0001628280-21-009296 | 10-Q | XBRL Viewer

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Cover Page	3 Months Ended
Cover Page	Mar. 31, 2021 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)	308,436,780
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 1,866	$ 1,739
Accounts receivable:
From contracts with customers	860	710
Joint venture and other	151	150
Inventories	219	378
Assets held for sale	229	0
Other current assets	197	104
Total current assets	3,522	3,081
Property, plant and equipment:
Total — at cost	30,642	30,519
Less: Reserves for depreciation, depletion, amortization and lease impairment	16,779	16,404
Property, plant and equipment — net	13,863	14,115
Operating lease right-of-use assets — net	386	426
Finance lease right-of-use assets — net	161	168
Goodwill	360	360
Deferred income taxes	41	59
Other assets	618	612
Total Assets	18,951	18,821
Current Liabilities:
Accounts payable	172	200
Accrued liabilities	1,254	1,251
Taxes payable	168	81
Current maturities of long-term debt	13	10
Current portion of operating and finance lease obligations	83	81
Total current liabilities	1,690	1,623
Long-term debt	8,273	8,286
Long-term operating lease obligations	437	478
Long-term finance lease obligations	215	220
Deferred income taxes	324	342
Asset retirement obligations	758	894
Other liabilities and deferred credits	611	643
Total Liabilities	12,308	12,486
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 308,436,780 shares (2020: 306,980,092)	308	307
Capital in excess of par value	5,779	5,684
Retained earnings	305	130
Accumulated other comprehensive income (loss)	(776)	(755)
Total Hess Corporation stockholders’ equity	5,616	5,366
Noncontrolling interests	1,027	969
Total Equity	6,643	6,335
Total Liabilities and Equity	$ 18,951	$ 18,821

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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)	308,436,780	306,980,092

STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues and Non-Operating Income
Sales and other operating revenues	$ 1,898	$ 1,354
Other, net	21	15
Total revenues and non-operating income	1,919	1,369
Costs and Expenses
Marketing, including purchased oil and gas	518	378
Operating costs and expenses	265	303
Production and severance taxes	37	42
Exploration expenses, including dry holes and lease impairment	33	189
General and administrative expenses	94	102
Interest expense	117	113
Depreciation, depletion and amortization	396	561
Impairment	0	2,126
Total costs and expenses	1,460	3,814
Income (Loss) Before Income Taxes	459	(2,445)
Provision (benefit) for income taxes	123	(79)
Net Income (Loss)	336	(2,366)
Less: Net income (loss) attributable to noncontrolling interests	84	67
Net income (loss) attributable to Hess Corporation	$ 252	$ (2,433)
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 0.82	$ (8.00)
Diluted (in dollars per share)	$ 0.82	$ (8.00)
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	305.8	304.0
Diluted (in shares)	307.8	304.0
Common Stock Dividends Per Share (in dollars per share)	$ 0.25	$ 0.25

STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 336	$ (2,366)
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	51	(64)
Income taxes on effect of hedge (gains) losses reclassified to income	0	0
Net effect of hedge (gains) losses reclassified to income	51	(64)
Change in fair value of cash flow hedges	(102)	990
Income taxes on change in fair value of cash flow hedges	0	0
Net change in fair value of cash flow hedges	(102)	990
Change in derivatives designated as cash flow hedges, after taxes	(51)	926
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	14	0
Income taxes on actuarial changes in plan liabilities	0	0
(Increase) reduction in unrecognized actuarial losses, net	14	0
Amortization of net actuarial losses	16	12
Income taxes on amortization of net actuarial losses	0	0
Net effect of amortization of net actuarial losses	16	12
Change in pension and other postretirement plans, after taxes	30	12
Other Comprehensive Income (Loss)	(21)	938
Comprehensive Income (Loss)	315	(1,428)
Less: Comprehensive income (loss) attributable to noncontrolling interests	84	67
Comprehensive Income (Loss) Attributable to Hess Corporation	$ 231	$ (1,495)

STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities
Net income (loss)	$ 336	$ (2,366)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	396	561
Impairment	0	2,126
Exploratory dry hole costs	0	135
Exploration lease and other impairment	4	32
Pension settlement loss	1	0
Stock compensation expense	25	29
Noncash (gains) losses on commodity derivatives, net	24	70
Provision (benefit) for deferred income taxes and other tax accruals	29	(85)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(329)	258
(Increase) decrease in inventories	159	31
Increase (decrease) in accounts payable and accrued liabilities	(127)	(263)
Increase (decrease) in taxes payable	87	(63)
Changes in other operating assets and liabilities	(14)	(20)
Net cash provided by (used in) operating activities	591	445
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(358)	(740)
Additions to property, plant and equipment - Midstream	(27)	(78)
Net cash provided by (used in) investing activities	(385)	(818)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	(10)	60
Debt with maturities of greater than 90 days – Borrowings	0	1,000
Debt with maturities of greater than 90 days - Repayments	(3)	0
Proceeds from sale of Class A shares of Hess Midstream LP	70	0
Payments on finance lease obligations	(2)	(1)
Cash dividends paid	(80)	(81)
Noncontrolling interests, net	(67)	(63)
Other, net	13	(7)
Net cash provided by (used in) financing activities	(79)	908
Net Increase (Decrease) in Cash and Cash Equivalents	127	535
Cash and Cash Equivalents at Beginning of Year	1,739	1,545
Cash and Cash Equivalents at End of Period	$ 1,866	$ 2,080

