10-Q

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, 2024

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 class	Trading Symbol	Name of exchange on which registered
Common Stock	HES	New 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, 2024, there were 308,114,909 shares of Common Stock outstanding.

HESS CORPORATION

Form 10-Q

TABLE OF CONTENTS

Item No.		Page Number
	PART I - FINANCIAL INFORMATION
1.	Financial Statements (Unaudited)
	Consolidated Balance Sheet at June 30, 2024, and December 31, 2023	2
	Statement of Consolidated Income for the Three and Six Months Ended June 30, 2024, and 2023	3
	Statement of Consolidated Comprehensive Income for the Three and Six Months Ended June 30, 2024, and 2023	4
	Statement of Consolidated Cash Flows for the Six Months Ended June 30, 2024, and 2023	5
	Statement of Consolidated Equity for the Three and Six Months Ended June 30, 2024, and 2023	6
	Notes to Consolidated Financial Statements (Unaudited)	7
	Note 1 - Basis of Presentation	7
	Note 2 - Inventories	7
	Note 3 - Property, Plant and Equipment	8
	Note 4 - Hess Midstream LP	8
	Note 5 - Accrued Liabilities	9
	Note 6 - Debt	9
	Note 7 - Revenue	10
	Note 8 - Impairment and Other	11
	Note 9 - Retirement Plans	11
	Note 10 - Weighted Average Common Shares	11
	Note 11 - Guarantees and Contingencies	12
	Note 12 - Segment Information	14
	Note 13 - Financial Risk Management Activities	15
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
3.	Quantitative and Qualitative Disclosures about Market Risk	30
4.	Controls and Procedures	30
	PART II - OTHER INFORMATION
1.	Legal Proceedings	31
1A.	Risk Factors	31
2.	Share Repurchase Activities	32
5.	Other Information	32
6.	Exhibits	33
	Signatures	34

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, 2024		December 31, 2023
	(In millions, except share amounts)
Assets
Current Assets:
Cash and cash equivalents	$	2,025	$	1,688
Accounts receivable:
From contracts with customers	1,117		1,180
Joint venture and other	198		150
Inventories	382		304
Other current assets	111		108
Total current assets	3,833		3,430
Property, plant and equipment:
Total — at cost	38,861		36,771
Less: Reserves for depreciation, depletion, amortization and lease impairment	20,432		19,339
Property, plant and equipment — net	18,429		17,432
Operating lease right-of-use assets — net	772		720
Finance lease right-of-use assets — net	100		108
Goodwill	360		360
Deferred income taxes	499		320
Post-retirement benefit assets	689		685
Other assets	1,128		952
Total Assets	$	25,810	$	24,007
Liabilities
Current Liabilities:
Accounts payable	$	434	$	402
Accrued liabilities	1,807		2,102
Taxes payable	109		85
Current portion of long-term debt	317		311
Current portion of operating and finance lease obligations	354		370
Total current liabilities	3,021		3,270
Long-term debt	8,548		8,302
Long-term operating lease obligations	520		459
Long-term finance lease obligations	145		156
Deferred income taxes	689		608
Asset retirement obligations	1,252		1,186
Other liabilities and deferred credits	434		424
Total Liabilities	14,609		14,405
Equity
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized — 600,000,000 shares
Issued 308,114,909 shares (2023: 307,158,272)	308		307
Capital in excess of par value	6,566		6,495
Retained earnings	3,771		2,318
Accumulated other comprehensive income (loss)	(158)		(134)
Total Hess Corporation stockholders’ equity	10,487		8,986
Noncontrolling interests	714		616
Total Equity	11,201		9,602
Total Liabilities and Equity	$	25,810	$	24,007

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,
	2024		2023		2024		2023
	(In millions, except per share amounts)
Revenues and Non-Operating Income
Sales and other operating revenues	$	3,202	$	2,289	$	6,511	$	4,700
Other, net	53		31		85		73
Total revenues and non-operating income	3,255		2,320		6,596		4,773
Costs and Expenses
Marketing, including purchased oil and gas	632		547		1,254		1,150
Operating costs and expenses	490		454		902		836
Production and severance taxes	64		46		120		94
Exploration expenses, including dry holes and lease impairment	101		99		143		165
General and administrative expenses	115		108		239		244
Interest expense	106		122		219		245
Depreciation, depletion and amortization	600		497		1,157		988
Impairment and other	—		82		—		82
Total costs and expenses	2,108		1,955		4,034		3,804
Income Before Income Taxes	1,147		365		2,562		969
Provision for income taxes	296		160		644		336
Net Income	851		205		1,918		633
Less: Net income attributable to noncontrolling interests	94		86		189		168
Net Income Attributable to Hess Corporation	$	757	$	119	$	1,729	$	465
Net Income Attributable to Hess Corporation Per Common Share:
Basic	$	2.47	$	0.39	$	5.64	$	1.52
Diluted	$	2.46	$	0.39	$	5.61	$	1.51
Weighted Average Number of Common Shares Outstanding:
Basic	306.9		306.0		306.6		305.7
Diluted	308.3		307.5		308.1		307.4
Common Stock Dividends Per Share	$	0.4375	$	0.4375	$	0.8750	$	0.8750

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,
	2024		2023		2024		2023
	(In millions)
Net Income	$	851	$	205	$	1,918	$	633
Other Comprehensive Income (Loss):
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	—		52		—		86
Income taxes on effect of hedge (gains) losses reclassified to income	—		—		—		—
Net effect of hedge (gains) losses reclassified to income	—		52		—		86
Change in fair value of cash flow hedges	—		(73)		—		(90)
Income taxes on change in fair value of cash flow hedges	—		—		—		—
Net change in fair value of cash flow hedges	—		(73)		—		(90)
Change in derivatives designated as cash flow hedges, after taxes	—		(21)		—		(4)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	(25)		(13)		(25)		(13)
Income taxes on actuarial changes in plan liabilities	—		—		—		—
(Increase) reduction in unrecognized actuarial losses, net	(25)		(13)		(25)		(13)
Amortization of net actuarial losses	1		1		1		1
Income taxes on amortization of net actuarial losses	—		—		—		—
Net effect of amortization of net actuarial losses	1		1		1		1
Change in pension and other postretirement plans, after taxes	(24)		(12)		(24)		(12)
Other Comprehensive Income (Loss)	(24)		(33)		(24)		(16)
Comprehensive Income	827		172		1,894		617
Less: Comprehensive income attributable to noncontrolling interests	94		86		189		168
Comprehensive Income Attributable to Hess Corporation	$	733	$	86	$	1,705	$	449

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,
	2024		2023
	(In millions)
Cash Flows From Operating Activities
Net income	$	1,918	$	633
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	1,157		988
Impairment and other	—		82
Exploratory dry hole costs	63		93
Exploration lease impairment	10		13
Stock compensation expense	59		53
Noncash (gains) losses on commodity derivatives, net	—		52
Provision for deferred income taxes and other tax accruals	114		92
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	15		(14)
(Increase) decrease in inventories	(78)		(61)
Increase (decrease) in accounts payable and accrued liabilities	(194)		(119)
Increase (decrease) in taxes payable	24		22
Changes in other operating assets and liabilities	(310)		(222)
Net cash provided by (used in) operating activities	2,778		1,612
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,989)		(1,551)
Additions to property, plant and equipment - Midstream	(119)		(107)
Other, net	(2)		(4)
Net cash provided by (used in) investing activities	(2,110)		(1,662)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	(340)		180
Debt with maturities of greater than 90 days:
Borrowings	600		—
Repayments	(5)		—
Cash dividends paid	(271)		(271)
Common stock acquired and retired	—		(20)
Proceeds from sale of Class A shares of Hess Midstream LP	—		167
Noncontrolling interests, net	(305)		(263)
Employee stock options exercised	13		4
Payments on finance lease obligations	(5)		(4)
Other, net	(18)		(3)
Net cash provided by (used in) financing activities	(331)		(210)
Net Increase (Decrease) in Cash and Cash Equivalents	337		(260)
Cash and Cash Equivalents at Beginning of Year	1,688		2,486
Cash and Cash Equivalents at End of Period	$	2,025	$	2,226

