0001628280-21-003531 | 10-K | XBRL Viewer

Print Document View Excel Document

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	1-1204
Entity Registrant Name	Hess Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4921002
Entity Address, Address Line One	1185 AVENUE OF THE AMERICAS,
Entity Address, City or Town	NEW YORK,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	997-8500
Title of 12(b) Security	Common Stock
Trading Symbol	HES
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Public Float			$ 14,091
Entity Common Stock, Shares Outstanding (in shares)		306,986,553
Documents Incorporated by Reference	Part III is incorporated by reference from the Proxy Statement for the 2021 annual meeting of stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000004447

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 1,739	$ 1,545
Accounts receivable:
From contracts with customers	710	940
Joint venture and other	150	230
Inventories	378	261
Other current assets	104	180
Total current assets	3,081	3,156
Property, plant and equipment:
Total — at cost	30,519	35,820
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,404	19,006
Property, Plant and Equipment — Net	14,115	16,814
Operating lease right-of-use assets — net	426	447
Finance lease right-of-use assets — net	168	299
Goodwill	360	360
Deferred income taxes	59	80
Other assets	612	626
Total Assets	18,821	21,782
Current Liabilities:
Accounts payable	200	411
Accrued liabilities	1,251	1,803
Taxes payable	81	97
Current maturities of long-term debt	10	0
Current portion of operating and finance lease obligations	81	199
Total current liabilities	1,623	2,510
Long-term debt	8,286	7,142
Long-term operating lease obligations	478	353
Long-term finance lease obligations	220	238
Deferred income taxes	342	415
Asset retirement obligations	894	897
Other liabilities and deferred credits	643	521
Total Liabilities	12,486	12,076
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized 600,000,000 shares. Issued 306,980,092 shares (2019: 304,955,472)	307	305
Capital in excess of par value	5,684	5,591
Retained earnings	130	3,535
Accumulated other comprehensive income (loss)	(755)	(699)
Total Hess Corporation stockholders’ equity	5,366	8,732
Noncontrolling interests	969	974
Total equity	6,335	9,706
Total Liabilities and Equity	$ 18,821	$ 21,782
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	600,000,000	600,000,000

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	306,980,092	304,955,472

Statement of Consolidated Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues and Non-Operating Income
Sales and other operating revenues	$ 4,667	$ 6,495	$ 6,323
Gains on asset sales, net	87	22	32
Other, net	50	(7)	111
Total revenues and non-operating income	4,804	6,510	6,466
Costs and Expenses
Marketing, including purchased oil and gas	936	1,736	1,771
Operating costs and expenses	1,218	1,237	1,134
Production and severance taxes	124	184	171
Exploration expenses, including dry holes and lease impairment	351	233	362
General and administrative expenses	357	397	473
Interest expense	468	380	399
Loss on debt extinguishment	0	0	53
Depreciation, depletion and amortization	2,074	2,122	1,883
Impairment	2,126	0	0
Total costs and expenses	7,654	6,289	6,246
Income (Loss) Before Income Taxes	(2,850)	221	220
Provision (benefit) for income taxes	(11)	461	335
Net Income (Loss)	(2,839)	(240)	(115)
Less: Net income (loss) attributable to noncontrolling interests	254	168	167
Net Income (Loss) Attributable to Hess Corporation	(3,093)	(408)	(282)
Less: Preferred stock dividends	0	4	46
Net Income (Loss) Attributable to Hess Corporation Common Stockholders	$ (3,093)	$ (412)	$ (328)
Net Income (Loss) Attributable to Hess Corporation Per Common Share
Basic (in dollars per share)	$ (10.15)	$ (1.37)	$ (1.10)
Diluted (in dollars per share)	$ (10.15)	$ (1.37)	$ (1.10)
Weighted Average Number of Common Shares Outstanding (Diluted) (in shares)	304.8	301.2	298.2
Common Stock Dividends Per Share (in dollars per share)	$ 1.00	$ 1.00	$ 1.00

Statement of Consolidated Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (2,839)	$ (240)	$ (115)
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	(547)	(1)	173
Income taxes on effect of hedge (gains) losses reclassified to income	0	0	0
Net effect of hedge (gains) losses reclassified to income	(547)	(1)	173
Change in fair value of cash flow hedges	649	(462)	330
Income taxes on change in fair value of cash flow hedges	0	86	(86)
Net change in fair value of cash flow hedges	649	(376)	244
Change in derivatives designated as cash flow hedges, after taxes	102	(377)	417
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	(205)	(160)	29
Income taxes on actuarial changes in plan liabilities	0	0	(6)
(Increase) reduction in unrecognized actuarial losses, net	(205)	(160)	23
Amortization of net actuarial losses	47	144	41
Income taxes on amortization of net actuarial losses	0	0	0
Net effect of amortization of net actuarial losses	47	144	41
Change in pension and other postretirement plans, after taxes	(158)	(16)	64
Other Comprehensive Income (Loss)	(56)	(393)	481
Comprehensive Income (Loss)	(2,895)	(633)	366
Less: Comprehensive income (loss) attributable to noncontrolling interests	254	168	167
Comprehensive Income (Loss) Attributable to Hess Corporation	$ (3,149)	$ (801)	$ 199

Statement of Consolidated Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows From Operating Activities
Net income (loss)	$ (2,839)	$ (240)	$ (115)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) on asset sales, net	(87)	(22)	(32)
Depreciation, depletion and amortization	2,074	2,122	1,883
Impairment	2,126	0	0
Exploratory dry hole costs	192	49	165
Exploration lease and other impairment	51	17	37
Pension settlement loss	0	93	4
Stock compensation expense	79	85	72
Noncash (gains) losses on commodity derivatives, net	260	116	182
Provision (benefit) for deferred income taxes and other tax accruals	(53)	17	(120)
Loss on debt extinguishment	0	0	53
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	267	(383)	(138)
(Increase) decrease in inventories	(117)	(16)	(12)
Increase (decrease) in accounts payable and accrued liabilities	(533)	4	88
Increase (decrease) in taxes payable	(16)	16	(2)
Changes in other operating assets and liabilities	(71)	(216)	(126)
Net cash provided by (used in) operating activities	1,333	1,642	1,939
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,896)	(2,433)	(1,854)
Additions to property, plant and equipment - Midstream	(301)	(396)	(243)
Payments for Midstream equity investments	0	(33)	(67)
Proceeds from asset sales, net of cash sold	493	22	607
Other, net	(3)	(3)	(9)
Net cash provided by (used in) investing activities	(1,707)	(2,843)	(1,566)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	152	32	0
Debt with maturities of greater than 90 days – Borrowings	1,000	760	0
Debt with maturities of greater than 90 days – Repayments	0	(8)	(633)
Payments on finance lease obligations	(7)	(49)	0
Common stock acquired and retired	0	(25)	(1,365)
Cash dividends paid	(309)	(316)	(345)
Noncontrolling interests, net	(261)	(353)	(211)
Other, net	(7)	11	28
Net cash provided by (used in) financing activities	568	52	(2,526)
Net Increase (Decrease) in Cash and Cash Equivalents	194	(1,149)	(2,153)
Cash and Cash Equivalents at Beginning of Year	1,545	2,694	4,847
Cash and Cash Equivalents at End of Year	$ 1,739	$ 1,545	$ 2,694

Statement of Consolidated Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Mandatory Convertible Preferred Stock	Common Stock	Capital in Excess of Par	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Total Hess Stockholders' Equity	Total Hess Stockholders' Equity Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Balance at Dec. 31, 2017	$ 12,354	$ 0	$ 1	$ 315	$ 5,824	$ 5,597	$ 101	$ (686)	$ (101)	$ 11,051	$ 0	$ 1,303
Net income (loss)	(115)					(282)				(282)		167
Other comprehensive income (loss)	481							481		481
Share-based compensation	104			1	103					104
Dividends on preferred stock	(46)					(46)				(46)
Dividends on common stock	(299)					(299)				(299)
Common stock acquired and retired	(1,380)			(25)	(541)	(814)				(1,380)
Noncontrolling interests, net	(211)											(211)
Balance at Dec. 31, 2018	10,888		1	291	5,386	4,257		(306)		9,629		1,259
Net income (loss)	(240)					(408)				(408)		168
Other comprehensive income (loss)	(393)							(393)		(393)
Preferred stock conversion	0		(1)	12	(11)					0
Share-based compensation	125			2	123					125
Dividends on preferred stock	(4)					(4)				(4)
Dividends on common stock	(310)					(310)				(310)
Conversion of Midstream structure	(7)				15					15		(22)
Sale of water business to Hess Infrastructure Partners	0				78					78		(78)
Noncontrolling interests, net	(353)											(353)
Balance at Dec. 31, 2019	9,706		0	305	5,591	3,535		(699)		8,732		974
Net income (loss)	(2,839)					(3,093)				(3,093)		254
Other comprehensive income (loss)	(56)							(56)		(56)
Share-based compensation	90			2	93	(5)				90
Dividends on common stock	(307)					(307)				(307)
Noncontrolling interests, net	(259)											(259)
Balance at Dec. 31, 2020	$ 6,335		$ 0	$ 307	$ 5,684	$ 130		$ (755)		$ 5,366		$ 969

Nature of Operations, Basis of Presentation and Summary of Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations, Basis of Presentation and Summary of Accounting Policies	1. Nature of Operations, Basis of Presentation and Summary of Accounting Policies Unless the context indicates otherwise, references to “Hess”, “the Corporation”, “Registrant”, “we”, “us” and “our” refer to the consolidated business operations of Hess Corporation and its affiliates. Nature of Business: Hess Corporation, incorporated in the State of Delaware in 1920, is a global E&P company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas with production operations located primarily in the United States (U.S.), Guyana, the Malaysia/Thailand Joint Development Area (JDA), Malaysia, and Denmark. We conduct exploration activities primarily offshore Guyana, the U.S. Gulf of Mexico, and offshore Suriname and Canada. Our Midstream operating segment, which is comprised of Hess Corporation’s 47% consolidated ownership interest in Hess Midstream LP at December 31, 2020 (see Note 4, Hess Midstream LP) provides fee-based services, including gathering, compressing and processing natural gas and fractionating NGL; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play in the Williston Basin area of North Dakota. Basis of Presentation and Principles of Consolidation: The consolidated financial statements include the accounts of Hess Corporation and entities in which we own more than a 50% voting interest. Commencing December 16, 2019, we consolidate Hess Midstream LP, a variable interest entity that acquired Hess Infrastructure Partners LP (HIP), based on our conclusion that we have the power through Hess Corporation’s 47% consolidated ownership interest in Hess Midstream LP to direct those activities that most significantly impact the economic performance of Hess Midstream LP, and are obligated to absorb losses or have the right to receive benefits that could potentially be significant to Hess Midstream LP. Prior to December 16, 2019, we consolidated HIP, also a variable interest entity based on the conclusion that we had the power to direct the activities that most significantly impacted the economic performance of HIP, and were obligated to absorb losses or had the right to receive benefits that could potentially be significant to HIP. Our undivided interests in unincorporated oil and gas E&P ventures are proportionately consolidated. Investments in affiliated companies, 20% to 50% owned and where we have the ability to influence the operating or financial decisions of the affiliate, are accounted for using the equity method. Estimates and Assumptions: In preparing financial statements in conformity with 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. Estimates made by management include oil and gas reserves, asset and other valuations, depreciable lives, pension liabilities, legal and environmental obligations, asset retirement obligations and income taxes. Revenue Recognition: Exploration and Production The E&P segment recognizes revenue from the sale of crude oil, NGL, and natural gas as performance obligations under contracts with customers are satisfied. Our responsibilities to deliver each unit of quantity of crude oil, NGL, and natural gas under these contracts represent separate, distinct performance obligations. These performance obligations are satisfied at the point in time control of each unit of quantity transfers to the customer. Generally, the control of each unit of quantity transfers to the customer upon the transfer of legal title at the point of physical delivery. Pricing is variable and is determined with reference to a particular market or pricing index, plus or minus adjustments reflecting quality or location differentials. For long-term international natural gas contracts with ship-or-pay provisions, our obligation to stand-ready to provide a minimum volume over each commitment period represents separate, distinct performance obligations. Penalties owed against future deliveries of natural gas due to delivery of volumes below minimum delivery commitments are recognized as reductions to revenue in the commitment period when the shortfall occurs. Long-term international natural gas contracts may also contain take-or-pay provisions whereby the customer is required to pay for volumes not taken that are below minimum volume commitments but the customer has certain make-up rights to receive shortfall volumes in subsequent periods. Shortfall payments received from customers when volumes purchased are below the minimum volume commitment are deferred upon receipt as a contract liability. Revenue is recognized at the earlier of when we deliver the make-up volumes in subsequent periods or when it becomes remote that the customer will exercise their make-up rights. Certain crude oil, NGL, and natural gas volumes are purchased by Hess from third parties, including working interest partners and royalty owners in certain Hess-operated properties, before they are sold to customers. Where control over the crude oil, NGL, or natural gas transfers to Hess before the volumes are transferred to the customer, revenue and the associated cost of purchased volumes are presented on a gross basis in the Statement of Consolidated Income within Sales and other operating revenues and Marketing, including purchased oil and gas, respectively. Where control of crude oil, NGL, or natural gas is not transferred to Hess, revenue is presented net of the associated cost of purchased volumes within Sales and other operating revenues in the Statement of Consolidated Income. Contract Duration and Pricing: Contracts with customers for the sale of U.S. crude oil, NGL, and natural gas primarily include those contracts that involve the short-term sale of volumes during a specified period, and those contracts that automatically renew on a periodic basis until either party cancels. We have certain long-term contracts with customers for the sale of U.S. natural gas and NGL that have remaining durations ranging from one to twelve years. Contracts with customers for the sale of international crude oil involve the short-term sale of volumes during a specified period. Pricing is determined with reference to a particular market or pricing index, plus or minus adjustments reflecting quality or location differentials, shortly after control of the volumes transfers to the customer. International contracts with customers for the sale of natural gas are in the form of natural gas sales agreements with government entities that have durations that are aligned with the durations of production sharing contracts or other contractual arrangements with host governments. Pricing is determined using contractual formulas that are based on the price of alternative fuels as obtained from price indices and other factors. Contract Balances: Our right to receive or collect payment from the customer is aligned with the timing of revenue recognition except in situations when we receive shortfall payments under contracts with take-or-pay provisions with customer make-up rights. At December 31, 2020 and 2019, there were no contract assets or contract liabilities. Generally, we receive payments from customers on a monthly basis, shortly after the physical delivery of the crude oil, NGL, or natural gas. Transaction Price Allocated to Remaining Performance Obligations: The transaction price allocated to our wholly unsatisfied performance obligations on uncompleted contracts is variable. Further, many of our contracts with customers have durations of less than twelve months. Accordingly, we have elected under the provisions of Accounting Standards Codification (ASC) 606 the exemption from disclosure of revenue recognizable in future periods as these performance obligations are satisfied. Sales-based Taxes: We exclude sales-based taxes that are collected from customers from the transaction price in our contracts with customers. Accordingly, revenue from contracts with customers is net of sales-based taxes that are collected from customers and remitted to taxing authorities. Midstream Our Midstream segment provides gathering, compression, processing, fractionation, storage, terminaling, loading and transportation, and water handling services. The Midstream segment has multiple long-term, fee-based commercial agreements with certain subsidiaries of Hess, each generally with an initial ten-year term that can be extended for an additional ten-year term at the unilateral right of Hess Midstream. These contracts have minimum volumes the customer is obligated to provide each calendar quarter. The minimum volume commitments are subject to fluctuation based on nominations covering substantially all of our E&P segment’s production and projected third-party volumes that will be purchased in the Bakken. As the minimum volume commitments are subject to fluctuation, and as these contracts contain fee inflation escalators and fee recalculation mechanisms, substantially all of the transaction price at contract inception is variable. The midstream segment also has long-term, fee based commercial agreements for water handling services with a subsidiary of Hess with an initial 14 year term that can be extended for an additional ten-year term at the unilateral right of Hess Midstream. Water handling services are provided for an agreed-upon fee per barrel or the reimbursement of third-party fees. The Midstream segment’s responsibilities to provide each of the above services for each year under each of the commercial agreements are considered separate, distinct performance obligations. Revenue is recognized for each performance obligation under these commercial agreements over-time as services are rendered using the output method, measured using the amount of volumes serviced during the period. The Midstream segment has elected the practical expedient under the provisions of ASC 606, Revenue from Contracts with Customers to recognize revenue in the amount it is entitled to invoice. If the commercial agreements have ship-or-pay provisions, the Midstream segment’s responsibility to stand-ready to service a minimum volume over each quarterly commitment period represent separate, distinct performance obligations. Shortfall payments received under ship-or-pay provisions are recognized as revenue in the calendar quarter the shortfall occurs as the customer does not have make-up rights beyond the calendar quarter end of the quarterly commitment period. All revenues, receivables, and contract balances arising from the commercial agreements between the Midstream segment and the Hess subsidiaries that are the counterparty to the commercial agreements are eliminated upon consolidation. On December 30, 2020, Hess Midstream exercised its renewal options to extend the terms of certain gas gathering, crude oil gathering, gas processing and fractionation, storage, and terminal and export commercial agreements for the secondary term through December 31, 2033. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options. 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. 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: We record 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 facilities 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. 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 in the same manner as the depreciation of the underlying assets. Impairment of Long‑lived Assets: We review long‑lived assets, including oil and gas fields, for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts of the long-lived assets are not expected to be recovered by estimated undiscounted future net cash flows, the assets are impaired and an impairment loss is recorded. The amount of impairment is measured 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 present value of future net 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 projected 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 impairment will generally differ from those used in the standardized measure of discounted future net cash flows reported in Supplementary Oil and Gas Data, since the standardized measure requires the use of historical twelve-month average prices. As a result of the significant decline in crude oil prices in the first quarter of 2020, we tested our oil and gas properties for impairment at March 31, 2020. See Note 12, Impairment. Impairment of Goodwill: Goodwill is tested for impairment annually on October 1st or when events or circumstances indicate that the carrying amount of the goodwill may not be recoverable. To determine whether goodwill is impaired, the fair value of a reporting unit is compared with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment charge would be recorded for the excess of the carrying value over fair value, limited by the amount of goodwill allocated to the reporting unit. At December 31, 2020, goodwill of $360 million relates to the Midstream operating segment. Cash and Cash Equivalents: Cash and cash equivalents primarily comprises cash on hand and on deposit, as well as highly liquid investments that are readily convertible into cash and have maturities of three months or less when acquired. Inventories: Produced and unsold crude oil and NGL are valued at the lower of cost or net realizable value. Cost is determined using the average cost of production plus any transport cost incurred in bringing the volumes to their present location. Materials and supplies are valued at cost. Obsolete or surplus materials identified during periodic reviews are valued at the lower of cost or estimated net realizable value. Leases: We determine if an arrangement is a lease at inception by evaluating whether the contract conveys the right to control an identified asset during the period of use. Right-of-use (ROU) assets represent our right to use an identified asset for the lease term and lease obligations represent our obligation to make payments as set forth in the lease arrangement. ROU assets and lease liabilities are recognized in the Consolidated Balance Sheet as operating leases or finance leases at the commencement date based on the present value of the minimum lease payments over the lease term. Where the implicit discount rate in a lease is not readily determinable, we use our incremental borrowing rate based on information available at the commencement date for determining the present value of the minimum lease payments. The lease term used in measurement of our lease obligations includes options to extend or terminate the lease when, in our judgment, it is reasonably certain that we will exercise that option. Variable lease payments that depend on an index or a rate are included in the measurement of lease obligations using the index or rate at the commencement date. Variable lease payments that vary because of changes in facts or circumstances after the commencement date of the lease are not included in the minimum lease payments used to measure lease obligations. We have agreements that include financial obligations for lease and nonlease components. For purposes of measuring lease obligations, we have elected not to separate nonlease components from lease components for the following classes of assets: drilling rigs, office space, offshore vessels, and aircraft. We apply a portfolio approach to account for operating lease ROU assets and liabilities for certain vehicles, railcars, field equipment and office equipment leases. Finance lease cost is recognized as amortization of the ROU asset and interest expense on the lease liability. Operating lease cost is generally recognized on a straight-line basis. Operating lease costs for drilling rigs used to drill development wells and successful exploration wells are capitalized. Operating lease cost for other ROU assets used in oil and gas producing activities are either capitalized or expensed on a straight-line basis based on the nature of operation for which the ROU asset is utilized. Leases with an initial term of 12 months or less are not recorded on the balance sheet as permitted under ASC 842. We recognize lease cost for short-term leases on a straight-line basis over the term of the lease. Some of our leases include one or more options to renew. The renewal option is at our sole discretion and is not included in the lease term for measurement of the lease obligation unless we are reasonably certain at the commencement date of the lease, to renew the lease. Income Taxes: Deferred income taxes are determined using the liability method. We have net operating loss carryforwards or credit carryforwards in multiple jurisdictions and have recorded deferred tax assets for those losses and credits. Additionally, we have deferred tax assets due to temporary differences between the book basis and tax basis of certain assets and liabilities. Regular assessments are made as to the likelihood of those deferred tax assets being realized. If, when tested under the relevant accounting standards, 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 that is expected to be realized. The accounting standards require the evaluation of all available positive and negative evidence giving weight based on the evidence’s relative objectivity. In evaluating potential sources of positive evidence, we consider the reversal of taxable temporary differences, taxable income in carryback and carryforward periods, the availability of tax planning strategies, the existence of appreciated assets, estimates of future taxable income, and other factors. In evaluating potential sources of negative evidence, we consider a cumulative loss in recent years, any history of operating losses or tax credit carryforwards expiring unused, losses expected in early future years, unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years, and any carryback or carryforward period so brief that a significant deductible temporary difference expected to reverse in a single year would limit realization of tax benefits. We assign cumulative historical losses significant weight in the evaluation of realizability relative to more subjective evidence such as forecasts of future income. In addition, we recognize 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. We are no longer indefinitely reinvested with respect to the book in excess of tax basis in the investment in our foreign subsidiaries. Because of U.S. tax reform we expect that the future reversal of such temporary differences will occur free of material taxation. We classify interest and penalties associated with uncertain tax positions as income tax expense. We account for the U.S. tax effect of global intangible low-taxed income earned by foreign subsidiaries in the period that such income is earned. We utilize the aggregate approach for releasing disproportionate income tax effects from Accumulated other comprehensive income (loss). Asset Retirement Obligations: We have material legal obligations to remove and dismantle long‑lived assets and to restore land or the seabed at certain E&P locations. We initially recognize a liability for the fair value of legally required asset retirement obligations in the period in which the retirement obligations are incurred and capitalize the associated asset retirement costs as part of the carrying amount of the long‑lived assets. In subsequent periods, the liability is accreted, and the asset is depreciated over the useful life of the related asset. Fair value is determined by applying a credit adjusted risk-free rate to the undiscounted expected future abandonment expenditures. Changes in estimates prior to settlement result in adjustments to both the liability and related asset values, unless the field has ceased production, in which case changes are recognized in the Statement of Consolidated Income. Retirement Plans: We recognize 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. We recognize the net changes in the funded status of these plans in the year in which such changes occur. 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 or the remaining average expected life if a plan’s participants are predominantly inactive. Derivatives: We utilize derivative instruments for financial risk management activities. In these activities, we may use futures, forwards, options and swaps, individually or in combination, to mitigate our exposure to fluctuations in prices of crude oil and natural gas, as well as changes in interest and foreign currency exchange rates. All derivative instruments are recorded at fair value in the Consolidated Balance Sheet. Our 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 changes in fair value of recognized assets and liabilities or of unrecognized firm commitments (fair value hedges). Changes in fair value of derivatives that are designated as cash flow hedges are recorded as a component of other comprehensive income (loss). 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 item is recorded as an adjustment to its carrying amount and recognized currently in earnings. Fair Value Measurements: We use various valuation approaches in determining fair value for financial instruments, including the market and income approaches. Our fair value measurements also include non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and our credit is considered for accrued liabilities. We also record 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. We determine 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), including discounted cash flows and other unobservable data. 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. Multiple inputs may be used to measure fair value; however, the level assigned to a fair value measurement 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. 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. 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. Fair values determined using discounted cash flows and other unobservable data are also classified as Level 3. Netting of Financial Instruments: We generally enter into master netting arrangements to mitigate legal and counterparty credit risk. Master netting arrangements are generally accepted overarching master contracts that govern all individual transactions with the same counterparty entity as a single legally enforceable agreement. The U.S. Bankruptcy Code provides for the enforcement of certain termination and netting rights under certain types of contracts upon the bankruptcy filing of a counterparty, commonly known as the “safe harbor” provisions. If a master netting arrangement provides for termination and netting upon the counterparty’s bankruptcy, these rights are generally enforceable with respect to “safe harbor” transactions. If these arrangements provide the right of offset and our intent and practice is to offset amounts in the case of such a termination, our policy is to record the fair value of derivative assets and liabilities on a net basis. In the normal course of business, we rely on legal and credit risk mitigation clauses providing for adequate credit assurance as well as close‑out netting, including two‑party netting and single counterparty multilateral netting. As applied to us, “two‑party netting” is the right to net amounts owing under safe harbor transactions between a single defaulting counterparty entity and a single Hess entity, and “single counterparty multilateral netting” is the right to net amounts owing under safe harbor transactions among a single defaulting counterparty entity and multiple Hess entities. We are reasonably assured that these netting rights would be upheld in a bankruptcy proceeding in the U.S. in which the defaulting counterparty is a debtor under the U.S. Bankruptcy Code. Share-based Compensation: We account for share-based compensation based on the fair value of the award on the date of grant. The fair value of all share‑based compensation is recognized over the requisite service period for the entire award, whether the award was granted with ratable or cliff vesting terms, net of actual forfeitures. We estimate fair value at the date of grant using a Black‑Scholes valuation model for employee stock options and a Monte Carlo simulation model for performance share units (PSUs). Fair value of restricted stock is based on the market value of the underlying shares at the date of grant. Foreign Currency Translation: The U.S. Dollar is the functional currency (primary currency in which business is conducted) for our foreign operations. Adjustments resulting from remeasuring monetary assets and liabilities that are denominated in a currency other than the functional currency are recorded in Other, net in the Statement of Consolidated Income. Maintenance and Repairs: Maintenance and repairs are expensed as incurred. Capital improvements are recorded as additions in Property, plant and equipment. Environmental Expenditures: We accrue and expense the undiscounted environmental costs necessary to remediate existing conditions related to past operations when the future costs are probable and reasonably estimable. At year‑end 2020, our reserve for estimated remediation liabilities was approximately $65 million. Environmental expenditures that increase the life or efficiency of property or reduce or prevent future adverse impacts to the environment are capitalized. New Accounting Pronouncements: In the first quarter of 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses. This ASU makes changes to the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standard requires the use of a forward-looking "expected loss" model compared with the prior "incurred loss" model. We calculate expected credit losses for our receivables using the probability of default and the expected loss given default. Historical data, current market conditions, and forecasts of future economic conditions are used to determine the probability of default and the expected loss given default. The adoption of this ASU did not have a material impact to our financial statements.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

2. Inventories

Inventories at December 31 were as follows:


	2020		2019

	(In millions)
Crude oil and natural gas liquids	$	226	$	92
Materials and supplies	152		169
Total Inventories	$	378	$	261

In the first quarter of 2020, we recognized charges of $53 million ($52 million after income taxes) recorded in Marketing, including purchased oil and gas to reflect crude oil inventories at net realizable value at March 31, 2020.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. Property, Plant and Equipment

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


	2020		2019

	(In millions)
Exploration and Production
Unproved properties	$	164	$	168
Proved properties	2,930		3,304
Wells, equipment and related facilities	23,224		28,404
	26,318		31,876
Midstream	4,163		3,904
Corporate and Other	38		40
Total — at cost	30,519		35,820
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,404		19,006
Property, Plant and Equipment — Net	$	14,115	$	16,814

Capitalized Exploratory Well 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:


	2020		2019		2018

	(In millions)
Balance at January 1	$	584	$	418	$	304
Additions to capitalized exploratory well costs pending the determination of proved reserves	111		224		128
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(111)		(58)		—
Capitalized exploratory well costs charged to expense	(125)		—		(14)

Balance at December 31	$	459	$	584	$	418
Number of Wells at December 31	22		31		24

During the three years ended December 31, 2020, additions to capitalized exploratory well costs primarily related to drilling at the Stabroek Block, offshore Guyana. Other drilling activity included the Esox prospect in the Gulf of Mexico during 2019 and the Bunga prospect in the North Malay Basin, offshore Peninsular Malaysia during 2018.

Reclassifications to wells, facilities and equipment based on the determination of proved reserves in 2020 resulted from sanctions of the Payara Field development on the Stabroek Block, offshore Guyana, and an additional phase of development at the North Malay Basin, offshore Peninsular Malaysia. In 2019, reclassifications to wells, facilities and equipment resulted from sanction of the Liza Phase 2 development on the Stabroek Block and the Esox tieback well to the Tubular Bells Field in the Gulf of Mexico.

Capitalized exploratory well costs charged to expense in 2020 included $125 million, primarily related to the northern portion of the Shenzi Field (Hess 28%) in the Gulf of Mexico due to reprioritization of our forward capital program in response to the significant decline in crude oil prices. In 2018, in Canada, offshore Nova Scotia (Hess 50% participating interest), the operator, BP Canada, completed drilling of the Aspy exploration well, which did not encounter commercial quantities of hydrocarbons. As a result, we expensed well costs totaling $120 million in 2018, of which $14 million was incurred in 2017. The preceding table excludes well costs incurred and expensed during 2020 of $67 million (2019: $49 million; 2018: $151 million).

Exploratory well costs capitalized for greater than one year following completion of drilling were $342 million at December 31, 2020, separated by year of completion as follows (in millions):


2019	$	173
2018	105
2017	27
2016	—
2015	37
	$	342

Guyana: Approximately 85% of the capitalized well costs in excess of one year relate to successful exploration wells where hydrocarbons were encountered on the Stabroek Block (Hess 30%), offshore Guyana. The operator plans further appraisal drilling and is conducting pre-development planning for additional phases of development beyond the three previously sanctioned development projects on the Block.

JDA: Approximately 10% of the capitalized well costs in excess of one year relates to the JDA (Hess 50%) in the Gulf of Thailand, where hydrocarbons were encountered in three successful exploration wells drilled in the western part of Block A-18. The operator has submitted a development plan concept to the regulator to facilitate ongoing commercial negotiations for an extension of the existing gas sales contract to include development of the western part of the Block.

Malaysia: Approximately 5% of the capitalized well costs in excess of one year relates to North Malay Basin (Hess 50%), offshore Peninsular Malaysia, where hydrocarbons were encountered in one successful exploration well. Subsurface evaluation and pre-development studies for future phases of development are ongoing.

Hess Midstream	12 Months Ended
Hess Midstream	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream	4. Hess Midstream LP Prior to December 16, 2019, the Midstream segment was primarily comprised of HIP, a 50/50 joint venture between Hess Corporation and Global Infrastructure Partners (GIP), formed to own, operate, develop and acquire a diverse set of midstream assets to provide fee-based services to Hess and third-party customers. HIP was initially formed on May 21, 2015, with Hess selling 50% of HIP to GIP for approximately $2.6 billion on July 1, 2015. On April 10, 2017, HIP completed an initial public offering (IPO) of 16,997,000 common units, representing 30.5% limited partnership interests in its subsidiary Hess Midstream Partners LP (Hess Midstream Partners), for net proceeds of approximately $365.5 million. In connection with the IPO, HIP contributed a 20% controlling economic interest in each of Hess North Dakota Pipeline Operations LP, Hess TGP Operations LP, and Hess North Dakota Export Logistics Operations LP, and a 100% economic interest in Hess Mentor Storage Holdings LLC (collectively the “Contributed Businesses”). In exchange for the contributed businesses, Hess and GIP each received common and subordinated units representing a direct 33.75% limited partner interest in Hess Midstream Partners and a 50% indirect ownership interest through HIP in Hess Midstream Partners’ general partner, which had a 2% economic interest in Hess Midstream Partners plus incentive distribution rights. On March 1, 2019, HIP acquired Hess’s existing Bakken water services business for $225 million in cash. As a result of this transaction, we recorded an after-tax gain of $78 million in additional paid-in capital with an offsetting reduction to noncontrolling interest to reflect the adjustment to GIP’s noncontrolling interest in HIP. On March 22, 2019, HIP and Hess Midstream Partners acquired crude oil and gas gathering assets, and HIP acquired water gathering assets of Summit Midstream Partners LP’s Tioga Gathering System for aggregate cash consideration of approximately $90 million, with the potential for an additional $10 million of contingent payments in future periods subject to certain future performance metrics. On January 25, 2018, Hess Midstream Partners entered into a 50/50 joint venture with Targa Resources Corp. to construct a new 200 million standard cubic feet per day gas processing plant called Little Missouri 4 (LM4). The plant, which is operated by Targa, was placed into service in the third quarter of 2019. On December 16, 2019, Hess Midstream Partners acquired HIP, including HIP’s 80% interest in Hess Midstream Partners’ oil and gas midstream assets, HIP’s water services business and the outstanding economic general partner interest and incentive distribution rights in Hess Midstream Partners LP. In addition, Hess Midstream Partners’ organizational structure converted from a master limited partnership into an “Up-C” structure in which Hess Midstream Partners’ public unitholders received newly issued Class A shares in a new public entity named Hess Midstream LP (Hess Midstream), which is taxed as a corporation for U.S. federal and state income tax purposes. Hess Midstream Partners changed its name to “Hess Midstream Operations LP” (HESM Opco) and became a consolidated subsidiary of Hess Midstream, the new publicly listed entity. As consideration for the acquisition, Hess received a cash payment of $301 million and approximately 115 million newly issued HESM Opco Class B units. After giving effect to the acquisition and related transactions, public shareholders of Class A shares in Hess Midstream own 6% of the consolidated entity on an as-exchanged basis and Hess and GIP each own 47% of the consolidated entity on an as-exchanged basis, primarily through the sponsors’ ownership of Class B units in HESM Opco that are exchangeable into Class A shares of Hess Midstream on a one-for-one basis, or referred to as “Hess Corporation’s 47% consolidated ownership in Hess Midstream LP”. At December 31, 2020, Hess Midstream liabilities totaling $2,026 million (2019: $1,941 million) are on a nonrecourse basis to Hess Corporation, while Hess Midstream assets available to settle the obligations of Hess Midstream included Cash and cash equivalents totaling $3 million (2019: $3 million), Property, plant and equipment, net totaling $3,111 million (2019: $3,010 million) and an equity-method investment of $108 million (2019: $108 million) in LM4.

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

The following table provides detail of our accrued liabilities at December 31:


	2020		2019

	(In millions)
Accrued capital expenditures	$	345	$	616
Accrued operating and marketing expenditures	325		479
Accrued payments to royalty and working interest owners	170		260
Accrued interest on debt	126		126
Accrued compensation and benefits	117		166
Current portion of asset retirement obligations	105		127
Other accruals	63		29
Total Accrued Liabilities	$	1,251	$	1,803

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

6. Leases

Operating and finance lease obligations at December 31 included in the Consolidated Balance Sheet were as follows:


	Operating Leases				Finance Leases

	2020		2019		2020		2019

	(In millions)
Right-of-use assets — net (a)	$	426	$	447	$	168	$	299
Lease obligations:
Current	$	63	$	182	$	18	$	17
Long-term	478		353		220		238
Total lease obligations	$	541	$	535	$	238	$	255

(a)At December 31, 2020, finance lease ROU assets had a cost of $212 million (2019: $381 million) and accumulated amortization of $44 million (2019: $82 million).

Lease obligations represent 100% of the present value of future minimum lease payments in the lease arrangement. Where we have contracted directly with a lessor in our role as operator of an unincorporated oil and gas venture, we bill our partners their proportionate share for reimbursements as payments under lease agreements become due pursuant to the terms of our joint operating and other agreements.

The nature of our leasing arrangements at December 31, 2020 was as follows:

Operating leases: In the normal course of business, we primarily lease drilling rigs, equipment, logistical assets (offshore vessels, aircraft, and shorebases), and office space.

Finance leases: In 2018, we entered into a sale and lease-back arrangement for a floating storage and offloading vessel (FSO) to handle produced condensate at North Malay Basin, offshore Peninsular Malaysia. At December 31, 2020, the remaining lease term for the FSO was 12.8 years.

Maturities of lease obligations at December 31, 2020 were as follows:


	Operating Leases		Finance Leases

	(In millions)
2021	$	83	$	36
2022	83		36
2023	72		36
2024	71		36
2025	67		36
Remaining years	287		176
Total lease payments	663		356
Less: Imputed interest	(122)		(118)
Total lease obligations	$	541	$	238

The following information relates to the Operating and Finance leases at December 31:

Operating Leases

Finance Leases

2020

2019

2020

2019

Weighted average remaining lease term

10.3 years

5.4 years

12.8 years

13.8 years

Range of remaining lease terms

0.1 - 15.5 years

0.1 - 16.1 years

12.8 years

13.8 years

Weighted average discount rate

4.0%

4.3%

7.9%

The components of lease costs for the years ended December 31, 2020 and 2019 were as follows:


	2020		2019

	(In millions)
Operating lease cost	$	200	$	414
Finance lease cost:
Amortization of leased assets	31		43
Interest on lease obligations	20		21
Short-term lease cost (a)	199		164
Variable lease cost (b)	38		89
Sublease income (c)	(15)		(12)
Total lease cost (d)	$	473	$	719

(a)Short-term lease cost is primarily attributable to equipment used in global exploration, development, production, and crude oil marketing activities. Future short-term lease costs will vary based on activity levels of our operated assets.

(b)Variable lease costs for drilling rigs result from differences in the minimum rate and the actual usage of the ROU asset during the lease period. Variable lease costs for logistical assets result from differences in stated monthly rates and total charges reflecting the actual usage of the ROU asset during the lease period. Variable lease costs for our office leases represent common area maintenance charges which have not been separated from lease components.

(c)We sublease certain of our office space to third parties under our head lease.

(d)Prior to the adoption of ASC 842, we incurred total rental expense of $154 million and income from subleases of $8 million in 2018.

The above lease costs represent 100% of the lease payments due for the period, including where we as operator have contracted directly with suppliers. As the payments under lease agreements where we are operator become due, we bill our partners their proportionate share for reimbursement pursuant to the terms of our joint operating agreements. Reimbursements are not reflected in the table above. Certain lease costs above associated with exploration and development activities are included in capital expenditures.

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 were as follows:


	Operating Leases				Finance Leases

	2020		2019		2020		2019

	(In millions)
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows (a)	$	218	$	419	$	20	$	21
Financing cash flows (a)	—		—		17		55
Noncash transactions:
Leased assets recognized for new lease obligations incurred	51		14		—		—
Changes in leased assets and lease obligations due to lease modifications (b)	123		14		—		—

(a)Amounts represent gross lease payments before any recovery from partners.

(b)Primarily related to negotiated extensions of an office lease and offshore drilling rig leases.

Leases

6. Leases

Operating and finance lease obligations at December 31 included in the Consolidated Balance Sheet were as follows:


	Operating Leases				Finance Leases

	2020		2019		2020		2019

	(In millions)
Right-of-use assets — net (a)	$	426	$	447	$	168	$	299
Lease obligations:
Current	$	63	$	182	$	18	$	17
Long-term	478		353		220		238
Total lease obligations	$	541	$	535	$	238	$	255

(a)At December 31, 2020, finance lease ROU assets had a cost of $212 million (2019: $381 million) and accumulated amortization of $44 million (2019: $82 million).

The nature of our leasing arrangements at December 31, 2020 was as follows:

Operating leases: In the normal course of business, we primarily lease drilling rigs, equipment, logistical assets (offshore vessels, aircraft, and shorebases), and office space.

Maturities of lease obligations at December 31, 2020 were as follows:


	Operating Leases		Finance Leases

	(In millions)
2021	$	83	$	36
2022	83		36
2023	72		36
2024	71		36
2025	67		36
Remaining years	287		176
Total lease payments	663		356
Less: Imputed interest	(122)		(118)
Total lease obligations	$	541	$	238

The following information relates to the Operating and Finance leases at December 31:

Operating Leases

Finance Leases

2020

2019

2020

2019

Weighted average remaining lease term

10.3 years

5.4 years

12.8 years

13.8 years

Range of remaining lease terms

0.1 - 15.5 years

0.1 - 16.1 years

12.8 years

13.8 years

Weighted average discount rate

4.0%

4.3%

7.9%

The components of lease costs for the years ended December 31, 2020 and 2019 were as follows:


	2020		2019

	(In millions)
Operating lease cost	$	200	$	414
Finance lease cost:
Amortization of leased assets	31		43
Interest on lease obligations	20		21
Short-term lease cost (a)	199		164
Variable lease cost (b)	38		89
Sublease income (c)	(15)		(12)
Total lease cost (d)	$	473	$	719

(c)We sublease certain of our office space to third parties under our head lease.

(d)Prior to the adoption of ASC 842, we incurred total rental expense of $154 million and income from subleases of $8 million in 2018.

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 were as follows:


	Operating Leases				Finance Leases

	2020		2019		2020		2019

	(In millions)
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows (a)	$	218	$	419	$	20	$	21
Financing cash flows (a)	—		—		17		55
Noncash transactions:
Leased assets recognized for new lease obligations incurred	51		14		—		—
Changes in leased assets and lease obligations due to lease modifications (b)	123		14		—		—

(a)Amounts represent gross lease payments before any recovery from partners.

(b)Primarily related to negotiated extensions of an office lease and offshore drilling rig leases.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

7. Debt

Total debt at December 31 consisted of the following:


	2020		2019

	(In millions)
Debt - Hess Corporation:
Fixed-rate public notes:
3.5% due 2024	$	299	$	298
4.3% due 2027	994		992
7.9% due 2029	464		463
7.3% due 2031	628		628
7.1% due 2033	537		537
6.0% due 2040	741		741
5.6% due 2041	1,236		1,235
5.8% due 2047	494		494
Total fixed-rate public notes	5,393		5,388
Term loan due March 2023	988		—
Fair value adjustments - interest rate hedging	5		1
Total Debt - Hess Corporation	$	6,386	$	5,389

Debt - Midstream:
Fixed-rate notes: 5.625% due 2026 - Hess Midstream Operations LP	$	789	$	787
Fixed-rate notes: 5.125% due 2028 - Hess Midstream Operations LP	542		540
Term loan A facility - Hess Midstream Operations LP	395		394
Revolving credit facility - Hess Midstream Operations LP	184		32
Total Debt - Midstream	$	1,910	$	1,753

Total Debt:
Current maturities of long-term debt	$	10	$	—
Long-term debt	8,286		7,142
Total Debt	$	8,296	$	7,142

At December 31, 2020, the maturity profile of total debt was as follows:


	Total		Hess Corporation		Midstream

	(In millions)
2021	$	10	$	—	$	10
2022	20		—		20
2023	1,030		1,000		30
2024	824		300		524
2025	—		—		—
Thereafter	6,488		5,138		1,350
Total Borrowings	8,372		6,438		1,934
Less: Deferred financing costs and discounts	(76)		(52)		(24)
Total Debt (excluding interest)	$	8,296	$	6,386	$	1,910

No interest was capitalized in 2020 (2019: $38 million; 2018: $20 million).

Debt – Hess Corporation:

Senior unsecured fixed-rate public notes:

At December 31, 2020, Hess Corporation’s fixed-rate public notes had a gross principal amount of $5,438 million (2019: $5,438 million) and a weighted average interest rate of 5.9% (2019: 5.9%). The indentures for our fixed-rate public notes limit the ratio of secured debt to Consolidated Net Tangible Assets (as that term is defined in the indentures) to 15%. As of December 31, 2020, Hess Corporation was in compliance with this financial covenant.

Term loan and credit facility:

In 2020, we entered into a $1 billion three year term loan agreement with a maturity date of March 16, 2023. Borrowings under the term loan generally bear interest at LIBOR plus an applicable margin of 2.25% until the term loan's first anniversary. The

applicable margin varies based on the credit rating of the Corporation’s senior unsecured long-term debt and will increase by 0.25% on each anniversary of the term loan.

In 2019, we entered into a new $3.5 billion revolving credit facility with a maturity date of May 15, 2023, which replaced the Corporation’s previous revolving credit facility. The new facility can be used for borrowings and letters of credit. Borrowings will generally bear interest at 1.30% above LIBOR, though the interest rate is subject to adjustment if the Corporation’s credit rating changes. At December 31, 2020, Hess Corporation had no outstanding borrowings or letters of credit under this facility.

Both the term loan and revolving credit facility are subject to customary representations, warranties, customary events of default and covenants, including a financial covenant limiting the ratio of Total Consolidated Debt to Total Capitalization of the Corporation and its consolidated subsidiaries to 65%, and a financial covenant limiting the ratio of secured debt to Consolidated Net Tangible Assets of the Corporation and its consolidated subsidiaries to 15% (as these capitalized terms are defined in the credit agreement for the revolving credit facility and the term loan agreement). As of December 31, 2020, Hess Corporation was in compliance with these financial covenants.

The most restrictive of the financial covenants related to our fixed-rate public notes and our term loan and revolving credit facility would allow us to borrow up to an additional $1,730 million of secured debt at December 31, 2020.

Other outstanding letters of credit at December 31 were as follows:


	2020		2019

	(In millions)
Committed lines (a)	$	54	$	54
Uncommitted lines (a)	215		218
Total	$	269	$	272

(a)At December 31, 2020, committed and uncommitted lines have expiration dates through 2021.

Debt - Midstream:

Senior unsecured fixed-rate public notes:

In November 2017, HIP issued $800 million of 5.625% senior unsecured notes due in 2026. In December 2019, in connection with the acquisition of HIP and corporate restructuring described in Note 4, Hess Midstream LP, HESM Opco assumed $800 million of outstanding HIP senior notes in a par-for-par exchange. The senior notes are guaranteed by certain subsidiaries of HESM Opco. In addition, in December 2019, HESM Opco issued $550 million of 5.125% senior unsecured notes due in 2028. The notes are guaranteed by HESM Opco’s direct and indirect wholly owned material domestic subsidiaries. Proceeds of the new notes were used to finance the acquisition of HIP and repay outstanding borrowings under HIP’s credit facilities.

Credit facilities:

Prior to the closing of the December 2019 transaction, HIP had a $600 million 5-year senior secured revolving credit facility and a $200 million senior secured Term Loan A facility, while Hess Midstream Partners LP had a $300 million 4-year senior secured syndicated revolving credit facility. In connection with the acquisition of HIP, both HIP and Hess Midstream Partners LP retired their existing senior secured revolving credit facilities and HESM Opco entered into a new 5-year senior secured syndicated revolving credit facility in the amount of $1.0 billion. HIP also retired its senior secured Term Loan A facility, which had borrowings of $190 million excluding deferred issuance costs, and HESM Opco entered into a fully drawn $400 million 5-year Term Loan A facility, receiving cash of $210 million at closing. The new revolving credit facility can be used for borrowings and letters of credit to fund HESM Opco’s operating activities, capital expenditures, distributions and for other general corporate purposes. Borrowings under the 5-year Term Loan A facility will generally bear interest at LIBOR plus an applicable margin ranging from 1.55% to 2.50%, while the applicable margin for the 5-year syndicated revolving credit facility ranges from 1.275% to 2.000%. Pricing levels for the facility fee and interest-rate margins are based on HESM Opco’s ratio of total debt to EBITDA as defined in the credit facilities. If HESM Opco obtains an investment grade credit rating, the pricing levels will be based on HESM Opco’s credit ratings in effect from time to time. The credit facilities contain covenants that require HESM Opco to maintain a ratio of total debt to EBITDA for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to HESM Opco obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter. The credit facilities are secured by first-priority perfected liens on substantially all the presently owned and after-acquired assets of HESM Opco and its direct and indirect wholly owned material domestic subsidiaries, including equity interests directly owned by such entities, subject to certain customary exclusions. At December 31, 2020, borrowings of $184 million were drawn under HESM Opco’s revolving credit facility, and borrowings of $400 million, excluding deferred issuance costs, were drawn under HESM Opco’s Term Loan A facility. Borrowings under these credit facilities are non-recourse to Hess Corporation.

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

8. Asset Retirement Obligations

The following table describes changes to our asset retirement obligations:


	2020		2019

	(In millions)
Balance at January 1	$	1,024	$	857
Liabilities incurred	36		72
Liabilities settled or disposed of	(161)		(75)
Accretion expense	46		40
Revisions of estimated liabilities	52		129
Foreign currency remeasurement	2		1
Balance at December 31	$	999	$	1,024

Total Asset Retirement Obligations at December 31:
Current portion of asset retirement obligations	$	105	$	127
Long-term asset retirement obligations	894		897
Total at December 31	$	999	$	1,024

The liabilities incurred in 2020 and 2019 primarily relate to operations in Guyana, the U.S. and Malaysia. The liabilities settled or disposed of in 2020 primarily reflect an asset sale in the Gulf of Mexico and abandonment activity completed in the Gulf of Mexico, the Bakken and the U.K. North Sea, while 2019 primarily relates to abandonment activity in the Gulf of Mexico and the Bakken. Revisions of estimated liabilities in 2020 and 2019 reflect an acceleration of planned abandonment activity in the Gulf of Mexico and changes in service and equipment rates.

Sinking fund deposits that are legally restricted for purposes of settling asset retirement obligations, which are reported in non-current Other assets in the Consolidated Balance Sheet, were $207 million at December 31, 2020 (2019: $178 million).

Retirement Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Retirement Plans

9. Retirement Plans

We have funded noncontributory defined benefit pension plans for a significant portion of our employees. In addition, we have an unfunded supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from our 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 to U.S. employees hired prior to January 1, 2017 and to U.K. employees. U.S. employees hired on or after January 1, 2017 participate under a cash accumulation formula and receive credits to a notional account based on a percentage of pensionable wages. Interest accrues on the balance in the notional account at a rate determined in accordance with plan provisions. Additionally, we maintain an unfunded postretirement medical plan that provides health benefits to certain U.S. qualified retirees from ages 55 through 65. The measurement date for all retirement plans is December 31.