STATEMENT OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Hess Stockholders' Equity	Noncontrolling Interests
Balance at Dec. 31, 2019	$ 9,706	$ 305	$ 5,591	$ 3,535	$ (699)	$ 8,732	$ 974
Net income (loss)	(2,366)			(2,433)		(2,433)	67
Other comprehensive income (loss)	938				938	938
Share-based compensation	39	2	42	(5)		39
Dividends on common stock	(76)			(76)		(76)
Noncontrolling interests, net	(63)						(63)
Balance at Mar. 31, 2020	8,178	307	5,633	1,021	239	7,200	978
Balance at Dec. 31, 2020	6,335	307	5,684	130	(755)	5,366	969
Net income (loss)	336			252		252	84
Other comprehensive income (loss)	(21)				(21)	(21)
Share-based compensation	40	1	39			40
Dividends on common stock	(77)			(77)		(77)
Sale of Class A shares of Hess Midstream LP	97		56			56	41
Noncontrolling interests, net	(67)						(67)
Balance at Mar. 31, 2021	$ 6,643	$ 308	$ 5,779	$ 305	$ (776)	$ 5,616	$ 1,027

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

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

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The financial statements included in this report reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position at March 31, 2021 and December 31, 2020, the consolidated results of operations for the three months ended March 31, 2021 and 2020, and consolidated cash flows for the three months ended March 31, 2021 and 2020. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by generally accepted accounting principles (GAAP) in the United States have been condensed or omitted from these interim financial statements. These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes included in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020.

Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

2. Inventories

Inventories consisted of the following:


	March 31, 2021		December 31, 2020

	(In millions)
Crude oil and natural gas liquids	$	46	$	226
Materials and supplies	173		152
Total Inventories	$	219	$	378

At December 31, 2020, crude oil inventories included $164 million associated with the cost of 4.2 million barrels of crude oil transported and stored on two chartered very large crude carriers (VLCCs) for sale in Asian markets. The two VLCC cargos were sold in the first quarter of 2021.

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

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. Property, Plant and Equipment

Assets Held for Sale:

In March 2021, we entered into an agreement to sell our interests in Denmark for total consideration of $150 million with an effective date of January 1, 2021. At March 31, 2021, property, plant and equipment and operating lease right-of-use assets totaling $229 million, and asset retirement obligations and operating lease liabilities totaling $138 million, associated with our interests in Denmark were presented as Assets held for sale and as liabilities held for sale within Accrued Liabilities, respectively, in our Consolidated Balance Sheet.

Capitalized Exploratory Well Costs:

The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the three months ended March 31, 2021 (in millions):


Balance at January 1, 2021	$	459
Additions to capitalized exploratory well costs pending the determination of proved reserves	17
Balance at March 31, 2021	$	476

Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $375 million at March 31, 2021 and primarily related to:

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.

Joint Development Area (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 relate to the North Malay Basin (Hess 50%), offshore Peninsular Malaysia, where hydrocarbons were encountered in one successful exploration well. Subsurface evaluation and pre-development studies are ongoing.

Hess Midstream LP	3 Months Ended
Hess Midstream LP	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess Midstream LP	4. Hess Midstream LP In March 2021, the Corporation received net proceeds of $70 million from the public offering of 3,450,000 Hess-owned Class A shares in Hess Midstream LP. The transaction resulted in an increase in Capital in Excess of Par of $56 million and Noncontrolling Interests of $41 million including $14 million from the change in ownership and $27 million from the recognition of a deferred tax asset due to an increase in tax basis of Hess Midstream LP's investment in Hess Midstream Operations LP. After giving effect to this transaction, the Corporation owns an approximate 46% interest in Hess Midstream LP, on a consolidated basis. At March 31, 2021 Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $1,984 million (December 31, 2020: $2,026 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream LP assets available to settle the obligations of Hess Midstream LP include cash and cash equivalents totaling $2 million (December 31, 2020: $3 million), property, plant and equipment with a carrying value of $3,095 million (December 31, 2020: $3,111 million) and an equity-method investment of $104 million (December 31, 2020: $108 million) in the Little Missouri 4 gas processing plant.