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 Stock		Capital in Excess of Par		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hess Stockholders’ Equity		Noncontrolling Interests		Total Equity
For the Three Months Ended June 30, 2024
Balance at April 1, 2024	$	308	$	6,545	$	3,149	$	(134)	$	9,868	$	663	$	10,531
Net income	—		—		757		—		757		94		851
Other comprehensive income (loss)	—		—		—		(24)		(24)		—		(24)
Share-based compensation	—		21		—		—		21		—		21
Dividends on common stock	—		—		(135)		—		(135)		—		(135)
Sale of Class A shares of Hess Midstream LP	—		—		—		—		—		100		100
Repurchase of Class B units of Hess Midstream Operations LP	—		—		—		—		—		(52)		(52)
Noncontrolling interests, net	—		—		—		—		—		(91)		(91)
Balance at June 30, 2024	$	308	$	6,566	$	3,771	$	(158)	$	10,487	$	714	$	11,201
For the Three Months Ended June 30, 2023
Balance at April 1, 2023	$	307	$	6,254	$	1,686	$	(114)	$	8,133	$	588	$	8,721
Net income	—		—		119		—		119		86		205
Other comprehensive income (loss)	—		—		—		(33)		(33)		—		(33)
Share-based compensation	—		19		—		—		19		—		19
Dividends on common stock	—		—		(135)		—		(135)		—		(135)
Sale of Class A shares of Hess Midstream LP	—		158		—		—		158		93		251
Repurchase of Class B units of Hess Midstream Operations LP	—		11		—		—		11		(55)		(44)
Noncontrolling interests, net	—		—		—		—		—		(82)		(82)
Balance at June 30, 2023	$	307	$	6,442	$	1,670	$	(147)	$	8,272	$	630	$	8,902
For the Six Months Ended June 30, 2024
Balance at January 1, 2024	$	307	$	6,495	$	2,318	$	(134)	$	8,986	$	616	$	9,602
Net income	—		—		1,729		—		1,729		189		1,918
Other comprehensive income (loss)	—		—		—		(24)		(24)		—		(24)
Share-based compensation	1		71		(6)		—		66		—		66
Dividends on common stock	—		—		(270)		—		(270)		—		(270)
Sale of Class A shares of Hess Midstream LP	—		—		—		—		—		194		194
Repurchase of Class B units of Hess Midstream Operations LP	—		—		—		—		—		(105)		(105)
Noncontrolling interests, net	—		—		—		—		—		(180)		(180)
Balance at June 30, 2024	$	308	$	6,566	$	3,771	$	(158)	$	10,487	$	714	$	11,201
For the Six Months Ended June 30, 2023
Balance at January 1, 2023	$	306	$	6,206	$	1,474	$	(131)	$	7,855	$	641	$	8,496
Net income	—		—		465		—		465		168		633
Other comprehensive income (loss)	—		—		—		(16)		(16)		—		(16)
Share-based compensation	1		59		—		—		60		—		60
Dividends on common stock	—		—		(269)		—		(269)		—		(269)
Sale of Class A shares of Hess Midstream LP	—		158		—		—		158		93		251
Repurchase of Class B units of Hess Midstream Operations LP	—		19		—		—		19		(109)		(90)
Noncontrolling interests, net	—		—		—		—		—		(163)		(163)
Balance at June 30, 2023	$	307	$	6,442	$	1,670	$	(147)	$	8,272	$	630	$	8,902

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, 2024 and December 31, 2023, the consolidated results of operations for the three and six months ended June 30, 2024 and 2023, and consolidated cash flows for the six months ended June 30, 2024 and 2023.  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, 2023.

On October 22, 2023, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Chevron Corporation (Chevron) and Yankee Merger Sub Inc. (Merger Subsidiary), a direct, wholly-owned subsidiary of Chevron. The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Subsidiary will be merged with and into Hess, and Hess will be the surviving corporation in the Merger as a direct, wholly-owned subsidiary of Chevron (such transaction, the Merger). Under the terms of the Merger Agreement, if the Merger is completed, our stockholders will receive at the effective time of the Merger consideration consisting of 1.025 shares of Chevron common stock for each share of our common stock. On May 28, 2024, a majority of Hess stockholders voted to approve the Merger. Chevron and Hess are working to complete the Merger and anticipate all requisite regulatory reviews concluding in the third quarter of 2024. Hess Guyana Exploration Limited (HGEL), a wholly-owned subsidiary of Hess, is currently in arbitration relating to the applicability of a right of first refusal (the Stabroek ROFR) contained in the operating agreement (the Stabroek JOA) among HGEL and affiliates of Exxon Mobil Corporation (Exxon Mobil) and China National Offshore Oil Corporation (CNOOC). The arbitration merits hearing about the applicability of the Stabroek ROFR to the Merger has been scheduled for May 2025, with a decision expected in the following three months. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed because it is subject to conditions beyond each company’s control, including the outcome of the arbitration.

New Accounting Pronouncements:

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU does not change how an entity identifies its operating segments. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the ASU on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which enhances the disclosure requirements within ASC Topic 740. The ASU requires, among other disclosures, greater disaggregation of information and the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting this ASU on our consolidated financial statements.

 2.  Inventories

Inventories consisted of the following:

	June 30, 2024		December 31, 2023
	(In millions)
Crude oil and natural gas liquids	$	94	$	72
Materials and supplies	288		232
Total Inventories	$	382	$	304

7

PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.  Property, Plant and Equipment

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, 2024 (in millions):

Balance at January 1, 2024	$	952
Additions to capitalized exploratory well costs pending the determination of proved reserves	102
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(117)
Capitalized exploratory well costs charged to expense	(48)
Balance at June 30, 2024	$	889

In the first six months, additions to capitalized exploratory well costs pending determination of proved reserves primarily related to wells drilled on the Stabroek Block (Hess 30%), offshore Guyana. Reclassifications to wells, facilities and equipment based on the determination of proved reserves resulted from the sanction of the Whiptail development project, the sixth sanctioned project on the Stabroek Block. At June 30, 2024, 33 exploration and appraisal wells on the Stabroek Block, with a total cost of $804 million, were capitalized pending determination of proved reserves. Capitalized exploratory well costs charged to expense in the first six months primarily relate to three exploration wells in the Malaysia/Thailand Joint Development Area (JDA) (Hess 50%) in the Gulf of Thailand. In the second quarter of 2024, the regulator provided notification that the current production sharing contract (PSC) for JDA Block A-18 will not be re-awarded to the existing PSC contractors upon its expiration in 2029. There is no plan to develop these discoveries prior to the expiration of the existing PSC. The preceding table excludes well costs of $15 million that were incurred and expensed during the first six months of 2024.

At June 30, 2024, exploratory well costs capitalized for greater than one year following completion of drilling of $702 million was comprised of the following:

Guyana: 92% of the capitalized well costs in excess of one year relate to successful exploration and appraisal wells where hydrocarbons were encountered on the Stabroek Block. The operator also plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development.

Suriname:  6% of the capitalized well costs in excess of one year relate to the Zanderij-1 well on Block 42 (Hess 33%). Exploration and appraisal activities are ongoing.

Malaysia:  2% 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 two successful exploration wells.  Pre-development studies are ongoing.

4.  Hess Midstream LP

At June 30, 2024, Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,606 million (December 31, 2023: $3,385 million) that are on a non-recourse basis to Hess Corporation, while Hess Midstream LP assets available to settle the obligations of Hess Midstream LP included cash and cash equivalents totaling $100 million (December 31, 2023: $5 million), property, plant and equipment with a carrying value of $3,237 million (December 31, 2023: $3,229 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $89 million (December 31, 2023: $90 million). At June 30, 2024, we have an approximate 38% consolidated ownership interest in Hess Midstream LP on an as-exchanged basis, primarily through our ownership of Class B units in Hess Midstream Operations LP (HESM Opco), the operating subsidiary of Hess Midstream LP, which are exchangeable into Class A shares of Hess Midstream LP on a one-for-one basis.

LM4 is a 200 million standard cubic feet per day gas processing plant located south of the Missouri River in McKenzie County, North Dakota, that was constructed as part of a 50/50 joint venture between Hess Midstream LP and Targa Resources Corp. Hess Midstream LP has a natural gas processing agreement with LM4 under which it pays a processing fee and reimburses LM4 for its proportionate share of electricity costs. The processing fees included in Operating costs and expenses in the Statement of Consolidated Income for the three and six months ended June 30, 2024 were $8 million and $15 million, respectively, compared with $6 million and $11 million for the three and six months ended June 30, 2023, respectively.

During the first six months of 2024, Hess Midstream LP completed two underwritten public equity offerings of an aggregate of 23.0 million Hess Midstream LP Class A shares held by an affiliate of Global Infrastructure Partners (GIP). Hess Corporation did not receive any proceeds from these public equity offerings. As these transactions did not result in a change in Hess Corporation's ownership interest in Hess Midstream LP on a consolidated basis, there was no adjustment to Noncontrolling interests resulting from changes to ownership interests. However, these transactions, in aggregate, resulted in an increase in Noncontrolling interests and

8

PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

deferred tax assets of $194 million resulting from step-ups in the tax basis of Hess Midstream LP’s investment in HESM Opco.

During the first six months of 2024, HESM Opco repurchased an aggregate of approximately 5.5 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for total proceeds of $200 million. The repurchases were financed using borrowings under HESM Opco's revolving credit facility and cash on hand. As Hess Corporation participated in these repurchases only to the extent necessary to maintain its current ownership interest in Hess Midstream LP on a consolidated basis, there was no adjustment to Noncontrolling interests resulting from changes to ownership interests. However, the repurchases, in aggregate, resulted in an increase in deferred tax assets and Noncontrolling interests of $19 million due to adjustments in the carrying value of Hess Midstream LP’s investment in HESM Opco without corresponding adjustments in the tax basis. The aggregate proceeds paid to GIP of $124 million reduced Noncontrolling interests.

During the first six months of 2023, Hess Midstream LP completed an underwritten public equity offering of approximately 12.8 million Hess Midstream LP Class A shares held by affiliates of Hess Corporation and GIP. Hess Corporation received net proceeds of $167 million from the public offering. The transaction resulted in an increase in Capital in excess of par and Noncontrolling interests of $158 million and $93 million, respectively. The increase to Noncontrolling interests of $93 million is comprised of $9 million resulting from changes to ownership interests and $84 million from an increase to deferred tax assets resulting from a step-up in the tax basis of Hess Midstream LP’s investment in HESM Opco.

