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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
Form 10-Q 
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 2021
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 1-1204 
HESS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation or Organization)
13-4921002
(I.R.S. Employer Identification Number)

1185 AVENUE OF THE AMERICAS, NEW YORK, NY
(Address of Principal Executive Offices)
10036
(Zip Code)
(Registrant’s Telephone Number, Including Area Code is (212) 997-8500)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common StockHESNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No  ý
At June 30, 2021, there were 309,672,952 shares of Common Stock outstanding.




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





PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
June 30,
2021
December 31,
2020
(In millions,
except share amounts)
Assets  
Current Assets:  
Cash and cash equivalents$2,430 $1,739 
Accounts receivable:
From contracts with customers856 710 
Joint venture and other146 150 
Inventories241 378 
Assets held for sale228  
Other current assets68 104 
Total current assets3,969 3,081 
Property, plant and equipment:
Total — at cost29,942 30,519 
Less: Reserves for depreciation, depletion, amortization and lease impairment16,285 16,404 
Property, plant and equipment — net13,657 14,115 
Operating lease right-of-use assets — net373 426 
Finance lease right-of-use assets — net155 168 
Goodwill360 360 
Deferred income taxes21 59 
Other assets631 612 
Total Assets$19,166 $18,821 
Liabilities
Current Liabilities:
Accounts payable$178 $200 
Accrued liabilities1,480 1,251 
Taxes payable268 81 
Current maturities of long-term debt511 10 
Current portion of operating and finance lease obligations90 81 
Total current liabilities2,527 1,623 
Long-term debt7,712 8,286 
Long-term operating lease obligations421 478 
Long-term finance lease obligations210 220 
Deferred income taxes318 342 
Asset retirement obligations728 894 
Other liabilities and deferred credits718 643 
Total Liabilities12,634 12,486 
Equity
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized — 600,000,000 shares
Issued — 309,672,952 shares (2020: 306,980,092)
310 307 
Capital in excess of par value5,859 5,684 
Retained earnings155 130 
Accumulated other comprehensive income (loss)(836)(755)
Total Hess Corporation stockholders’ equity5,488 5,366 
Noncontrolling interests1,044 969 
Total Equity6,532 6,335 
Total Liabilities and Equity$19,166 $18,821 
See accompanying Notes to Consolidated Financial Statements.
2


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED INCOME (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
 (In millions, except per share amounts)
Revenues and Non-Operating Income  
Sales and other operating revenues$1,579 $833 $3,477 $2,187 
Other, net19 9 40 24 
Total revenues and non-operating income1,598 842 3,517 2,211 
Costs and Expenses
Marketing, including purchased oil and gas322 56 840 434 
Operating costs and expenses315 294 580 597 
Production and severance taxes44 16 81 58 
Exploration expenses, including dry holes and lease impairment48 31 81 220 
General and administrative expenses84 89 178 191 
Interest expense118 119 235 232 
Depreciation, depletion and amortization385 509 781 1,070 
Impairment and other147  147 2,126 
Total costs and expenses1,463 1,114 2,923 4,928 
Income (Loss) Before Income Taxes135 (272)594 (2,717)
Provision (benefit) for income taxes122 (9)245 (88)
Net Income (Loss)13 (263)349 (2,629)
Less: Net income (loss) attributable to noncontrolling interests86 57 170 124 
Net Income (Loss) Attributable to Hess Corporation$(73)$(320)$179 $(2,753)
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic$(0.24)$(1.05)$0.58 $(9.04)
Diluted$(0.24)$(1.05)$0.58 $(9.04)
Weighted Average Number of Common Shares Outstanding:
Basic307.5 305.0 306.7 304.5 
Diluted307.5 305.0 308.7 304.5 
Common Stock Dividends Per Share$0.25 $0.25 $0.50 $0.50 
See accompanying Notes to Consolidated Financial Statements.

3


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
 (In millions)
Net Income (Loss)$13 $(263)$349 $(2,629)
Other Comprehensive Income (Loss):
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income64 (228)115 (292)
Income taxes on effect of hedge (gains) losses reclassified to income    
Net effect of hedge (gains) losses reclassified to income64 (228)115 (292)
Change in fair value of cash flow hedges(129)(214)(231)776 
Income taxes on change in fair value of cash flow hedges    
Net change in fair value of cash flow hedges(129)(214)(231)776 
Change in derivatives designated as cash flow hedges, after taxes(65)(442)(116)484 
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses(11)4 3 4 
Income taxes on actuarial changes in plan liabilities    
(Increase) reduction in unrecognized actuarial losses, net(11)4 3 4 
Amortization of net actuarial losses16 12 32 24 
Income taxes on amortization of net actuarial losses    
Net effect of amortization of net actuarial losses16 12 32 24 
Change in pension and other postretirement plans, after taxes5 16 35 28 
Other Comprehensive Income (Loss)(60)(426)(81)512 
Comprehensive Income (Loss)(47)(689)268 (2,117)
Less: Comprehensive income (loss) attributable to noncontrolling interests86 57 170 124 
Comprehensive Income (Loss) Attributable to Hess Corporation$(133)$(746)$98 $(2,241)
See accompanying Notes to Consolidated Financial Statements.

4


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED CASH FLOWS (UNAUDITED)
Six Months Ended
June 30,
 20212020
 (In millions)
Cash Flows From Operating Activities  
Net income (loss)$349 $(2,629)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) losses on asset sales, net (8)
Depreciation, depletion and amortization781 1,070 
Impairment and other147 2,126 
Exploratory dry hole costs9 135 
Exploration lease and other impairment10 38 
Pension settlement loss4  
Stock compensation expense44 47 
Noncash (gains) losses on commodity derivatives, net88 119 
Provision (benefit) for deferred income taxes and other tax accruals42 (95)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable(315)628 
(Increase) decrease in inventories137 (99)
Increase (decrease) in accounts payable and accrued liabilities(56)(520)
Increase (decrease) in taxes payable187 (63)
Changes in other operating assets and liabilities(51)(38)
Net cash provided by (used in) operating activities1,376 711 
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P(687)(1,250)
Additions to property, plant and equipment - Midstream(53)(147)
Proceeds from asset sales, net of cash sold297 11 
Other, net(2)(2)
Net cash provided by (used in) investing activities(445)(1,388)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less(75)72 
Debt with maturities of greater than 90 days:
Borrowings 1,000 
Repayments(5) 
Proceeds from sale of Class A shares of Hess Midstream LP70  
Payments on finance lease obligations(4)(3)
Cash dividends paid(157)(157)
Employee stock options exercised75 15 
Noncontrolling interests, net(137)(128)
Other, net(7)(21)
Net cash provided by (used in) financing activities(240)778 
Net Increase (Decrease) in Cash and Cash Equivalents691 101 
Cash and Cash Equivalents at Beginning of Year1,739 1,545 
Cash and Cash Equivalents at End of Period$2,430 $1,646 
See accompanying Notes to Consolidated Financial Statements.

5


PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
STATEMENT OF CONSOLIDATED EQUITY (UNAUDITED)
 Common StockCapital in Excess of ParRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Hess Stockholders' EquityNoncontrolling InterestsTotal Equity
 
For the Three Months Ended June 30, 2021       
Balance at April 1, 2021$308 $5,779 $305 $(776)$5,616 $1,027 $6,643 
Net income (loss)— — (73)— (73)86 13 
Other comprehensive income (loss)— — — (60)(60)— (60)
Share-based compensation2 80 — — 82 — 82 
Dividends on common stock— — (77)— (77)— (77)
Noncontrolling interests, net— — — — — (69)(69)
Balance at June 30, 2021$310 $5,859 $155 $(836)$5,488 $1,044 $6,532 
For the Three Months Ended June 30, 2020
Balance at April 1, 2020$307 $5,633 $1,021 $239 7,200 $978 $8,178 
Net income (loss)— — (320)— (320)57 (263)
Other comprehensive income (loss)— — — (426)(426)— (426)
Share-based compensation— 17 — — 17 — 17 
Dividends on common stock— — (76)— (76)— (76)
Noncontrolling interests, net— — — — — (64)(64)
Balance at June 30, 2020$307 $5,650 $625 $(187)$6,395 $971 $7,366 
For the Six Months Ended June 30, 2021
Balance at January 1, 2021$307 $5,684 $130 $(755)5,366 $969 $6,335 
Net income (loss)— — 179 — 179 170 349 
Other comprehensive income (loss)— — — (81)(81)— (81)
Share-based compensation3 119 — — 122 — 122 
Dividends on common stock— — (154)— (154)— (154)
Sale of Class A shares of Hess Midstream LP— 56 — — 56 41 97 
Noncontrolling interests, net— — — — — (136)(136)
Balance at June 30, 2021$310 $5,859 $155 $(836)$5,488 $1,044 $6,532 
For the Six Months Ended June 30, 2020
Balance at January 1, 2020$305 $5,591 $3,535 $(699)8,732 $974 $9,706 
Net income (loss)— — (2,753)— (2,753)124 (2,629)
Other comprehensive income (loss)— — — 512 512 — 512 
Share-based compensation2 59 (5)— 56 — 56 
Dividends on common stock— — (152)— (152)— (152)
Noncontrolling interests, net— — — — — (127)(127)
Balance at June 30, 2020$307 $5,650 $625 $(187)$6,395 $971 $7,366 
See accompanying Notes to Consolidated Financial Statements.


6

PART I - FINANCIAL INFORMATION (CONT’D.)
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
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 June 30, 2021 and December 31, 2020, the consolidated results of operations for the three and six months ended June 30, 2021 and 2020, and consolidated cash flows for the six months ended June 30, 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.
 2.  Inventories
Inventories consisted of the following:
June 30,
2021
December 31,
2020
 (In millions)
Crude oil and natural gas liquids$62 $226 
Materials and supplies179 152 
Total Inventories$241 $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.
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 June 30, 2021, property, plant and equipment and operating lease right-of-use assets totaling $228 million, and asset retirement obligations and operating lease liabilities totaling $139 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.
Dispositions:
In April 2021, we completed the sale of our Little Knife and Murphy Creek nonstrategic acreage interests in the Bakken for net cash consideration of $297 million, after closing adjustments. The sale included approximately 78,700 net acres, which are located in the southernmost portion of the Corporation's Bakken position. The acreage constituted part of a larger amortization base and the sale was treated as a normal retirement. Accordingly, no gain or loss was recognized upon sale.
Capitalized Exploratory Well Costs:  
The following table discloses the net changes in capitalized exploratory well costs pending determination of proved reserves during the six months ended June 30, 2021 (in millions):

Balance at January 1, 2021$459 
Additions to capitalized exploratory well costs pending the determination of proved reserves72 
Balance at June 30, 2021$531 
7

PART I - FINANCIAL INFORMATION (CONT’D.)
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Capitalized exploratory well costs capitalized for greater than one year following completion of drilling were $375 million at June 30, 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.
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 June 30, 2021 Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $1,945 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 $4 million (December 31, 2020: $3 million), property, plant and equipment with a carrying value of $3,101 million (December 31, 2020: $3,111 million) and an equity-method investment of $102 million (December 31, 2020: $108 million) in the Little Missouri 4 gas processing plant.
5.  Accrued Liabilities
Accrued Liabilities consisted of the following:
June 30,
2021
December 31,
2020
(In millions)
Accrued capital expenditures$351 $345 
Accrued operating and marketing expenditures304 325 
Accrued payments to royalty and working interest owners209 170 
Current portion of asset retirement obligations209 105 
Liabilities held for sale139  
Accrued interest on debt126 126 
Accrued compensation and benefits76 117 
Other accruals66 63 
Total Accrued Liabilities$1,480 $1,251 
8

PART I - FINANCIAL INFORMATION (CONT’D.)
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6.  Revenue
Revenue from contracts with customers on a disaggregated basis was as follows:
 Exploration and ProductionMidstreamEliminationsTotal
 United StatesGuyanaMalaysia & JDAOther (a)E&P Total   
 (In millions)
Three Months Ended June 30, 2021        
Sales of our net production volumes:        
Crude oil revenue$661 $134 $27 $135 $957 $ $— $957 
Natural gas liquids revenue120    120  — 120 
Natural gas revenue61  178 1 240  — 240 
Sales of purchased oil and gas299 4  26 329  — 329 
Intercompany revenue     294 (294)— 
Total revenues from contracts with customers1,141 138 205 162 1,646 294 (294)1,646 
Other operating revenues (b)(53)(6) (8)(67)  (67)
Total sales and other operating revenues$1,088 $132 $205 $154 $1,579 $294 $(294)$1,579 
Three Months Ended June 30, 2020        
Sales of our net production volumes:        
Crude oil revenue$254 $31 $1 $14 $300 $ $— $300 
Natural gas liquids revenue43    43  — 43 
Natural gas revenue32  89 2 123  — 123 
Sales of purchased oil and gas143    143  — 143 
Intercompany revenue     270 (270)— 
Total revenues from contracts with customers472 31 90 16 609 270 (270)609 
Other operating revenues (b)188 27  9 224   224 
Total sales and other operating revenues$660 $58 $90 $25 $833 $270 $(270)$833 
Six Months Ended June 30, 2021
Sales of our net production volumes:
Crude oil revenue$1,546 $315 $49 $251 $2,161 $ $— $2,161 
Natural gas liquids revenue263    263  — 263 
Natural gas revenue174  341 4 519  — 519 
Sales of purchased oil and gas597 8  45 650  — 650 
Intercompany revenue     583 (583)— 
Total revenues from contracts with customers2,580 323 390