Accrued Liabilities

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued Liabilities consisted of the following:


	March 31, 2021		December 31, 2020

	(In millions)
Accrued capital expenditures	$	263	$	345
Accrued operating and marketing expenditures	263		325
Accrued payments to royalty and working interest owners	227		170
Liabilities held for sale	138		—
Accrued interest on debt	96		126
Accrued compensation and benefits	93		117
Current portion of asset retirement obligations	156		105
Other accruals	18		63
Total Accrued Liabilities	$	1,254	$	1,251

Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

6. Revenue

Revenue from contracts with customers on a disaggregated basis was as follows:


	Exploration and Production										Midstream		Eliminations		Total
	United States		Guyana		Malaysia & JDA		Other (a)		E&P Total

	(In millions)
Three Months Ended March 31, 2021
Sales of our net production volumes:
Crude oil revenue	$	885	$	181	$	22	$	116	$	1,204	$	—	$	—	$	1,204
Natural gas liquids revenue	143		—		—		—		143		—		—		143
Natural gas revenue	113		—		163		3		279		—		—		279
Sales of purchased oil and gas	298		4		—		19		321		—		—		321
Intercompany revenue	—		—		—		—		—		289		(289)		—
Total revenues from contracts with customers	1,439		185		185		138		1,947		289		(289)		1,947
Other operating revenues (b)	(41)		(4)		—		(4)		(49)		—		—		(49)
Total sales and other operating revenues	$	1,398	$	181	$	185	$	134	$	1,898	$	289	$	(289)	$	1,898
Three Months Ended March 31, 2020
Sales of our net production volumes:
Crude oil revenue	$	656	$	38	$	2	$	36	$	732	$	—	$	—	$	732
Natural gas liquids revenue	49		—		—		—		49		—		—		49
Natural gas revenue	38		—		139		4		181		—		—		181
Sales of purchased oil and gas	324		1		—		—		325		—		—		325
Intercompany revenue	—		—		—		—		—		291		(291)		—
Total revenues from contracts with customers	1,067		39		141		40		1,287		291		(291)		1,287
Other operating revenues (b)	55		6		1		5		67		—		—		67
Total sales and other operating revenues	$	1,122	$	45	$	142	$	45	$	1,354	$	291	$	(291)	$	1,354

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

(b)Includes gains (losses) on commodity derivatives.

There have been no significant changes to contracts with customers or composition thereof during the three months ended March 31, 2021. Generally, we receive payments from customers on a monthly basis, shortly after the physical delivery of the crude oil, natural gas liquids, or natural gas.

- 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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Impairment	3 Months Ended
Impairment	Mar. 31, 2021
Asset Impairment Charges [Abstract]
Impairment	7. ImpairmentIn the first quarter of 2020, we recorded noncash impairment charges totaling $2.1 billion ($2.0 billion after income taxes) related to our oil and gas properties at North Malay Basin in Malaysia, the South Arne Field in Denmark, and the Stampede and Tubular Bells fields in the Gulf of Mexico, primarily as a result of a lower long-term crude oil price outlook. Other 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.

Retirement Plans

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans

8. Retirement Plans

Components of net periodic pension cost consisted of the following:


	Three Months Ended March 31,
	2021		2020

	(In millions)
Service cost	$	14	$	14
Interest cost (a)	14		18
Expected return on plan assets (a)	(50)		(45)
Amortization of unrecognized net actuarial losses (a)	15		12
Settlement loss (a)	1		—
Pension (income) expense (a)	$	(6)	$	(1)

(a) Net non-service pension cost included in Other, net in the Statement of Consolidated Income for the three months ended March 31, 2021 was income of $20 million (2020: income of $15 million).

In 2021, we expect to contribute approximately $4 million to our funded pension plans.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Weighted Average Common Shares

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Weighted Average Common Shares

9. Weighted Average Common Shares

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


	Three Months Ended March 31,
	2021		2020

	(In millions)
Net income (loss) attributable to Hess Corporation:
Net income (loss)	$	336	$	(2,366)
Less: Net income (loss) attributable to noncontrolling interests	84		67
Net income (loss) attributable to Hess Corporation	$	252	$	(2,433)
Weighted average number of common shares outstanding:
Basic	305.8		304.0
Effect of dilutive securities
Restricted common stock	0.8		—
Stock options	0.4		—
Performance share units	0.8		—
Diluted	307.8		304.0

The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares:


	Three Months Ended March 31,
	2021	2020
Restricted common stock	189,000	2,015,659
Stock options	1,164,214	4,086,340
Performance share units	36,134	1,296,356

During the three months ended March 31, 2021, we granted 695,832 shares of restricted stock (2020: 1,117,009), 319,295 stock options (2020: 686,639), and 205,155 performance share units (2020: 307,999).

Guarantees and Contingencies	3 Months Ended
Guarantees and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Guarantees and Contingencies	10. 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 methyl tertiary butyl ether (MTBE) in gasoline. A series of similar lawsuits, many involving water utilities or governmental entities, were filed in jurisdictions across the 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 such climate and other aforementioned environmental 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.