During the first six months of 2023, HESM Opco repurchased an aggregate of approximately 7.0 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for total proceeds of $200 million. The repurchases were financed using borrowings under HESM Opco's revolving credit facility. The repurchases, in aggregate, resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $19 million due to changes in ownership interests, and an increase in deferred tax assets and Noncontrolling interests of $10 million due to adjustments in the carrying value of Hess Midstream LP’s investment in HESM Opco without corresponding adjustments in the tax basis. The aggregate proceeds paid to GIP of $100 million reduced Noncontrolling interests.

5.  Accrued Liabilities

Accrued Liabilities consisted of the following:

	June 30, 2024		December 31, 2023
	(In millions)
Accrued capital expenditures	$	678	$	670
Accrued operating and marketing expenditures	558		593
Accrued payments to royalty and working interest owners	204		178
Accrued interest on debt	149		144
Current portion of asset retirement obligations	100		160
Accrued compensation and benefits	74		193
Other accruals	44		164
Total Accrued Liabilities	$	1,807	$	2,102

6. Debt

In May 2024, HESM Opco issued $600 million in aggregate principal amount of 6.500% fixed-rate senior unsecured notes due in 2029 in a private offering. At the time of issuance, the proceeds were primarily used to reduce indebtedness outstanding under HESM Opco's revolving credit facility. The indenture for the 6.500% fixed-rate senior unsecured notes contains covenants that are substantially similar to the covenants contained in the indentures for the other existing HESM Opco fixed-rate senior unsecured notes.

In July 2024, we repaid the outstanding $300 million principal amount of our 3.500% fixed-rate senior unsecured notes, which matured on July 15, 2024. The principal amount of $300 million is classified as Current portion of long-term debt, in the Consolidated Balance Sheet at June 30, 2024.

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PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

7.  Revenue

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

	Exploration and Production								Midstream		Eliminations		Total
	United States		Guyana		Malaysia and JDA		E&P Total
Three Months Ended June 30, 2024
Sales of net production volumes:
Crude oil revenue	$	820	$	1,370	$	29	$	2,219	$	—	$	—	$	2,219
Natural gas liquids revenue	140		—		—		140		—		—		140
Natural gas revenue	28		—		229		257		—		—		257
Sales of purchased oil and gas	548		27		—		575		—		—		575
Third-party services	—		—		—		—		6		—		6
Intercompany revenue	—		—		—		—		358		(358)		—
Total sales (a)	1,536		1,397		258		3,191		364		(358)		3,197
Other operating revenues (b)	4		—		—		4		1		—		5
Total sales and other operating revenues	$	1,540	$	1,397	$	258	$	3,195	$	365	$	(358)	$	3,202
Three Months Ended June 30, 2023
Sales of net production volumes:
Crude oil revenue	$	710	$	787	$	24	$	1,521	$	—	$	—	$	1,521
Natural gas liquids revenue	112		—		—		112		—		—		112
Natural gas revenue	38		—		182		220		—		—		220
Sales of purchased oil and gas	469		15		—		484		—		—		484
Intercompany revenue	—		—		—		—		322		(322)		—
Total sales (a)	1,329		802		206		2,337		322		(322)		2,337
Other operating revenues (b)	(30)		(20)		—		(50)		2		—		(48)
Total sales and other operating revenues	$	1,299	$	782	$	206	$	2,287	$	324	$	(322)	$	2,289
Six Months Ended June 30, 2024
Sales of net production volumes:
Crude oil revenue	$	1,609	$	2,880	$	58	$	4,547	$	—	$	—	$	4,547
Natural gas liquids revenue	293		—		—		293		—		—		293
Natural gas revenue	76		—		440		516		—		—		516
Sales of purchased oil and gas	1,081		57		—		1,138		—		—		1,138
Third-party services	—		—		—		—		11		—		11
Intercompany revenue	—		—		—		—		708		(708)		—
Total sales (a)	3,059		2,937		498		6,494		719		(708)		6,505
Other operating revenues (b)	4		—		—		4		2		—		6
Total sales and other operating revenues	$	3,063	$	2,937	$	498	$	6,498	$	721	$	(708)	$	6,511
Six Months Ended June 30, 2023
Sales of net production volumes:
Crude oil revenue	$	1,379	$	1,612	$	53	$	3,044	$	—	$	—	$	3,044
Natural gas liquids revenue	253		—		—		253		—		—		253
Natural gas revenue	92		—		362		454		—		—		454
Sales of purchased oil and gas	996		32		—		1,028		—		—		1,028
Intercompany revenue	—		—		—		—		625		(625)		—
Total sales (a)	2,720		1,644		415		4,779		625		(625)		4,779
Other operating revenues (b)	(56)		(27)		—		(83)		4		—		(79)
Total sales and other operating revenues	$	2,664	$	1,617	$	415	$	4,696	$	629	$	(625)	$	4,700

(a)Guyana crude oil revenue includes $214 million and $466 million of revenue from non-customers for the three and six months ended June 30, 2024, compared to $88 million and $196 million for the three and six months ended June 30, 2023.

(b)Other operating revenues are not a component of revenues from contracts with customers. Included within other operating revenues are gains (losses) on commodity derivatives of nil for the three and six months ended June 30, 2024, compared to losses of $(52) million and $(86) million for the three and six months ended June 30, 2023.

There have been no significant changes to contracts with customers or the composition thereof during the six months ended June 30, 2024.  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. At June 30, 2024 and December 31, 2023, there were no contract assets or liabilities.

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PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8. Impairment and Other

In the second quarter of 2023, we recognized a pre-tax charge of $82 million ($82 million after income taxes) that resulted from revisions to estimated costs to abandon certain wells, pipelines and production facilities in the West Delta Field in the Gulf of Mexico. These abandonment obligations were assigned to us as a former owner after they were discharged from Fieldwood Energy LLC as part of its approved bankruptcy plan in 2021.

9. Retirement Plans

Components of net periodic benefit cost consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Service cost	$	11	$	10	$	21	$	19
Interest cost (a)	23		25		46		50
Expected return on plan assets (a)	(38)		(40)		(76)		(79)
Amortization of unrecognized net actuarial losses (a)	1		1		1		1
Net periodic benefit cost (income)	$	(3)	$	(4)	$	(8)	$	(9)

(a)  Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million and $29 million for the three and six months ended June 30, 2024, compared with income of $14 million and $28 million for the three and six months ended June 30, 2023.

The board of trustees for our U.K. pension plan is evaluating various alternatives to settle all or a portion of the plan’s projected benefit obligation. A decision to proceed will occur only after the board of trustees receives and evaluates proposals and determines that the transaction is in the best interest of plan participants. Should a settlement be completed, a material noncash settlement loss may be recorded reflecting any difference between the settlement value and projected benefit obligation, and the acceleration of the recognition of unrecognized actuarial losses. At June 30, 2024, pre-tax unrecognized net actuarial losses related to the U.K. pension plan were $178 million.

10. Weighted Average Common Shares

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Net income attributable to Hess Corporation:
Net income	$	851	$	205	$	1,918	$	633
Less: Net income attributable to noncontrolling interests	94		86		189		168
Net income attributable to Hess Corporation	$	757	$	119	$	1,729	$	465
Weighted average number of common shares outstanding:
Basic	306.9		306.0		306.6		305.7
Effect of dilutive securities
Restricted common stock	0.4		0.3		0.4		0.5
Stock options	0.6		0.7		0.6		0.7
Performance share units	0.4		0.5		0.5		0.5
Diluted	308.3		307.5		308.1		307.4

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Restricted common stock	1,474	1,789	824	61,489
Stock options	188,298	189,479	188,779	121,226
Performance share units	—	—	—	—

During the six months ended June 30, 2024, we granted 737,371 shares of restricted stock (2023: 451,226), no performance share units (2023: 130,272) and no stock options (2023: 189,479).

 11. 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 United States 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 two remaining active cases, filed by Pennsylvania 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 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 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

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 six claims in federal and state courts in North Dakota related to post-production deductions from royalty and working interest payments. The plaintiffs in these cases assert that we take unauthorized or excessive post-production deductions from royalty or working interest payments for various oil and gas processing and transportation related costs and expenses. These plaintiffs seek reimbursement for allegedly underpaid revenue. It is our position that these costs and expenses are actual, reasonable, necessary, and authorized by the respective leases and North Dakota law. We believe that based on the facts and circumstances of these claims and because we have viable defenses, loss is not probable and the ultimate impact of these claims on our business or accounts cannot be estimated at this time due to the early stages of the proceedings and the speculative and indeterminate damages.

