [Line Items]
Net realized and unrealized pre-tax gains on derivative contracts not designated as hedges	$ 127	$ 65	$ 247
Trading Activities [Member]
Derivative [Line Items]
Voting interest in trading partnership	50.00%
Integrated Oil Companies [Member]
Derivative [Line Items]
Fair value, concentration of risk, accounts receivable	23.00%
Refiner [Member]
Derivative [Line Items]
Fair value, concentration of risk, accounts receivable	15.00%
Government Entities [Member]
Derivative [Line Items]
Fair value, concentration of risk, accounts receivable	11.00%
Real Estate funds [Member]
Derivative [Line Items]
Fair value, concentration of risk, accounts receivable	8.00%
Services [Member]
Derivative [Line Items]
Fair value, concentration of risk, accounts receivable	8.00%
Manufacturing [Member]
Derivative [Line Items]
Fair value, concentration of risk, accounts receivable	6.00%

Risk Management and Trading Activities - Gross Volume of Corporation's Derivative Instruments Outstanding (Detail) shares in Millions, $ in Millions	Dec. 31, 2012 USD ($) bbl MWh Mcf shares	Dec. 31, 2011 USD ($) bbl MWh Mcf shares
Derivative [Line Items]
Interest rate swaps (millions of U.S. Dollars)	$ 880	$ 895
Gross volume of the Corporate risk management derivative instruments outstanding [Member]
Derivative [Line Items]
Foreign exchange (millions of U.S. Dollars)	1,285	900
Interest rate swaps (millions of U.S. Dollars)	880	895
Gross volume of derivative contracts outstanding relating to trading activities [Member]
Derivative [Line Items]
Foreign exchange (millions of U.S. Dollars)	412	581
Interest rate swaps (millions of U.S. Dollars)	$ 167	$ 182
Crude oil and refined petroleum products (millions of barrels) [Member] \| Gross volume of the Corporation's energy marketing commodity contracts outstanding [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| bbl	26	28
Crude oil and refined petroleum products (millions of barrels) [Member] \| Gross volume of derivative contracts outstanding relating to trading activities [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| bbl	1,179	2,169
Natural gas (millions of mcf) [Member] \| Gross volume of the Corporation's energy marketing commodity contracts outstanding [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| Mcf	2,938	2,616
Natural gas (millions of mcf) [Member] \| Gross volume of derivative contracts outstanding relating to trading activities [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| Mcf	3,377	4,203
Electricity (millions of megawatt hours) [Member] \| Gross volume of the Corporation's energy marketing commodity contracts outstanding [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| MWh	278	244
Electricity (millions of megawatt hours) [Member] \| Gross volume of derivative contracts outstanding relating to trading activities [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| MWh	19	304
Commodity, primarily crude oil (millions of barrels) [Member] \| Gross volume of the Corporate risk management derivative instruments outstanding [Member]
Derivative [Line Items]
Absolute volume of derivative commodity contracts \| bbl	1	51
Equity securities (millions of shares) [Member] \| Gross volume of derivative contracts outstanding relating to trading activities [Member]
Derivative [Line Items]
Equity securities (millions of shares) \| shares	14	16

Risk Management and Trading Activities - Net Pre-Tax Gains (Losses) on Derivative Contracts Used for Corporate Risk Management not Designated as Hedges (Detail) - Corporate Risk Management [Member] - Not designated as hedges [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	$ 44	$ (14)	$ (14)
Commodity [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	1	1	(7)
Foreign exchange [Member]
Net pre-tax gains (losses) on derivative contracts not designated as hedges
Net pre-tax gains (losses) on derivative contracts	$ 43	$ (15)	$ (7)

Risk Management and Trading Activities - Pre-Tax Gains (Losses) from Trading Activities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses) from trading activities	$ 117	$ 16	$ 103
Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses) from trading activities	104	44	88
Foreign exchange [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses) from trading activities	3		5
Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax gains (losses) from trading activities	$ 10	$ (28)	$ 10

Risk Management and Trading Activities - Gross and Net Fair Values of Corporation's Risk Management and Trading Derivative Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts designated as hedging instruments	$ 137	$ 242
Derivative contracts not designated as hedging instruments	3,216	9,368
Gross fair value of derivative contracts	3,353	9,610
Master netting arrangements	(2,750)	(7,962)
Cash collateral (received) posted	(34)	(121)
Net fair value of derivative contracts	569	1,527
Accounts Receivable [Member] \| Commodity [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts designated as hedging instruments	65	181
Derivative contracts not designated as hedging instruments	3,188	9,350
Accounts Receivable [Member] \| Interest rate and other [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts designated as hedging instruments	72	61
Accounts Receivable [Member] \| Foreign exchange [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts not designated as hedging instruments	14	6
Accounts Receivable [Member] \| Other [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts not designated as hedging instruments	14	12
Accounts Payable [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts designated as hedging instruments	(126)	(219)
Derivative contracts not designated as hedging instruments	(3,196)	(9,868)
Gross fair value of derivative contracts	(3,322)	(10,087)
Master netting arrangements	2,750	7,962
Cash collateral (received) posted	5	117
Net fair value of derivative contracts	(567)	(2,008)
Accounts Payable [Member] \| Commodity [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts designated as hedging instruments	(124)	(216)
Derivative contracts not designated as hedging instruments	(3,188)	(9,823)
Accounts Payable [Member] \| Interest rate and other [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts designated as hedging instruments	(2)	(3)
Accounts Payable [Member] \| Foreign exchange [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts not designated as hedging instruments		(21)
Accounts Payable [Member] \| Other [Member]
Derivatives, Fair Value [Line Items]
Derivative contracts not designated as hedging instruments
Derivative contracts not designated as hedging instruments	$ (8)	$ (24)