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

11. Segment Information

We currently have two operating segments, Exploration and Production and Midstream. All unallocated costs are reflected under Corporate, Interest and Other. The following table presents operating segment financial data:


	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total

	(In millions)
For the Three Months Ended March 31, 2021
Sales and Other Operating Revenues - Third parties	$	1,898	$	—	$	—	$	—	$	1,898
Intersegment Revenues	—		289		—		(289)		—
Sales and Other Operating Revenues	$	1,898	$	289	$	—	$	(289)	$	1,898

Net Income (Loss) attributable to Hess Corporation	$	308	$	75	$	(131)	$	—	$	252
Depreciation, Depletion and Amortization	355		40		1		—		396
Provision (Benefit) for Income Taxes	120		3		—		—		123
Capital Expenditures	280		23		—		—		303
For the Three Months Ended March 31, 2020
Sales and Other Operating Revenues - Third parties	$	1,354	$	—	$	—	$	—	$	1,354
Intersegment Revenues	—		291		—		(291)		—
Sales and Other Operating Revenues	$	1,354	$	291	$	—	$	(291)	$	1,354

Net Income (Loss) attributable to Hess Corporation	$	(2,371)	$	61	$	(123)	$	—	$	(2,433)
Depreciation, Depletion and Amortization	521		38		2		—		561
Impairment	2,126		—		—		—		2,126
Provision (Benefit) for Income Taxes	(77)		2		(4)		—		(79)
Capital Expenditures	609		57		—		—		666

Identifiable assets by operating segment were as follows:


	March 31, 2021		December 31, 2020

	(In millions)
Exploration and Production	$	13,764	$	13,688
Midstream	3,586		3,599
Corporate, Interest and Other	1,601		1,534
Total	$	18,951	$	18,821

- 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
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+ Details

Financial Risk Management Activities

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Risk Management Activities

12. 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. 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 or establish a floor price for 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 March 31, 2021, 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:


	March 31, 2021		December 31, 2020

	(In millions)
Commodity - crude oil put options (millions of barrels)	41.3		27.4
Foreign exchange forwards	$	121	$	163
Interest rate swaps	$	100	$	100

As of March 31, 2021, we have purchased West Texas Intermediate (WTI) put options of 120,000 barrels of oil per day (bopd) with an average monthly floor price of $55 per barrel and Brent put options of 30,000 bopd with an average monthly floor price of $60 per barrel for the remainder of 2021.

The table below reflects the fair values of risk management derivative instruments.


	Assets		Liabilities

	(In millions)
March 31, 2021
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	154	$	—
Interest rate swaps	4		—
Total derivative contracts designated as hedging instruments	158		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(2)
Total derivative contracts not designated as hedging instruments	—		(2)
Gross fair value of derivative contracts	158		(2)
Gross amounts offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	158	$	(2)
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 amounts offset in the Consolidated Balance Sheet	(13)		13
Net Amounts Presented in the Consolidated Balance Sheet	$	56	$	(42)

During the first quarter of 2021, we completed the sale of 4.2 million barrels of Bakken crude oil transported and stored on two VLCCs during 2020 for sale in Asian markets. We recognized net losses of $4 million from crude oil hedging contracts associated with the VLCC volumes in the first quarter of 2021.

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: Crude oil hedging contracts decreased Sales and other operating revenues by $51 million in the first quarter of 2021, including hedge contracts associated with the VLCC transactions, and increased Sales and other operating revenues by $64 million in the first quarter of 2020. At March 31, 2021, pre-tax deferred losses in Accumulated other comprehensive income (loss) related to outstanding crude oil price hedging contracts were $47 million, all of which will be reclassified into earnings during the remainder of 2021 as the originally hedged crude oil sales are recognized in earnings.

Interest rate swaps designated as fair value hedges: At March 31, 2021 and December 31, 2020, we had interest rate swaps with gross notional amounts totaling $100 million, which were designated as fair value hedges and relate to 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 the three months ended March 31, 2021, the change in fair value of interest rate swaps was a decrease in the asset of $1 million (2020 Q1: increase in the asset of $5 million) with a corresponding adjustment in the carrying value of the hedged fixed-rate debt.

Derivative contracts not designated as hedging instruments:

Foreign exchange: Foreign exchange gains and losses which are reported in Other, net in Revenues and non-operating income in the Statement of Consolidated Income were losses of $1 million in the three months ended March 31, 2021 (2020 Q1: $1 million loss). A component of foreign exchange gains and losses is the result of foreign exchange derivative contracts that are not designated as hedges which amounted to net losses of $1 million in the three months ended March 31, 2021 (2020 Q1: $2 million gain).

Fair Value Measurement:At March 31, 2021, our total long-term debt, which was substantially comprised of fixed rate debt instruments, had a carrying value of $8,286 million and a fair value of $9,381 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 March 31, 2021 and December 31, 2020.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events On April 30, 2021, we completed the sale of our previously announced Little Knife and Murphy Creek nonstrategic acreage interests in the Bakken for total consideration of $312 million with an effective date of March 1, 2021. The sale included approximately 78,700 net acres, which are located in the southernmost portion of the Corporation's Bakken position and are not connected to Hess Midstream LP infrastructure. Net production from the acreage during the first quarter of 2021 was approximately 4,500 barrels of oil equivalent per day (boepd). On April 13, 2021, we amended the Corporation's fully undrawn $3.5 billion revolving credit facility by extending the facility's expiration date for one year to May 2024 and incorporating customary provisions for the eventual replacement of the London Interbank Offered Rate (LIBOR).

Inventories (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	March 31, 2021		December 31, 2020

	(In millions)
Crude oil and natural gas liquids	$	46	$	226
Materials and supplies	173		152
Total Inventories	$	219	$	378

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Net Changes in Capitalized Exploratory Well Costs

The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the three months ended March 31, 2021 (in millions):


Balance at January 1, 2021	$	459
Additions to capitalized exploratory well costs pending the determination of proved reserves	17
Balance at March 31, 2021	$	476

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued Liabilities consisted of the following:


	March 31, 2021		December 31, 2020

	(In millions)
Accrued capital expenditures	$	263	$	345
Accrued operating and marketing expenditures	263		325
Accrued payments to royalty and working interest owners	227		170
Liabilities held for sale	138		—
Accrued interest on debt	96		126
Accrued compensation and benefits	93		117
Current portion of asset retirement obligations	156		105
Other accruals	18		63
Total Accrued Liabilities	$	1,254	$	1,251

Revenue (Tables)

3 Months Ended

Mar. 31, 2021

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:


	Exploration and Production										Midstream		Eliminations		Total
	United States		Guyana		Malaysia & JDA		Other (a)		E&P Total

	(In millions)
Three Months Ended March 31, 2021
Sales of our net production volumes:
Crude oil revenue	$	885	$	181	$	22	$	116	$	1,204	$	—	$	—	$	1,204
Natural gas liquids revenue	143		—		—		—		143		—		—		143
Natural gas revenue	113		—		163		3		279		—		—		279
Sales of purchased oil and gas	298		4		—		19		321		—		—		321
Intercompany revenue	—		—		—		—		—		289		(289)		—
Total revenues from contracts with customers	1,439		185		185		138		1,947		289		(289)		1,947
Other operating revenues (b)	(41)		(4)		—		(4)		(49)		—		—		(49)
Total sales and other operating revenues	$	1,398	$	181	$	185	$	134	$	1,898	$	289	$	(289)	$	1,898
Three Months Ended March 31, 2020
Sales of our net production volumes:
Crude oil revenue	$	656	$	38	$	2	$	36	$	732	$	—	$	—	$	732
Natural gas liquids revenue	49		—		—		—		49		—		—		49
Natural gas revenue	38		—		139		4		181		—		—		181
Sales of purchased oil and gas	324		1		—		—		325		—		—		325
Intercompany revenue	—		—		—		—		—		291		(291)		—
Total revenues from contracts with customers	1,067		39		141		40		1,287		291		(291)		1,287
Other operating revenues (b)	55		6		1		5		67		—		—		67
Total sales and other operating revenues	$	1,122	$	45	$	142	$	45	$	1,354	$	291	$	(291)	$	1,354

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

(b)Includes gains (losses) on commodity derivatives.

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

Components of net periodic pension cost consisted of the following:


	Three Months Ended March 31,
	2021		2020

	(In millions)
Service cost	$	14	$	14
Interest cost (a)	14		18
Expected return on plan assets (a)	(50)		(45)
Amortization of unrecognized net actuarial losses (a)	15		12
Settlement loss (a)	1		—
Pension (income) expense (a)	$	(6)	$	(1)

(a) Net non-service pension cost included in Other, net in the Statement of Consolidated Income for the three months ended March 31, 2021 was income of $20 million (2020: income of $15 million).

Weighted Average Common Shares (Tables)

3 Months Ended

Mar. 31, 2021

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 the basic and diluted earnings per share computations were as follows:


	Three Months Ended March 31,
	2021		2020

	(In millions)
Net income (loss) attributable to Hess Corporation:
Net income (loss)	$	336	$	(2,366)
Less: Net income (loss) attributable to noncontrolling interests	84		67
Net income (loss) attributable to Hess Corporation	$	252	$	(2,433)
Weighted average number of common shares outstanding:
Basic	305.8		304.0
Effect of dilutive securities
Restricted common stock	0.8		—
Stock options	0.4		—
Performance share units	0.8		—
Diluted	307.8		304.0

Summary of Antidilutive Shares Excluded from Computation of Diluted Shares

The following table summarizes the number of antidilutive shares excluded from the computation of diluted shares:


	Three Months Ended March 31,
	2021	2020
Restricted common stock	189,000	2,015,659
Stock options	1,164,214	4,086,340
Performance share units	36,134	1,296,356

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Financial Data by Operating Segment

The following table presents operating segment financial data:


	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total

	(In millions)
For the Three Months Ended March 31, 2021
Sales and Other Operating Revenues - Third parties	$	1,898	$	—	$	—	$	—	$	1,898
Intersegment Revenues	—		289		—		(289)		—
Sales and Other Operating Revenues	$	1,898	$	289	$	—	$	(289)	$	1,898

Net Income (Loss) attributable to Hess Corporation	$	308	$	75	$	(131)	$	—	$	252
Depreciation, Depletion and Amortization	355		40		1		—		396
Provision (Benefit) for Income Taxes	120		3		—		—		123
Capital Expenditures	280		23		—		—		303
For the Three Months Ended March 31, 2020
Sales and Other Operating Revenues - Third parties	$	1,354	$	—	$	—	$	—	$	1,354
Intersegment Revenues	—		291		—		(291)		—
Sales and Other Operating Revenues	$	1,354	$	291	$	—	$	(291)	$	1,354

Net Income (Loss) attributable to Hess Corporation	$	(2,371)	$	61	$	(123)	$	—	$	(2,433)
Depreciation, Depletion and Amortization	521		38		2		—		561
Impairment	2,126		—		—		—		2,126
Provision (Benefit) for Income Taxes	(77)		2		(4)		—		(79)
Capital Expenditures	609		57		—		—		666

Identifiable assets by operating segment were as follows:


	March 31, 2021		December 31, 2020

	(In millions)
Exploration and Production	$	13,764	$	13,688
Midstream	3,586		3,599
Corporate, Interest and Other	1,601		1,534
Total	$	18,951	$	18,821

Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2021

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:


	March 31, 2021		December 31, 2020

	(In millions)
Commodity - crude oil put options (millions of barrels)	41.3		27.4
Foreign exchange forwards	$	121	$	163
Interest rate swaps	$	100	$	100

Fair Values of Financial Risk Management Derivative Instruments

The table below reflects the fair values of risk management derivative instruments.


	Assets		Liabilities

	(In millions)
March 31, 2021
Derivative Contracts Designated as Hedging Instruments:
Crude oil put options	$	154	$	—
Interest rate swaps	4		—
Total derivative contracts designated as hedging instruments	158		—
Derivative Contracts Not Designated as Hedging Instruments:
Foreign exchange forwards	—		(2)
Total derivative contracts not designated as hedging instruments	—		(2)
Gross fair value of derivative contracts	158		(2)
Gross amounts offset in the Consolidated Balance Sheet	—		—
Net Amounts Presented in the Consolidated Balance Sheet	$	158	$	(2)
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 amounts offset in the Consolidated Balance Sheet	(13)		13
Net Amounts Presented in the Consolidated Balance Sheet	$	56	$	(42)

- 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.

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+ Details

Inventories - Inventories (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 46	$ 226
Materials and supplies	173	152
Total Inventories	$ 219	$ 378

Inventories - Additional Information (Detail) bbl in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) vlcc	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) vlcc bbl
Inventory [Line Items]
Cost of crude oil	$ 46		$ 226
Charges related to inventories		$ 53
Charges related to inventories, after income taxes		$ 52
Very Large Crude Carriers (VLCCs)
Inventory [Line Items]
Cost of crude oil			$ 164
Crude oil loaded in very large crude carriers (in barrels of oil) \| bbl			4.2
Number of very large crude carriers \| vlcc			2
Number of VLCC's cargos sold \| vlcc	2

Property, Plant, and Equipment - Assets Held for Sale - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Long Lived Assets Held-for-Sale [Line Items]
Assets held for sale	$ 229	$ 0
Liabilities held for sale	138	$ 0
Denmark
Long Lived Assets Held-for-Sale [Line Items]
Assets held for sale	229
Liabilities held for sale	138
Disposed of by Sale \| Denmark
Long Lived Assets Held-for-Sale [Line Items]
Expected proceeds from divestiture of businesses and interest in affiliates	$ 150

Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 459
Additions to capitalized exploratory well costs pending the determination of proved reserves	17
Ending balance	$ 476

Property, Plant and Equipment - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) well
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs that have been capitalized for period greater than one year \| $	$ 375
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	85.00%
Project interest percentage	30.00%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	10.00%
Project interest percentage	50.00%
Number of successful exploration wells drilled	3
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Capitalized well costs percentage	5.00%
Project interest percentage	50.00%
Number of successful exploration wells drilled	1

Hess Midstream LP (Detail) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Proceeds from sale of Class A shares of Hess Midstream LP	$ 70	$ 70	$ 0
Number of Class A shares of subsidiary public offering (in shares)	3,450
Sale of Class A shares of Hess Midstream LP		97
Liabilities	$ 12,308	12,308		$ 12,486
Cash and cash equivalents	1,866	1,866		1,739
Property, plant and equipment, net	$ 13,863	13,863		14,115
Capital in Excess of Par
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		56
Noncontrolling Interests
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		41
Noncontrolling Interests \| Change In Ownership
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		14
Noncontrolling Interests \| Recognition of Deferred Tax Asset
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP		27
Hess Midstream LP
Variable Interest Entity [Line Items]
Percent interest in consolidated entity	46.00%
Cash and cash equivalents	$ 2	2		3
Property, plant and equipment, net	3,095	3,095		3,111
Hess Midstream LP \| Nonrecourse
Variable Interest Entity [Line Items]
Liabilities	1,984	1,984		2,026
Hess Midstream LP \| Little Missouri Four
Variable Interest Entity [Line Items]
Equity method investment	$ 104	$ 104		$ 108

Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 263	$ 345
Accrued operating and marketing expenditures	263	325
Accrued payments to royalty and working interest owners	227	170
Liabilities held for sale	138	0
Accrued interest on debt	96	126
Accrued compensation and benefits	93	117
Current portion of asset retirement obligations	156	105
Other accruals	18	63
Accrued liabilities	$ 1,254	$ 1,251

Revenue (Detail) - USD ($) $ in Millions	3 Months Ended
Revenue (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,947	$ 1,287
Other operating revenues	(49)	67
Total sales and other operating revenues	1,898	1,354
Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,204	732
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	143	49
Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	279	181
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	321	325
Exploration and Production
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	1,898	1,354
Exploration and Production \| Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,204	732
Exploration and Production \| Crude oil revenue \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	885	656
Exploration and Production \| Crude oil revenue \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	181	38
Exploration and Production \| Crude oil revenue \| Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	22	2
Exploration and Production \| Crude oil revenue \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	116	36
Exploration and Production \| Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	143	49
Exploration and Production \| Natural gas liquids revenue \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	143	49
Exploration and Production \| Natural gas liquids revenue \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Exploration and Production \| Natural gas liquids revenue \| Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Exploration and Production \| Natural gas liquids revenue \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Exploration and Production \| Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	279	181
Exploration and Production \| Natural gas revenue \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	113	38
Exploration and Production \| Natural gas revenue \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Exploration and Production \| Natural gas revenue \| Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	163	139
Exploration and Production \| Natural gas revenue \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	3	4
Exploration and Production \| Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	321	325
Exploration and Production \| Sales of purchased oil and gas \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	298	324
Exploration and Production \| Sales of purchased oil and gas \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4	1
Exploration and Production \| Sales of purchased oil and gas \| Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Exploration and Production \| Sales of purchased oil and gas \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	19	0
Midstream
Disaggregation of Revenue [Line Items]
Total sales and other operating revenues	0	0
Midstream \| Crude oil revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Midstream \| Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Midstream \| Natural gas revenue
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Midstream \| Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments \| Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,947	1,287
Other operating revenues	(49)	67
Total sales and other operating revenues	1,898	1,354
Operating Segments \| Exploration and Production \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,439	1,067
Other operating revenues	(41)	55
Total sales and other operating revenues	1,398	1,122
Operating Segments \| Exploration and Production \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	185	39
Other operating revenues	(4)	6
Total sales and other operating revenues	181	45
Operating Segments \| Exploration and Production \| Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	185	141
Other operating revenues	0	1
Total sales and other operating revenues	185	142
Operating Segments \| Exploration and Production \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	138	40
Other operating revenues	(4)	5
Total sales and other operating revenues	134	45
Operating Segments \| Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	289	291
Other operating revenues	0	0
Total sales and other operating revenues	289	291
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(289)	(291)
Other operating revenues	0	0
Total sales and other operating revenues	(289)	(291)
Eliminations \| Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Total sales and other operating revenues	0	0
Eliminations \| Exploration and Production \| United States
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations \| Exploration and Production \| Guyana
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations \| Exploration and Production \| Malaysia & JDA
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations \| Exploration and Production \| Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations \| Midstream
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	289	291
Total sales and other operating revenues	$ 289	$ 291

Impairment (Detail) - USD ($) $ in Millions	3 Months Ended
Impairment (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Impairments [Line Items]
Impairment charge, pre-tax	$ 0	$ 2,126
Oil and Gas Properties
Impairments [Line Items]
Impairment charge, pre-tax		2,100
Impairment charge, after income taxes		2,000
Other Assets
Impairments [Line Items]
Impairment charge, pre-tax		21
Impairment charge, after income taxes		$ 20

Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Service cost	$ 14	$ 14
Interest cost	14	18
Expected return on plan assets	(50)	(45)
Amortization of unrecognized net actuarial losses	15	12
Settlement loss	1	0
Pension (income) expense	(6)	(1)
Net non-service pension (income) costs included in other, net	$ 20	$ (15)

Retirement Plans - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Corporation's estimated contribution for funded pension plans in current fiscal year	$ 4

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 Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss) attributable to Hess Corporation:
Net income (loss)	$ 336	$ (2,366)
Less: Net income (loss) attributable to noncontrolling interests	84	67
Net Income (Loss) attributable to Hess Corporation	$ 252	$ (2,433)
Weighted average number of common shares outstanding:
Basic (in shares)	305.8	304.0
Diluted (in shares)	307.8	304.0
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.8	0.0
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.4	0.0
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.8	0.0

Weighted Average Common Shares - Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	189,000	2,015,659
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	1,164,214	4,086,340
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	36,134	1,296,356

Weighted Average Common Shares - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	695,832	1,117,009
Shares granted, stock options (in shares)	319,295	686,639
Shares granted, performance share units (in shares)	205,155	307,999

Guarantees and Contingencies (Detail) $ in Millions		1 Months Ended
Guarantees and Contingencies (Detail) $ in Millions	Mar. 04, 2016 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2021 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)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 1,898	$ 1,354
Net Income (Loss) attributable to Hess Corporation	252	(2,433)
Depreciation, depletion and amortization	396	561
Impairment		2,126
Provision (benefit) for income taxes	123	(79)
Capital Expenditures	303	666
Assets	18,951		$ 18,821
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,898	1,354
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0
Operating Segments \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	1,898	1,354
Net Income (Loss) attributable to Hess Corporation	308	(2,371)
Depreciation, depletion and amortization	355	521
Impairment		2,126
Provision (benefit) for income taxes	120	(77)
Capital Expenditures	280	609
Assets	13,764		13,688
Operating Segments \| Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	289	291
Net Income (Loss) attributable to Hess Corporation	75	61
Depreciation, depletion and amortization	40	38
Impairment		0
Provision (benefit) for income taxes	3	2
Capital Expenditures	23	57
Assets	3,586		3,599
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net Income (Loss) attributable to Hess Corporation	(131)	(123)
Depreciation, depletion and amortization	1	2
Impairment		0
Provision (benefit) for income taxes	0	(4)
Capital Expenditures	0	0
Assets	1,601		$ 1,534
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(289)	(291)
Net Income (Loss) attributable to Hess Corporation	0	0
Depreciation, depletion and amortization	0	0
Impairment		0
Provision (benefit) for income taxes	0	0
Capital Expenditures	0	0
Eliminations \| Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0
Eliminations \| Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 289	$ 291

Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) MMBbls in Millions	Mar. 31, 2021 USD ($) MMBbls	Dec. 31, 2020 USD ($) MMBbls
Commodity Derivative Contracts
Derivative [Line Items]
Commodity - crude oil \| MMBbls	41.3	27.4
Foreign Exchange Forwards
Derivative [Line Items]
Outstanding gross notional amount	$ 121,000,000	$ 163,000,000
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 100,000,000	$ 100,000,000

Financial Risk Management Activities - Fair Values of Financial Risk Management Derivative Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	$ 158	$ 69
Liabilities - Gross fair value of derivative contracts	(2)	(55)
Gross amounts offset in the Consolidated Balance Sheet	0	(13)
Gross amounts offset in the Consolidated Balance Sheet	0	13
Derivative assets	158	56
Derivative liability	(2)	(42)
Derivative Contracts Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	158	69
Liabilities - Gross fair value of derivative contracts	0	(54)
Derivative Contracts Designated as Hedging Instruments: \| Crude Oil Put Options
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	154	64
Liabilities - Gross fair value of derivative contracts	0	0
Derivative Contracts Designated as Hedging Instruments: \| Crude Oil Swaps
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	4	5
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	(2)	(1)
Derivative Contracts Not Designated as Hedging Instruments: \| Foreign Exchange Forwards
Derivatives, Fair Value [Line Items]
Assets - Gross fair value of derivative contracts	0	0
Liabilities - Gross fair value of derivative contracts	$ (2)	$ (1)

Financial Risk Management Activities - Additional Information (Detail) bbl in Millions, MMBbls in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) MMBbls bbl / d vlcc $ / bbl bbl	Mar. 31, 2020 USD ($)	Dec. 31, 2020 MMBbls
Very Large Crude Carriers (VLCCs)
Derivative Instruments, Gain (Loss) [Line Items]
Crude oil sold (in barrels of oil) \| bbl	4.2
Number of VLCC's cargos sold \| vlcc	2
Crude Oil Put Options \| West Texas Intermediate \| Derivative Activity - Purchased
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil \| bbl / d	120,000
Average monthly floor price (US dollar per barrel) \| $ / bbl	55
Crude Oil Put Options \| Brent \| Derivative Activity - Purchased
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil \| bbl / d	30,000
Average monthly floor price (US dollar per barrel) \| $ / bbl	60
Commodity Derivative Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of crude oil \| MMBbls	41.3		27.4
Commodity Derivative Contracts \| Derivative Contracts Designated as Hedging Instruments: \| Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from crude oil hedging contracts \| $	$ (51)	$ 64
Commodity Derivative Contracts \| Very Large Crude Carriers (VLCCs) \| Derivative Contracts Designated as Hedging Instruments: \| Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss) from crude oil hedging contracts \| $	$ (4)

Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 100,000,000		$ 100,000,000
Foreign Exchange Forwards
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	121,000,000		163,000,000
Derivative Contracts Designated as Hedging Instruments: \| Commodity Derivative Contracts \| Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Increase (decrease) in sales and other operating revenues due to hedging instruments	(51,000,000)	$ 64,000,000
Pre-tax deferred income (losses) in Accumulated other comprehensive income (loss) to be reclassified into earnings within the next 12 months	(47,000,000)
Derivative Contracts Designated as Hedging Instruments: \| 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 in derivative asset) decrease in derivative liability	(1,000,000)	5,000,000
Derivative Contracts Not Designated as Hedging Instruments: \| Foreign Exchange Forwards
Derivative Instruments, Gain (Loss) [Line Items]
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	(1,000,000)	(1,000,000)
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ (1,000,000)	$ 2,000,000

Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,286
Long-term debt, fair value	$ 9,381

Subsequent Events (Details) $ in Millions		3 Months Ended
Subsequent Events (Details) $ in Millions	Apr. 30, 2021 USD ($) a	Mar. 31, 2021 Boe	Apr. 13, 2021 USD ($)
Little Knife and Murphy Creek \| Disposed of by Sale
Subsequent Event [Line Items]
Net production from acreage sold \| Boe		4,500
Subsequent Event \| Little Knife and Murphy Creek \| Disposed of by Sale
Subsequent Event [Line Items]
Consideration received from the sale of working interests in oil and gas properties	$ 312
Developed and undeveloped acreage sold \| a	78,700
Subsequent Event \| Hess Corp Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity			$ 3,500