We may also be exposed to future decommissioning liabilities for divested assets in the event the current or future owners of facilities previously owned by us are determined to be unable to perform such actions, whether due to bankruptcy or otherwise. 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.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

12.  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 June 30, 2024
Sales and other operating revenues	$	3,195	$	7	$	—	$	—	$	3,202
Intersegment revenues	—		358		—		(358)		—
Total sales and other operating revenues	$	3,195	$	365	$	—	$	(358)	$	3,202
Net income (loss) attributable to Hess Corporation	$	765	$	66	$	(74)	$	—	$	757
Depreciation, depletion and amortization	550		50		—		—		600
Provision for income taxes	280		16		—		—		296
Capital expenditures	1,120		73		—		—		1,193
For the Three Months Ended June 30, 2023
Sales and other operating revenues	$	2,287	$	2	$	—	$	—	$	2,289
Intersegment revenues	—		322		—		(322)		—
Total sales and other operating revenues	$	2,287	$	324	$	—	$	(322)	$	2,289
Net income (loss) attributable to Hess Corporation	$	155	$	62	$	(98)	$	—	$	119
Depreciation, depletion and amortization	450		47		—		—		497
Impairment and other	82		—		—		—		82
Provision for income taxes	152		8		—		—		160
Capital expenditures	904		52		—		—		956
For the Six Months Ended June 30, 2024
Sales and other operating revenues	$	6,498	$	13	$	—	$	—	$	6,511
Intersegment revenues	—		708		—		(708)		—
Total sales and other operating revenues	$	6,498	$	721	$	—	$	(708)	$	6,511
Net income (loss) attributable to Hess Corporation	$	1,762	$	133	$	(166)	$	—	$	1,729
Depreciation, depletion and amortization	1,057		100		—		—		1,157
Provision for income taxes	614		30		—		—		644
Capital expenditures	2,008		108		—		—		2,116
For the Six Months Ended June 30, 2023
Sales and other operating revenues	$	4,696	$	4	$	—	$	—	$	4,700
Intersegment revenues	—		625		—		(625)		—
Total sales and other operating revenues	$	4,696	$	629	$	—	$	(625)	$	4,700
Net income (loss) attributable to Hess Corporation	$	560	$	123	$	(218)	$	—	$	465
Depreciation, depletion and amortization	893		94		1		—		988
Impairment and other	82		—		—		—		82
Provision for income taxes	322		14		—		—		336
Capital expenditures	1,639		109		—		—		1,748

Corporate, Interest and Other had interest income of $18 million and $35 million for the three and six months ended June 30, 2024, respectively, compared to $21 million and $41 million for the three and six months ended June 30, 2023. Interest income is included in Other, net in the Statement of Consolidated Income.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Identifiable assets by operating segment were as follows:

	June 30, 2024		December 31, 2023
	(In millions)
Exploration and Production	$	19,203	$	17,931
Midstream	4,264		3,984
Corporate, Interest and Other	2,343		2,092
Total	$	25,810	$	24,007

13.  Financial Risk Management Activities

In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas, as well as changes in interest rates and foreign currency values. Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or reduce 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 or a range banded with a floor and ceiling price, for a portion of our crude oil or natural gas production. Such strategies are subject to certain limitations under the Merger Agreement. Forward contracts or swaps may also be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At June 30, 2024, these forward contracts and swaps relate to the British Pound 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:

	June 30, 2024		December 31, 2023
	(In millions)
Foreign exchange forwards / swaps	$	232	$	226
Interest rate swaps	$	100	$	100

Derivative contracts designated as hedging instruments:

Crude oil derivatives designated as cash flow hedges:  Crude oil hedging contracts decreased Sales and other operating revenues by $52 million and $86 million in the three and six months ended June 30, 2023, respectively. There were no open crude oil hedging contracts at June 30, 2024 or December 31, 2023, or during the three and six months ended June 30, 2024.

Interest rate swaps designated as fair value hedges: At June 30, 2024 and December 31, 2023, 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. The fair value of our interest rate swaps was nil at June 30, 2024 and a liability of $2 million at December 31, 2023.

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 gains of $1 million and losses of $1 million in the three and six months ended June 30, 2024, respectively, compared with losses of $2 million and nil in the three and six months ended June 30, 2023, respectively.  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 nil and net gains of $5 million in the three and six months ended June 30, 2024, respectively, compared to net losses of nil and $2 million in the three and six months ended June 30, 2023, respectively. The fair value of our foreign exchange forwards and swaps was nil at June 30, 2024 and a liability of $6 million at December 31, 2023.

Fair Value Measurement:  

At June 30, 2024, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $8,865 million and a fair value of $9,030 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 June 30, 2024 and December 31, 2023.

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PART I - FINANCIAL INFORMATION (CONT'D.)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read together with the unaudited consolidated financial statements and accompanying footnotes for the quarter ended June 30, 2024 included under Item 1. Financial Statements of this Form 10-Q and the audited consolidated financial statements and related notes included in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023 and in Part II, Item 1A Risk Factors of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024.

Overview

Hess Corporation is a global E&P company engaged in exploration, development, production, transportation, purchase and sale of crude oil, natural gas liquids, and natural gas with production operations located in the United States (U.S.), Guyana, the Malaysia/Thailand Joint Development Area (JDA) and Malaysia. We conduct exploration activities primarily offshore Guyana, in the U.S. Gulf of Mexico, and offshore Suriname. At the Stabroek Block (Hess 30%), offshore Guyana, we and our partners have discovered a significant resource base and are executing a multi-phased development of the block. We currently have three floating production, storage and offloading vessels (FPSO) producing, and plan to have six FPSOs with an aggregate expected production capacity of approximately 1.3 million gross barrels of oil per day (bopd) producing by the end of 2027. The discovered resources to date on the block are expected to underpin the potential for up to ten FPSOs.

Our Midstream operating segment, which is comprised of Hess Corporation’s approximate 38% consolidated ownership interest in Hess Midstream LP at June 30, 2024, provides fee-based services, including gathering, compressing and processing natural gas and fractionating natural gas liquids (NGL); gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play in the Williston Basin area of North Dakota.

On October 22, 2023, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Chevron Corporation (Chevron) and Yankee Merger Sub Inc. (Merger Subsidiary), a direct, wholly-owned subsidiary of Chevron. The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Subsidiary will be merged with and into Hess, and Hess will be the surviving corporation in the Merger as a direct, wholly-owned subsidiary of Chevron (such transaction, the Merger). Under the terms of the Merger Agreement, if the Merger is completed, our stockholders will receive at the effective time of the Merger consideration consisting of 1.025 shares of Chevron common stock for each share of our common stock. On May 28, 2024, a majority of Hess stockholders voted to approve the Merger. Chevron and Hess are working to complete the Merger and anticipate all requisite regulatory reviews concluding in the third quarter of 2024. Hess Guyana Exploration Limited (HGEL), a wholly-owned subsidiary of Hess, is currently in arbitration relating to the applicability of a right of first refusal (the Stabroek ROFR) contained in the operating agreement (the Stabroek JOA) among HGEL and affiliates of Exxon Mobil Corporation (Exxon Mobil) and China National Offshore Oil Corporation (CNOOC). The arbitration merits hearing about the applicability of the Stabroek ROFR to the Merger has been scheduled for May 2025, with a decision expected in the following three months. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed because it is subject to conditions beyond each company’s control, including the outcome of the arbitration.

Second Quarter Results

In the second quarter of 2024, net income was $757 million, compared with $119 million in the second quarter of 2023. Excluding items affecting comparability of earnings between periods detailed on page 23, adjusted net income was $809 million in the second quarter of 2024, compared with $201 million in the second quarter of 2023. The increase in adjusted after-tax earnings in the second quarter of 2024, compared with the prior-year quarter, was primarily due to higher production volumes and realized selling prices.

Exploration and Production Results

In the second quarter of 2024, E&P had net income of $765 million, compared with $155 million in the second quarter of 2023. Excluding items affecting comparability of earnings between periods, adjusted net income was $817 million in the second quarter of 2024, compared with $237 million in the second quarter of 2023. Total net production averaged 494,000 barrels of oil equivalent per day (boepd) in the second quarter of 2024, compared with 387,000 boepd in the second quarter of 2023. The average realized crude oil selling price was $80.29 per barrel in the second quarter of 2024, compared with $71.13 per barrel, including the effect of hedging, in the second quarter of 2023. The average realized NGL selling price in the second quarter of 2024 was $20.07 per barrel, compared with $17.95 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.22 per thousand cubic feet (mcf) in the second quarter of 2024, compared with $3.82 per mcf in the second quarter of 2023.

16

PART I - FINANCIAL INFORMATION (CONT'D.)

Overview (continued)

The following is an update of our ongoing E&P activities in the second quarter:

•In North Dakota, net production from the Bakken averaged 212,000 boepd for the second quarter of 2024 (2023 Q2: 181,000 boepd), primarily reflecting increased drilling and completion activity. NGL and natural gas volumes received under percentage of proceeds contracts were 26,000 boepd in the second quarter of 2024, compared with 22,000 boepd in the second quarter of 2023. We operated four rigs and drilled 38 wells, completed 37 wells, and brought 31 new wells online. We plan to continue operating four drilling rigs in 2024. We forecast net production to be in the range of 200,000 boepd to 205,000 boepd in the third quarter of 2024, reflecting lower anticipated volumes received under percentage of proceeds contracts and planned maintenance at our gas infrastructure.

•In the Gulf of Mexico, net production for the second quarter of 2024 averaged 24,000 boepd (2023 Q2: 32,000 boepd), primarily due to planned maintenance shut-downs during the second quarter of 2024 at the Conger and Tubular Bells fields. The Pickerel-1 oil discovery (Hess 100%) located in Mississippi Canyon Block 727 achieved first production in late June as a tieback to the Tubular Bells production facilities. In June, we spud an exploration well at the Vancouver prospect (Hess 40%) located in Green Canyon Block 287. The exploration well results are anticipated in the third quarter of 2024.