Risk Management and Trading Activities - Fair Values for Corporation's Net Physical Derivative Financial Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Assets
Total derivative contracts (Assets)	$ 243
Total derivative contracts (Assets)	569	$ 1,527
Collateral and counterparty netting	(115)	(306)
Other assets measured at fair value on a recurring basis	52	39
Total assets measured at fair value on a recurring basis	621	1,566
Liabilities
Total derivative contracts (Liabilities)	(101)
Collateral and counterparty netting	86	302
Total derivative contracts (Liabilities)	(567)	(2,008)
Other liabilities measured at fair value on a recurring basis	(42)	(52)
Total liabilities measured at fair value on a recurring basis	(609)	(2,060)
Other fair value measurement disclosures
Long-term debt	(8,887)	(7,317)
Commodity [Member]
Assets
Total derivative contracts (Assets)	592	1,767
Liabilities
Total derivative contracts (Liabilities)	(651)	(2,275)
Interest rate and other [Member]
Assets
Total derivative contracts (Assets)	92	66
Other [Member]
Liabilities
Total derivative contracts (Liabilities)	(2)	(20)
Foreign exchange [Member]
Liabilities
Total derivative contracts (Liabilities)		(15)
Level 1 [Member]
Assets
Total derivative contracts (Assets)	77	102
Collateral and counterparty netting	(23)	(33)
Other assets measured at fair value on a recurring basis	5	7
Total assets measured at fair value on a recurring basis	82	109
Liabilities
Collateral and counterparty netting	23	33
Total derivative contracts (Liabilities)	(61)	(158)
Other liabilities measured at fair value on a recurring basis	(40)
Total liabilities measured at fair value on a recurring basis	(101)	(158)
Other fair value measurement disclosures
Long-term debt
Level 1 [Member] \| Commodity [Member]
Assets
Total derivative contracts (Assets)	94	135
Liabilities
Total derivative contracts (Liabilities)	(83)	(191)
Level 1 [Member] \| Interest rate and other [Member]
Assets
Total derivative contracts (Assets)	6
Level 1 [Member] \| Other [Member]
Liabilities
Total derivative contracts (Liabilities)	(1)
Level 1 [Member] \| Foreign exchange [Member]
Liabilities
Total derivative contracts (Liabilities)
Level 2 [Member]
Assets
Total derivative contracts (Assets)	477	1,106
Collateral and counterparty netting	(54)	(148)
Other assets measured at fair value on a recurring basis	49	34
Total assets measured at fair value on a recurring basis	526	1,140
Liabilities
Collateral and counterparty netting	54	148
Total derivative contracts (Liabilities)	(605)	(1,386)
Other liabilities measured at fair value on a recurring basis	(2)	(52)
Total liabilities measured at fair value on a recurring basis	(607)	(1,438)
Other fair value measurement disclosures
Long-term debt	(8,887)	(7,317)
Level 2 [Member] \| Commodity [Member]
Assets
Total derivative contracts (Assets)	445	1,188
Liabilities
Total derivative contracts (Liabilities)	(657)	(1,501)
Level 2 [Member] \| Interest rate and other [Member]
Assets
Total derivative contracts (Assets)	86	66
Level 2 [Member] \| Other [Member]
Liabilities
Total derivative contracts (Liabilities)	(2)	(18)
Level 2 [Member] \| Foreign exchange [Member]
Liabilities
Total derivative contracts (Liabilities)		(15)
Level 3 [Member]
Assets
Total derivative contracts (Assets)	240	507
Collateral and counterparty netting	(4)	(4)
Other assets measured at fair value on a recurring basis
Total assets measured at fair value on a recurring basis	240	507
Liabilities
Collateral and counterparty netting	4	4
Total derivative contracts (Liabilities)	(97)	(648)
Other liabilities measured at fair value on a recurring basis	(2)	(2)
Total liabilities measured at fair value on a recurring basis	(99)	(650)
Other fair value measurement disclosures
Long-term debt
Level 3 [Member] \| Commodity [Member]
Assets
Total derivative contracts (Assets)	243	511
Liabilities
Total derivative contracts (Liabilities)	(101)	(650)
Level 3 [Member] \| Interest rate and other [Member]
Assets
Total derivative contracts (Assets)	1
Level 3 [Member] \| Other [Member]
Liabilities
Total derivative contracts (Liabilities)		(2)
Level 3 [Member] \| Foreign exchange [Member]
Liabilities
Total derivative contracts (Liabilities)
Collateral and counterparty netting [Member]
Assets
Total derivative contracts (Assets)	(225)	(188)
Collateral and counterparty netting	(34)	(121)
Other assets measured at fair value on a recurring basis	(2)	(2)
Total assets measured at fair value on a recurring basis	(227)	(190)
Liabilities
Collateral and counterparty netting	5	117
Total derivative contracts (Liabilities)	196	184
Other liabilities measured at fair value on a recurring basis	2	2
Total liabilities measured at fair value on a recurring basis	198	186
Other fair value measurement disclosures
Long-term debt
Collateral and counterparty netting [Member] \| Commodity [Member]
Assets
Total derivative contracts (Assets)	(190)	(67)
Liabilities
Total derivative contracts (Liabilities)	190	67
Collateral and counterparty netting [Member] \| Interest rate and other [Member]
Assets
Total derivative contracts (Assets)	(1)
Collateral and counterparty netting [Member] \| Other [Member]
Liabilities
Total derivative contracts (Liabilities)	$ 1
Collateral and counterparty netting [Member] \| Foreign exchange [Member]
Liabilities
Total derivative contracts (Liabilities)

Risk Management and Trading Activities - Fair Values for Corporation's Net Physical Derivative Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011
Fair Value Assets Measured On Recurring Basis [Line Items]
Long term debt, carrying value	$ 7,361	$ 6,040

Risk Management and Trading Activities - Net Transfers Into and out of Each Level of Fair Value Hierarchy (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements net transfers in	$ 251	$ (17)
Fair Value Measurements net transfers out	210	297
Fair Value Measurements net transfers into/out of	461	280
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements net transfers in	(234)
Fair Value Measurements net transfers out	(293)	(97)
Fair Value Measurements net transfers into/out of	(527)	(97)
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Measurements net transfers in	99	(114)
Fair Value Measurements net transfers out	(33)	(69)
Fair Value Measurements net transfers into/out of	$ 66	$ (183)

Risk Management and Trading Activities - Changes in Physical Derivative and Financial Assets and Liabilities that are Measured at Fair Value Based on Level 3 Inputs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair Value Assets Measured On Recurring Basis [Line Items]
Balance at beginning of period	$ (143)	$ 412
Unrealized pre-tax gains (losses)
Included in earnings	(78)	(52)
Included in other comprehensive income	44	25
Purchases	247	2,294
Sales	(266)	(2,524)
Settlements	271	(115)
Transfers into Level 3	99	(114)
Transfers out of Level 3	(33)	(69)
Balance at end of period	$ 141	$ (143)

Risk Management and Trading Activities - Changes in Physical Derivative and Financial Assets and Liabilities that are Measured at Fair Value Based on Level 3 Inputs (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair Value Assets Measured On Recurring Basis [Line Items]
Level 3 Unrealized pre-tax gains (losses)	$ (78)	$ (52)
Sales and other operating revenues [Member]
Fair Value Assets Measured On Recurring Basis [Line Items]
Level 3 Unrealized pre-tax gains (losses)	(44)
Cost of Products Sold [Member]
Fair Value Assets Measured On Recurring Basis [Line Items]
Level 3 Unrealized pre-tax gains (losses)	$ (34)

Risk Management and Trading Activities - Corporation's Unobservable Inputs Used in Fair Value Measurements (Parenthetical) (Detail) $ in Millions	Dec. 31, 2012 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Total derivative contracts (Assets)	$ 243
Total derivatives contract (liabilities)	$ 101

Subsequent Events - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Jan. 29, 2013 Directors
Subsequent Event [Line Items]
Cash proceeds on sale of interests		$ 843	$ 490	$ 183
Beryl fields [Member] \| Subsequent Events [Member]
Subsequent Event [Line Items]
Cash proceeds on sale of interests	$ 440
Elliott Management Corporation [Member] \| Subsequent Events [Member]
Subsequent Event [Line Items]
Percent of outstanding common stock of the corporation					4.00%
Number of individuals nominated for election as directors \| Directors					5

Schedule - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Losses on receivables [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	$ 55	$ 58	$ 54
Charged to Costs and Expenses		4	9
Charged to Other Accounts		1	1
Deductions from Reserves	21	8	6
Ending Balance	34	55	58
Deferred income tax valuation [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning Balance	1,071	444	500
Charged to Costs and Expenses	248	648	135
Charged to Other Accounts
Deductions from Reserves	37	21	191
Ending Balance	$ 1,282	$ 1,071	$ 444

Retirement Plans - Fair Value of Plan's Financial Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	$ 1,763	$ 1,493
Cash and short-term investment funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	39	30
U.S. equities (domestic) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	534	452
International equities (non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	209	168
Global equities (domestic and non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	179	160
Treasury and government issued [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	186	150
Government related [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	8	14
Mortgage-backed securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	96	87
Corporate [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	111	97
Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	255	211
Private Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	75	58
Real Estate funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	54	51
Diversified commodities funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	17	15
Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	612	522
Level 1 [Member] \| Cash and short-term investment funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	2	2
Level 1 [Member] \| U.S. equities (domestic) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	534	452
Level 1 [Member] \| International equities (non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	61	50
Level 1 [Member] \| Global equities (domestic and non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	5	11
Level 1 [Member] \| Treasury and government issued [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 1 [Member] \| Government related [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 1 [Member] \| Mortgage-backed securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 1 [Member] \| Corporate [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	1
Level 1 [Member] \| Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 1 [Member] \| Private Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 1 [Member] \| Real Estate funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	9	7
Level 1 [Member] \| Diversified commodities funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	774	654
Level 2 [Member] \| Cash and short-term investment funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	37	28
Level 2 [Member] \| U.S. equities (domestic) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 2 [Member] \| International equities (non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	148	118
Level 2 [Member] \| Global equities (domestic and non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	174	149
Level 2 [Member] \| Treasury and government issued [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	184	149
Level 2 [Member] \| Government related [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	8	12
Level 2 [Member] \| Mortgage-backed securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	96	87
Level 2 [Member] \| Corporate [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	110	96
Level 2 [Member] \| Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 2 [Member] \| Private Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 2 [Member] \| Real Estate funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 2 [Member] \| Diversified commodities funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	17	15
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	377	317	$ 266
Level 3 [Member] \| Cash and short-term investment funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 3 [Member] \| U.S. equities (domestic) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 3 [Member] \| International equities (non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 3 [Member] \| Global equities (domestic and non-U.S.) [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 3 [Member] \| Treasury and government issued [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	2	1
Level 3 [Member] \| Government related [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets		2
Level 3 [Member] \| Mortgage-backed securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets
Level 3 [Member] \| Corporate [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets		1
Level 3 [Member] \| Hedge Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	255	211	187
Level 3 [Member] \| Private Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	75	58	40
Level 3 [Member] \| Real Estate funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets	45	44	$ 32
Level 3 [Member] \| Diversified commodities funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of the plan's financial assets

Risk Management and Trading Activities - Corporation's Unobservable Inputs Used in Fair Value Measurements (Detail)	Dec. 31, 2012 $ / bbl $ / MMBTU $ / MWh
Minimum [Member] \| Contract prices [Member] \| Crude oil and refined petroleum products [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / bbl	79.35
Range of measurement of liabilities for recurring inputs \| $ / bbl	83.49
Minimum [Member] \| Contract prices [Member] \| Electricity [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / MWh	23.37
Range of measurement of liabilities for recurring inputs \| $ / MWh	25.01
Minimum [Member] \| Contract prices [Member] \| Natural gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / MMBTU	(0.47)
Range of measurement of liabilities for recurring inputs \| $ / MMBTU	(0.72)
Minimum [Member] \| Contract volatilities [Member] \| Crude oil and refined petroleum products [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	23.00%
Percentage range of measurement of liabilities for recurring inputs	24.00%
Minimum [Member] \| Contract volatilities [Member] \| Electricity [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	18.00%
Minimum [Member] \| Contract volatilities [Member] \| Natural gas [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	21.00%
Percentage range of measurement of liabilities for recurring inputs	21.00%
Maximum [Member] \| Contract prices [Member] \| Crude oil and refined petroleum products [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / bbl	144.27
Range of measurement of liabilities for recurring inputs \| $ / bbl	133.38
Maximum [Member] \| Contract prices [Member] \| Electricity [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / MWh	79.27
Range of measurement of liabilities for recurring inputs \| $ / MWh	72.60
Maximum [Member] \| Contract prices [Member] \| Natural gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / MMBTU	6.66
Range of measurement of liabilities for recurring inputs \| $ / MMBTU	6.66
Maximum [Member] \| Contract volatilities [Member] \| Crude oil and refined petroleum products [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	27.00%
Percentage range of measurement of liabilities for recurring inputs	27.00%
Maximum [Member] \| Contract volatilities [Member] \| Electricity [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	40.00%
Maximum [Member] \| Contract volatilities [Member] \| Natural gas [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	36.00%
Percentage range of measurement of liabilities for recurring inputs	28.00%
Weighted Average [Member] \| Contract prices [Member] \| Crude oil and refined petroleum products [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / bbl	113.06
Range of measurement of liabilities for recurring inputs \| $ / bbl	109.94
Weighted Average [Member] \| Contract prices [Member] \| Electricity [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / MWh	40.81
Range of measurement of liabilities for recurring inputs \| $ / MWh	40.38
Weighted Average [Member] \| Contract prices [Member] \| Natural gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Range of measurement of assets for recurring inputs \| $ / MMBTU	0.39
Range of measurement of liabilities for recurring inputs \| $ / MMBTU	1.26
Weighted Average [Member] \| Contract volatilities [Member] \| Crude oil and refined petroleum products [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	26.00%
Percentage range of measurement of liabilities for recurring inputs	26.00%
Weighted Average [Member] \| Contract volatilities [Member] \| Electricity [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	28.00%
Weighted Average [Member] \| Contract volatilities [Member] \| Natural gas [Member] \| Commodity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Percentage range of measurement of assets for recurring inputs	25.00%
Percentage range of measurement of liabilities for recurring inputs	22.00%