The following table summarizes the benefit obligations, the fair value of plan assets, and the funded status of our pension and postretirement medical plans:


	Funded Pension Plans				Unfunded Pension Plan				Postretirement Medical Plan
	2020		2019		2020		2019		2020		2019

	(In millions)
Change in Benefit Obligation
Balance at January 1,	$	2,667	$	2,492	$	242	$	216	$	75	$	59
Service cost	37		33		13		11		3		2
Interest cost	68		82		5		7		1		2
Actuarial (gains) loss (a)	385		401		26		22		(8)		19
Single premium annuity contract payment	—		(249)		—		—		—		—
Benefit payments (b)	(93)		(113)		(17)		(14)		(6)		(7)



Foreign currency exchange rate changes	21		21		—		—		—		—
Balance at December 31, (c)	3,085		2,667		269		242		65		75
Change in Fair Value of Plan Assets
Balance at January 1,	$	2,732	$	2,568	$	—	$	—	$	—	$	—
Actual return on plan assets	378		462		—		—		—		—
Employer contributions	4		40		17		14		6		7
Single premium annuity contract payment	—		(249)		—		—		—		—
Benefit payments (b)	(93)		(113)		(17)		(14)		(6)		(7)
Foreign currency exchange rate changes	22		24		—		—		—		—
Balance at December 31,	3,043		2,732		—		—		—		—

Funded Status (Plan assets greater (less) than benefit obligations) at December 31,	$	(42)	$	65	$	(269)	$	(242)	$	(65)	$	(75)

Unrecognized Net Actuarial (Gains) Losses	$	900	$	756	$	86	$	65	$	(19)	$	(12)

(a)Changes in discount rates resulted in actuarial losses of $387 million in 2020 (2019: $465 million). Changes in mortality assumptions resulted in actuarial gains of $18 million in 2020 (2019: $13 million).

(b)Benefit payments include lump-sum settlement payments of $23 million in 2020 (2019: $27 million).

(c)At December 31, 2020, the accumulated benefit obligation for the funded and unfunded defined benefit pension plans was $2,993 million and $228 million, respectively (2019: $2,580 million and $194 million, respectively).

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


	Funded Pension Plans				Unfunded Pension Plan				Postretirement Medical Plan
	2020		2019		2020		2019		2020		2019

	(In millions)
Noncurrent assets	$	45	$	71	$	—	$	—	$	—	$	—
Current liabilities	—		—		(49)		(32)		(7)		(8)
Noncurrent liabilities	(87)		(6)		(220)		(210)		(58)		(67)
Pension assets / (accrued benefit liability)	$	(42)	$	65	$	(269)	$	(242)	$	(65)	$	(75)

Accumulated other comprehensive loss, pre-tax (a)	$	900	$	756	$	86	$	65	$	(19)	$	(12)

(a)The after‑tax deficit reflected in Accumulated other comprehensive income (loss) was $759 million at December 31, 2020 (2019: $601 million deficit).

The net periodic benefit cost for funded and unfunded pension plans, and the postretirement medical plan, is as follows:


	Pension Plans						Postretirement Medical Plan
	2020		2019		2018		2020		2019		2018

	(In millions)
Service cost	$	50	$	44	$	42	$	3	$	2	$	2
Interest cost	73		89		91		1		2		3
Expected return on plan assets	(180)		(180)		(194)		—		—		—
Amortization of unrecognized net actuarial losses (gains)	48		52		39		(1)		(1)		(2)
Settlement loss	—		93		4		—		—		—
Curtailment gain	—		—		—		—		—		(2)

Net Periodic Benefit Cost / (Income) (a)	$	(9)	$	98	$	(18)	$	3	$	3	$	1

(a)Net non-service cost, which are included in Other, net in the Statement of Consolidated Income, were income of $59 million in 2020 (2019: $55 million of expense; 2018: $61 million of income).

In 2019, the trust for the Hess Corporation Employees’ Pension Plan (the “Plan”) purchased a single premium annuity contract at a cost of $249 million using assets of the Plan to settle and transfer certain of its obligations to a third party. The settlement transaction resulted in a noncash charge of $88 million to recognize unamortized pension actuarial losses that is included in Other, net in the Statement of Consolidated Income.

In 2021, we forecast service cost for our pension and postretirement medical plans to be approximately $55 million and net non-service cost of approximately $85 million of income, which is comprised of interest cost of approximately $55 million, amortization of unrecognized net actuarial losses of approximately $55 million, and estimated expected return on plan assets of approximately $195 million.

Assumptions: The weighted average actuarial assumptions used to determine benefit obligations at December 31 and net periodic benefit cost for the three years ended December 31 for our funded and unfunded pension plans were as follows:


	2020	2019	2018
Benefit Obligations:
Discount rate	2.2%	2.9%	3.9%
Rate of compensation increase	3.8%	3.8%	3.8%

Net Periodic Benefit Cost:
Discount rate
Service cost	3.2%	3.9%	3.9%
Interest cost	2.6%	3.4%	3.3%
Expected return on plan assets	6.7%	7.1%	7.2%
Rate of compensation increase	3.8%	3.8%	4.5%

The actuarial assumptions used to determine benefit obligations at December 31 for the postretirement medical plan were as follows:


	2020	2019	2018
Discount rate	1.9%	2.8%	3.9%
Initial health care trend rate	6.0%	6.5%	6.9%
Ultimate trend rate	4.5%	4.5%	4.5%
Year in which ultimate trend rate is reached	2038	2038	2038

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 future expected return assumptions for individual asset categories are largely based on inputs from various investment experts regarding their future return expectations for particular asset categories.

Our 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 our 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 us 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 45% equity securities, 35% fixed income securities (including cash and short‑term investment funds) and 20% 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.

Fair value: The following tables provide the fair value of the financial assets of the funded pension plans at December 31, 2020 and 2019 in accordance with the fair value measurement hierarchy described in Note 1, Nature of Operations, Basis of Presentation and Summary of Accounting Policies.


	Level 1		Level 2		Level 3		Net Asset Value (c)		Total

	(In millions)
December 31, 2020
Cash and Short-Term Investment Funds	$	44	$	—	$	—	$	—	$	44
Equities:
U.S. equities (domestic)	585		—		—		164		749
International equities (non-U.S.)	94		43		—		352		489
Global equities (domestic and non-U.S.)	—		8		—		217		225
Fixed Income:
Treasury and government related (a)	—		350		—		49		399
Mortgage-backed securities (b)	—		116		—		70		186
Corporate	—		381		—		62		443
Other:
Hedge funds	—		—		—		73		73
Private equity funds	—		—		—		251		251
Real estate funds	23		—		—		161		184
Total investments	$	746	$	898	$	—	$	1,399	$	3,043
December 31, 2019
Cash and Short-Term Investment Funds	$	57	$	—	$	—	$	—	$	57
Equities:
U.S. equities (domestic)	638		—		—		—		638
International equities (non-U.S.)	80		37		—		302		419
Global equities (domestic and non-U.S.)	—		8		—		196		204
Fixed Income:
Treasury and government related (a)	—		372		—		56		428
Mortgage-backed securities (b)	—		141		—		30		171
Corporate	—		293		—		82		375
Other:
Hedge funds	—		—		—		65		65
Private equity funds	—		—		—		191		191
Real estate funds	27		—		—		157		184
Total investments	$	802	$	851	$	—	$	1,079	$	2,732

(a)Includes securities issued and guaranteed by U.S. and non‑U.S. governments, and securities issued by governmental agencies and municipalities.

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

(c)Includes certain investments that have been valued using the net asset value (NAV) practical expedient, and therefore have not been categorized in the fair value hierarchy. The inclusion of such amounts in the above table is intended to aid reconciliation of investments categorized in the fair value hierarchy to total pension plan assets.

The following describes the financial assets of the funded pension plans:

Cash and short‑term investment funds - Consists of cash on hand and short-term investment funds that provide for daily investments and redemptions which are classified as Level 1.

Equities - Consists of individually held U.S. and international equity securities. This investment category also includes funds that consist primarily of U.S. and international equity securities. Equity securities, which are individually held and are traded actively on exchanges, are classified as Level 1. Certain funds, consisting primarily of equity securities, are classified as Level 2 if the NAV is determined and published daily, and is the basis for current transactions. Commingled funds, consisting primarily of equity securities, are valued using the NAV per fund share.

Fixed income investments - Consists of individually held 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 funds that consist of fixed income securities. Individual fixed income securities are generally priced based on

evaluated prices from independent pricing services, which are monitored and provided by the third-party custodial firm responsible for safekeeping assets of the particular plan and are classified as Level 2. Certain funds, consisting primarily of fixed income securities, are classified as Level 2 if the NAV is determined and published daily, and is the basis for current transactions. Commingled funds, consisting primarily of fixed income securities, are valued using the NAV per fund share.

Other investments - Consists of exchange‑traded real estate investment trust securities, which are classified as Level 1. Commingled funds and limited partnership investments in hedge funds, private equity and real estate funds are valued at the NAV per fund share.

Contributions and estimated future benefit payments: To preserve cash in 2021, we are minimizing non-required cash contributions to funded pension plans. In 2021, we expect to contribute approximately $4 million to our funded pension plans.

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):


2021	$	151
2022	134
2023	133
2024	137
2025	130
Years 2026 to 2030	687

We also have defined contribution plans for certain eligible employees. Employees may contribute a portion of their compensation to these plans and we match a portion of the employee contributions. We recorded expense of $22 million in 2020 for contributions to these plans (2019: $20 million; 2018: $19 million).

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

+ Details

Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

10. Revenue

Revenue from contracts with customers on a disaggregated basis was as follows (in millions):


	Exploration and Production										Midstream		Eliminations		Total
	United States		Guyana		Malaysia and JDA		Other (a)		E&P Total
2020
Sales of our net production volumes:
Crude oil revenue	$	1,898	$	278	$	34	$	153	$	2,363	$	—	$	—	$	2,363
Natural gas liquids revenue	253		—		—		—		253		—		—		253
Natural gas revenue	144		—		477		10		631		—		—		631
Sales of purchased oil and gas	831		5		—		11		847		—		—		847
Intercompany revenue	—		—		—		—		—		1,092		(1,092)		—
Total revenues from contracts with customers	3,126		283		511		174		4,094		1,092		(1,092)		4,094
Other operating revenues (b)	478		67		—		28		573		—		—		573
Total sales and other operating revenues	$	3,604	$	350	$	511	$	202	$	4,667	$	1,092	$	(1,092)	$	4,667
2019
Sales of our net production volumes:
Crude oil revenue	$	2,981	$	—	$	113	$	566	$	3,660	$	—	$	—	$	3,660
Natural gas liquids revenue	229		—		—		—		229		—		—		229
Natural gas revenue	150		—		646		33		829		—		—		829
Sales of purchased oil and gas	1,644		—		3		91		1,738		—		—		1,738
Intercompany revenue	—		—		—		—		—		848		(848)		—
Total revenues from contracts with customers	5,004		—		762		690		6,456		848		(848)		6,456
Other operating revenues (b)	39		—		—		—		39		—		—		39
Total sales and other operating revenues	$	5,043	$	—	$	762	$	690	$	6,495	$	848	$	(848)	$	6,495
2018
Sales of our net production volumes:
Crude oil revenue	$	2,832	$	—	$	104	$	587	$	3,523	$	—	$	—	$	3,523
Natural gas liquids revenue	308		—		—		—		308		—		—		308
Natural gas revenue	176		—		651		32		859		—		—		859
Sales of purchased oil and gas	1,661		—		14		93		1,768		—		—		1,768
Intercompany revenue	—		—		—		—		—		713		(713)		—
Total revenues from contracts with customers	4,977		—		769		712		6,458		713		(713)		6,458
Other operating revenues (b)	(135)		—		—		—		(135)		—		—		(135)
Total sales and other operating revenues	$	4,842	$	—	$	769	$	712	$	6,323	$	713	$	(713)	$	6,323

(a)Other includes our interests in Denmark and Libya.

(b)Includes gains (losses) on commodity derivatives of $547 million in 2020, $1 million in 2019, and $(183) million in 2018.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Disposition	12 Months Ended
Disposition	Dec. 31, 2020
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Dispositions	11. Dispositions 2020: We completed the sale of our 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico for proceeds of $482 million, after normal closing adjustments, and recognized a pre-tax gain of $79 million ($79 million after income taxes). 2019: We completed the sale of our remaining acreage in the Utica shale play in eastern Ohio for proceeds of $22 million, after normal closing adjustments, and recognized a pre-tax gain of $22 million ($22 million after income taxes). 2018: We completed the sale of our joint venture interests in the Utica shale play in eastern Ohio for proceeds of $396 million, after normal closing adjustments, and recognized a pre-tax gain of $14 million ($14 million after income taxes). In addition, we completed the sale of our interests in Ghana for total consideration of $100 million, consisting of a $25 million payment that was received at closing and a further payment of $75 million that is payable to us upon the buyer receiving government approval for a Plan of Development on the Deepwater Tano Cape Three Points Block. The receipt of proceeds at closing resulted in a pre-tax gain of $10 million ($10 million after income taxes).

Impairment	12 Months Ended
Impairment	Dec. 31, 2020
Asset Impairment Charges [Abstract]
Impairment	12. Impairment Oil and Gas Properties: As a result of the significant decline in crude oil prices due to the global economic slowdown from the COVID-19 pandemic, we reviewed our oil and gas properties within the Exploration and Production operating segment for impairment in the first quarter of 2020. We recognized pre-tax impairment charges in the first quarter of 2020 to reduce the carrying value of our oil and gas properties and certain related right-of-use assets at the North Malay Basin in Malaysia by $755 million ($755 million after income taxes), the South Arne Field in Denmark by $670 million ($594 million after income taxes), and in the Gulf of Mexico, the Stampede Field by $410 million ($410 million after income taxes) and the Tubular Bells Field by $270 million ($270 million after income taxes) primarily as a result of a lower long-term crude oil price outlook. The impairment charges were based on estimates of fair value at March 31, 2020 determined by discounting internally developed future net cash flows, a Level 3 fair value measurement. The total of the fair value estimates was approximately $1.05 billion. Significant inputs used in determining the discounted future net cash flows include future prices, projected production volumes using risk adjusted oil and gas reserves, and discount rates. The future pricing assumptions used were based on forward strip crude oil prices as of March 31, 2020 for the remainder of 2020 through 2022, and $50 per barrel for WTI ($55 per barrel for Brent) in 2023 and thereafter to the end of field life. The weighted average crude oil benchmark price based on total projected crude oil volumes for the impaired assets was $48.82 per barrel. A discount rate of 10% was used in each of the fair value measurements which represents the estimated discount rate a market participant would use. We determined the discount rate by considering the weighted average cost of capital for a group of peer companies. Other Assets: In the first quarter of 2020, we recognized impairment charges totaling $21 million pre-tax ($20 million after income taxes) related to drilling rig right-of-use assets in the Bakken and surplus materials and supplies.

Exit and Disposal Costs	12 Months Ended
Exit and Disposal Costs	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Exit and Disposal Costs	13. Exit and Disposal CostsWe incurred employee termination costs of $27 million in 2020 and $38 million in 2018 related to cost reduction initiatives and asset sales in 2018. All charges were based on amounts incurred under ongoing severance arrangements or other statutory requirements, plus amounts earned under enhanced benefit arrangements. Payments for termination costs were $20 million in 2020 (2019: $4 million; 2018: $40 million)

Share-based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation

14. Share-based Compensation

We have established and maintain long term incentive plans (LTIP) for the granting of restricted common shares, performance share units (PSUs) and stock options to our employees. At December 31, 2020, the total number of authorized common stock under the LTIP was 51.5 million shares, of which we have 13.0 million shares available for issuance. Share‑based compensation expense consisted of the following:


	2020		2019		2018

	(In millions)
Restricted stock	$	51	$	53	$	40
Performance share units	18		22		22
Stock options	10		10		10
Share-based compensation expense before income taxes	$	79	$	85	$	72
Income tax benefit on share-based compensation expense	$	—	$	—	$	—

Based on share‑based compensation awards outstanding at December 31, 2020, unearned compensation expense, before income taxes, will be recognized in future years as follows (in millions): 2021: $49, 2022: $26 and 2023: $4.

Our share-based compensation plans can be summarized as follows:

Restricted stock:

Restricted stock generally vests equally on an annual basis over a three-year term and is valued based on the prevailing market price of our common stock on the date of grant. The following is a summary of restricted stock award activity in 2020:


	Shares of Restricted Common Stock	Weighted - Average Price on Date of Grant

	(In thousands, except per share amounts)
Outstanding at January 1, 2020	2,014	$	53.61
Granted	1,122	49.71
Vested (a)	(1,028)	52.67
Forfeited	(191)	52.54
Outstanding at December 31, 2020	1,917	$	51.94

(a)In 2020, restricted stock with fair values of $51 million were vested (2019: $102 million; 2018: $54 million).

Performance share units:

PSUs generally vest three years from the date of grant and are valued using a Monte Carlo simulation on the date of grant. The number of shares of common stock to be issued under a PSU agreement is based on a comparison of the Corporation’s total shareholder return (TSR) to the TSR of a predetermined group of peer companies over a three-year performance period ending December 31 of the year prior to settlement of the grant. Beginning with the PSUs granted in 2020, the Corporation's TSR is compared to the TSR of a predetermined group of peer companies and the S&P 500 index over the three-year performance period. Payouts of the 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 but will only be paid out on earned shares after the performance period. The following is a summary of PSU activity in 2020:


	Performance Share Units	Weighted - Average Fair Value on Date of Grant

	(In thousands, except per share amounts)
Outstanding at January 1, 2020	929	$	59.57
Granted	308	58.14
Vested (a)	(416)	52.86
Forfeited	(15)	66.63
Outstanding at December 31, 2020	806	$	62.36

(a)In 2020, PSU’s with fair value of $48 million were vested (2019: $16 million; 2018: $9 million).

The following weighted average assumptions were utilized to estimate the fair value of PSU awards:


	2020			2019			2018
Risk free interest rate	0.52		%	2.48		%	2.39		%
Stock price volatility	0.374			0.369			0.400
Contractual term in years	3.0			3.0			3.0
Grant date price of Hess common stock	$	49.72		$	56.74		$	48.48

Stock options:

Stock options vest over three years from the date of grant, have a 10‑year term, and the exercise price equals the market price of our common stock on the date of grant. The following is a summary of stock options activity in 2020:


	Number of options (In thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term
Outstanding at January 1, 2020	4,301	$	63.24	4.8 years
Granted	686	49.72
Exercised	(261)	59.88
Cancelled	(301)	61.13
Forfeited	(43)	52.70
Outstanding at December 31, 2020	4,382	$	61.57	5.1 years

At December 31, 2020, there were 4.4 million outstanding stock options (3.2 million exercisable) with a weighted average remaining contractual life of 5.1 years (3.8 years for exercisable options) and an aggregated intrinsic value of $9.3 million ($6.3 million for exercisable options).

The following weighted average assumptions were utilized to estimate the fair value of stock options:


	2020			2019			2018
Risk free interest rate	0.64		%	2.55		%	2.74		%
Stock price volatility	0.372			0.359			0.322
Dividend yield	2.01		%	1.76		%	2.06		%
Expected life in years	6.0			6.0			6.0
Weighted average fair value per option granted	$	14.30		$	18.08		$	13.69

In estimating the fair value of PSUs and stock options, 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 Corporation using the expected term.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

15. Income Taxes

The provision (benefit) for income taxes consisted of:


	2020		2019		2018

	(In millions)
United States
Federal
Current	$	(4)	$	(1)	$	1
Deferred taxes and other accruals	6		72		(74)
State	(1)		16		(45)
	1		87		(118)
Foreign
Current (a)	48		447		455
Deferred taxes and other accruals	(60)		(73)		(2)
	(12)		374		453
Provision (Benefit) For Income Taxes	$	(11)	$	461	$	335

(a)Primarily comprised of Libya in 2019 and 2018.

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


	2020		2019		2018

	(In millions)
United States (a)	$	(1,509)	$	(338)	$	(219)
Foreign	(1,341)		559		439
Income (Loss) Before Income Taxes	$	(2,850)	$	221	$	220

(a)Includes substantially all of our interest expense, corporate expense and the results of commodity hedging activities.

The difference between our effective income tax rate and the U.S. statutory rate is reconciled below:


	2020		2019		2018
U.S. statutory rate	21.0	%	21.0	%	21.0	%
Effect of foreign operations (a)	12.1		142.9		141.2
State income taxes, net of federal income tax	0.1		5.8		(18.9)
Valuation allowance on current year operations	(36.5)		41.8		55.2
Release valuation allowance against previously unbenefited deferred tax assets	—		(24.5)		—
Noncontrolling interests in Midstream	1.7		(16.0)		(15.9)
Intraperiod allocation	—		33.7		(37.3)
Credits	2.0		—		—
Equity and executive compensation	(0.1)		2.2		7.4
Other	0.1		1.2		(0.3)
Total	0.4	%	208.1	%	152.4	%

(a)The variance in effective income tax rates attributable to the effect of foreign operations primarily resulted from the mix of income among high, primarily Libya, and low tax rate jurisdictions.

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


	2020		2019

	(In millions)
Deferred Tax Liabilities
Property, plant and equipment and investments	$	(847)	$	(1,318)
Other	(45)		(45)
Total Deferred Tax Liabilities	(892)		(1,363)
Deferred Tax Assets
Net operating loss carryforwards	5,037		4,733
Tax credit carryforwards	135		66
Property, plant and equipment and investments	55		206
Accrued compensation, deferred credits and other liabilities	196		179
Asset retirement obligations	252		261
Other	325		317
Total Deferred Tax Assets	6,000		5,762
Valuation allowances (a)	(5,391)		(4,734)
Total deferred tax assets, net of valuation allowances	609		1,028
Net Deferred Tax Assets (Liabilities)	$	(283)	$	(335)

(a)In 2020, the valuation allowance increased by $657 million (2019: decrease of $143 million; 2018: decrease of $322 million).

In the Consolidated Balance Sheet, deferred tax assets and liabilities are netted by taxing jurisdiction and are recorded at December 31, as follows:


	2020		2019

	(In millions)
Deferred income taxes (long-term asset)	$	59	$	80
Deferred income taxes (long-term liability)	(342)		(415)
Net Deferred Tax Assets (Liabilities)	$	(283)	$	(335)

At December 31, 2020, we have recognized a gross deferred tax asset related to net operating loss carryforwards of $5,037 million before application of valuation allowances. The deferred tax asset is comprised of $1,121 million attributable to foreign net operating losses which begin to expire in 2025, $3,277 million attributable to U.S. federal operating losses which begin to expire in 2034, and $639 million attributable to losses in various U.S. states which begin to expire in 2021. The deferred tax asset attributable to foreign net operating losses, net of valuation allowances, is $155 million. A full valuation allowance is established against the deferred tax asset attributable to U.S. federal and state net operating losses, except for $3 million U.S. federal and $1 million U.S. state deferred tax asset attributable to Midstream activities. At December 31, 2020, we have U.S. federal, state and foreign alternative minimum tax credit carryforwards of $49 million, which can be carried forward indefinitely, and approximately $83 million of other business credit carryforwards. The deferred tax asset attributable to these credits, net of valuation allowances was not significant. A full valuation allowance is established against our foreign tax credit carryforwards of $3 million, which begin to expire in 2021.

At December 31, 2020, the Consolidated Balance Sheet reflects a $5,391 million valuation allowance against the net deferred tax assets for multiple jurisdictions based on application of the relevant accounting standards. Hess continues to maintain a full valuation

allowance against its deferred tax assets in the U.S., Denmark, and Malaysia. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit the use of deferred tax assets. The cumulative loss incurred over the three-year period ending December 31, 2020 constitutes significant objective negative evidence. Such objective negative evidence limits our ability to consider subjective positive evidence, such as our projections of future taxable income, resulting in the recognition of a valuation allowance against the net deferred tax assets for these jurisdictions. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income change or if objective negative evidence in the form of cumulative losses is no longer present and additional weight can be given to subjective evidence. At December 31, 2019 the valuation allowance established against the net deferred tax asset in Guyana for the Stabroek Block was released as a result of the positive evidence from first production in December 2019, and the significant forecasted pre-tax income from operations. The cumulative pre-tax losses in Guyana were driven by pre-production activities.

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


	2020		2019		2018

	(In millions)
Balance at January 1	$	168	$	168	$	205
Additions based on tax positions taken in the current year	2		2		19
Additions based on tax positions of prior years	1		1		36
Reductions based on tax positions of prior years	(2)		(1)		(78)
Reductions due to settlements with taxing authorities	(1)		—		(10)
Reductions due to lapses in statutes of limitation	(2)		(2)		(4)
Balance at December 31	$	166	$	168	$	168

The December 31, 2020 balance of unrecognized tax benefits includes $16 million that, if recognized, would impact our effective income tax rate. Over the next 12 months, it is reasonably possible that the total amount of unrecognized tax benefits could decrease between zero and $41 million due to settlements with taxing authorities or other resolutions, as well as lapses in statutes of limitation. At December 31, 2020, our accrued interest and penalties related to unrecognized tax benefits is $6 million (2019: $7 million).

We file income tax returns in the U.S. and various foreign jurisdictions. We are no longer subject to examinations by income tax authorities in most jurisdictions for years prior to 2010.

- 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, 2020

Earnings Per Share [Abstract]

Outstanding and Weighted Average Common Shares

16. Outstanding and Weighted Average Common Shares

The Net income (loss) and weighted average number of common shares used in basic and diluted earnings per share computation were as follows:


	2020		2019		2018

	(In millions except per share amounts)
Net Income (Loss) Attributable to Hess Corporation Common Stockholders:
Net income (loss)	$	(2,839)	$	(240)	$	(115)
Less: Net income (loss) attributable to noncontrolling interests	254		168		167
Less: Preferred stock dividends	—		4		46
Net income (loss) attributable to Hess Corporation Common Stockholders	$	(3,093)	$	(412)	$	(328)

Weighted Average Number of Common Shares Outstanding:
Basic	304.8		301.2		298.2
Effect of dilutive securities
Restricted common stock	—		—		—
Stock options	—		—		—
Performance share units	—		—		—
Mandatory convertible preferred stock	—		—		—
Diluted	304.8		301.2		298.2

Net Income (Loss) Attributable to Hess Corporation per Common Share:
Basic	$	(10.15)	$	(1.37)	$	(1.10)
Diluted	$	(10.15)	$	(1.37)	$	(1.10)

Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock	2.1		2.2		2.9
Stock options	4.3		4.7		5.5
Performance share units	1.1		1.7		1.1
Common shares from conversion of preferred stock	—		—		12.7

The following table provides the changes in our outstanding common shares:


	2020	2019	2018

	(In millions)
Balance at January 1	304.9	291.4	315.1
Conversion of preferred stock	—	11.6	—
Activity related to restricted stock awards, net	1.0	0.9	0.8
Stock options exercised	0.3	0.7	0.6
PSUs vested	0.8	0.3	0.1
Shares repurchased	—	—	(25.2)
Balance at December 31	307.0	304.9	291.4

Preferred Stock Issuance:

In February 2016, we issued depository shares representing 575,000 shares of 8% Series A Mandatory Convertible Preferred Stock (Preferred Stock), par value $1 per share, with a liquidation preference of $1,000 per share. On January 31, 2019, the Preferred Stock automatically converted into shares of common stock and the net number of common shares issued by the Corporation was approximately 11.6 million shares.

Common Stock Repurchase Plan:

In 2018, we repurchased 25.2 million shares of our common stock for $1,380 million at an average cost per share of $54.85. At December 31, 2020, we are authorized, but not required, to purchase additional common stock up to a value of $650 million.

Common Stock Dividends:

In 2020, 2019 and 2018, cash dividends declared on common stock totaled $1.00 per share ($0.25 per quarter).

Supplementary Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

17. Supplementary Cash Flow Information

The following information supplements the Statement of Consolidated Cash Flows:


	2020		2019		2018

	(In millions)
Cash Flows From Operating Activities
Interest paid	$	(460)	$	(380)	$	(394)
Net income taxes (paid) refunded	(64)		(417)		(463)

Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P:
Capital expenditures incurred - E&P	$	(1,678)	$	(2,576)	$	(1,909)
Increase (decrease) in related liabilities	(218)		143		55
Additions to property, plant and equipment - E&P	$	(1,896)	$	(2,433)	$	(1,854)

Additions to property, plant and equipment - Midstream:
Capital expenditures incurred - Midstream	$	(253)	$	(416)	$	(271)
Increase (decrease) in related liabilities	(48)		20		28
Additions to property, plant and equipment - Midstream	$	(301)	$	(396)	$	(243)

In December 2019, as part of HESM Opco’s acquisition of HIP (see Note 4, Hess Midstream LP), HESM Opco assumed $800 million of outstanding HIP notes (see Note 7, Debt).

Guarantees, Contingencies and Commitments

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Guarantees, Contingencies and Commitments

18. Guarantees, Contingencies and Commitments

Guarantees and Contingencies

We are subject to loss contingencies with respect to various claims, lawsuits and other proceedings. A liability is recognized in our consolidated financial statements when it is probable that a loss has been incurred and the amount can be reasonably estimated. If the risk of loss is probable, but the amount cannot be reasonably estimated or the risk of loss is only reasonably possible, a liability is not accrued; however, we disclose the nature of those contingencies. We cannot predict with certainty if, how or when existing claims, lawsuits and proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages.

We, along with many companies that have been or continue to be engaged in refining and marketing of gasoline, have been a party to lawsuits and claims related to the use of MTBE in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the U.S. against producers of MTBE and petroleum refiners who produced gasoline containing MTBE, including us. The principal allegation in all cases was that gasoline containing MTBE was a defective product and that these producers and refiners are strictly liable in proportion to their share of the gasoline market for damage to groundwater resources and are required to take remedial action to ameliorate the alleged effects on the environment of releases of MTBE. The majority of the cases asserted against us have been settled. There are three remaining active cases, filed by Pennsylvania, Rhode Island, and Maryland. In June 2014, the Commonwealth of Pennsylvania filed a lawsuit alleging that we and all major oil companies with operations in Pennsylvania, have damaged the groundwater by introducing thereto gasoline with MTBE. The Pennsylvania suit has been forwarded to the existing MTBE multidistrict litigation pending in the Southern District of New York. In September 2016, the State of Rhode Island also filed a lawsuit alleging that we and other major oil companies damaged the groundwater in Rhode Island by introducing thereto gasoline with MTBE. The suit filed in Rhode Island is proceeding in federal court. In December 2017, the State of Maryland filed a lawsuit alleging that we and other major oil companies damaged the groundwater in Maryland by introducing thereto gasoline with MTBE. The suit, filed in Maryland state court, was served on us in January 2018 and has been removed to federal court by the defendants.

In September 2003, we received a directive from the New Jersey Department of Environmental Protection (NJDEP) to remediate contamination in the sediments of the Lower Passaic River. The NJDEP is also seeking natural resource damages. The directive, insofar as it affects us, relates to alleged releases from a petroleum bulk storage terminal in Newark, New Jersey we previously owned. We and over 70 companies entered into an Administrative Order on Consent with the EPA to study the same contamination; this work remains ongoing. We and other parties settled a cost recovery claim by the State of New Jersey and agreed with the EPA to fund remediation of a portion of the site. On March 4, 2016, the EPA issued a Record of Decision (ROD) in respect of the lower eight miles of the Lower Passaic River, selecting a remedy that includes bank-to-bank dredging at an estimated cost of $1.38 billion. The ROD does not address the upper nine miles of the Lower Passaic River or the Newark Bay, which may require additional remedial action. In addition, the federal trustees for natural resources have begun a separate assessment of damages to natural resources in the Passaic River. Given that the EPA has not selected a remedy for the entirety of the Lower Passaic River or the Newark Bay, total

remedial costs cannot be reliably estimated at this time. Based on currently known facts and circumstances, we do not believe that this matter will result in a significant liability to us because our former terminal did not store or use contaminants which are of concern in the river sediments and could not have contributed contamination along the river’s length. Further, there are numerous other parties who we expect will bear the cost of remediation and damages.

In March 2014, we received an Administrative Order from the EPA requiring us and 26 other parties to undertake the Remedial Design for the remedy selected by the EPA for the Gowanus Canal Superfund Site in Brooklyn, New York. Our alleged liability derives from our former ownership and operation of a fuel oil terminal and connected shipbuilding and repair facility adjacent to the Canal. The remedy selected by the EPA includes dredging of surface sediments and the placement of a cap over the deeper sediments throughout the Canal and in-situ stabilization of certain contaminated sediments that will remain in place below the cap. The EPA’s original estimate was that this remedy would cost $506 million; however, the ultimate costs that will be incurred in connection with the design and implementation of the remedy remain uncertain. We have complied with the EPA’s March 2014 Administrative Order and contributed funding for the Remedial Design based on an allocation of costs among the parties determined by a third-party expert. In January 2020, we received an additional Administrative Order from the EPA requiring us and several other parties to begin Remedial Action along the uppermost portion of the Canal. We intend to comply with this Administrative Order. The remediation work began in the fourth quarter of 2020. Based on currently known facts and circumstances, we do not believe that this matter will result in a significant liability to us, and the costs will continue to be allocated amongst the parties, as they were for the Remedial Design.

From time to time, we are involved in other judicial and administrative proceedings relating to environmental matters. We periodically receive notices from the EPA that we are a “potential responsible party” under the Superfund legislation with respect to various waste disposal sites. Under this legislation, all potentially responsible parties may be jointly and severally liable. For any site for which we have received such a notice, the EPA’s claims or assertions of liability against us relating to these sites have not been fully developed, or the EPA’s claims have been settled or a settlement is under consideration, in all cases for amounts that are not material. Beginning in 2017, certain states, municipalities and private associations in California, Delaware, Maryland, Rhode Island and South Carolina separately filed lawsuits against oil, gas and coal producers, including us, for alleged damages purportedly caused by climate change. These proceedings include claims for monetary damages and injunctive relief. Beginning in 2013, various parishes in Louisiana filed suit against approximately 100 oil and gas companies, including us, alleging that the companies’ operations and activities in certain fields violated the State and Local Coastal Resource Management Act of 1978, as amended, and caused contamination, subsidence and other environmental damages to land and water bodies located in the coastal zone of Louisiana. The plaintiffs seek, among other things, the payment of the costs necessary to clear, re-vegetate and otherwise restore the allegedly impacted areas. The ultimate impact of the aforementioned proceedings, and of any related proceedings by private parties, on our business or accounts cannot be predicted at this time due to the large number of other potentially responsible parties and the speculative nature of clean-up cost estimates.

We are also involved in other judicial and administrative proceedings from time to time in addition to the matters described above, including claims related to post-production deductions from royalty payments. We cannot predict with certainty if, how or when such proceedings will be resolved or what the eventual relief, if any, may be, particularly for proceedings that are in their early stages of development or where plaintiffs seek indeterminate damages. Numerous issues may need to be resolved, including through potentially lengthy discovery and determination of important factual matters before a loss or range of loss can be reasonably estimated for any proceeding.

Subject to the foregoing, in management’s opinion, based upon currently known facts and circumstances, the outcome of lawsuits, claims and proceedings, including the matters disclosed above, is not expected to have a material adverse effect on our financial condition, results of operations or cash flows. However, we could incur judgments, enter into settlements, or revise our opinion regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations in the period in which the amounts are accrued and our cash flows in the period in which the amounts are paid.

Unconditional Purchase Obligations and Commitments

The following table shows aggregate information for certain unconditional purchase obligations and commitments at December 31, 2020, which are not included elsewhere within these Consolidated Financial Statements:


			Payments Due by Period
	Total		2021		2022 and 2023		2024 and 2025		Thereafter

	(In millions)
Capital expenditures	$	2,837	$	868	$	1,469	$	500	$	—
Operating expenses	236		167		63		5		1
Transportation and related contracts	2,867		310		756		493		1,308

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

19. Segment Information

We currently have two operating segments, E&P and Midstream. The E&P operating segment explores for, develops, produces, purchases and sells crude oil, NGL and natural gas. Production operations over the three years ended December 31, 2020 were in the United States (U.S.), Malaysia and the JDA, Denmark, Libya, and Guyana commencing December 2019. The Midstream operating segment provides fee-based services including crude oil and natural gas gathering, processing of natural gas and the fractionation of NGL, transportation of crude oil by rail car, terminaling and loading crude oil and NGL, storing and terminaling propane, and water handling services primarily in the Bakken shale play of North Dakota. All unallocated costs are reflected under Corporate, Interest and Other.

The following table presents operating segment financial data (in millions):


	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total
2020
Sales and Other Operating Revenues - Third parties	$	4,667	$	—	$	—	$	—	$	4,667
Intersegment Revenues	—		1,092		—		(1,092)		—
Sales and Other Operating Revenues	$	4,667	$	1,092	$	—	$	(1,092)	$	4,667
Net Income (Loss) Attributable to Hess Corporation	$	(2,841)	$	230	$	(482)	$	—	$	(3,093)
Interest Expense	—		95		373		—		468
Depreciation, Depletion and Amortization	1,915		157		2		—		2,074
Impairment	2,126		—		—		—		2,126
Provision (Benefit) for Income Taxes (a)	(12)		7		(6)		—		(11)
Investment in Affiliates	104		108		—		—		212
Identifiable Assets	13,688		3,599		1,534		—		18,821
Capital Expenditures	1,678		253		—		—		1,931
2019
Sales and Other Operating Revenues - Third parties	$	6,495	$	—	$	—	$	—	$	6,495
Intersegment Revenues	—		848		—		(848)		—
Sales and Other Operating Revenues	$	6,495	$	848	$	—	$	(848)	$	6,495
Net Income (Loss) Attributable to Hess Corporation	$	53	$	144	$	(605)	$	—	$	(408)
Interest Expense	—		63		317		—		380
Depreciation, Depletion and Amortization	1,977		142		3		—		2,122
Provision (Benefit) for Income Taxes (a)	375		—		86		—		461
Investment in Affiliates	114		108		—		—		222
Identifiable Assets	16,790		3,499		1,493		—		21,782
Capital Expenditures	2,576		416		—		—		2,992
2018
Sales and Other Operating Revenues - Third parties	$	6,323	$	—	$	—	$	—	$	6,323
Intersegment Revenues	—		713		—		(713)		—
Sales and Other Operating Revenues	$	6,323	$	713	$	—	$	(713)	$	6,323
Net Income (Loss) Attributable to Hess Corporation	$	51	$	120	$	(453)	$	—	$	(282)
Interest Expense	—		60		339		—		399
Depreciation, Depletion and Amortization	1,748		127		8		—		1,883
Provision (Benefit) for Income Taxes (a)	391		38		(94)		—		335
Capital Expenditures	1,909		271		—		—		2,180

(a)Commencing January 1, 2019, management changed its measurement of segment earnings to reflect income taxes on a post U.S. tax consolidation and valuation allowance assessment basis. In 2018, the provision for income taxes in the Midstream segment was presented before consolidating its operations with other U.S. activities of the Corporation and prior to evaluating realizability of net U.S. deferred taxes. An offsetting impact was presented in the E&P segment. If 2018 segment results were prepared on a basis consistent with 2020 and 2019, Midstream segment net income attributable to Hess Corporation would have been $158 million and E&P net income attributable to Hess Corporation would have been $13 million.

The following table presents financial information by major geographic area:


	United States		Guyana		Malaysia and JDA		Other		Corporate, Interest and other		Total

	(In millions)
2020
Sales and Other Operating Revenues	$	3,604	$	350	$	511	$	202	$	—	$	4,667
Property, Plant and Equipment (Net) (a)	10,384		2,114		1,067		539		11		14,115
2019
Sales and Other Operating Revenues	$	5,043	$	—	$	762	$	690	$	—	$	6,495
Property, Plant and Equipment (Net) (a)	12,182		1,507		1,890		1,223		12		16,814
2018
Sales and Other Operating Revenues	$	4,842	$	—	$	769	$	712	$	—	$	6,323

(a)Property, plant and equipment in the United States, in 2020, includes $7,273 million (2019: $9,172 million) attributable to the E&P segment and $3,111 million (2019: $3,010 million) attributable to the Midstream segment.

- 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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Financial Risk Management Activities

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Risk Management Activities

20. Financial Risk Management Activities

In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas, as well as changes in interest rates and foreign currency values. In the disclosures that follow, corporate financial risk management activities refer to the mitigation of these risks through hedging activities. We maintain a control environment for all of our financial risk management activities under the direction of our Chief Risk Officer. Our Treasury department is responsible for administering foreign exchange rate and interest rate hedging programs using similar controls and processes, where applicable. Hedging strategies are reviewed annually by the Audit Committee of the Board of Directors.

Corporate Financial Risk Management Activities: Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or by reducing our 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 our crude oil or natural gas production. Swaps may also be used to fix the difference between current selling prices and forward selling prices in periods of contango for crude oil production that will be stored and sold in the future. Forward contracts may also be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At December 31, 2020, these forward contracts relate to the British Pound, Danish Krone, Canadian Dollar and Malaysian Ringgit. Interest rate swaps may be used to convert interest payments on certain long-term debt from fixed to floating rates.

The notional amounts of outstanding financial risk management derivative contracts were as follows:


	December 31, 2020		December 31, 2019

	(In millions)
Commodity - crude oil put options (millions of barrels)	27.4		54.9
Foreign exchange forwards	$	163	$	90
Interest rate swaps	$	100	$	100

At December 31, 2020, we had WTI put options with an average monthly floor price of approximately $45 per barrel for 75,000 bopd for 2021. In the first quarter of 2021, we increased the average monthly floor price of 75,000 bopd of WTI put option contracts from approximately $45 per barrel to $50 per barrel for the remainder of 2021. We also purchased additional WTI put options with an average monthly floor price of $50 per barrel for 45,000 bopd and Brent put options with an average monthly floor price of $55 per barrel for 30,000 bopd. As a result, we now have total purchased WTI put options of 120,000 bopd with an average monthly floor price of $50 per barrel and total purchased Brent put options of 30,000 bopd with an average monthly floor price of $55 per barrel for the remainder of 2021.

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


	Assets		Liabilities

	(In millions)
December 31, 2020
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	64	$	—
Crude oil swaps	—		(54)
Interest rate swaps	5		—
Total derivative contracts designated as hedging instruments	69		(54)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Gross fair value of derivative contracts	69		(55)
Gross amount offset in the Consolidated Balance Sheet	(13)		13
Net Amounts Presented in the Consolidated Balance Sheet	$	56	$	(42)

December 31, 2019
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	125	$	—
Interest rate swaps	1		—
Total derivative contracts designated as hedging instruments	126		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Gross fair value of derivative contracts	126		(1)
Gross amount offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	126	$	(1)

In 2020, we chartered three VLCCs to load and transport a total of 6.3 million barrels of Bakken crude oil for sale in Asian markets. The first VLCC cargo of 2.1 million barrels was sold in September 2020. We have entered into agreements for the sale of the remaining 4.2 million barrels of crude oil in the first quarter of 2021. In connection with this activity, we entered into Brent swap transactions intended to fix the difference between Brent prices in the month of production and the forward Brent price for the expected month of sale. At December 31, 2020, net realized and unrealized losses from the Brent swaps of $16 million were deferred in Accumulated other comprehensive income, and the liability for unrealized losses from the Brent swaps was $54 million. In addition, total net realized gains from WTI put options associated with the VLCCs of $40 million were deferred in Accumulated other comprehensive income at December 31, 2020.

The fair value of our crude oil put options and crude oil swaps is presented within Other current assets and Accrued liabilities, respectively, in our Consolidated Balance Sheet. The fair value of our interest rate swaps is presented within Other assets in our Consolidated Balance Sheet. The fair value of our foreign exchange forwards is presented within Accrued liabilities in our Consolidated Balance Sheet. All fair values in the table above are based on Level 2 inputs.

Derivative contracts designated as hedging instruments:

Crude oil derivatives: In 2020, crude oil price hedging contracts increased Sales and other operating revenues by $547 million (2019: increase of $1 million; 2018: decrease of $161 million). At December 31, 2020, pre-tax deferred gains in Accumulated other comprehensive income (loss) related to outstanding crude oil price hedging contracts were $4 million, of which all will be reclassified into earnings during the next 12 months as the hedged crude oil sales are recognized in earnings.

Interest rate swaps designated as fair value hedges: At December 31, 2020, we had interest rate swaps with gross notional amounts of $100 million (2019: $100 million), which were designated as fair value hedges and relate to long-term debt where we have converted interest payments from fixed to floating rates. 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. In 2020, the change in fair value of interest rate swaps was an increase in the asset of $4 million (2019: $3 million decrease in liability; 2018: $1 million increase in liability) with a corresponding adjustment in the carrying value of the hedged fixed‑rate debt.

Derivative contracts not designated as hedging instruments:

Foreign exchange: Total foreign exchange gains and losses were losses of $6 million in 2020 (2019: gain of $3 million; 2018: loss of $5 million) and are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income. A

component of foreign exchange gains or losses is the result of foreign exchange derivative contracts that are not designated as hedges, which amounted to a gain of $2 million in 2020 (2019: loss of $2 million; 2018: loss of $2 million).

Crude oil collars: In 2018, noncash adjustments to de-designated crude oil price hedging contracts decreased Sales and other operating revenues by $22 million.

Credit Risk: We are 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. At December 31, 2020, our Accounts receivable were concentrated with the following counterparty industry segments: Integrated companies — 39%, Independent E&P companies — 39%, Refining and marketing companies — 8%, National oil companies — 5%, Storage and transportation companies — 5%, and Others — 4%. We reduce risk related to certain counterparties, where applicable, by using master netting arrangements and requiring collateral, generally cash or letters of credit.

At December 31, 2020, we had outstanding letters of credit totaling $269 million (2019: $272 million).

Fair Value Measurement: At December 31, 2020, our total long-term debt, which was substantially comprised of fixed rate debt instruments, had a carrying value of $8,296 million and a fair value of $9,647 million, based on Level 2 inputs in the fair value measurement hierarchy. We also have short-term financial instruments, primarily cash equivalents, accounts receivable and accounts payable, for which the carrying value approximated fair value at December 31, 2020 and December 31, 2019.

Nature of Operations, Basis of Presentation and Summary of Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation: The consolidated financial statements include the accounts of Hess Corporation and entities in which we own more than a 50% voting interest. Commencing December 16, 2019, we consolidate Hess Midstream LP, a variable interest entity that acquired Hess Infrastructure Partners LP (HIP), based on our conclusion that we have the power through Hess Corporation’s 47% consolidated ownership interest in Hess Midstream LP to direct those activities that most significantly impact the economic performance of Hess Midstream LP, and are obligated to absorb losses or have the right to receive benefits that could potentially be significant to Hess Midstream LP. Prior to December 16, 2019, we consolidated HIP, also a variable interest entity based on the conclusion that we had the power to direct the activities that most significantly impacted the economic performance of HIP, and were obligated to absorb losses or had the right to receive benefits that could potentially be significant to HIP. Our undivided interests in unincorporated oil and gas E&P ventures are proportionately consolidated. Investments in affiliated companies, 20% to 50% owned and where we have the ability to influence the operating or financial decisions of the affiliate, are accounted for using the equity method.
Estimates and Assumptions	Estimates and Assumptions: In preparing financial statements in conformity with 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. Estimates made by management include oil and gas reserves, asset and other valuations, depreciable lives, pension liabilities, legal and environmental obligations, asset retirement obligations and income taxes.
Revenue Recognition	Revenue Recognition: Exploration and Production The E&P segment recognizes revenue from the sale of crude oil, NGL, and natural gas as performance obligations under contracts with customers are satisfied. Our responsibilities to deliver each unit of quantity of crude oil, NGL, and natural gas under these contracts represent separate, distinct performance obligations. These performance obligations are satisfied at the point in time control of each unit of quantity transfers to the customer. Generally, the control of each unit of quantity transfers to the customer upon the transfer of legal title at the point of physical delivery. Pricing is variable and is determined with reference to a particular market or pricing index, plus or minus adjustments reflecting quality or location differentials. For long-term international natural gas contracts with ship-or-pay provisions, our obligation to stand-ready to provide a minimum volume over each commitment period represents separate, distinct performance obligations. Penalties owed against future deliveries of natural gas due to delivery of volumes below minimum delivery commitments are recognized as reductions to revenue in the commitment period when the shortfall occurs. Long-term international natural gas contracts may also contain take-or-pay provisions whereby the customer is required to pay for volumes not taken that are below minimum volume commitments but the customer has certain make-up rights to receive shortfall volumes in subsequent periods. Shortfall payments received from customers when volumes purchased are below the minimum volume commitment are deferred upon receipt as a contract liability. Revenue is recognized at the earlier of when we deliver the make-up volumes in subsequent periods or when it becomes remote that the customer will exercise their make-up rights. Certain crude oil, NGL, and natural gas volumes are purchased by Hess from third parties, including working interest partners and royalty owners in certain Hess-operated properties, before they are sold to customers. Where control over the crude oil, NGL, or natural gas transfers to Hess before the volumes are transferred to the customer, revenue and the associated cost of purchased volumes are presented on a gross basis in the Statement of Consolidated Income within Sales and other operating revenues and Marketing, including purchased oil and gas, respectively. Where control of crude oil, NGL, or natural gas is not transferred to Hess, revenue is presented net of the associated cost of purchased volumes within Sales and other operating revenues in the Statement of Consolidated Income. Contract Duration and Pricing: Contracts with customers for the sale of U.S. crude oil, NGL, and natural gas primarily include those contracts that involve the short-term sale of volumes during a specified period, and those contracts that automatically renew on a periodic basis until either party cancels. We have certain long-term contracts with customers for the sale of U.S. natural gas and NGL that have remaining durations ranging from one to twelve years. Contracts with customers for the sale of international crude oil involve the short-term sale of volumes during a specified period. Pricing is determined with reference to a particular market or pricing index, plus or minus adjustments reflecting quality or location differentials, shortly after control of the volumes transfers to the customer. International contracts with customers for the sale of natural gas are in the form of natural gas sales agreements with government entities that have durations that are aligned with the durations of production sharing contracts or other contractual arrangements with host governments. Pricing is determined using contractual formulas that are based on the price of alternative fuels as obtained from price indices and other factors. Contract Balances: Our right to receive or collect payment from the customer is aligned with the timing of revenue recognition except in situations when we receive shortfall payments under contracts with take-or-pay provisions with customer make-up rights. At December 31, 2020 and 2019, there were no contract assets or contract liabilities. Generally, we receive payments from customers on a monthly basis, shortly after the physical delivery of the crude oil, NGL, or natural gas. Transaction Price Allocated to Remaining Performance Obligations: The transaction price allocated to our wholly unsatisfied performance obligations on uncompleted contracts is variable. Further, many of our contracts with customers have durations of less than twelve months. Accordingly, we have elected under the provisions of Accounting Standards Codification (ASC) 606 the exemption from disclosure of revenue recognizable in future periods as these performance obligations are satisfied. Sales-based Taxes: We exclude sales-based taxes that are collected from customers from the transaction price in our contracts with customers. Accordingly, revenue from contracts with customers is net of sales-based taxes that are collected from customers and remitted to taxing authorities. Midstream Our Midstream segment provides gathering, compression, processing, fractionation, storage, terminaling, loading and transportation, and water handling services. The Midstream segment has multiple long-term, fee-based commercial agreements with certain subsidiaries of Hess, each generally with an initial ten-year term that can be extended for an additional ten-year term at the unilateral right of Hess Midstream. These contracts have minimum volumes the customer is obligated to provide each calendar quarter. The minimum volume commitments are subject to fluctuation based on nominations covering substantially all of our E&P segment’s production and projected third-party volumes that will be purchased in the Bakken. As the minimum volume commitments are subject to fluctuation, and as these contracts contain fee inflation escalators and fee recalculation mechanisms, substantially all of the transaction price at contract inception is variable. The midstream segment also has long-term, fee based commercial agreements for water handling services with a subsidiary of Hess with an initial 14 year term that can be extended for an additional ten-year term at the unilateral right of Hess Midstream. Water handling services are provided for an agreed-upon fee per barrel or the reimbursement of third-party fees. The Midstream segment’s responsibilities to provide each of the above services for each year under each of the commercial agreements are considered separate, distinct performance obligations. Revenue is recognized for each performance obligation under these commercial agreements over-time as services are rendered using the output method, measured using the amount of volumes serviced during the period. The Midstream segment has elected the practical expedient under the provisions of ASC 606, Revenue from Contracts with Customers to recognize revenue in the amount it is entitled to invoice. If the commercial agreements have ship-or-pay provisions, the Midstream segment’s responsibility to stand-ready to service a minimum volume over each quarterly commitment period represent separate, distinct performance obligations. Shortfall payments received under ship-or-pay provisions are recognized as revenue in the calendar quarter the shortfall occurs as the customer does not have make-up rights beyond the calendar quarter end of the quarterly commitment period. All revenues, receivables, and contract balances arising from the commercial agreements between the Midstream segment and the Hess subsidiaries that are the counterparty to the commercial agreements are eliminated upon consolidation. On December 30, 2020, Hess Midstream exercised its renewal options to extend the terms of certain gas gathering, crude oil gathering, gas processing and fractionation, storage, and terminal and export commercial agreements for the secondary term through December 31, 2033. There were no changes to any provisions of the existing commercial agreements as a result of the exercise of the renewal options.
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. 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: We record 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 facilities 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.
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 in the same manner as the depreciation of the underlying assets.
Impairment of Long-lived Assets	Impairment of Long‑lived Assets: We review long‑lived assets, including oil and gas fields, for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts of the long-lived assets are not expected to be recovered by estimated undiscounted future net cash flows, the assets are impaired and an impairment loss is recorded. The amount of impairment is measured 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 present value of future net 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 projected 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 impairment will generally differ from those used in the standardized measure of discounted future net cash flows reported in Supplementary Oil and Gas Data, since the standardized measure requires the use of historical twelve-month average prices. As a result of the significant decline in crude oil prices in the first quarter of 2020, we tested our oil and gas properties for impairment at March 31, 2020. See Note 12, Impairment.
Impairment of Goodwill	Impairment of Goodwill: Goodwill is tested for impairment annually on October 1st or when events or circumstances indicate that the carrying amount of the goodwill may not be recoverable. To determine whether goodwill is impaired, the fair value of a reporting unit is compared with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying value, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment charge would be recorded for the excess of the carrying value over fair value, limited by the amount of goodwill allocated to the reporting unit. At December 31, 2020, goodwill of $360 million relates to the Midstream operating segment.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents primarily comprises cash on hand and on deposit, as well as highly liquid investments that are readily convertible into cash and have maturities of three months or less when acquired.
Inventories	Inventories: Produced and unsold crude oil and NGL are valued at the lower of cost or net realizable value. Cost is determined using the average cost of production plus any transport cost incurred in bringing the volumes to their present location. Materials and supplies are valued at cost. Obsolete or surplus materials identified during periodic reviews are valued at the lower of cost or estimated net realizable value.
Leases	Leases: We determine if an arrangement is a lease at inception by evaluating whether the contract conveys the right to control an identified asset during the period of use. Right-of-use (ROU) assets represent our right to use an identified asset for the lease term and lease obligations represent our obligation to make payments as set forth in the lease arrangement. ROU assets and lease liabilities are recognized in the Consolidated Balance Sheet as operating leases or finance leases at the commencement date based on the present value of the minimum lease payments over the lease term. Where the implicit discount rate in a lease is not readily determinable, we use our incremental borrowing rate based on information available at the commencement date for determining the present value of the minimum lease payments. The lease term used in measurement of our lease obligations includes options to extend or terminate the lease when, in our judgment, it is reasonably certain that we will exercise that option. Variable lease payments that depend on an index or a rate are included in the measurement of lease obligations using the index or rate at the commencement date. Variable lease payments that vary because of changes in facts or circumstances after the commencement date of the lease are not included in the minimum lease payments used to measure lease obligations. We have agreements that include financial obligations for lease and nonlease components. For purposes of measuring lease obligations, we have elected not to separate nonlease components from lease components for the following classes of assets: drilling rigs, office space, offshore vessels, and aircraft. We apply a portfolio approach to account for operating lease ROU assets and liabilities for certain vehicles, railcars, field equipment and office equipment leases. Finance lease cost is recognized as amortization of the ROU asset and interest expense on the lease liability. Operating lease cost is generally recognized on a straight-line basis. Operating lease costs for drilling rigs used to drill development wells and successful exploration wells are capitalized. Operating lease cost for other ROU assets used in oil and gas producing activities are either capitalized or expensed on a straight-line basis based on the nature of operation for which the ROU asset is utilized. Leases with an initial term of 12 months or less are not recorded on the balance sheet as permitted under ASC 842. We recognize lease cost for short-term leases on a straight-line basis over the term of the lease. Some of our leases include one or more options to renew. The renewal option is at our sole discretion and is not included in the lease term for measurement of the lease obligation unless we are reasonably certain at the commencement date of the lease, to renew the lease.
Income Taxes	Income Taxes: Deferred income taxes are determined using the liability method. We have net operating loss carryforwards or credit carryforwards in multiple jurisdictions and have recorded deferred tax assets for those losses and credits. Additionally, we have deferred tax assets due to temporary differences between the book basis and tax basis of certain assets and liabilities. Regular assessments are made as to the likelihood of those deferred tax assets being realized. If, when tested under the relevant accounting standards, 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 that is expected to be realized. The accounting standards require the evaluation of all available positive and negative evidence giving weight based on the evidence’s relative objectivity. In evaluating potential sources of positive evidence, we consider the reversal of taxable temporary differences, taxable income in carryback and carryforward periods, the availability of tax planning strategies, the existence of appreciated assets, estimates of future taxable income, and other factors. In evaluating potential sources of negative evidence, we consider a cumulative loss in recent years, any history of operating losses or tax credit carryforwards expiring unused, losses expected in early future years, unsettled circumstances that, if unfavorably resolved, would adversely affect future operations and profit levels on a continuing basis in future years, and any carryback or carryforward period so brief that a significant deductible temporary difference expected to reverse in a single year would limit realization of tax benefits. We assign cumulative historical losses significant weight in the evaluation of realizability relative to more subjective evidence such as forecasts of future income. In addition, we recognize 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. We are no longer indefinitely reinvested with respect to the book in excess of tax basis in the investment in our foreign subsidiaries. Because of U.S. tax reform we expect that the future reversal of such temporary differences will occur free of material taxation. We classify interest and penalties associated with uncertain tax positions as income tax expense. We account for the U.S. tax effect of global intangible low-taxed income earned by foreign subsidiaries in the period that such income is earned. We utilize the aggregate approach for releasing disproportionate income tax effects from Accumulated other comprehensive income (loss).
Asset Retirement Obligations	Asset Retirement Obligations: We have material legal obligations to remove and dismantle long‑lived assets and to restore land or the seabed at certain E&P locations. We initially recognize a liability for the fair value of legally required asset retirement obligations in the period in which the retirement obligations are incurred and capitalize the associated asset retirement costs as part of the carrying amount of the long‑lived assets. In subsequent periods, the liability is accreted, and the asset is depreciated over the useful life of the related asset. Fair value is determined by applying a credit adjusted risk-free rate to the undiscounted expected future abandonment expenditures. Changes in estimates prior to settlement result in adjustments to both the liability and related asset values, unless the field has ceased production, in which case changes are recognized in the Statement of Consolidated Income.
Retirement Plans	Retirement Plans: We recognize 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. We recognize the net changes in the funded status of these plans in the year in which such changes occur. 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 or the remaining average expected life if a plan’s participants are predominantly inactive.
Derivatives	Derivatives: We utilize derivative instruments for financial risk management activities. In these activities, we may use futures, forwards, options and swaps, individually or in combination, to mitigate our exposure to fluctuations in prices of crude oil and natural gas, as well as changes in interest and foreign currency exchange rates. All derivative instruments are recorded at fair value in the Consolidated Balance Sheet. Our 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 changes in fair value of recognized assets and liabilities or of unrecognized firm commitments (fair value hedges). Changes in fair value of derivatives that are designated as cash flow hedges are recorded as a component of other comprehensive income (loss). 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 item is recorded as an adjustment to its carrying amount and recognized currently in earnings.
Fair Value Measurements	Fair Value Measurements: We use various valuation approaches in determining fair value for financial instruments, including the market and income approaches. Our fair value measurements also include non-performance risk and time value of money considerations. Counterparty credit is considered for receivable balances, and our credit is considered for accrued liabilities. We also record 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. We determine 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), including discounted cash flows and other unobservable data. 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. Multiple inputs may be used to measure fair value; however, the level assigned to a fair value measurement 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. 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. 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. Fair values determined using discounted cash flows and other unobservable data are also classified as Level 3. Netting of Financial Instruments: We generally enter into master netting arrangements to mitigate legal and counterparty credit risk. Master netting arrangements are generally accepted overarching master contracts that govern all individual transactions with the same counterparty entity as a single legally enforceable agreement. The U.S. Bankruptcy Code provides for the enforcement of certain termination and netting rights under certain types of contracts upon the bankruptcy filing of a counterparty, commonly known as the “safe harbor” provisions. If a master netting arrangement provides for termination and netting upon the counterparty’s bankruptcy, these rights are generally enforceable with respect to “safe harbor” transactions. If these arrangements provide the right of offset and our intent and practice is to offset amounts in the case of such a termination, our policy is to record the fair value of derivative assets and liabilities on a net basis. In the normal course of business, we rely on legal and credit risk mitigation clauses providing for adequate credit assurance as well as close‑out netting, including two‑party netting and single counterparty multilateral netting. As applied to us, “two‑party netting” is the right to net amounts owing under safe harbor transactions between a single defaulting counterparty entity and a single Hess entity, and “single counterparty multilateral netting” is the right to net amounts owing under safe harbor transactions among a single defaulting counterparty entity and multiple Hess entities. We are reasonably assured that these netting rights would be upheld in a bankruptcy proceeding in the U.S. in which the defaulting counterparty is a debtor under the U.S. Bankruptcy Code.
Share-based Compensation	Share-based Compensation: We account for share-based compensation based on the fair value of the award on the date of grant. The fair value of all share‑based compensation is recognized over the requisite service period for the entire award, whether the award was granted with ratable or cliff vesting terms, net of actual forfeitures. We estimate fair value at the date of grant using a Black‑Scholes valuation model for employee stock options and a Monte Carlo simulation model for performance share units (PSUs). Fair value of restricted stock is based on the market value of the underlying shares at the date of grant.
Foreign Currency Translation	Foreign Currency Translation: The U.S. Dollar is the functional currency (primary currency in which business is conducted) for our foreign operations. Adjustments resulting from remeasuring monetary assets and liabilities that are denominated in a currency other than the functional currency are recorded in Other, net in the Statement of Consolidated Income.
Maintenance and Repairs	Maintenance and Repairs: Maintenance and repairs are expensed as incurred. Capital improvements are recorded as additions in Property, plant and equipment.
Environmental Expenditures	Environmental Expenditures: We accrue and expense the undiscounted environmental costs necessary to remediate existing conditions related to past operations when the future costs are probable and reasonably estimable. At year‑end 2020, our reserve for estimated remediation liabilities was approximately $65 million. Environmental expenditures that increase the life or efficiency of property or reduce or prevent future adverse impacts to the environment are capitalized.
New Accounting Pronouncements	New Accounting Pronouncements: In the first quarter of 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses. This ASU makes changes to the impairment model for trade receivables, net investments in leases, debt securities, loans and certain other instruments. The standard requires the use of a forward-looking "expected loss" model compared with the prior "incurred loss" model. We calculate expected credit losses for our receivables using the probability of default and the expected loss given default. Historical data, current market conditions, and forecasts of future economic conditions are used to determine the probability of default and the expected loss given default. The adoption of this ASU did not have a material impact to our financial statements.

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31 were as follows:


	2020		2019

	(In millions)
Crude oil and natural gas liquids	$	226	$	92
Materials and supplies	152		169
Total Inventories	$	378	$	261

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

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


	2020		2019

	(In millions)
Exploration and Production
Unproved properties	$	164	$	168
Proved properties	2,930		3,304
Wells, equipment and related facilities	23,224		28,404
	26,318		31,876
Midstream	4,163		3,904
Corporate and Other	38		40
Total — at cost	30,519		35,820
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,404		19,006
Property, Plant and Equipment — Net	$	14,115	$	16,814

Net Changes in Capitalized Exploratory Well Costs


	2020		2019		2018

	(In millions)
Balance at January 1	$	584	$	418	$	304
Additions to capitalized exploratory well costs pending the determination of proved reserves	111		224		128
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(111)		(58)		—
Capitalized exploratory well costs charged to expense	(125)		—		(14)

Balance at December 31	$	459	$	584	$	418
Number of Wells at December 31	22		31		24

Exploratory Drilling Costs Capitalized in Excess of One Year After Completion of Drilling

Exploratory well costs capitalized for greater than one year following completion of drilling were $342 million at December 31, 2020, separated by year of completion as follows (in millions):


2019	$	173
2018	105
2017	27
2016	—
2015	37
	$	342

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

The following table provides detail of our accrued liabilities at December 31:


	2020		2019

	(In millions)
Accrued capital expenditures	$	345	$	616
Accrued operating and marketing expenditures	325		479
Accrued payments to royalty and working interest owners	170		260
Accrued interest on debt	126		126
Accrued compensation and benefits	117		166
Current portion of asset retirement obligations	105		127
Other accruals	63		29
Total Accrued Liabilities	$	1,251	$	1,803

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Balance Sheet Information Related to Operating and Finance Leases

Operating and finance lease obligations at December 31 included in the Consolidated Balance Sheet were as follows:


	Operating Leases				Finance Leases

	2020		2019		2020		2019

	(In millions)
Right-of-use assets — net (a)	$	426	$	447	$	168	$	299
Lease obligations:
Current	$	63	$	182	$	18	$	17
Long-term	478		353		220		238
Total lease obligations	$	541	$	535	$	238	$	255

(a)At December 31, 2020, finance lease ROU assets had a cost of $212 million (2019: $381 million) and accumulated amortization of $44 million (2019: $82 million).

Schedule of Maturities of Lease Obligations

Maturities of lease obligations at December 31, 2020 were as follows:


	Operating Leases		Finance Leases

	(In millions)
2021	$	83	$	36
2022	83		36
2023	72		36
2024	71		36
2025	67		36
Remaining years	287		176
Total lease payments	663		356
Less: Imputed interest	(122)		(118)
Total lease obligations	$	541	$	238

Summary of Information Relates to Operating and Finance Leases Recorded

The following information relates to the Operating and Finance leases at December 31:

Operating Leases

Finance Leases

2020

2019

2020

2019

Weighted average remaining lease term

10.3 years

5.4 years

12.8 years

13.8 years

Range of remaining lease terms

0.1 - 15.5 years

0.1 - 16.1 years

12.8 years

13.8 years

Weighted average discount rate

4.0%

4.3%

7.9%

Schedule of Components of Lease Cost

The components of lease costs for the years ended December 31, 2020 and 2019 were as follows:


	2020		2019

	(In millions)
Operating lease cost	$	200	$	414
Finance lease cost:
Amortization of leased assets	31		43
Interest on lease obligations	20		21
Short-term lease cost (a)	199		164
Variable lease cost (b)	38		89
Sublease income (c)	(15)		(12)
Total lease cost (d)	$	473	$	719

(c)We sublease certain of our office space to third parties under our head lease.

(d)Prior to the adoption of ASC 842, we incurred total rental expense of $154 million and income from subleases of $8 million in 2018.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 were as follows:


	Operating Leases				Finance Leases

	2020		2019		2020		2019

	(In millions)
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows (a)	$	218	$	419	$	20	$	21
Financing cash flows (a)	—		—		17		55
Noncash transactions:
Leased assets recognized for new lease obligations incurred	51		14		—		—
Changes in leased assets and lease obligations due to lease modifications (b)	123		14		—		—

(a)Amounts represent gross lease payments before any recovery from partners.

(b)Primarily related to negotiated extensions of an office lease and offshore drilling rig leases.

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Components of Debt

Total debt at December 31 consisted of the following:


	2020		2019

	(In millions)
Debt - Hess Corporation:
Fixed-rate public notes:
3.5% due 2024	$	299	$	298
4.3% due 2027	994		992
7.9% due 2029	464		463
7.3% due 2031	628		628
7.1% due 2033	537		537
6.0% due 2040	741		741
5.6% due 2041	1,236		1,235
5.8% due 2047	494		494
Total fixed-rate public notes	5,393		5,388
Term loan due March 2023	988		—
Fair value adjustments - interest rate hedging	5		1
Total Debt - Hess Corporation	$	6,386	$	5,389

Debt - Midstream:
Fixed-rate notes: 5.625% due 2026 - Hess Midstream Operations LP	$	789	$	787
Fixed-rate notes: 5.125% due 2028 - Hess Midstream Operations LP	542		540
Term loan A facility - Hess Midstream Operations LP	395		394
Revolving credit facility - Hess Midstream Operations LP	184		32
Total Debt - Midstream	$	1,910	$	1,753

Total Debt:
Current maturities of long-term debt	$	10	$	—
Long-term debt	8,286		7,142
Total Debt	$	8,296	$	7,142

Maturity Profile of Total Debt

At December 31, 2020, the maturity profile of total debt was as follows:


	Total		Hess Corporation		Midstream

	(In millions)
2021	$	10	$	—	$	10
2022	20		—		20
2023	1,030		1,000		30
2024	824		300		524
2025	—		—		—
Thereafter	6,488		5,138		1,350
Total Borrowings	8,372		6,438		1,934
Less: Deferred financing costs and discounts	(76)		(52)		(24)
Total Debt (excluding interest)	$	8,296	$	6,386	$	1,910

Other Outstanding Letters of Credit

Other outstanding letters of credit at December 31 were as follows:


	2020		2019

	(In millions)
Committed lines (a)	$	54	$	54
Uncommitted lines (a)	215		218
Total	$	269	$	272

(a)At December 31, 2020, committed and uncommitted lines have expiration dates through 2021.

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Asset Retirement Obligation Disclosure [Abstract]

Changes to Asset Retirement Obligations

The following table describes changes to our asset retirement obligations:


	2020		2019

	(In millions)
Balance at January 1	$	1,024	$	857
Liabilities incurred	36		72
Liabilities settled or disposed of	(161)		(75)
Accretion expense	46		40
Revisions of estimated liabilities	52		129
Foreign currency remeasurement	2		1
Balance at December 31	$	999	$	1,024

Total Asset Retirement Obligations at December 31:
Current portion of asset retirement obligations	$	105	$	127
Long-term asset retirement obligations	894		897
Total at December 31	$	999	$	1,024

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Change in Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Pension Plans and Postretirement Medical Plan

The following table summarizes the benefit obligations, the fair value of plan assets, and the funded status of our pension and postretirement medical plans:


	Funded Pension Plans				Unfunded Pension Plan				Postretirement Medical Plan
	2020		2019		2020		2019		2020		2019

	(In millions)
Change in Benefit Obligation
Balance at January 1,	$	2,667	$	2,492	$	242	$	216	$	75	$	59
Service cost	37		33		13		11		3		2
Interest cost	68		82		5		7		1		2
Actuarial (gains) loss (a)	385		401		26		22		(8)		19
Single premium annuity contract payment	—		(249)		—		—		—		—
Benefit payments (b)	(93)		(113)		(17)		(14)		(6)		(7)



Foreign currency exchange rate changes	21		21		—		—		—		—
Balance at December 31, (c)	3,085		2,667		269		242		65		75
Change in Fair Value of Plan Assets
Balance at January 1,	$	2,732	$	2,568	$	—	$	—	$	—	$	—
Actual return on plan assets	378		462		—		—		—		—
Employer contributions	4		40		17		14		6		7
Single premium annuity contract payment	—		(249)		—		—		—		—
Benefit payments (b)	(93)		(113)		(17)		(14)		(6)		(7)
Foreign currency exchange rate changes	22		24		—		—		—		—
Balance at December 31,	3,043		2,732		—		—		—		—

Funded Status (Plan assets greater (less) than benefit obligations) at December 31,	$	(42)	$	65	$	(269)	$	(242)	$	(65)	$	(75)

Unrecognized Net Actuarial (Gains) Losses	$	900	$	756	$	86	$	65	$	(19)	$	(12)

(b)Benefit payments include lump-sum settlement payments of $23 million in 2020 (2019: $27 million).

Pension Plans and Postretirement Medical Plan 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
	2020		2019		2020		2019		2020		2019

	(In millions)
Noncurrent assets	$	45	$	71	$	—	$	—	$	—	$	—
Current liabilities	—		—		(49)		(32)		(7)		(8)
Noncurrent liabilities	(87)		(6)		(220)		(210)		(58)		(67)
Pension assets / (accrued benefit liability)	$	(42)	$	65	$	(269)	$	(242)	$	(65)	$	(75)

Accumulated other comprehensive loss, pre-tax (a)	$	900	$	756	$	86	$	65	$	(19)	$	(12)

(a)The after‑tax deficit reflected in Accumulated other comprehensive income (loss) was $759 million at December 31, 2020 (2019: $601 million deficit).

Components of Net Periodic Benefit Cost for Funded and Unfunded Pension Plans and Postretirement Medical Plan

The net periodic benefit cost for funded and unfunded pension plans, and the postretirement medical plan, is as follows:


	Pension Plans						Postretirement Medical Plan
	2020		2019		2018		2020		2019		2018

	(In millions)
Service cost	$	50	$	44	$	42	$	3	$	2	$	2
Interest cost	73		89		91		1		2		3
Expected return on plan assets	(180)		(180)		(194)		—		—		—
Amortization of unrecognized net actuarial losses (gains)	48		52		39		(1)		(1)		(2)
Settlement loss	—		93		4		—		—		—
Curtailment gain	—		—		—		—		—		(2)

Net Periodic Benefit Cost / (Income) (a)	$	(9)	$	98	$	(18)	$	3	$	3	$	1

(a)Net non-service cost, which are included in Other, net in the Statement of Consolidated Income, were income of $59 million in 2020 (2019: $55 million of expense; 2018: $61 million of income).

Actuarial Assumptions Used For Pension Plans & Postretirement Medical Plan

The weighted average actuarial assumptions used to determine benefit obligations at December 31 and net periodic benefit cost for the three years ended December 31 for our funded and unfunded pension plans were as follows:


	2020	2019	2018
Benefit Obligations:
Discount rate	2.2%	2.9%	3.9%
Rate of compensation increase	3.8%	3.8%	3.8%

Net Periodic Benefit Cost:
Discount rate
Service cost	3.2%	3.9%	3.9%
Interest cost	2.6%	3.4%	3.3%
Expected return on plan assets	6.7%	7.1%	7.2%
Rate of compensation increase	3.8%	3.8%	4.5%

The actuarial assumptions used to determine benefit obligations at December 31 for the postretirement medical plan were as follows:


	2020	2019	2018
Discount rate	1.9%	2.8%	3.9%
Initial health care trend rate	6.0%	6.5%	6.9%
Ultimate trend rate	4.5%	4.5%	4.5%
Year in which ultimate trend rate is reached	2038	2038	2038

Fair Value of Financial Assets of Funded Pension Plans

The following tables provide the fair value of the financial assets of the funded pension plans at December 31, 2020 and 2019 in accordance with the fair value measurement hierarchy described in Note 1, Nature of Operations, Basis of Presentation and Summary of Accounting Policies.


	Level 1		Level 2		Level 3		Net Asset Value (c)		Total

	(In millions)
December 31, 2020
Cash and Short-Term Investment Funds	$	44	$	—	$	—	$	—	$	44
Equities:
U.S. equities (domestic)	585		—		—		164		749
International equities (non-U.S.)	94		43		—		352		489
Global equities (domestic and non-U.S.)	—		8		—		217		225
Fixed Income:
Treasury and government related (a)	—		350		—		49		399
Mortgage-backed securities (b)	—		116		—		70		186
Corporate	—		381		—		62		443
Other:
Hedge funds	—		—		—		73		73
Private equity funds	—		—		—		251		251
Real estate funds	23		—		—		161		184
Total investments	$	746	$	898	$	—	$	1,399	$	3,043
December 31, 2019
Cash and Short-Term Investment Funds	$	57	$	—	$	—	$	—	$	57
Equities:
U.S. equities (domestic)	638		—		—		—		638
International equities (non-U.S.)	80		37		—		302		419
Global equities (domestic and non-U.S.)	—		8		—		196		204
Fixed Income:
Treasury and government related (a)	—		372		—		56		428
Mortgage-backed securities (b)	—		141		—		30		171
Corporate	—		293		—		82		375
Other:
Hedge funds	—		—		—		65		65
Private equity funds	—		—		—		191		191
Real estate funds	27		—		—		157		184
Total investments	$	802	$	851	$	—	$	1,079	$	2,732

(a)Includes securities issued and guaranteed by U.S. and non‑U.S. governments, and securities issued by governmental agencies and municipalities.

(b)Comprised of U.S. residential and commercial mortgage-backed 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):


2021	$	151
2022	134
2023	133
2024	137
2025	130
Years 2026 to 2030	687

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers on a Disaggregated Basis

Revenue from contracts with customers on a disaggregated basis was as follows (in millions):


	Exploration and Production										Midstream		Eliminations		Total
	United States		Guyana		Malaysia and JDA		Other (a)		E&P Total
2020
Sales of our net production volumes:
Crude oil revenue	$	1,898	$	278	$	34	$	153	$	2,363	$	—	$	—	$	2,363
Natural gas liquids revenue	253		—		—		—		253		—		—		253
Natural gas revenue	144		—		477		10		631		—		—		631
Sales of purchased oil and gas	831		5		—		11		847		—		—		847
Intercompany revenue	—		—		—		—		—		1,092		(1,092)		—
Total revenues from contracts with customers	3,126		283		511		174		4,094		1,092		(1,092)		4,094
Other operating revenues (b)	478		67		—		28		573		—		—		573
Total sales and other operating revenues	$	3,604	$	350	$	511	$	202	$	4,667	$	1,092	$	(1,092)	$	4,667
2019
Sales of our net production volumes:
Crude oil revenue	$	2,981	$	—	$	113	$	566	$	3,660	$	—	$	—	$	3,660
Natural gas liquids revenue	229		—		—		—		229		—		—		229
Natural gas revenue	150		—		646		33		829		—		—		829
Sales of purchased oil and gas	1,644		—		3		91		1,738		—		—		1,738
Intercompany revenue	—		—		—		—		—		848		(848)		—
Total revenues from contracts with customers	5,004		—		762		690		6,456		848		(848)		6,456
Other operating revenues (b)	39		—		—		—		39		—		—		39
Total sales and other operating revenues	$	5,043	$	—	$	762	$	690	$	6,495	$	848	$	(848)	$	6,495
2018
Sales of our net production volumes:
Crude oil revenue	$	2,832	$	—	$	104	$	587	$	3,523	$	—	$	—	$	3,523
Natural gas liquids revenue	308		—		—		—		308		—		—		308
Natural gas revenue	176		—		651		32		859		—		—		859
Sales of purchased oil and gas	1,661		—		14		93		1,768		—		—		1,768
Intercompany revenue	—		—		—		—		—		713		(713)		—
Total revenues from contracts with customers	4,977		—		769		712		6,458		713		(713)		6,458
Other operating revenues (b)	(135)		—		—		—		(135)		—		—		(135)
Total sales and other operating revenues	$	4,842	$	—	$	769	$	712	$	6,323	$	713	$	(713)	$	6,323

(a)Other includes our interests in Denmark and Libya.

(b)Includes gains (losses) on commodity derivatives of $547 million in 2020, $1 million in 2019, and $(183) million in 2018.

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Compensation Activity

Share‑based compensation expense consisted of the following:


	2020		2019		2018

	(In millions)
Restricted stock	$	51	$	53	$	40
Performance share units	18		22		22
Stock options	10		10		10
Share-based compensation expense before income taxes	$	79	$	85	$	72
Income tax benefit on share-based compensation expense	$	—	$	—	$	—

Summary of Restricted Stock Award Activity

The following is a summary of restricted stock award activity in 2020:


	Shares of Restricted Common Stock	Weighted - Average Price on Date of Grant

	(In thousands, except per share amounts)
Outstanding at January 1, 2020	2,014	$	53.61
Granted	1,122	49.71
Vested (a)	(1,028)	52.67
Forfeited	(191)	52.54
Outstanding at December 31, 2020	1,917	$	51.94

(a)In 2020, restricted stock with fair values of $51 million were vested (2019: $102 million; 2018: $54 million).

Summary of PSU Activity

The following is a summary of PSU activity in 2020:


	Performance Share Units	Weighted - Average Fair Value on Date of Grant

	(In thousands, except per share amounts)
Outstanding at January 1, 2020	929	$	59.57
Granted	308	58.14
Vested (a)	(416)	52.86
Forfeited	(15)	66.63
Outstanding at December 31, 2020	806	$	62.36

(a)In 2020, PSU’s with fair value of $48 million were vested (2019: $16 million; 2018: $9 million).

Weighted Average Assumptions Utilized to Estimate Fair Value of PSU Awards

The following weighted average assumptions were utilized to estimate the fair value of PSU awards:


	2020			2019			2018
Risk free interest rate	0.52		%	2.48		%	2.39		%
Stock price volatility	0.374			0.369			0.400
Contractual term in years	3.0			3.0			3.0
Grant date price of Hess common stock	$	49.72		$	56.74		$	48.48

Summary of Stock Option Activity

The following is a summary of stock options activity in 2020:


	Number of options (In thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term
Outstanding at January 1, 2020	4,301	$	63.24	4.8 years
Granted	686	49.72
Exercised	(261)	59.88
Cancelled	(301)	61.13
Forfeited	(43)	52.70
Outstanding at December 31, 2020	4,382	$	61.57	5.1 years

Weighted Average Assumptions Utilized to Estimate Fair Value of Stock Options

The following weighted average assumptions were utilized to estimate the fair value of stock options:


	2020			2019			2018
Risk free interest rate	0.64		%	2.55		%	2.74		%
Stock price volatility	0.372			0.359			0.322
Dividend yield	2.01		%	1.76		%	2.06		%
Expected life in years	6.0			6.0			6.0
Weighted average fair value per option granted	$	14.30		$	18.08		$	13.69

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Tax Provision (Benefit)

The provision (benefit) for income taxes consisted of:


	2020		2019		2018

	(In millions)
United States
Federal
Current	$	(4)	$	(1)	$	1
Deferred taxes and other accruals	6		72		(74)
State	(1)		16		(45)
	1		87		(118)
Foreign
Current (a)	48		447		455
Deferred taxes and other accruals	(60)		(73)		(2)
	(12)		374		453
Provision (Benefit) For Income Taxes	$	(11)	$	461	$	335

(a)Primarily comprised of Libya in 2019 and 2018.

Income (Loss) Before Income Taxes

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


	2020		2019		2018

	(In millions)
United States (a)	$	(1,509)	$	(338)	$	(219)
Foreign	(1,341)		559		439
Income (Loss) Before Income Taxes	$	(2,850)	$	221	$	220

(a)Includes substantially all of our interest expense, corporate expense and the results of commodity hedging activities.

Effective Income Tax Rate Reconciliation

The difference between our effective income tax rate and the U.S. statutory rate is reconciled below:


	2020		2019		2018
U.S. statutory rate	21.0	%	21.0	%	21.0	%
Effect of foreign operations (a)	12.1		142.9		141.2
State income taxes, net of federal income tax	0.1		5.8		(18.9)
Valuation allowance on current year operations	(36.5)		41.8		55.2
Release valuation allowance against previously unbenefited deferred tax assets	—		(24.5)		—
Noncontrolling interests in Midstream	1.7		(16.0)		(15.9)
Intraperiod allocation	—		33.7		(37.3)
Credits	2.0		—		—
Equity and executive compensation	(0.1)		2.2		7.4
Other	0.1		1.2		(0.3)
Total	0.4	%	208.1	%	152.4	%

(a)The variance in effective income tax rates attributable to the effect of foreign operations primarily resulted from the mix of income among high, primarily Libya, and low tax rate jurisdictions.

Components of Deferred Tax Liabilities and Deferred Tax Assets, and Presentation in Consolidated Balance Sheet

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


	2020		2019

	(In millions)
Deferred Tax Liabilities
Property, plant and equipment and investments	$	(847)	$	(1,318)
Other	(45)		(45)
Total Deferred Tax Liabilities	(892)		(1,363)
Deferred Tax Assets
Net operating loss carryforwards	5,037		4,733
Tax credit carryforwards	135		66
Property, plant and equipment and investments	55		206
Accrued compensation, deferred credits and other liabilities	196		179
Asset retirement obligations	252		261
Other	325		317
Total Deferred Tax Assets	6,000		5,762
Valuation allowances (a)	(5,391)		(4,734)
Total deferred tax assets, net of valuation allowances	609		1,028
Net Deferred Tax Assets (Liabilities)	$	(283)	$	(335)

(a)In 2020, the valuation allowance increased by $657 million (2019: decrease of $143 million; 2018: decrease of $322 million).

In the Consolidated Balance Sheet, deferred tax assets and liabilities are netted by taxing jurisdiction and are recorded at December 31, as follows:


	2020		2019

	(In millions)
Deferred income taxes (long-term asset)	$	59	$	80
Deferred income taxes (long-term liability)	(342)		(415)
Net Deferred Tax Assets (Liabilities)	$	(283)	$	(335)

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

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


	2020		2019		2018

	(In millions)
Balance at January 1	$	168	$	168	$	205
Additions based on tax positions taken in the current year	2		2		19
Additions based on tax positions of prior years	1		1		36
Reductions based on tax positions of prior years	(2)		(1)		(78)
Reductions due to settlements with taxing authorities	(1)		—		(10)
Reductions due to lapses in statutes of limitation	(2)		(2)		(4)
Balance at December 31	$	166	$	168	$	168

Outstanding and Weighted Average Common Shares (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share

The Net income (loss) and weighted average number of common shares used in basic and diluted earnings per share computation were as follows:


	2020		2019		2018

	(In millions except per share amounts)
Net Income (Loss) Attributable to Hess Corporation Common Stockholders:
Net income (loss)	$	(2,839)	$	(240)	$	(115)
Less: Net income (loss) attributable to noncontrolling interests	254		168		167
Less: Preferred stock dividends	—		4		46
Net income (loss) attributable to Hess Corporation Common Stockholders	$	(3,093)	$	(412)	$	(328)

Weighted Average Number of Common Shares Outstanding:
Basic	304.8		301.2		298.2
Effect of dilutive securities
Restricted common stock	—		—		—
Stock options	—		—		—
Performance share units	—		—		—
Mandatory convertible preferred stock	—		—		—
Diluted	304.8		301.2		298.2

Net Income (Loss) Attributable to Hess Corporation per Common Share:
Basic	$	(10.15)	$	(1.37)	$	(1.10)
Diluted	$	(10.15)	$	(1.37)	$	(1.10)

Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock	2.1		2.2		2.9
Stock options	4.3		4.7		5.5
Performance share units	1.1		1.7		1.1
Common shares from conversion of preferred stock	—		—		12.7

Changes in Outstanding Common Shares

The following table provides the changes in our outstanding common shares:


	2020	2019	2018

	(In millions)
Balance at January 1	304.9	291.4	315.1
Conversion of preferred stock	—	11.6	—
Activity related to restricted stock awards, net	1.0	0.9	0.8
Stock options exercised	0.3	0.7	0.6
PSUs vested	0.8	0.3	0.1
Shares repurchased	—	—	(25.2)
Balance at December 31	307.0	304.9	291.4

Supplementary Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information for Statement of Consolidated Cash Flows

The following information supplements the Statement of Consolidated Cash Flows:


	2020		2019		2018

	(In millions)
Cash Flows From Operating Activities
Interest paid	$	(460)	$	(380)	$	(394)
Net income taxes (paid) refunded	(64)		(417)		(463)

Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P:
Capital expenditures incurred - E&P	$	(1,678)	$	(2,576)	$	(1,909)
Increase (decrease) in related liabilities	(218)		143		55
Additions to property, plant and equipment - E&P	$	(1,896)	$	(2,433)	$	(1,854)

Additions to property, plant and equipment - Midstream:
Capital expenditures incurred - Midstream	$	(253)	$	(416)	$	(271)
Increase (decrease) in related liabilities	(48)		20		28
Additions to property, plant and equipment - Midstream	$	(301)	$	(396)	$	(243)

Guarantees, Contingencies and Commitments (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unconditional Purchase Obligations and Commitments


			Payments Due by Period
	Total		2021		2022 and 2023		2024 and 2025		Thereafter

	(In millions)
Capital expenditures	$	2,837	$	868	$	1,469	$	500	$	—
Operating expenses	236		167		63		5		1
Transportation and related contracts	2,867		310		756		493		1,308

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Financial Data by Operating Segment

The following table presents operating segment financial data (in millions):


	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total
2020
Sales and Other Operating Revenues - Third parties	$	4,667	$	—	$	—	$	—	$	4,667
Intersegment Revenues	—		1,092		—		(1,092)		—
Sales and Other Operating Revenues	$	4,667	$	1,092	$	—	$	(1,092)	$	4,667
Net Income (Loss) Attributable to Hess Corporation	$	(2,841)	$	230	$	(482)	$	—	$	(3,093)
Interest Expense	—		95		373		—		468
Depreciation, Depletion and Amortization	1,915		157		2		—		2,074
Impairment	2,126		—		—		—		2,126
Provision (Benefit) for Income Taxes (a)	(12)		7		(6)		—		(11)
Investment in Affiliates	104		108		—		—		212
Identifiable Assets	13,688		3,599		1,534		—		18,821
Capital Expenditures	1,678		253		—		—		1,931
2019
Sales and Other Operating Revenues - Third parties	$	6,495	$	—	$	—	$	—	$	6,495
Intersegment Revenues	—		848		—		(848)		—
Sales and Other Operating Revenues	$	6,495	$	848	$	—	$	(848)	$	6,495
Net Income (Loss) Attributable to Hess Corporation	$	53	$	144	$	(605)	$	—	$	(408)
Interest Expense	—		63		317		—		380
Depreciation, Depletion and Amortization	1,977		142		3		—		2,122
Provision (Benefit) for Income Taxes (a)	375		—		86		—		461
Investment in Affiliates	114		108		—		—		222
Identifiable Assets	16,790		3,499		1,493		—		21,782
Capital Expenditures	2,576		416		—		—		2,992
2018
Sales and Other Operating Revenues - Third parties	$	6,323	$	—	$	—	$	—	$	6,323
Intersegment Revenues	—		713		—		(713)		—
Sales and Other Operating Revenues	$	6,323	$	713	$	—	$	(713)	$	6,323
Net Income (Loss) Attributable to Hess Corporation	$	51	$	120	$	(453)	$	—	$	(282)
Interest Expense	—		60		339		—		399
Depreciation, Depletion and Amortization	1,748		127		8		—		1,883
Provision (Benefit) for Income Taxes (a)	391		38		(94)		—		335
Capital Expenditures	1,909		271		—		—		2,180

Financial Information by Major Geographic Area

The following table presents financial information by major geographic area:


	United States		Guyana		Malaysia and JDA		Other		Corporate, Interest and other		Total

	(In millions)
2020
Sales and Other Operating Revenues	$	3,604	$	350	$	511	$	202	$	—	$	4,667
Property, Plant and Equipment (Net) (a)	10,384		2,114		1,067		539		11		14,115
2019
Sales and Other Operating Revenues	$	5,043	$	—	$	762	$	690	$	—	$	6,495
Property, Plant and Equipment (Net) (a)	12,182		1,507		1,890		1,223		12		16,814
2018
Sales and Other Operating Revenues	$	4,842	$	—	$	769	$	712	$	—	$	6,323

Financial Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Financial Risk Management Derivative Contracts

The notional amounts of outstanding financial risk management derivative contracts were as follows:


	December 31, 2020		December 31, 2019

	(In millions)
Commodity - crude oil put options (millions of barrels)	27.4		54.9
Foreign exchange forwards	$	163	$	90
Interest rate swaps	$	100	$	100

Gross and Net Fair Values of Financial Risk Management Derivative Instruments

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


	Assets		Liabilities

	(In millions)
December 31, 2020
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	64	$	—
Crude oil swaps	—		(54)
Interest rate swaps	5		—
Total derivative contracts designated as hedging instruments	69		(54)
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Gross fair value of derivative contracts	69		(55)
Gross amount offset in the Consolidated Balance Sheet	(13)		13
Net Amounts Presented in the Consolidated Balance Sheet	$	56	$	(42)

December 31, 2019
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	125	$	—
Interest rate swaps	1		—
Total derivative contracts designated as hedging instruments	126		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(1)
Total derivative contracts not designated as hedging instruments	—		(1)
Gross fair value of derivative contracts	126		(1)
Gross amount offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	126	$	(1)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Nature of Operations, Basis of Presentation and Summary of Accounting Policies (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Goodwill	$ 360,000,000	$ 360,000,000
Reserve for estimated remediation liabilities	$ 65,000,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Long-term contracts with customers remaining duration	1 year
Maximum
Summary Of Significant Accounting Policies [Line Items]
Long-term contracts with customers remaining duration	12 years
Exploration and Production
Summary Of Significant Accounting Policies [Line Items]
Contract asset	$ 0	0
Contract liability	$ 0	$ 0
Midstream
Summary Of Significant Accounting Policies [Line Items]
Initial revenue contract period	10 years	10 years	10 years
Additional revenue contract period	10 years	10 years	10 years
Goodwill	$ 360,000,000
Midstream \| Water Handling Services
Summary Of Significant Accounting Policies [Line Items]
Initial revenue contract period	14 years	14 years	14 years
Additional revenue contract period	10 years	10 years	10 years
Hess Midstream LP
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage in variable interest entity	47.00%

Inventories (Detail) bbl in Millions, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
Inventories (Detail) bbl in Millions, $ in Millions	Sep. 30, 2020 bbl	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) vlcc bbl	Mar. 31, 2021 bbl	Dec. 31, 2019 USD ($)
Inventory [Line Items]
Charges related to inventories		$ 53
Charges related to inventories, after income taxes		$ 52
Number of VLCCs \| vlcc			3
Crude oil in transit (in barrels of oil) \| bbl			6.3
Crude oil sold (in barrels of oil) \| bbl	2.1
Crude oil and natural gas liquids			$ 226		$ 92
Crude oil and natural gas liquids			226		92
Materials and supplies			152		169
Total Inventories			$ 378		$ 261
Subsequent Event
Inventory [Line Items]
Crude oil in transit (in barrels of oil) \| bbl				4.2
Very Large Crude Carriers (VLCCs)
Inventory [Line Items]
Number of VLCCs \| vlcc			3
Crude oil in transit (in barrels of oil) \| bbl			6.3
Crude oil and natural gas liquids			$ 164
Crude oil and natural gas liquids			$ 164

Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total — at cost	$ 30,519	$ 35,820
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,404	19,006
Property, plant and equipment, net	14,115	16,814
Exploration and Production
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	7,273	9,172
Operating Segments \| Exploration and Production
Property, Plant and Equipment [Line Items]
Unproved properties	164	168
Proved properties	2,930	3,304
Wells, equipment and related facilities	23,224	28,404
Total — at cost	26,318	31,876
Operating Segments \| Midstream
Property, Plant and Equipment [Line Items]
Total — at cost	4,163	3,904
Corporate, Interest and Other
Property, Plant and Equipment [Line Items]
Total — at cost	38	40
Property, plant and equipment, net	$ 11	$ 12

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) Well	Dec. 31, 2019 USD ($) Well	Dec. 31, 2018 USD ($) Well
Property, Plant and Equipment [Abstract]
Beginning balance	$ 584	$ 418	$ 304
Additions to capitalized exploratory well costs pending the determination of proved reserves	111	224	128
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(111)	(58)	0
Capitalized exploratory well costs charged to expense	(125)	0	(14)
Ending balance	$ 459	$ 584	$ 418
Number of Wells at December 31 \| Well	22	31	24

Property, Plant and Equipment - Exploratory Drilling Costs Capitalized (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 342
2019
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	173
2018
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	105
2017
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	27
2016
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	0
2015
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 37

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) well	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Capitalized Exploratory Well Costs [Line Items]
Charge to write-off previously capitalized exploratory wells	$ 125	$ 0	$ 14
Capitalized exploratory well costs that have been capitalized for period greater than one year	342
Well costs incurred and expensed	67	$ 49	$ 151
Shenzi Field
Capitalized Exploratory Well Costs [Line Items]
Charge to write-off previously capitalized exploratory wells	$ 125
Project interest percentage	28.00%
Aspy Exploration Well in Canada, Offshore Nova Scotia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage			50.00%
Capitalized exploratory well costs that have been capitalized for period greater than one year			$ 120	$ 14
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	85.00%
Project participation interest percentage	30.00%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	10.00%
Project participation interest percentage	50.00%
Successful exploration wells \| well	3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	5.00%
Project participation interest percentage	50.00%
Successful exploration wells \| well	1

Hess Midstream (Detail) MMcf in Millions, $ in Millions								12 Months Ended
Hess Midstream (Detail) MMcf in Millions, $ in Millions	Dec. 16, 2019 USD ($) shares	Dec. 15, 2019	Mar. 22, 2019 USD ($)	Mar. 01, 2019 USD ($)	Jan. 25, 2018 MMcf	Apr. 10, 2017 USD ($) shares	Jul. 01, 2015 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 21, 2015
Variable Interest Entity [Line Items]
Liabilities								$ 12,486.0	$ 12,076.0
Cash and cash equivalents								1,739.0	1,545.0
Property, plant and equipment, net								$ 14,115.0	16,814.0
Hess Infrastructure Partners LP (HIP) \| Global Infrastructure Partners (GIP)
Variable Interest Entity [Line Items]
Noncontrolling interest ownership percentage		50.00%
Hess Infrastructure Partners LP's IPO of Hess Midstream Partners LP
Variable Interest Entity [Line Items]
Initial public offering common units sold (in shares) \| shares						16,997,000
Percentage of limited partnership interest in Hess Midstream Partners						30.50%
Net proceeds from initial public offering						$ 365.5
Percentage of general partnership interest						2.00%
Hess North Dakota Export Logistics Operations LP \| Hess Infrastructure Partners LP (HIP)
Variable Interest Entity [Line Items]
Controlling economic interest, percentage						20.00%
Hess Mentor Storage Holdings LLC \| Hess Infrastructure Partners LP (HIP)
Variable Interest Entity [Line Items]
Controlling economic interest, percentage						100.00%
Hess Midstream Partners LP (Hess Midstream Partners) \| Hess Infrastructure Partners LP (HIP)
Variable Interest Entity [Line Items]
Acquired ownership interest percentage	80.00%
Hess Midstream Partners LP (Hess Midstream Partners) \| Global Infrastructure Partners (GIP)
Variable Interest Entity [Line Items]
Percentage of limited partnership interest in Hess Midstream Partners						33.75%
Indirect ownership interest through Hess Infrastructure Partners LP (HIP), percentage						50.00%
Hess Midstream Partners LP (Hess Midstream Partners) \| LM4
Variable Interest Entity [Line Items]
Gas plant processing capacity \| MMcf					200
Joint venture percentage owned by Targa Resources Corp					50.00%
HIP Acquisition of Hess' Existing Water Services Business
Variable Interest Entity [Line Items]
Acquisition of water business - cash paid				$ 225.0
Sale of water management business, after-tax gain offset to noncontrolling interests				$ 78.0
HIP and Hess Midstream Partners Acquisition of Water Gathering Assets of Summit Midstream Partners LP’s Tioga Gathering System
Variable Interest Entity [Line Items]
Cash consideration			$ 90.0
Contingent payments subject to certain future performance			$ 10.0
Creation of Hess Midstream LP
Variable Interest Entity [Line Items]
Cash received	$ 301.0
Class B units issued to Hess Corporation (in shares) \| shares	115,000,000
Common stock exchange ratio	100.00%							100.00%
Creation of Hess Midstream LP \| Global Infrastructure Partners (GIP)
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	47.00%
Hess Midstream LP
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity								47.00%
Cash and cash equivalents								$ 3.0	3.0
Property, plant and equipment, net								3,111.0	3,010.0
Hess Midstream LP \| Nonrecourse
Variable Interest Entity [Line Items]
Liabilities								2,026.0	1,941.0
Hess Midstream LP \| LM4
Variable Interest Entity [Line Items]
Equity method investment								$ 108.0	$ 108.0
Hess Corporation \| Hess Infrastructure Partners LP (HIP)
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity		50.00%
Percentage of interest sold										50.00%
Proceeds from sale of interest							$ 2,600.0
Hess Corporation \| Creation of Hess Midstream LP \| Class A Shares
Variable Interest Entity [Line Items]
Percentage of Class A Shares owned by public shareholders	6.00%
Hess Corporation \| Hess Midstream LP
Variable Interest Entity [Line Items]
Ownership percentage in variable interest entity	47.00%

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 345	$ 616
Accrued operating and marketing expenditures	325	479
Accrued payments to royalty and working interest owners	170	260
Accrued interest on debt	126	126
Accrued compensation and benefits	117	166
Current portion of asset retirement obligations	105	127
Other accruals	63	29
Accrued liabilities	$ 1,251	$ 1,803

Leases - Schedule of Consolidated Balance Sheet Information Related to Operating and Finance Leases (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets — net	$ 426	$ 447
Finance lease right-of-use assets — net	168	299
Operating Leases, Lease obligations:
Operating Lease, Liability, Current	63	182
Operating Lease, Liability, Noncurrent	478	353
Total lease obligations	541	535
Financing Leases, Lease obligations:
Finance Lease, Liability, Current	18	17
Finance Lease, Liability, Noncurrent	220	238
Total lease obligations	238	255
Finance lease ROU assets cost	212	381
Finance lease ROU assets accumulated amortization	$ 44	$ 82
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	hes:OperatingAndFinanceLeaseLiabilitiesCurrent	hes:OperatingAndFinanceLeaseLiabilitiesCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	hes:OperatingAndFinanceLeaseLiabilitiesCurrent	hes:OperatingAndFinanceLeaseLiabilitiesCurrent

Leases - Schedule of Maturities of Lease Obligations (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
2021	$ 83
2022	83
2023	72
2024	71
2025	67
Remaining years	287
Total lease payments	663
Less: Imputed interest	(122)
Total lease obligations	541	$ 535
Finance Leases
2021	36
2022	36
2023	36
2024	36
2025	36
Remaining years	176
Total lease payments	356
Less: Imputed interest	(118)
Total lease obligations	$ 238	$ 255

Leases - Summary of Information Relates to Operating and Finance Leases Recorded (Detail)	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Weighted average remaining lease term	10 years 3 months 18 days	5 years 4 months 24 days
Weighted average discount rate	4.00%	4.30%
Finance Leases
Weighted average remaining lease term	12 years 9 months 18 days	13 years 9 months 18 days
Range of remaining lease terms	12 years 9 months 18 days	13 years 9 months 18 days
Weighted average discount rate	7.90%	7.90%
Minimum
Operating Leases
Range of remaining lease terms	1 month 6 days	1 month 6 days
Maximum
Operating Leases
Range of remaining lease terms	15 years 6 months	16 years 1 month 6 days

Leases - Components of Lease Costs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease cost	$ 200	$ 414
Finance lease cost: Amortization of leased assets	31	43
Finance lease cost: Interest on lease obligations	20	21
Short-term lease cost	199	164
Variable lease cost	38	89
Sublease income	(15)	(12)
Total lease cost	$ 473	$ 719
Total rental expense			$ 154
Income from subleases			$ 8

Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease obligations:
Operating Leases, Operating cash flows	$ 218	$ 419
Finance lease cost: Interest on lease obligations	20	21
Finance Leases, Financing cash flows	17	55
Noncash transactions:
Operating Leases, Leased assets recognized for new lease obligations incurred	51	14
Finance Leases, Leased assets recognized for new lease obligations incurred	0	0
Operating Leases, Changes in leased assets and lease obligations due to lease modifications	123	14
Finance Leases, Changes in leased assets and lease obligations due to lease modifications	$ 0	$ 0

Leases - Additional Information (Detail)	12 Months Ended
Leases - Additional Information (Detail)	Dec. 31, 2020
Leases [Line Items]
Lease obligations as percentage of present value of future minimum lease payments in lease arrangement	100.00%
Lease payments as a percentage of lease costs	100.00%
Floating, Storage and Offloading Vessel
Leases [Line Items]
Finance lease term	12 years 9 months 18 days

Debt - Components of Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Current maturities of long-term debt	$ 10	$ 0
Long-term debt	8,286	7,142
Total Debt	$ 8,296	7,142
3.5% Due 2024
Debt Instrument [Line Items]
Coupon rate	3.50%
4.3% due 2027
Debt Instrument [Line Items]
Coupon rate	4.30%
7.9% Due 2029
Debt Instrument [Line Items]
Coupon rate	7.90%
7.3% Due 2031
Debt Instrument [Line Items]
Coupon rate	7.30%
7.1% Due 2033
Debt Instrument [Line Items]
Coupon rate	7.10%
6.0% Due 2040
Debt Instrument [Line Items]
Coupon rate	6.00%
5.6% Due 2041
Debt Instrument [Line Items]
Coupon rate	5.60%
5.8% Due 2047
Debt Instrument [Line Items]
Coupon rate	5.80%
5.6% Due 2026
Debt Instrument [Line Items]
Coupon rate	5.625%
5.125% Due 2028
Debt Instrument [Line Items]
Coupon rate	5.125%
Hess Corporation
Debt Instrument [Line Items]
Fixed-rate notes	$ 5,393	5,388
Term loan	988	0
Fair value adjustments - interest rate hedging	5	1
Total Debt	6,386	5,389
Hess Corporation \| 3.5% Due 2024
Debt Instrument [Line Items]
Fixed-rate notes	299	298
Hess Corporation \| 4.3% due 2027
Debt Instrument [Line Items]
Fixed-rate notes	994	992
Hess Corporation \| 7.9% Due 2029
Debt Instrument [Line Items]
Fixed-rate notes	464	463
Hess Corporation \| 7.3% Due 2031
Debt Instrument [Line Items]
Fixed-rate notes	628	628
Hess Corporation \| 7.1% Due 2033
Debt Instrument [Line Items]
Fixed-rate notes	537	537
Hess Corporation \| 6.0% Due 2040
Debt Instrument [Line Items]
Fixed-rate notes	741	741
Hess Corporation \| 5.6% Due 2041
Debt Instrument [Line Items]
Fixed-rate notes	1,236	1,235
Hess Corporation \| 5.8% Due 2047
Debt Instrument [Line Items]
Fixed-rate notes	494	494
Midstream
Debt Instrument [Line Items]
Term loan	395	394
Total Debt	1,910	1,753
Midstream \| Revolving Credit Facility
Debt Instrument [Line Items]
Total Debt	184	32
Midstream \| 5.6% Due 2026
Debt Instrument [Line Items]
Fixed-rate notes	789	787
Midstream \| 5.125% Due 2028
Debt Instrument [Line Items]
Fixed-rate notes	$ 542	$ 540

Debt - Maturity Profile of Total Debt (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
2021	$ 10
2022	20
2023	1,030
2024	824
2025	0
Thereafter	6,488
Total Borrowings	8,372
Less: Deferred financing costs and discounts	(76)
Total Debt (excluding interest)	8,296
Hess Corporation
Debt Instrument [Line Items]
2021	0
2022	0
2023	1,000
2024	300
2025	0
Thereafter	5,138
Total Borrowings	6,438
Less: Deferred financing costs and discounts	(52)
Total Debt (excluding interest)	6,386
Midstream
Debt Instrument [Line Items]
2021	10
2022	20
2023	30
2024	524
2025	0
Thereafter	1,350
Total Borrowings	1,934
Less: Deferred financing costs and discounts	(24)
Total Debt (excluding interest)	$ 1,910

Debt - Other Outstanding Letters of Credit (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Other outstanding letters of credit	$ 269	$ 272
Committed Lines
Line of Credit Facility [Line Items]
Other outstanding letters of credit	54	54
Uncommitted Lines
Line of Credit Facility [Line Items]
Other outstanding letters of credit	$ 215	$ 218

Debt - Additional Information (Detail) - USD ($)		12 Months Ended
Debt - Additional Information (Detail) - USD ($)	Dec. 16, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 30, 2017
Debt Instrument [Line Items]
Capitalized interest		$ 0	$ 38,000,000	$ 20,000,000
Outstanding amount of letters of credit		269,000,000	$ 272,000,000
Line of credit, increase to maximum borrowing capacity		$ 1,730,000,000
Hess Midstream Operations LP
Debt Instrument [Line Items]
Ratio of debt to EBITDA ratio for prior four fiscal quarter - Maximum			500.00%
Ratio of debt to EBITDA ratio for period after acquisitions - Maximum			550.00%
Secured leverage ratio - Maximum			400.00%
Midstream \| Hess Infrastructure Partners LP (HIP)
Debt Instrument [Line Items]
Principal amount	$ 800,000,000		$ 800,000,000
3-Year Term Loan Agreement
Debt Instrument [Line Items]
Term loan period		3 years
Interest rate increase		0.25%
Maximum borrowing capacity		$ 1,000,000,000
3-Year Term Loan Agreement \| LIBOR
Debt Instrument [Line Items]
Interest rate applicable margin		2.25%
Hess Corp - Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility - Outstanding amount		$ 0
Maximum borrowing capacity			$ 3,500,000,000
Outstanding amount of letters of credit		$ 0
Debt instrument covenant, debt to capital ratio		65.00%
Debt instrument covenant, secured debt to net tangible assets ratio		15.00%
Hess Corp - Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Interest rate applicable margin			1.30%
5-Year Senior Secured Revolving Credit Facility \| Hess Infrastructure Partners (HIP)
Debt Instrument [Line Items]
Term loan period	5 years
Maximum borrowing capacity	$ 600,000,000
Senior Secured Term Loan A Facility \| Hess Infrastructure Partners LP (HIP)
Debt Instrument [Line Items]
Principal amount	190,000,000
Senior Secured Term Loan A Facility \| Hess Infrastructure Partners (HIP)
Debt Instrument [Line Items]
Principal amount	$ 200,000,000
4-Year Senior Secured Syndicated Revolving Credit Facility \| Hess Midstream Partners LP (Hess Midstream Partners)
Debt Instrument [Line Items]
Term loan period			4 years
Maximum borrowing capacity			$ 300,000,000
5-Year Senior Secured Syndicated Revolving Credit Facility \| Hess Midstream Operations LP
Debt Instrument [Line Items]
Principal amount			$ 1,000,000,000.0
Term loan period			5 years
5-year Term Loan A facility \| Hess Midstream Operations LP
Debt Instrument [Line Items]
Term loan period			5 years
5-year Term Loan A facility \| Hess Midstream Operations LP \| Minimum
Debt Instrument [Line Items]
Interest rate applicable margin			1.55%
5-year Term Loan A facility \| Hess Midstream Operations LP \| Maximum
Debt Instrument [Line Items]
Interest rate applicable margin			2.50%
5-year Term Loan A facility \| Hess Midstream Partners LP (Hess Midstream Partners)
Debt Instrument [Line Items]
Principal amount			$ 400,000,000
Cash received			$ 210,000,000
5-Year Syndicated Revolving Credit Facility \| Hess Midstream Operations LP
Debt Instrument [Line Items]
Term loan period			5 years
5-Year Syndicated Revolving Credit Facility \| Hess Midstream Operations LP \| Minimum
Debt Instrument [Line Items]
Interest rate applicable margin			1.275%
5-Year Syndicated Revolving Credit Facility \| Hess Midstream Operations LP \| Maximum
Debt Instrument [Line Items]
Interest rate applicable margin			2.00%
Revolving Credit Facility \| Hess Midstream Operations LP
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 184,000,000
Term Loan A Facility \| Hess Midstream Operations LP
Debt Instrument [Line Items]
Maximum borrowing capacity		400,000,000
Hess Fixed-Rate Notes
Debt Instrument [Line Items]
Principal amount		$ 5,438,000,000	$ 5,438,000,000
Weighted average interest rate		5.90%	5.90%
Debt instrument covenant, secured debt to net tangible assets ratio		15.00%
5.625% Senior Notes Due in 2026 \| Midstream \| Hess Infrastructure Partners LP (HIP)
Debt Instrument [Line Items]
Principal amount					$ 800,000,000
Debt instrument interest rate					5.625%
5.125% senior unsecured notes due in 2028 \| Midstream \| Hess Midstream Operations LP
Debt Instrument [Line Items]
Principal amount			$ 550,000,000
Debt instrument interest rate			5.125%

Asset Retirement Obligations - Changes to Asset Retirement Obligations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations at beginning of period	$ 1,024	$ 857
Liabilities incurred	36	72
Liabilities settled or disposed of	(161)	(75)
Accretion expense	46	40
Revisions of estimated liabilities	52	129
Foreign currency remeasurement	2	1
Asset retirement obligations at end of period	999	1,024
Current portion of asset retirement obligations			$ 105	$ 127
Long-term asset retirement obligations			894	897
Asset Retirement Obligation	$ 999	$ 857	$ 999	$ 1,024

Asset Retirement Obligations - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Fair value of sinking fund deposits legally restricted for purposes of settling asset retirement obligations	$ 207	$ 178

Retirement Plans - Change in Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Pension Plans and Postretirement Medical Plan (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Change in Fair Value of Plan Assets
Beginning balance	$ 2,732
Ending balance	3,043	$ 2,732
Lump-sum settlement payment included in Benefit payments	23	27
Funded Pension Plans
Change in Benefit Obligation
Beginning balance	2,667	2,492
Service cost	37	33
Interest cost	68	82
Actuarial (gains) loss	385	401
Single premium annuity contract payment	0	(249)
Benefit payments	(93)	(113)
Foreign currency exchange rate changes	21	21
Ending balance	3,085	2,667
Change in Fair Value of Plan Assets
Beginning balance	2,732	2,568
Actual return on plan assets	378	462
Employer contributions	4	40
Single premium annuity contract payment	0	(249)
Benefit payments	(93)	(113)
Foreign currency exchange rate changes	22	24
Ending balance	3,043	2,732
Funded Status (Plan assets greater (less) than benefit obligations) at December 31,	(42)	65
Unrecognized Net Actuarial (Gains) Losses	900	756
Actuarial gains/losses resulted from a change	(385)	(401)
Accumulated benefit obligation	2,993	2,580
Unfunded Pension Plan
Change in Benefit Obligation
Beginning balance	242	216
Service cost	13	11
Interest cost	5	7
Actuarial (gains) loss	26	22
Single premium annuity contract payment	0	0
Benefit payments	(17)	(14)
Foreign currency exchange rate changes	0	0
Ending balance	269	242
Change in Fair Value of Plan Assets
Beginning balance	0	0
Actual return on plan assets	0	0
Employer contributions	17	14
Single premium annuity contract payment	0	0
Benefit payments	(17)	(14)
Foreign currency exchange rate changes	0	0
Ending balance	0	0
Funded Status (Plan assets greater (less) than benefit obligations) at December 31,	(269)	(242)
Unrecognized Net Actuarial (Gains) Losses	86	65
Actuarial gains/losses resulted from a change	(26)	(22)
Accumulated benefit obligation	228	194
Postretirement Medical Plan
Change in Benefit Obligation
Beginning balance	75	59
Service cost	3	2
Interest cost	1	2
Actuarial (gains) loss	(8)	19
Single premium annuity contract payment	0	0
Benefit payments	(6)	(7)
Foreign currency exchange rate changes	0	0
Ending balance	65	75
Change in Fair Value of Plan Assets
Beginning balance	0	0
Actual return on plan assets	0	0
Employer contributions	6	7
Single premium annuity contract payment	0	0
Benefit payments	(6)	(7)
Foreign currency exchange rate changes	0	0
Ending balance	0	0
Funded Status (Plan assets greater (less) than benefit obligations) at December 31,	(65)	(75)
Unrecognized Net Actuarial (Gains) Losses	(19)	(12)
Actuarial gains/losses resulted from a change	8	(19)
Changes in Discount Rate
Change in Benefit Obligation
Actuarial (gains) loss	(387)	(465)
Change in Fair Value of Plan Assets
Actuarial gains/losses resulted from a change	387	465
Changes in Mortality Improvement
Change in Benefit Obligation
Actuarial (gains) loss	(18)	(13)
Change in Fair Value of Plan Assets
Actuarial gains/losses resulted from a change	$ 18	$ 13

Retirement Plans - Amounts Recognized in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive (gain) loss related to retirement plans, after-tax - Deficit	$ 759	$ 601
Funded Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	45	71
Current liabilities	0	0
Noncurrent liabilities	(87)	(6)
Pension assets / (accrued benefit liability)	(42)	65
Accumulated other comprehensive loss, pre-tax	900	756
Unfunded Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(49)	(32)
Noncurrent liabilities	(220)	(210)
Pension assets / (accrued benefit liability)	(269)	(242)
Accumulated other comprehensive loss, pre-tax	86	65
Postretirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	0	0
Current liabilities	(7)	(8)
Noncurrent liabilities	(58)	(67)
Pension assets / (accrued benefit liability)	(65)	(75)
Accumulated other comprehensive loss, pre-tax	$ (19)	$ (12)

Retirement Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Settlement loss		$ 0	$ 93	$ 4
Net non-service pension (income) costs included in Other, net		(59)	55	(61)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost		50	44	42
Interest cost		73	89	91
Expected return on plan assets		(180)	(180)	(194)
Amortization of unrecognized net actuarial losses (gains)		48	52	39
Settlement loss	$ (88)	0	93	4
Curtailment gain		0	0	0
Net Periodic Benefit Cost		(9)	98	(18)
Postretirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost		3	2	2
Interest cost		1	2	3
Expected return on plan assets		0	0	0
Amortization of unrecognized net actuarial losses (gains)		(1)	(1)	(2)
Settlement loss		0	0	0
Curtailment gain		0	0	(2)
Net Periodic Benefit Cost		$ 3	$ 3	$ 1

Retirement Plans - Actuarial Assumptions Used for Pension Plans & Postretirement Medical Plan (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Plans
Benefit Obligations:
Discount rate	2.20%	2.90%	3.90%
Rate of compensation increase	3.80%	3.80%	3.80%
Net Periodic Benefit Cost:
Discount rate, Service cost	3.20%	3.90%	3.90%
Discount rate, Interest cost	2.60%	3.40%	3.30%
Expected return on plan assets	6.70%	7.10%	7.20%
Rate of compensation increase	3.80%	3.80%	4.50%
Postretirement Medical Plan
Benefit Obligations:
Discount rate	1.90%	2.80%	3.90%
Initial health care trend rate	6.00%	6.50%	6.90%
Ultimate trend rate	4.50%	4.50%	4.50%
Year in which ultimate trend rate is reached	2038	2038	2038

Retirement Plans - Estimated Future Benefit Payments for Funded and Unfunded Pension Plans and Postretirement Medical Plan (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Retirement Benefits [Abstract]
2021	$ 151
2022	134
2023	133
2024	137
2025	130
Years 2026 to 2030	$ 687

Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Settlement loss			$ 0	$ 93	$ 4
Budgeted contributions to funded pension plans for next year			4
Expense for defined contribution plans			$ 22	20	19
Scenario Forecast
Defined Benefit Plan Disclosure [Line Items]
Service costs		$ 55
Net non-service pension costs		85
Interest costs		55
Amortization of unrecognized net actuarial losses		(55)
Expected return on plan assets		$ 195
Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Current target allocations for plan assets			45.00%
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Current target allocations for plan assets			35.00%
Other Types of Investments
Defined Benefit Plan Disclosure [Line Items]
Current target allocations for plan assets			20.00%
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Single premium annuity contract cost				249
Settlement loss	$ (88)		$ 0	93	4
Service costs			50	44	42
Interest costs			73	89	91
Amortization of unrecognized net actuarial losses			48	52	39
Expected return on plan assets			$ 180	$ 180	$ 194

Revenue (Detail) - USD ($) $ in Millions	12 Months Ended
Revenue (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 4,094	$ 6,456	$ 6,458
Other operating revenues	573	39	(135)
Total sales and other operating revenues	4,667	6,495	6,323
Gain (loss) on commodity derivatives	547	1	(183)
Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,363	3,660	3,523
Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	253	229	308
Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	631	829	859
Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	847	1,738	1,768
Exploration and Production
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	4,667	6,495	6,323
Exploration and Production \| Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	2,363	3,660	3,523
Exploration and Production \| Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	253	229	308
Exploration and Production \| Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	631	829	859
Exploration and Production \| Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	847	1,738	1,768
Exploration and Production \| United States \| Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,898	2,981	2,832
Exploration and Production \| United States \| Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	253	229	308
Exploration and Production \| United States \| Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	144	150	176
Exploration and Production \| United States \| Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	831	1,644	1,661
Exploration and Production \| Guyana \| Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	278	0	0
Exploration and Production \| Guyana \| Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Exploration and Production \| Guyana \| Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Exploration and Production \| Guyana \| Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	5	0	0
Exploration and Production \| Malaysia and JDA \| Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34	113	104
Exploration and Production \| Malaysia and JDA \| Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Exploration and Production \| Malaysia and JDA \| Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	477	646	651
Exploration and Production \| Malaysia and JDA \| Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	3	14
Exploration and Production \| Other \| Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	153	566	587
Exploration and Production \| Other \| Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Exploration and Production \| Other \| Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	10	33	32
Exploration and Production \| Other \| Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	11	91	93
Midstream
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	0	0	0
Midstream \| Crude Oil Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Midstream \| Natural Gas Liquids Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Midstream \| Natural Gas Revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Midstream \| Sales of Purchased Oil and Gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Operating Segments \| United States
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	3,604	5,043	4,842
Operating Segments \| Guyana
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	350	0	0
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	202	690	712
Operating Segments \| Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4,094	6,456	6,458
Other operating revenues	573	39	(135)
Total sales and other operating revenues	4,667	6,495	6,323
Operating Segments \| Exploration and Production \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3,126	5,004	4,977
Other operating revenues	478	39	(135)
Total sales and other operating revenues	3,604	5,043	4,842
Operating Segments \| Exploration and Production \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	283	0	0
Other operating revenues	67	0	0
Total sales and other operating revenues	350	0	0
Operating Segments \| Exploration and Production \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	511	762	769
Other operating revenues	0	0	0
Total sales and other operating revenues	511	762	769
Operating Segments \| Exploration and Production \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	174	690	712
Other operating revenues	28	0	0
Total sales and other operating revenues	202	690	712
Operating Segments \| Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,092	848	713
Other operating revenues	0	0	0
Total sales and other operating revenues	1,092	848	713
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(1,092)	(848)	(713)
Other operating revenues	0	0	0
Total sales and other operating revenues	(1,092)	(848)	(713)
Eliminations \| Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Total sales and other operating revenues	0	0	0
Eliminations \| Exploration and Production \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Eliminations \| Exploration and Production \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Eliminations \| Exploration and Production \| Malaysia and JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Eliminations \| Exploration and Production \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0	0
Eliminations \| Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,092	848	713
Total sales and other operating revenues	$ 1,092	$ 848	$ 713

Dispositions (Detail) - USD ($) $ in Millions	12 Months Ended
Dispositions (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from asset sales	$ 493	$ 22	$ 607
Gain (loss) on asset sales, pre-tax	$ 87	22	32
Shenzi Field
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Project interest percentage	28.00%
Proceeds from asset sales	$ 482
Gain (loss) on asset sales, pre-tax	79
Gain (loss) on asset sale, after income taxes	$ 79
Ghana
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from asset sales			25
Gain (loss) on asset sales, pre-tax			10
Gain (loss) on asset sale, after income taxes			10
Agreement entered to sell interest, total consideration			100
Further payment consideration			75
Utica Shale Play \| Eastern Ohio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from asset sales		22	396
Gain (loss) on asset sales, pre-tax		22	14
Gain (loss) on asset sale, after income taxes		$ 22	$ 14

Impairment (Detail) $ in Millions	3 Months Ended	12 Months Ended
Impairment (Detail) $ in Millions	Mar. 31, 2020 USD ($) $ / bbl	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Impairments [Line Items]
Impairment charge, pre-tax		$ 2,126	$ 0	$ 0
Oil and Gas Properties
Impairments [Line Items]
Fair value of estimated impairment charges determined using internal projected discounted cash flows	$ 1,050
Weighted average crude oil benchmark price for impaired assets (US dollar per barrel) \| $ / bbl	48.82
Discount rate used in fair value measurements	10.00%
Oil and Gas Properties \| West Texas Intermediate
Impairments [Line Items]
Future strip crude oil price (US dollar per barrel) used in impairment \| $ / bbl	50
Oil and Gas Properties \| Brent
Impairments [Line Items]
Future strip crude oil price (US dollar per barrel) used in impairment \| $ / bbl	55
Oil and Gas Properties \| North Malay Basin Field \| Malaysia
Impairments [Line Items]
Impairment charge, pre-tax		755
Impairment charge, after income taxes		755
Oil and Gas Properties \| South Arne Field \| DENMARK
Impairments [Line Items]
Impairment charge, pre-tax		670
Impairment charge, after income taxes		594
Oil and Gas Properties \| Stampede Field \| Gulf of Mexico
Impairments [Line Items]
Impairment charge, pre-tax		410
Impairment charge, after income taxes		410
Oil and Gas Properties \| Tubular Bells Field \| Gulf of Mexico
Impairments [Line Items]
Impairment charge, pre-tax		270
Impairment charge, after income taxes		$ 270
Other Assets
Impairments [Line Items]
Impairment charge, pre-tax	$ 21
Impairment charge, after income taxes	$ 20

Exit and Disposal Costs (Detail) - USD ($) $ in Millions	12 Months Ended
Exit and Disposal Costs (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring and Related Activities [Abstract]
Severance expense	$ 27		$ 38
Accrued severance costs paid	$ 20	$ 4	$ 40

Share-based Compensation - Share-based Compensation Activity (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense before income taxes	$ 79	$ 85	$ 72
Income tax benefit on share-based compensation expense	0	0	0
Restricted Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense before income taxes	51	53	40
Performance Share Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense before income taxes	18	22	22
Stock Options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense before income taxes	$ 10	$ 10	$ 10

Share-based Compensation - Summary of Restricted Stock Award Activity (Detail) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards - Outstanding at beginning of period (in shares)	2,014
Awards - Granted (in shares)	1,122
Awards - Vested (in shares)	(1,028)
Awards - Forfeited (in shares)	(191)
Awards - Outstanding at end of period (in shares)	1,917	2,014
Weighted average fair value on date of grant - Outstanding at beginning of period (in dollars per share)	$ 53.61
Weighted average fair value on date of grant - Granted (in dollars per share)	49.71
Weighted average fair value on date of grant - Vested (in dollars per share)	52.67
Weighted average fair value on date of grant - Forfeited (in dollars per share)	52.54
Weighted average fair value on date of grant - Outstanding at end of period (in dollars per share)	$ 51.94	$ 53.61
Fair value of vested shares	$ 51	$ 102	$ 54

Share-based Compensation - Summary of PSU Activity (Detail) - Performance Share Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards - Outstanding at beginning of period (in shares)	929
Awards - Granted (in shares)	308
Awards - Vested (in shares)	(416)
Awards - Forfeited (in shares)	(15)
Awards - Outstanding at end of period (in shares)	806	929
Weighted average fair value on date of grant - Outstanding at beginning of period (in dollars per share)	$ 59.57
Weighted average fair value on date of grant - Granted (in dollars per share)	58.14
Weighted average fair value on date of grant - Vested (in dollars per share)	52.86
Weighted average fair value on date of grant - Forfeited (in dollars per share)	66.63
Weighted average fair value on date of grant - Outstanding at end of period (in dollars per share)	$ 62.36	$ 59.57
Fair value of vested shares	$ 48	$ 16	$ 9

Share-based Compensation - Weighted Average Assumptions Utilized to Estimate Fair Value of PSU Awards (Detail) - Performance Share Units - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.52%	2.48%	2.39%
Stock price volatility	37.40%	36.90%	40.00%
Contractual term in years	3 years	3 years	3 years
Grant date price of Hess common stock (in dollars per share)	$ 49.72	$ 56.74	$ 48.48

Share-based Compensation - Summary of Stock Option Activity (Detail) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Options - Outstanding at beginning of period (in shares)	4,301
Options - Granted (in shares)	686
Options - Exercised (in shares)	(261)	(700)	(600)
Options - Cancelled (in shares)	(301)
Options - Forfeited (in shares)	(43)
Options - Outstanding at end of period (in shares)	4,382	4,301
Weighted average exercise price per share - Outstanding at beginning of period (in dollars per share)	$ 63.24
Weighted average exercise price per share - Granted (in dollars per share)	49.72
Weighted average exercise price per share - Exercised (in dollars per share)	59.88
Weighted average exercise price per share - Cancelled (in dollars per share)	61.13
Weighted average exercise price per share - Forfeited (in dollars per share)	52.70
Weighted average exercise price per share - Outstanding at end of period (in dollars per share)	$ 61.57	$ 63.24
Weighted average remaining contractual term - Outstanding	5 years 1 month 6 days	4 years 9 months 18 days

Share-based Compensation - Weighted Average Assumptions Utilized to Estimate the Fair Value of Stock Options (Detail) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	0.64%	2.55%	2.74%
Stock price volatility	37.20%	35.90%	32.20%
Dividend yield	2.01%	1.76%	2.06%
Expected life in years	6 years	6 years	6 years
Weighted average fair value per option granted (in dollars per share)	$ 14.30	$ 18.08	$ 13.69

Share-based Compensation - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of authorized common stock shares under LTIP (in shares)	51,500,000
Number of shares under LTIP, available for issuance of restricted common shares, performance share units and stock options	13,000,000.0
Unearned compensation expense, before income taxes due 2021	$ 49.0
Unearned compensation expense, before income taxes due 2022	26.0
Unearned compensation expense, before income taxes due 2023	$ 4.0
Outstanding stock options (in shares)	4,382,000	4,301,000
Number of stock options, exercisable (in shares)	3,200,000
Weighted average remaining contractual term - Outstanding	5 years 1 month 6 days	4 years 9 months 18 days
Weighted average remaining contractual life for options, exercisable	3 years 9 months 18 days
Aggregated intrinsic value	$ 9.3
Aggregated intrinsic value for exercisable options	$ 6.3
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
PSU awards, fair value assumption method used	Monte Carlo simulation
Performance period	3 years
Minimum PSU awards payout	0.00%
Maximum PSU awards payout	200.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Contractual term of stock options	10 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States - Federal, Current income tax expense (benefit)	$ (4)	$ (1)	$ 1
United States - Federal, Deferred income taxes and other accruals expense (benefit)	6	72	(74)
United States - State, Current & Deferred income taxes and other accruals expense (benefit)	(1)	16	(45)
United States - Current & Deferred income taxes, and other accruals expense (benefit)	1	87	(118)
Foreign - Current income tax expense (benefit)	48	447	455
Foreign - Deferred income taxes and other accruals expense (benefit)	(60)	(73)	(2)
Foreign - Current & Deferred income taxes and other accruals expense (benefit)	(12)	374	453
Provision (Benefit) For Income Taxes	$ (11)	$ 461	$ 335

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States - Income (Loss) Before Income Taxes	$ (1,509)	$ (338)	$ (219)
Foreign - Income (Loss) Before Income Taxes	(1,341)	559	439
Income (Loss) Before Income Taxes	$ (2,850)	$ 221	$ 220

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Effective Income Tax Rate Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. statutory rate	21.00%	21.00%	21.00%
Effect of foreign operations	12.10%	142.90%	141.20%
State income taxes, net of federal income tax	0.10%	5.80%	(18.90%)
Valuation allowance on current year operations	(36.50%)	41.80%	55.20%
Release valuation allowance against previously unbenefited deferred tax assets	0.00%	(24.50%)	0.00%
Noncontrolling interests in Midstream	1.70%	(16.00%)	(15.90%)
Intraperiod allocation	0.00%	33.70%	(37.30%)
Credits	2.00%	0.00%	0.00%
Equity and executive compensation	(0.10%)	2.20%	7.40%
Other	0.10%	1.20%	(0.30%)
Total	0.40%	208.10%	152.40%

Income Taxes - Components of Deferred Tax Liabilities and Deferred Tax Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Liabilities
Property, plant and equipment and investments	$ (847)	$ (1,318)
Other	(45)	(45)
Total Deferred Tax Liabilities	(892)	(1,363)
Deferred Tax Assets
Net operating loss carryforwards	5,037	4,733
Tax credit carryforwards	135	66
Property, plant and equipment and investments	55	206
Accrued compensation, deferred credits and other liabilities	196	179
Asset retirement obligations	252	261
Other	325	317
Total Deferred Tax Assets	6,000	5,762
Valuation allowances	(5,391)	(4,734)
Total deferred tax assets, net of valuation allowances	609	1,028
Net Deferred Tax Assets (Liabilities)	(283)	(335)
Valuation allowance increase (decrease) amount	$ 657	$ (143)	$ (322)

Income Taxes - Deferred Tax Assets and Liabilities, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred income taxes (long-term asset)	$ 59	$ 80
Deferred income taxes (long-term liability)	(342)	(415)
Net Deferred Tax Assets (Liabilities)	$ (283)	$ (335)

Income Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Beginning balance	$ 168	$ 168	$ 205
Additions based on tax positions taken in the current year	2	2	19
Additions based on tax positions of prior years	1	1	36
Reductions based on tax positions of prior years	(2)	(1)	(78)
Reductions due to settlements with taxing authorities	(1)	0	(10)
Reductions due to lapses in statutes of limitation	(2)	(2)	(4)
Ending balance	$ 166	$ 168	$ 168

Income Taxes - Additional Information (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Gross deferred tax asset related to net operating loss carryforwards	$ 5,037,000,000	$ 4,733,000,000
Deferred tax asset related to foreign net operating loss carryforwards, net of valuation allowance	155,000,000
Valuation allowance against net deferred tax assets	5,391,000,000	4,734,000,000
Alternative minimum tax credit carryforwards	49,000,000
Other business credit carryforwards	83,000,000
Foreign tax credit carryforwards - Before valuation allowance	3,000,000
Unrecognized tax benefits that would impact effective income tax rate	16,000,000
Accrued interest and penalties	6,000,000	$ 7,000,000
Minimum
Income Tax Examination [Line Items]
Unrecognized tax benefits decrease reasonably possible	0
Maximum
Income Tax Examination [Line Items]
Unrecognized tax benefits decrease reasonably possible	41,000,000
U.S. Federal
Income Tax Examination [Line Items]
Gross deferred tax asset related to net U.S. federal operating loss carryforwards	3,277,000,000
U.S. Federal \| Midstream
Income Tax Examination [Line Items]
Valuation allowance against net deferred tax assets	3,000,000
U.S. State
Income Tax Examination [Line Items]
Gross deferred tax asset related to net operating loss carryforwards for various U.S. states	639,000,000
U.S. State \| Midstream
Income Tax Examination [Line Items]
Valuation allowance against net deferred tax assets	1,000,000
Foreign
Income Tax Examination [Line Items]
Gross deferred tax asset related to foreign net operating loss carryforwards	$ 1,121,000,000

Outstanding and Weighted Average Common Shares - Net Income (Loss) and Weighted Average Number of Common Shares Used in Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Income (Loss) Attributable to Hess Corporation Common Stockholders:
Net Income (Loss)	$ (2,839)	$ (240)	$ (115)
Less: Net income (loss) attributable to noncontrolling interests	254	168	167
Less: Preferred stock dividends	0	4	46
Net Income (Loss) Attributable to Hess Corporation Common Stockholders	$ (3,093)	$ (412)	$ (328)
Weighted Average Number of Common Shares Outstanding:
Shares outstanding – Basic (in shares)	304.8	301.2	298.2
Diluted (in shares)	304.8	301.2	298.2
Basic (in dollars per share)	$ (10.15)	$ (1.37)	$ (1.10)
Diluted (in dollars per share)	$ (10.15)	$ (1.37)	$ (1.10)
Restricted Common Stock
Weighted Average Number of Common Shares Outstanding:
Antidilutive shares excluded from computation of diluted shares (in shares)	2.1	2.2	2.9
Stock Options
Weighted Average Number of Common Shares Outstanding:
Antidilutive shares excluded from computation of diluted shares (in shares)	4.3	4.7	5.5
Performance Share Units
Weighted Average Number of Common Shares Outstanding:
Antidilutive shares excluded from computation of diluted shares (in shares)	1.1	1.7	1.1
Common Shares from Conversion of Preferred Stocks
Weighted Average Number of Common Shares Outstanding:
Antidilutive shares excluded from computation of diluted shares (in shares)	0.0	0.0	12.7
Restricted Common Stock
Weighted Average Number of Common Shares Outstanding:
Effect of dilutive securities (in shares)	0.0	0.0	0.0
Stock Options
Weighted Average Number of Common Shares Outstanding:
Effect of dilutive securities (in shares)	0.0	0.0	0.0
Performance Share Units
Weighted Average Number of Common Shares Outstanding:
Effect of dilutive securities (in shares)	0.0	0.0	0.0
Mandatory Convertible Preferred Stock
Weighted Average Number of Common Shares Outstanding:
Effect of dilutive securities (in shares)	0.0	0.0	0.0

Outstanding and Weighted Average Common Shares - Changes in Outstanding Common Shares (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Beginning balance (in shares)	304,900	291,400	315,100
Conversion of preferred stock (in shares)	0	11,600	0
Activity related to restricted stock awards, net (in shares)	1,000	900	800
Stock options exercised (in shares)	261	700	600
PSUs vested (in shares)	800	300	100
Shares repurchased (in shares)	0	0	(25,200)
Ending balance (in shares)	307,000	304,900	291,400

Outstanding and Weighted Average Common Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended												12 Months Ended
	Jan. 31, 2019	Feb. 29, 2016	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares repurchased (in shares)															0	0	25,200,000
Common stock repurchased, share repurchase program																	$ 1,380
Average cost per share (in dollars per share)																	$ 54.85
Additional amount of common stock that may be repurchased			$ 650												$ 650
Cash dividends on common stock (in dollars per share)			$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 1.00	$ 1.00	$ 1.00
Series A Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Shares of stock issued (in shares)		575,000
Series A, cumulative mandatory convertible preferred stock - dividend rate		8.00%
Preferred stock, par value (in dollars per share)		$ 1
Preferred stock, liquidation preference per share (in dollars per share)		$ 1,000
Series A Mandatory Convertible Preferred Stock
Class of Stock [Line Items]
Net number of common shares issued upon conversion of preferred stocks (in shares)	11,600,000

Supplementary Cash Flow Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows From Operating Activities
Interest paid	$ (460)	$ (380)	$ (394)
Net income taxes (paid) refunded	(64)	(417)	(463)
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,896)	(2,433)	(1,854)
Additions to property, plant and equipment - Midstream	(301)	(396)	(243)
Exploration and Production
Cash Flows From Investing Activities
Capital expenditures incurred	(1,678)	(2,576)	(1,909)
Increase (decrease) in related liabilities	(218)	143	55
Additions to property, plant and equipment - E&P	(1,896)	(2,433)	(1,854)
Midstream
Cash Flows From Investing Activities
Capital expenditures incurred	(253)	(416)	(271)
Increase (decrease) in related liabilities	(48)	20	28
Additions to property, plant and equipment - Midstream	$ (301)	$ (396)	$ (243)

Supplementary Cash Flow Information - Additional Information (Detail) - USD ($)	Dec. 31, 2019	Dec. 16, 2019
Midstream \| Hess Infrastructure Partners LP (HIP)
Supplementary Cash Flow Information [Line Items]
Debt instrument face amount	$ 800,000,000	$ 800,000,000

Guarantees, Contingencies and Commitments - Schedule of Unconditional Purchase Obligations and Commitments (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Capital Expenditures
Loss Contingencies [Line Items]
Total	$ 2,837
2021	868
2022 and 2023	1,469
2024 and 2025	500
Thereafter	0
Operating Expenses
Loss Contingencies [Line Items]
Total	236
2021	167
2022 and 2023	63
2024 and 2025	5
Thereafter	1
Transportation and Related Contracts
Loss Contingencies [Line Items]
Total	2,867
2021	310
2022 and 2023	756
2024 and 2025	493
Thereafter	$ 1,308

Guarantees, Contingencies and Commitments - Additional Information (Detail) $ in Millions		1 Months Ended
	Mar. 04, 2016 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2020 case
MTBE Cases
Loss Contingencies [Line Items]
Total number of remaining active cases filed \| case			3
Lower Passaic River
Loss Contingencies [Line Items]
Estimated remediation cost	$ 1,380
Gowanus Canal Superfund Site
Loss Contingencies [Line Items]
Estimated remediation cost		$ 506

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of operating segments for the Corporation	2

Segment Information - Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 4,667	$ 6,495	$ 6,323
Net Income (Loss) Attributable to Hess Corporation	(3,093)	(408)	(282)
Interest Expense	468	380	399
Depreciation, Depletion and Amortization	2,074	2,122	1,883
Impairment	2,126
Provision (Benefit) for Income Taxes	(11)	461	335
Investment in Affiliates	212	222
Identifiable Assets	18,821	21,782
Capital Expenditures	1,931	2,992	2,180
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Net Income (Loss) Attributable to Hess Corporation	(482)	(605)	(453)
Interest Expense	373	317	339
Depreciation, Depletion and Amortization	2	3	8
Impairment	0
Provision (Benefit) for Income Taxes	(6)	86	(94)
Investment in Affiliates	0	0
Identifiable Assets	1,534	1,493
Capital Expenditures	0	0	0
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(1,092)	(848)	(713)
Net Income (Loss) Attributable to Hess Corporation	0	0	0
Interest Expense	0	0	0
Depreciation, Depletion and Amortization	0	0	0
Impairment	0
Provision (Benefit) for Income Taxes	0	0	0
Investment in Affiliates	0	0
Identifiable Assets	0	0
Capital Expenditures	0	0	0
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,667	6,495	6,323
Exploration and Production \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,667	6,495	6,323
Net Income (Loss) Attributable to Hess Corporation	(2,841)	53	51
Interest Expense	0	0	0
Depreciation, Depletion and Amortization	1,915	1,977	1,748
Impairment	2,126
Provision (Benefit) for Income Taxes	(12)	375	391
Investment in Affiliates	104	114
Identifiable Assets	13,688	16,790
Capital Expenditures	1,678	2,576	1,909
Exploration and Production \| Operating Segments \| Pro Forma
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Hess Corporation			13
Exploration and Production \| Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Midstream \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,092	848	713
Net Income (Loss) Attributable to Hess Corporation	230	144	120
Interest Expense	95	63	60
Depreciation, Depletion and Amortization	157	142	127
Impairment	0
Provision (Benefit) for Income Taxes	7	0	38
Investment in Affiliates	108	108
Identifiable Assets	3,599	3,499
Capital Expenditures	253	416	271
Midstream \| Operating Segments \| Pro Forma
Segment Reporting Information [Line Items]
Net Income (Loss) Attributable to Hess Corporation			158
Midstream \| Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 1,092	$ 848	$ 713

Segment Information - Financial Information by Major Geographic Area (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 4,667	$ 6,495	$ 6,323
Property, Plant and Equipment, Net	14,115	16,814
Hess Midstream LP
Segment Reporting Information [Line Items]
Property, Plant and Equipment, Net	3,111	3,010
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,667	6,495	6,323
Property, Plant and Equipment, Net	7,273	9,172
Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	4,667	6,495	6,323
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0
Property, Plant and Equipment, Net	11	12
United States \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,604	5,043	4,842
Property, Plant and Equipment, Net	10,384	12,182
United States \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,604	5,043	4,842
Guyana \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	350	0	0
Property, Plant and Equipment, Net	2,114	1,507
Guyana \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	350	0	0
Malaysia and JDA \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	511	762	769
Property, Plant and Equipment, Net	1,067	1,890
Other \| Operating Segments
Segment Reporting Information [Line Items]
Sales and other operating revenues	202	690	712
Property, Plant and Equipment, Net	539	1,223
Other \| Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 202	$ 690	$ 712

Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions	Dec. 31, 2020 USD ($) MMBbls	Dec. 31, 2019 USD ($) MMBbls
Commodity
Derivative [Line Items]
Commodity - crude oil (millions of barrels) \| MMBbls	27.4	54.9
Foreign Exchange
Derivative [Line Items]
Outstanding gross notional amount	$ 163,000,000	$ 90,000,000
Interest Rate Swaps \| Designated as Fair Value Hedges
Derivative [Line Items]
Outstanding gross notional amount	$ 100,000,000	$ 100,000,000

Financial Risk Management Activities - Additional Information (Detail) bbl in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2020 bbl	Dec. 31, 2020 USD ($) bbl / d vlcc $ / bbl bbl	Mar. 31, 2021 bbl	Mar. 01, 2021 bbl / d $ / bbl	Dec. 31, 2019 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of VLCCs \| vlcc		3
Crude oil in transit (in barrels of oil) \| bbl		6.3
Crude oil sold (in barrels of oil) \| bbl	2.1
Accumulated other comprehensive income (loss)		$ (755)			$ (699)
Liability for deferred unrealized losses		55			1
Subsequent Event
Derivative Instruments, Gain (Loss) [Line Items]
Crude oil in transit (in barrels of oil) \| bbl			4.2
Derivative Contracts Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses		$ 54			0
Very Large Crude Carriers (VLCCs)
Derivative Instruments, Gain (Loss) [Line Items]
Number of VLCCs \| vlcc		3
Crude oil in transit (in barrels of oil) \| bbl		6.3
Swap \| Derivative Contracts Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses		$ 54
Swap \| Brent \| Derivative Contracts Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)		16
Liability for deferred unrealized losses		54
Put Option \| Derivative Contracts Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Liability for deferred unrealized losses		$ 0			$ 0
Put Option \| West Texas Intermediate
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl		45
Commodity - crude oil (millions of barrels) \| bbl / d		75,000
Put Option \| West Texas Intermediate \| Derivative Activity - Changed Price
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl		45
Put Option \| West Texas Intermediate \| Subsequent Event
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl				50
Commodity - crude oil (millions of barrels) \| bbl / d				120,000
Put Option \| West Texas Intermediate \| Subsequent Event \| Derivative Activity - Purchased Additional
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl				50
Commodity - crude oil (millions of barrels) \| bbl / d				45,000
Put Option \| West Texas Intermediate \| Subsequent Event \| Derivative Activity - Changed Price
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl				50
Commodity - crude oil (millions of barrels) \| bbl / d				75,000
Put Option \| West Texas Intermediate \| Very Large Crude Carriers (VLCCs) \| Derivative Contracts Designated as Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)		$ 40
Put Option \| Brent \| Subsequent Event
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl				55
Commodity - crude oil (millions of barrels) \| bbl / d				30,000
Put Option \| Brent \| Subsequent Event \| Derivative Activity - Purchased Additional
Derivative Instruments, Gain (Loss) [Line Items]
Average monthly floor price \| $ / bbl				55
Commodity - crude oil (millions of barrels) \| bbl / d				30,000

Financial Risk Management Activities - Gross and Net Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 69	$ 126
Liabilities - Gross fair value of derivative contracts	(55)	(1)
Gross amount offset in the Consolidate Balance Sheet, Assets	(13)	0
Gross amount offset in the Consolidate Balance Sheet, Liabilities	13	0
Derivative Asset	56	126
Derivative Liability	(42)	(1)
Derivative Contracts Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	69	126
Liabilities - Gross fair value of derivative contracts	(54)	0
Derivative Contracts Designated as Hedging Instruments \| Put Option
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	64	125
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Designated as Hedging Instruments \| Swap
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0
Liabilities - Gross fair value of derivative contracts	(54)
Derivative Contracts Designated as Hedging Instruments \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	5	1
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Not Designated as Hedging Instruments
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	(1)	(1)
Derivative Contracts Not Designated as Hedging Instruments \| Foreign Exchange
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts		0
Liabilities - Gross fair value of derivative contracts	$ (1)	$ (1)

Financial Risk Management Activities - Corporate Financial Risk Management Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Rate Swaps \| Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 100,000,000	$ 100,000,000
Unrealized change in fair value of interest rate swaps - increase (decrease) in derivative liability	4,000,000	(3,000,000)	$ 1,000,000
Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	163,000,000	90,000,000
Total foreign exchange gains and (losses) reported in Other, net in Revenues and Non-Operating Income in the Statement of Consolidated Income	(6,000,000)	3,000,000	(5,000,000)
Gain (Loss) on foreign exchange contracts not designated as hedging instruments	2,000,000	(2,000,000)	(2,000,000)
Derivative Contracts Designated as Hedging Instruments \| Commodity Option \| Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings during the next 12 months	4,000,000
Derivative Contracts Designated as Hedging Instruments \| Crude Oil
Derivative Instruments, Gain (Loss) [Line Items]
Increased (decreased) sales and other operating revenue	$ 547,000,000	$ 1,000,000	(161,000,000)
Derivative Contracts Not Designated as Hedging Instruments \| Crude Oil
Derivative Instruments, Gain (Loss) [Line Items]
Crude oil price hedging contracts decreased sales and other operating revenues by this amount, pre-tax			$ 22,000,000

Financial Risk Management Activities - Credit Risk - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Outstanding amount of letters of credit	$ 269	$ 272
Integrated Companies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Accounts receivable - Trade	39.00%
Independent E&P Companies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Accounts receivable - Trade	39.00%
Refining and Marketing Companies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Accounts receivable - Trade	8.00%
National Oil Companies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Accounts receivable - Trade	5.00%
Storage and Transportation Companies
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Accounts receivable - Trade	5.00%
Others
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Accounts receivable - Trade	4.00%

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total long-term debt	$ 8,296
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total long-term debt	8,296
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total long-term debt fair value	$ 9,647

Retirement Plans - Fair Value of Financial Assets of Funded Pension Plans (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	$ 3,043	$ 2,732
Cash and Short-term Investment Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	44	57
U.S. Equities (domestic)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	749	638
International Equities (non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	489	419
Global Equities (domestic and non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	225	204
Treasury and Government Related - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	399	428
Mortgage-backed Securities - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	186	171
Corporate - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	443	375
Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	73	65
Private Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	251	191
Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	184	184
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	746	802
Level 1 \| Cash and Short-term Investment Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	44	57
Level 1 \| U.S. Equities (domestic)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	585	638
Level 1 \| International Equities (non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	94	80
Level 1 \| Global Equities (domestic and non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 1 \| Treasury and Government Related - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 1 \| Mortgage-backed Securities - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 1 \| Corporate - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 1 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 1 \| Private Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 1 \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	23	27
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	898	851
Level 2 \| Cash and Short-term Investment Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 2 \| U.S. Equities (domestic)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 2 \| International Equities (non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	43	37
Level 2 \| Global Equities (domestic and non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	8	8
Level 2 \| Treasury and Government Related - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	350	372
Level 2 \| Mortgage-backed Securities - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	116	141
Level 2 \| Corporate - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	381	293
Level 2 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 2 \| Private Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 2 \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Cash and Short-term Investment Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| U.S. Equities (domestic)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| International Equities (non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Global Equities (domestic and non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Treasury and Government Related - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Mortgage-backed Securities - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Corporate - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Private Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Level 3 \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Net Asset Value
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	1,399	1,079
Net Asset Value \| Cash and Short-term Investment Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	0	0
Net Asset Value \| U.S. Equities (domestic)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	164	0
Net Asset Value \| International Equities (non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	352	302
Net Asset Value \| Global Equities (domestic and non-U.S.)
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	217	196
Net Asset Value \| Treasury and Government Related - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	49	56
Net Asset Value \| Mortgage-backed Securities - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	70	30
Net Asset Value \| Corporate - Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	62	82
Net Asset Value \| Hedge Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	73	65
Net Asset Value \| Private Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	251	191
Net Asset Value \| Real Estate Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of financial assets of funded pension plans	$ 161	$ 157