•At the Stabroek Block (Hess 30%), offshore Guyana, net production totaled 192,000 bopd for the second quarter of 2024 (2023 Q2: 110,000 bopd). Net production from Guyana for the second quarter of 2024 included 29,000 bopd of tax barrels (2023 Q2: 13,000 bopd). The third development, Payara, which commenced production in November 2023 from the Prosperity FPSO, reached its initial production capacity of approximately 220,000 gross bopd in January 2024. In the second quarter of 2024, we sold 14 cargos of crude oil from Guyana compared with nine cargos in the prior-year quarter. We expect to sell 14 cargos of crude oil in the third quarter of 2024. We forecast net production to be in the range of 170,000 bopd to 175,000 bopd in the third quarter of 2024, which includes tax barrels in the range of 25,000 bopd to 30,000 bopd, reflecting downtime associated with the Liza Destiny and Liza Unity FPSOs related to pipeline and field hook-up for the Gas to Energy project, and production optimization work at the Liza Unity FPSO.

The fourth development on the block, Yellowtail, was sanctioned in April 2022 with a production capacity of approximately 250,000 gross bopd and first production expected in 2025. The fifth development, Uaru, was sanctioned in April 2023 with a production capacity of approximately 250,000 gross bopd and first production expected in 2026. The sixth development, Whiptail, was sanctioned in April 2024 and is expected to add production capacity of approximately 250,000 gross bopd by the end of 2027. The application for the environmental permit for the seventh development, Hammerhead, has been filed with Guyana's Environmental Protection Agency. Pending government and regulatory approval and project sanctioning, the development is expected to have a production capacity in the range of 120,000 gross bopd to 180,000 gross bopd with first oil anticipated in 2029.

•In the Gulf of Thailand, net production from Block A-18 of the JDA averaged 36,000 boepd for the second quarter of 2024 (2023 Q2: 37,000 boepd), including contribution from unitized acreage in Malaysia. Net production from North Malay Basin, offshore Peninsular Malaysia, averaged 30,000 boepd for the second quarter of 2024 (2023 Q2: 27,000 boepd).

The following is an update of significant Midstream activities in the second quarter:

•Hess Midstream LP completed an underwritten public equity offering of 11.5 million Hess Midstream LP Class A shares held by an affiliate of GIP. We did not receive any proceeds from the public equity offering.

•HESM Opco, a consolidated subsidiary of Hess Midstream LP, repurchased approximately 2.7 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for $100 million of which we received proceeds of $38 million.

•HESM Opco issued $600 million in aggregate principal amount of 6.500% fixed-rate senior unsecured notes due in 2029 in a private offering.

17

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations

The after-tax income (loss) by major operating activity is summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions, except per share amounts)
Net Income Attributable to Hess Corporation:
Exploration and Production	$	765	$	155	$	1,762	$	560
Midstream	66		62		133		123
Corporate, Interest and Other	(74)		(98)		(166)		(218)
Total	$	757	$	119	$	1,729	$	465
Net Income Attributable to Hess Corporation Per Common Share:
Basic	$	2.47	$	0.39	$	5.64	$	1.52
Diluted	$	2.46	$	0.39	$	5.61	$	1.51

Items Affecting Comparability of Earnings Between Periods

The following table summarizes, on an after-tax basis, items of income (expense) that are included in net income and affect comparability of earnings between periods: 

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Items Affecting Comparability of Earnings Between Periods, After-Tax:
Exploration and Production	$	(52)	$	(82)	$	(52)	$	(82)
Midstream	—		—		—		—
Corporate, Interest and Other	—		—		—		—
Total	$	(52)	$	(82)	$	(52)	$	(82)

The items in the table above are explained on page 23.

Reconciliations of GAAP and non-GAAP measures

The following table reconciles reported net income attributable to Hess Corporation and adjusted net income attributable to Hess Corporation:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Adjusted Net Income Attributable to Hess Corporation:
Net income attributable to Hess Corporation	$	757	$	119	$	1,729	$	465
Less: Total items affecting comparability of earnings between periods, after-tax	(52)		(82)		(52)		(82)
Adjusted Net Income Attributable to Hess Corporation	$	809	$	201	$	1,781	$	547

The following table reconciles reported net cash provided by (used in) operating activities and net cash provided by (used in) operating activities before changes in operating assets and liabilities:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Net cash provided by (used in) operating activities before changes in operating assets and liabilities:
Net cash provided by (used in) operating activities	$	2,778	$	1,612
Changes in operating assets and liabilities	543		394
Net cash provided by (used in) operating activities before changes in operating assets and liabilities	$	3,321	$	2,006

18

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Adjusted net income attributable to Hess Corporation is a non-GAAP financial measure, which we define as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods, which are summarized on page 23. Management uses adjusted net income to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations.

Net cash provided by (used in) operating activities before changes in operating assets and liabilities presented in this report is a non-GAAP measure, which we define as reported net cash provided by (used in) operating activities excluding changes in operating assets and liabilities. Management uses net cash provided by (used in) operating activities before changes in operating assets and liabilities to evaluate the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt and believes that investors’ understanding of our ability to generate cash to fund these items is enhanced by disclosing this measure, which excludes working capital and other movements that may distort assessment of our performance between periods.

These measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and net cash provided by (used in) operating activities.

In the following discussion and elsewhere in this report, the financial effects of certain transactions are disclosed on an after-tax basis. Management reviews segment earnings on an after-tax basis and uses after-tax amounts in its review of variances in segment earnings. Management believes that after-tax amounts are a preferable method of explaining variances in earnings, since they show the entire effect of a transaction rather than only the pre-tax amount. After-tax amounts are determined by applying the income tax rate in each tax jurisdiction to pre-tax amounts.

Comparison of Results

Exploration and Production

Following is a summarized income statement of our E&P operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Revenues and Non-Operating Income
Sales and other operating revenues	$	3,195	$	2,287	$	6,498	$	4,696
Other, net	31		8		42		22
Total revenues and non-operating income	3,226		2,295		6,540		4,718
Costs and Expenses
Marketing, including purchased oil and gas	651		564		1,291		1,183
Operating costs and expenses	406		384		744		707
Production and severance taxes	64		46		120		94
Midstream tariffs	335		302		663		585
Exploration expenses, including dry holes and lease impairment	101		99		143		165
General and administrative expenses	74		61		146		127
Depreciation, depletion and amortization	550		450		1,057		893
Impairment and other	—		82		—		82
Total costs and expenses	2,181		1,988		4,164		3,836
Results of Operations Before Income Taxes	1,045		307		2,376		882
Provision for income taxes	280		152		614		322
Net Income Attributable to Hess Corporation	$	765	$	155	$	1,762	$	560

Excluding the E&P items affecting comparability of earnings between periods detailed on page 23, the changes in E&P results are primarily attributable to changes in selling prices, production and sales volumes, marketing expenses, cash operating costs, Midstream tariffs, depreciation, depletion and amortization, exploration expenses and income taxes, as discussed below.

19

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Selling Prices:  Higher realized selling prices in the second quarter and first six months of 2024 increased after-tax earnings by approximately $215 million and $320 million, respectively, compared to the corresponding periods in 2023.  Average selling prices were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Average Selling Prices (a)
Crude Oil – Per Barrel (Including Hedging)
United States
North Dakota	$	75.84	$	65.67	$	73.84	$	67.05
Offshore	80.21		68.32		77.78		68.22
Total United States	76.54		66.24		74.56		67.32
Guyana	82.53		75.82		83.43		77.50
Malaysia and JDA	82.77		68.87		81.94		71.02
Worldwide	80.29		71.13		80.17		72.66
Crude Oil – Per Barrel (Excluding Hedging)
United States
North Dakota	$	75.84	$	69.22	$	73.84	$	70.41
Offshore	80.21		71.86		77.78		71.55
Total United States	76.54		69.79		74.56		70.68
Guyana	82.53		77.64		83.43		78.76
Malaysia and JDA	82.77		68.87		81.94		71.02
Worldwide	80.29		73.74		80.17		74.87
Natural Gas Liquids – Per Barrel
United States
North Dakota	$	20.08	$	17.90	$	21.52	$	20.99
Offshore	19.60		20.17		20.62		22.20
Worldwide	20.07		17.95		21.49		21.02
Natural Gas – Per Mcf
United States
North Dakota	$	0.81	$	1.29	$	1.24	$	1.83
Offshore	1.33		1.62		1.79		2.03
Total United States	0.86		1.35		1.32		1.87
Malaysia and JDA	6.81		5.56		6.65		5.50
Worldwide	4.22		3.82		4.41		4.09

(a)Selling prices in the United States and Guyana are adjusted for certain processing and distribution fees included in Marketing expenses.  Excluding these fees worldwide selling prices for the second quarter of 2024 would be $83.16 (2023 Q2: $74.48) per barrel for crude oil (including hedging), $83.16 (2023 Q2: $77.09) per barrel for crude oil (excluding hedging), $20.19 (2023 Q2: $18.35) per barrel for NGLs and $4.32 (2023 Q2: $3.95) per mcf for natural gas. Excluding these fees worldwide selling prices for the first six months of 2024 would be $83.08 (2023: $76.05) per barrel for crude oil (including hedging), $83.08 (2023: $78.26) per barrel for crude oil (excluding hedging), $21.55 (2023: $21.33) per barrel for NGLs and $4.53 (2023: $4.23) per mcf for natural gas.

There were no crude oil hedging activities in the first six months of 2024. Crude oil hedging activities were a net loss of $52 million and $86 million before and after income taxes in the second quarter and first six months of 2023, respectively.

20

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Production Volumes:  Our daily worldwide net production was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Crude Oil – Barrels
United States
North Dakota	93		79		90		78
Offshore	18		23		20		23
Total United States	111		102		110		101
Guyana	192		110		191		111
Malaysia and JDA	5		4		5		4
Total	308		216		306		216
Natural Gas Liquids – Barrels
United States
North Dakota	76		68		73		64
Offshore	1		1		2		2
Total United States	77		69		75		66
Natural Gas – Mcf
United States
North Dakota	256		206		228		182
Offshore	28		45		35		47
Total United States	284		251		263		229
Malaysia and JDA	369		359		363		363
Total	653		610		626		592
Barrels of Oil Equivalent (a)	494		387		485		381
Crude oil and natural gas liquids as a share of total production	78	%	74	%	79	%	74	%

(a)Reflects natural gas production converted based on relative energy content (six mcf equals one barrel).  Barrel of oil equivalence does not necessarily result in price equivalence as the equivalent price of natural gas on a barrel of oil equivalent basis has been substantially lower than the corresponding price for crude oil over the recent past.  In addition, NGLs do not sell at prices equivalent to crude oil.  See the average selling prices in the table on page 20.

We forecast total net production to be in the range of 460,000 boepd to 470,000 boepd in the third quarter of 2024, reflecting planned downtime in Guyana and Southeast Asia.

United States:  North Dakota net production was higher in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily reflecting increased drilling and completion activity. Total offshore net production was lower in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily due to planned maintenance shut-downs during the second quarter of 2024 at the Conger and Tubular Bells fields.

International:  Net production in Guyana was higher in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily due to the Prosperity FPSO, which commenced production in November 2023 and reached its initial production capacity of approximately 220,000 gross bopd in January 2024. Net production from Guyana included 29,000 bopd and 31,000 bopd of tax barrels in the second quarter and first six months of 2024, respectively, compared with 13,000 bopd and 14,000 bopd of tax barrels in the second quarter and first six months of 2023, respectively.

21

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Sales Volumes:  Higher sales volumes in the second quarter and first six months of 2024 increased after-tax earnings by approximately $445 million and $1,045 million, respectively, compared with the corresponding periods in 2023. Net worldwide sales volumes from Hess net production, which excludes sales volumes of crude oil, NGLs and natural gas purchased from third parties, were as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(In thousands)
Crude oil – barrels	26,677	19,740	54,730	38,901
Natural gas liquids – barrels	6,925	6,084	13,575	11,845
Natural gas – mcf	59,402	55,548	113,897	107,240
Barrels of Oil Equivalent (a)	43,502	35,082	87,288	68,619
Crude oil – barrels per day	293	217	301	215
Natural gas liquids – barrels per day	76	67	75	65
Natural gas – mcf per day	653	610	626	592
Barrels of Oil Equivalent Per Day (a)	478	386	480	379

(a)Reflects natural gas production converted based on relative energy content (six mcf equals one barrel).  Barrel of oil equivalence does not necessarily result in price equivalence as the equivalent price of natural gas on a barrel of oil equivalent basis has been substantially lower than the corresponding price for crude oil over the recent past.  In addition, NGLs do not sell at prices equivalent to crude oil.  See the average selling prices in the table on page 20.

Marketing, including Purchased Oil and Gas:  Marketing expense is mainly comprised of costs to purchase crude oil, NGL and natural gas from our partners in Hess operated wells or other third parties, primarily in the United States, and transportation and other distribution costs for U.S. and Guyana marketing activities.  Marketing expense was higher in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily due to higher prices paid for purchased volumes.

Cash Operating Costs:  Cash operating costs consist of operating costs and expenses, production and severance taxes and E&P general and administrative expenses. Cash operating costs increased in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily due to Guyana following the start-up of Payara in November 2023, and higher production and severance taxes in North Dakota due to higher volumes and crude oil prices, partially offset by lower workover costs in the Gulf of Mexico. On a per-unit basis, the decrease in cash operating costs in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily reflects the impact of the higher production volumes.

Midstream Tariffs Expense:  Tariffs expense in the second quarter and first six months of 2024 increased, compared with the corresponding periods in 2023, primarily due to higher throughput volumes. We estimate Midstream tariffs expense to be in the range of $340 million to $350 million in the third quarter of 2024.

Depreciation, Depletion and Amortization (DD&A):  DD&A expense was higher in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily due to higher production volumes from Guyana following the start-up of Payara in November 2023, and North Dakota. On a per-unit basis, the decrease in DD&A expense in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, was primarily due to year-end 2023 revisions and additions to proved developed reserves.

Unit Costs:  Unit cost per boe information is based on total net production volumes and excludes items affecting comparability of earnings as detailed on page 23.  Actual and forecast unit costs per boe are as follows:

	Actual								Forecast range
	Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended September 30,
	2024		2023		2024		2023		2024
Cash operating costs	$	11.69	$	13.97	$	11.25	$	13.48	$	13.50	—	$	14.00
DD&A	12.24		12.79		11.98		12.97		14.00			14.00
Total Production Unit Costs	$	23.93	$	26.76	$	23.23	$	26.45	$	27.50	—	$	28.00

22

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Exploration Expenses:  Exploration expenses were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Exploratory dry hole costs (a)	$	63	$	62	$	63	$	93
Exploration lease impairment	7		8		10		13
Geological and geophysical expense and exploration overhead	31		29		70		59
Total Exploration Expense	$	101	$	99	$	143	$	165

(a)Exploratory dry hole costs in the second quarter and first six months of 2024 primarily relates to previously capitalized exploratory wells (see Items Affecting Comparability of Earnings Between Periods below) and the Trumpetfish-1 exploration well at the Stabroek Block, offshore Guyana. Exploratory dry hole costs in the second quarter of 2023 primarily relates to the Ephesus exploration well, offshore Newfoundland, Canada and the Kokwari-1 exploration well at the Stabroek Block, offshore Guyana. Exploratory dry hole costs in the first six months of 2023 primarily relates to the Ephesus exploration well, offshore Newfoundland, Canada and the Kokwari-1 and Fish/Tarpon-1 exploration wells at the Stabroek Block, offshore Guyana.

Exploration expenses, excluding dry hole expense, are estimated to be in the range of $45 million to $50 million in the third quarter of 2024.

Income Taxes:  E&P income tax expense was $280 million and $614 million in the second quarter and first six months of 2024, respectively, compared with $152 million and $322 million in the second quarter and first six months of 2023, respectively. The increase in income tax expense in the second quarter and first six months 2024, compared with the corresponding periods in 2023, was primarily due to higher income tax expense in Guyana as a result of higher pre-tax income.

We are generally not recognizing deferred tax benefit or expense in certain countries, primarily the United States (non-Midstream), while we maintain valuation allowances against net deferred tax assets in these jurisdictions in accordance with U.S. generally accepted accounting principles. While we emerged from a recent cumulative loss position in the U.S. (non-Midstream) in 2023, there is not sufficient positive evidence to support a release of the valuation allowance. Until we see a more significant and sustained pattern of objectively verifiable income, we do not assign significant weight to subjective long-term projections of future income and thus maintain a full valuation allowance against our U.S. (non-Midstream) federal and state deferred tax assets.

E&P income tax expense is expected to be in the range of $265 million to $275 million in the third quarter of 2024.

Items Affecting Comparability of Earnings Between Periods:

In the second quarter of 2024, we recognized a pre-tax charge of $48 million ($38 million after income taxes) to write-off previously capitalized exploration wells (See Note 3, Property, Plant and Equipment in the Notes to Consolidated Financial Statements), and a pre-tax charge of $18 million ($14 million after income taxes) related to materials and supplies inventory recorded to Operating costs and expenses, both in the JDA, based on the regulator's notification that the current production sharing contract (PSC) for JDA Block A-18 will not be re-awarded to the existing PSC contractors upon its expiration in 2029.

In the second quarter of 2023, we recognized a pre-tax charge of $82 million ($82 million after income taxes) that resulted from revisions to our estimated abandonment obligations in the West Delta Field in the Gulf of Mexico. These abandonment obligations were assigned to us as a former owner after they were discharged from Fieldwood Energy LLC as part of its approved bankruptcy plan in 2021. See Note 8, Impairment and Other in the Notes to Consolidated Financial Statements.

23

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Midstream

Following is a summarized income statement for our Midstream operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Revenues and Non-Operating Income
Sales and other operating revenues	$	365	$	324	$	721	$	629
Other, net	4		2		7		4
Total revenues and non-operating income	369		326		728		633
Costs and Expenses
Operating costs and expenses	88		73		166		136
General and administrative expenses	5		6		11		12
Interest expense	50		44		99		86
Depreciation, depletion and amortization	50		47		100		94
Total costs and expenses	193		170		376		328
Results of Operations Before Income Taxes	176		156		352		305
Provision for income taxes	16		8		30		14
Net Income	160		148		322		291
Less: Net income attributable to noncontrolling interests	94		86		189		168
Net Income Attributable to Hess Corporation	$	66	$	62	$	133	$	123

Sales and other operating revenues for the second quarter and first six months of 2024 increased, compared with the corresponding periods in 2023, primarily due to higher throughput volumes. Operating costs and expenses for the second quarter and first six months of 2024 increased, compared with the corresponding periods in 2023, primarily due to higher maintenance costs. Interest expense for the second quarter and first six months of 2024 increased, compared with the corresponding periods in 2023, primarily due to higher interest rates on the credit facilities and higher borrowings on the revolving credit facility and the new $600 million 6.500% fixed-rate senior unsecured notes issued during the second quarter of 2024. DD&A expense for the second quarter and first six months of 2024 increased, compared with the corresponding periods in 2023, primarily due to additional assets placed in service. Provision for income taxes for the second quarter and first six months of 2024 increased, compared with the corresponding periods in 2023, primarily driven by increased ownership of HESM Opco by Hess Midstream LP following the equity offerings and unit repurchase transactions in 2023 and 2024.

Net income attributable to Hess Corporation from the Midstream segment is estimated to be in the range of $65 million to $70 million in the third quarter of 2024.

Corporate, Interest and Other

The following table summarizes Corporate, Interest and Other expenses:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Corporate and other expenses, net	$	18	$	20	$	46	$	59
Interest expense	86		88		173		174
Less: Capitalized interest	(30)		(10)		(53)		(15)
Interest expense, net	56		78		120		159
Corporate, Interest and Other expenses before income taxes	74		98		166		218
Provision for income taxes	—		—		—		—
Net Corporate, Interest and Other expenses after income taxes	$	74	$	98	$	166	$	218

Corporate and other expenses, net were lower in the first six months of 2024, compared with the corresponding period in 2023, primarily due to lower legal and professional fees. Interest expense, net was lower in the second quarter and first six months of 2024, compared with the corresponding periods in 2023, primarily due to higher capitalized interest associated with the Yellowtail, Uaru, and Whiptail development projects in Guyana.

24

PART I - FINANCIAL INFORMATION (CONT'D.)

Consolidated Results of Operations (continued)

Third quarter 2024 corporate and other expenses, net are expected to be approximately $20 million, and interest expense, net is expected to be in the range of $45 million to $50 million in the third quarter of 2024.

Other Items Potentially Affecting Future Results

Our future results may be impacted by a variety of factors, including but not limited to, volatility in the selling prices of crude oil, NGLs and natural gas, reserve and production changes, asset sales, impairment charges and exploration expenses, industry cost inflation and/or deflation, changes in foreign exchange rates and income tax rates, changes in deferred tax asset valuation allowances, the effects of weather, crude oil storage capacity, political risk, environmental risk and catastrophic risk. For a more comprehensive description of the risks that may affect our business, see Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and in Part II, Item 1A Risk Factors of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024.

Liquidity and Capital Resources

The following table sets forth certain relevant measures of our liquidity and capital resources:

	June 30, 2024			December 31, 2023
	(In millions, except ratio)
Cash and cash equivalents (a)	$	2,025		$	1,688
Current portion of long-term debt	317			311
Total debt (b)	8,865			8,613
Total equity	11,201			9,602
Debt to capitalization ratio for debt covenants (c)	30.8		%	33.6		%

(a)Includes $100 million of cash and cash equivalents attributable to our Midstream segment at June 30, 2024 (December 31, 2023: $6 million) of which $100 million is held by Hess Midstream LP at June 30, 2024 (December 31, 2023: $5 million).

(b)Includes $3,460 million of debt outstanding from our Midstream segment at June 30, 2024 (December 31, 2023: $3,211 million) that is non-recourse to Hess Corporation.

(c)Total Consolidated Debt of Hess Corporation (including finance leases and excluding Midstream non-recourse debt) as a percentage of Total Capitalization of Hess Corporation as defined under Hess Corporation’s revolving credit facility financial covenants. Total Capitalization excludes the impact of noncash impairment charges and non-controlling interests.

Cash Flows

The following table summarizes our cash flows:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Net cash provided by (used in):
Operating activities	$	2,778	$	1,612
Investing activities	(2,110)		(1,662)
Financing activities	(331)		(210)
Net Increase (Decrease) in Cash and Cash Equivalents	$	337	$	(260)

Operating activities:  Net cash provided by operating activities was $2,778 million in the first six months of 2024 (2023: $1,612 million), while net cash provided by operating activities before changes in operating assets and liabilities was $3,321 million in the first six months of 2024 (2023: $2,006 million). Net cash provided by operating activities before changes in operating assets and liabilities increased in the first six months of 2024, compared with the corresponding period in 2023, primarily due to higher production volumes and realized selling prices. During the first six months of 2024, changes in operating assets and liabilities reduced cash flow from operating activities by $543 million primarily due to a decrease in accrued liabilities which includes a payment in connection with a legal settlement related to our former downstream business, HONX, Inc, and payments for abandonment activities. Changes in operating assets and liabilities in the first six months of 2023 reduced cash flow from operating activities by $394 million primarily due to premiums paid for crude oil hedge contracts and payments for abandonment activities.

Investing activities:  Additions to property, plant and equipment of $2,108 million in the first six months of 2024 were up $450 million, compared with the corresponding period in 2023, primarily due to higher development activities in Guyana, and higher drilling activity in the Gulf of Mexico and the Bakken.

25

PART I - FINANCIAL INFORMATION (CONT'D.)

Liquidity and Capital Resources (continued)

The following table reconciles capital expenditures incurred on an accrual basis to Additions to property, plant and equipment:

	Six Months Ended June 30,
	2024		2023
	(In millions)
Additions to property, plant and equipment - E&P:
Capital expenditures incurred - E&P	$	(2,008)	$	(1,639)
Increase (decrease) in related liabilities	19		88
Additions to property, plant and equipment - E&P	$	(1,989)	$	(1,551)
Additions to property, plant and equipment - Midstream:
Capital expenditures incurred - Midstream	$	(108)	$	(109)
Increase (decrease) in related liabilities	(11)		2
Additions to property, plant and equipment - Midstream	$	(119)	$	(107)

Financing activities: Common stock dividends paid were $271 million in both the first six months of 2024 and 2023. Net borrowings (repayments) of debt with maturities of 90 days or less related to the HESM Opco revolving credit facility. In the first six months of 2023 the proceeds from the HESM Opco revolving credit facility were used primarily to finance the repurchase of HESM Opco Class B units. Borrowings in the first six months of 2024 resulted from the issuance by HESM Opco of $600 million of 6.500% fixed-rate senior unsecured notes due in 2029, and the proceeds were primarily used to reduce debt outstanding under HESM Opco’s revolving credit facility. Net cash outflows to noncontrolling interests were $305 million in the first six months of 2024 (2023: $263 million) which included $124 million paid to GIP (2023: $100 million) for the repurchase by HESM Opco of GIP-owned Class B units. In the first six months of 2023, we received net proceeds of $167 million from the public offering of Class A shares in Hess Midstream LP.

Noncash activities: Operating right-of-use assets recorded in exchange for lease liabilities in the first six months of 2024 included $162 million related to the exercise of a renewal option for a deepwater drilling rig in the Gulf of Mexico.

Future Capital Requirements and Resources

At June 30, 2024, we had $1.9 billion in cash and cash equivalents, excluding Midstream, and total liquidity, including available committed credit facilities, of approximately $5.2 billion. In 2024, based on current forward strip crude oil prices, we expect cash flow from operating activities and cash and cash equivalents at June 30, 2024 will be sufficient to fund any upcoming debt maturities, and our capital investment and capital return programs. Depending on market conditions, we may take any of the following steps, or a combination thereof, to improve our liquidity and financial position: reduce the planned capital program and other cash outlays, including dividends, pursue asset sales, borrow against our committed revolving credit facility, or issue debt or equity securities. These actions are subject to certain limitations under the Merger Agreement. See Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and in Part II, Item 1A Risk Factors of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 for a discussion of risks related to the Merger.

The table below summarizes the capacity, usage, and available capacity for borrowings and letters of credit under committed and uncommitted credit facilities at June 30, 2024:

	Expiration Date	Capacity		Borrowings		Letters of Credit Issued		Total Used		Available Capacity
		(In millions)
Hess Corporation
Revolving credit facility	July 2027	$	3,250	$	—	$	—	$	—	$	3,250
Committed lines	Various (a)	75		—		8		8		67
Uncommitted lines	Various (a)	83		—		83		83		—
Total - Hess Corporation		$	3,408	$	—	$	91	$	91	$	3,317
Midstream
Revolving credit facility (b)	July 2027	$	1,000	$	—	$	—	$	—	$	1,000
Total - Midstream		$	1,000	$	—	$	—	$	—	$	1,000

(a)Committed and uncommitted lines have expiration dates through 2025.

(b)This credit facility may only be utilized by HESM Opco and is non-recourse to Hess Corporation.

26

PART I - FINANCIAL INFORMATION (CONT'D.)

Liquidity and Capital Resources (continued)

Hess Corporation:

The revolving credit facility can be used for borrowings and letters of credit. Borrowings on the facility will generally bear interest at 1.400% above SOFR, though the interest rate is subject to adjustment based on the credit rating of the Corporation’s senior, unsecured, non-credit enhanced long-term debt. The revolving credit facility is subject to customary representations, warranties, customary events of default and covenants, including a financial covenant limiting the ratio of Total Consolidated Debt to Total Capitalization of the Corporation and its consolidated subsidiaries to 65%, and a financial covenant limiting the ratio of secured debt to Consolidated Net Tangible Assets of the Corporation and its consolidated subsidiaries to 15% (as these capitalized terms are defined in the credit agreement for the revolving credit facility). The indentures for the Corporation’s fixed-rate senior unsecured notes limit the ratio of secured debt to Consolidated Net Tangible Assets (as that term is defined in the indentures) to 15%. As of June 30, 2024, Hess Corporation was in compliance with these financial covenants.

We have a shelf registration under which we may issue additional debt securities, warrants, common stock or preferred stock.

Midstream:

At June 30, 2024, HESM Opco had $1.4 billion of senior secured syndicated credit facilities, consisting of a $1.0 billion revolving credit facility and a $400 million term loan facility. Borrowings under the term loan facility will generally bear interest at SOFR plus an applicable margin ranging from 1.650% to 2.550%, while the applicable margin for the syndicated revolving credit facility ranges from 1.375% to 2.050%. Pricing levels for the facility fee and interest-rate margins are based on HESM Opco’s ratio of total debt to EBITDA (as defined in the credit facilities). If HESM Opco obtains an investment grade credit rating, the pricing levels will be based on HESM Opco’s credit ratings in effect from time to time. The credit facilities contain covenants that require HESM Opco to maintain a ratio of total debt to EBITDA (as defined in the credit facilities) for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to HESM Opco obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter. HESM Opco was in compliance with these financial covenants at June 30, 2024. The credit facilities are secured by first-priority perfected liens on substantially all of the assets of HESM Opco and its direct and indirect wholly owned material domestic subsidiaries, including equity interests directly owned by such entities, subject to certain customary exclusions. At June 30, 2024, there were no borrowings drawn under HESM Opco’s revolving credit facility, and borrowings of $393 million, excluding deferred issuance costs, were drawn under HESM Opco’s term loan facility. Borrowings under these credit facilities are non-recourse to Hess Corporation.

Credit Ratings:

All three major credit rating agencies that rate the senior unsecured debt of Hess Corporation have assigned an investment grade credit rating. At June 30, 2024, our credit ratings were BBB- at S&P Global Ratings, Baa3 at Moody’s Investors Service, and BBB at Fitch Ratings. Subsequent to the announcement of the Merger all three agencies placed our credit ratings on review for positive action in connection with the Merger.

At June 30, 2024, HESM Opco’s senior unsecured debt is rated BB+ by S&P Global Ratings and Fitch Ratings, and Ba2 by Moody’s Investors Service.

Market Risk Disclosures

We are exposed in the normal course of business to commodity risks related to changes in the prices of crude oil and natural gas, as well as changes in interest rates and foreign currency values.  See Note 13, Financial Risk Management Activities, in the Notes to Consolidated Financial Statements.

We have outstanding foreign exchange contracts with notional amounts totaling $232 million at June 30, 2024 that are used to reduce our exposure to fluctuating foreign exchange rates for various currencies. The change in fair value of foreign exchange contracts from a 10% strengthening or weakening in the U.S. Dollar exchange rate is estimated to be a gain or loss of approximately $20 million and $25 million, respectively, at June 30, 2024.

At June 30, 2024, our long-term debt, which was substantially comprised of fixed-rate instruments, had a carrying value of $8,865 million and a fair value of $9,030 million.  A 15% increase or decrease in interest rates would decrease or increase the fair value of debt by approximately $420 million or $450 million, respectively, at June 30, 2024.  Any changes in interest rates do not impact our cash outflows associated with fixed-rate interest payments or settlement of debt principal, unless a debt instrument is repurchased prior to maturity.

27

PART I - FINANCIAL INFORMATION (CONT'D.)

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including information incorporated by reference herein, contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; estimates of our crude oil and natural gas reserves and levels of production; benchmark prices of crude oil, natural gas liquids and natural gas and our associated realized price differentials; our projected budget and capital and exploratory expenditures; expected timing and completion of our development projects; information about sustainability goals and targets and planned social, safety and environmental policies, programs and initiatives; future economic and market conditions in the oil and gas industry; and expected benefits, timing and completion of the proposed Merger with Chevron.

Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements:

•fluctuations in market prices of crude oil, natural gas liquids and natural gas and competition in the oil and gas exploration and production industry;

•reduced demand for our products, including due to perceptions regarding the oil and gas industry, competing or alternative energy products and political conditions and events;

•potential failures or delays in increasing oil and gas reserves, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions, and in achieving expected production levels;

•changes in tax, property, contract and other laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring, fracking bans as well as restrictions on oil and gas leases;

•operational changes and expenditures due to climate change and sustainability related initiatives;

•disruption or interruption of our operations due to catastrophic and other events, such as accidents, severe weather, geological events, shortages of skilled labor, cyber-attacks, public health measures, or climate change;

•the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures under which we may not control and exposure to decommissioning liabilities for divested assets in the event the current or future owners are unable to perform;

•unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits;

•availability and costs of employees and other personnel, drilling rigs, equipment, supplies and other required services;

•any limitations on our access to capital or increase in our cost of capital, including as a result of limitations on investment in oil and gas activities, rising interest rates or negative outcomes within commodity and financial markets;

•liability resulting from environmental obligations and litigation, including heightened risks associated with being a general partner of Hess Midstream LP;

•risks and uncertainties associated with the proposed Merger with Chevron, including the following:

•the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by Chevron and Hess;

•potential delays in consummating the potential transaction, including as a result of regulatory approvals or the ongoing arbitration proceedings regarding preemptive rights in the Stabroek Block joint operating agreement;

•risks that such ongoing arbitration is not satisfactorily resolved and the potential transaction fails to be consummated;

•Chevron’s ability to integrate Hess’ operations in a successful manner and in the expected time period;

•the possibility that any of the anticipated benefits and projected synergies of the potential transaction will not be realized or will not be realized within the expected time period;

•the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement;

28

PART I - FINANCIAL INFORMATION (CONT'D.)

Cautionary Note Regarding Forward-Looking Statements (continued)

•risks that the anticipated tax treatment of the potential transaction is not obtained, or other unforeseen or unknown liabilities;

•customer, regulatory and other stakeholder approvals and support, or unexpected future capital expenditures;

•potential litigation relating to the potential transaction that could be instituted against Chevron and Hess or their respective directors, and the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events;

•the effect of the announcement, pendency or completion of the potential transaction on the parties’ business relationships and business generally, and the risks that the potential transaction disrupts current plans and operations of Chevron or Hess and potential difficulties in Hess employee retention as a result of the transaction, as well as the risk of disruption of Chevron’s or Hess’ management and business disruption during the pendency of, or following, the potential transaction;

•the receipt of required Chevron Board of Directors’ authorizations to implement capital allocation strategies, including future dividend payments, and uncertainties as to whether the potential transaction will be consummated on the anticipated timing or at all, or if consummated, will achieve its anticipated economic benefits, including as a result of risks associated with third party contracts containing material consent, anti-assignment, transfer, other provisions that may be related to the potential transaction which are not waived or otherwise satisfactorily resolved, or changes in commodity prices;

•negative effects of the announcement of the transaction, and the pendency or completion of the proposed acquisition on the market price of Chevron’s or Hess’ common stock and/or operating results;

•rating agency actions and Chevron’s and Hess’ ability to access short and long-term debt markets on a timely and affordable basis; and

•other factors described in Part I, Item 1A Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and in Part II, Item 1A Risk Factors of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 as well as any additional risks described in our other filings with the SEC.

As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

29

PART I - FINANCIAL INFORMATION (CONT'D.)

Item 3.   Quantitative and Qualitative Disclosures about Market Risk.

The information required by this item is presented under Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Market Risk Disclosures.” 

Item 4.   Controls and Procedures.

Based upon their evaluation of the Corporation’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2024, John B. Hess, Chief Executive Officer, and John P. Rielly, Chief Financial Officer, concluded that these disclosure controls and procedures were effective as of June 30, 2024.

There was no change in internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 or 15d-15 in the quarter ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

30

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Information regarding legal proceedings is contained in Note 11, Guarantees and Contingencies in the Notes to Consolidated Financial Statements and is incorporated herein by reference.

Merger

Stockholder Suits

As of May 6, 2024, in connection with the Merger Agreement, two lawsuits have been filed challenging the sufficiency of the disclosures made in connection therewith. First, a complaint has been filed in federal court as an individual action. The complaint is captioned as Globokar v. Hess Corporation, et al., 24-cv-01723 (filed March 6, 2024 in the Southern District of New York). It alleges, among other things, that the preliminary proxy statement filed on February 26, 2024 in connection with the Merger Agreement misrepresents and/or omits certain purportedly material information and seeks, among other things an injunction enjoining the consummation of the Merger and the other transactions contemplated by the Merger Agreement. Second, a putative class-action complaint has been filed in the Delaware Court of Chancery under the caption Assad v. Hess Corporation, et al., C.A. No. 2024-0468-NAC (filed May 2, 2024). It alleges that Hess Board of Directors breached its fiduciary duties by failing to disclose purportedly material information in the definitive proxy statement filed on April 26, 2024 and seeks, among other things an injunction enjoining the consummation of the Merger and the other transactions contemplated by the Merger Agreement (including a preliminary injunction against the closing of the transaction) unless and until the allegedly omitted material information is disclosed.

In addition to these lawsuits, several purported stockholders of Hess sent demand letters alleging similar deficiencies regarding the disclosures made in the proxy statement.

In order to avoid the risk that the lawsuits or demand letters delay or otherwise adversely affect the Merger, and to minimize the costs, risks and uncertainties inherent in litigation, and without admitting any liability or wrongdoing, