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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
Form 10-Q 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2020
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 1-1204 
HESS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation or Organization)
13-4921002
(I.R.S. Employer Identification Number)

1185 AVENUE OF THE AMERICAS, NEW YORK, NY
(Address of Principal Executive Offices)
10036
(Zip Code)
(Registrant’s Telephone Number, Including Area Code is (212) 997-8500)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockHESNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No  ý
At June 30, 2020, there were 307,144,424 shares of Common Stock outstanding.



HESS CORPORATION
Form 10-Q
TABLE OF CONTENTS
 
Item
No.
 Page
Number
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   
  
 
 
Unless the context indicates otherwise, references to “Hess”, the “Corporation”, “Registrant”, “we”, “us”, “our” and “its” refer to the consolidated business operations of Hess Corporation and its subsidiaries.





PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
June 30,
2020
December 31,
2019
(In millions,
except share amounts)
Assets  
Current Assets:  
Cash and cash equivalents$1,646  $1,545  
Accounts receivable:
From contracts with customers428  940  
Joint venture and other168  230  
Crude oil derivative contracts450  125  
Inventories360  261  
Other current assets63  55  
Total current assets3,115  3,156  
Property, plant and equipment:
Total — at cost32,209  35,820  
Less: Reserves for depreciation, depletion, amortization and lease impairment17,384  19,006  
Property, plant and equipment — net14,825  16,814  
Operating lease right-of-use assets — net344  447  
Finance lease right-of-use assets — net182  299  
Goodwill360  360  
Deferred income taxes78  80  
Other assets642  626  
Total Assets$19,546  $21,782  
Liabilities
Current Liabilities:
Accounts payable$307  $411  
Accrued liabilities1,110  1,803  
Taxes payable34  97  
Current maturities of long-term debt5    
Current portion of operating and finance lease obligations108  199  
Total current liabilities1,564  2,510  
Long-term debt8,205  7,142  
Long-term operating lease obligations349  353  
Long-term finance lease obligations229  238  
Deferred income taxes319  415  
Asset retirement obligations944  897  
Other liabilities and deferred credits570  521  
Total Liabilities12,180  12,076  
Equity
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized — 600,000,000 shares
Issued — 307,144,424 shares (2019: 304,955,472)
307  305  
Capital in excess of par value5,650  5,591  
Retained earnings625  3,535  
Accumulated other comprehensive income (loss)(187) (699) 
Total Hess Corporation stockholders’ equity6,395  8,732  
Noncontrolling interests971  974  
Total Equity7,366  9,706  
Total Liabilities and Equity$19,546  $21,782  
See accompanying Notes to Consolidated Financial Statements.
2


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (In millions, except per share amounts)
Revenues and Non-Operating Income  
Sales and other operating revenues$833  $1,660  $2,187  $3,232  
Gains on asset sales, net8  22  8  22  
Other, net1  15  16  42  
Total revenues and non-operating income842  1,697  2,211  3,296  
Costs and Expenses
Marketing, including purchased oil and gas56  477  434  885  
Operating costs and expenses294  285  597  551  
Production and severance taxes16  46  58  85  
Exploration expenses, including dry holes and lease impairment31  43  220  77  
General and administrative expenses89  89  191  176  
Interest expense119  97  232  195  
Depreciation, depletion and amortization509  494  1,070  992  
Impairment    2,126    
Total costs and expenses1,114  1,531  4,928  2,961  
Income (Loss) Before Income Taxes(272) 166  (2,717) 335  
Provision (benefit) for income taxes(9) 132  (88) 226  
Net Income (Loss)(263) 34  (2,629) 109  
Less: Net income (loss) attributable to noncontrolling interests57  40  124  83  
Net Income (Loss) Attributable to Hess Corporation(320) (6) (2,753) 26  
Less: Preferred stock dividends      4  
Net Income (Loss) Attributable to Hess Corporation Common Stockholders$(320) $(6) $(2,753) $22  
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic$(1.05) $(0.02) $(9.04) $0.07  
Diluted$(1.05) $(0.02) $(9.04) $0.07  
Weighted Average Number of Common Shares Outstanding:
Basic305.0  302.2  304.5  299.8  
Diluted305.0  302.2  304.5  302.1  
Common Stock Dividends Per Share$0.25  $0.25  $0.50  $0.50  
See accompanying Notes to Consolidated Financial Statements.

3


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (In millions)
Net Income (Loss)$(263) $34  $(2,629) $109  
Other Comprehensive Income (Loss):
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income(228) 14  (292) (1) 
Income taxes on effect of hedge (gains) losses reclassified to income        
Net effect of hedge (gains) losses reclassified to income(228) 14  (292) (1) 
Change in fair value of cash flow hedges(214)   776  (346) 
Income taxes on change in fair value of cash flow hedges        
Net change in fair value of cash flow hedges(214)   776  (346) 
Change in derivatives designated as cash flow hedges, after taxes(442) 14  484  (347) 
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses4  (24) 4  (18) 
Income taxes on actuarial changes in plan liabilities        
(Increase) reduction in unrecognized actuarial losses, net4  (24) 4  (18) 
Amortization of net actuarial losses12  12  24  23  
Income taxes on amortization of net actuarial losses        
Net effect of amortization of net actuarial losses12  12  24  23  
Change in pension and other postretirement plans, after taxes16  (12) 28  5  
Other Comprehensive Income (Loss)(426) 2  512  (342) 
Comprehensive Income (Loss)(689) 36  (2,117) (233) 
Less: Comprehensive income (loss) attributable to noncontrolling interests57  40  124  83  
Comprehensive Income (Loss) Attributable to Hess Corporation$(746) $(4) $(2,241) $(316) 
See accompanying Notes to Consolidated Financial Statements.

4


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
 20202019
 (In millions)
Cash Flows From Operating Activities  
Net income (loss)$(2,629) $109  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net(8) (22) 
Depreciation, depletion and amortization1,070  992  
Impairment2,126    
Exploratory dry hole costs135    
Exploration lease and other impairment38  11  
Stock compensation expense47  48  
Noncash (gains) losses on commodity derivatives, net119  58  
Provision (benefit) for deferred income taxes and other tax accruals(95) (1) 
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable628  (70) 
(Increase) decrease in inventories(99) (33) 
Increase (decrease) in accounts payable and accrued liabilities(520) (130) 
Increase (decrease) in taxes payable(63) 14  
Changes in other operating assets and liabilities(38) (63) 
Net cash provided by (used in) operating activities711  913  
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P(1,250) (1,085) 
Additions to property, plant and equipment - Midstream(147) (210) 
Payments for Midstream equity investments  (23) 
Proceeds from asset sales, net of cash sold11  22  
Other, net(2) (1) 
Net cash provided by (used in) investing activities(1,388) (1,297) 
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less72  160  
Debt with maturities of greater than 90 days:
Borrowings1,000    
Repayments  (5) 
Payments on finance lease obligations(3) (45) 
Common stock acquired and retired  (25) 
Cash dividends paid(157) (164) 
Noncontrolling interests, net(128) (27) 
Other, net(6) 4  
Net cash provided by (used in) financing activities778  (102) 
Net Increase (Decrease) in Cash and Cash Equivalents101  (486) 
Cash and Cash Equivalents at Beginning of Year1,545  2,694  
Cash and Cash Equivalents at End of Period$1,646  $2,208  
See accompanying Notes to Consolidated Financial Statements.

5


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED EQUITY (UNAUDITED)
 Mandatory Convertible Preferred StockCommon StockCapital in Excess of ParRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Hess Stockholders' EquityNoncontrolling InterestsTotal Equity
 (In millions)
For the Three Months Ended June 30, 2020       
Balance at April 1, 2020$  $307  $5,633  $1,021  $239  $7,200  $978  $8,178  
Net income (loss)—  —  —  (320) —  (320) 57  (263) 
Other comprehensive income (loss)—  —  —  —  (426) (426) —  (426) 
Share-based compensation—    17    —  17  —  17  
Dividends on common stock—  —  —  (76) —  (76) —  (76) 
Noncontrolling interests, net—  —  —  —  —  —  (64) (64) 
Balance at June 30, 2020$  $307  $5,650  $625  $(187) $6,395  $971  $7,366  
For the Three Months Ended June 30, 2019
Balance at April 1, 2019$  $304  $5,481  $4,207  $(650) $9,342  $1,211  $10,553  
Net income (loss)—  —  —  (6) —  (6) 40  34  
Other comprehensive income (loss)—  —  —  —  2  2  —  2  
Share-based compensation—  —  32  —  —  32  —  32  
Dividends on common stock—  —  —  (76) —  (76) —  (76) 
Noncontrolling interests, net—  —  —  —  —  —  (14) (14) 
Balance at June 30, 2019$  $304  $5,513  $4,125  $(648) $9,294  $1,237  $10,531  
For the Six Months Ended June 30, 2020
Balance at January 1, 2020$  $305  $5,591  $3,535  $(699) $8,732  $974  $9,706  
Net income (loss)—  —  —  (2,753) —  (2,753) 124  (2,629) 
Other comprehensive income (loss)—  —  —  —  512  512  —  512  
Share-based compensation—  2  59  (5) —  56  —  56  
Dividends on common stock—  —  —  (152) —  (152) —  (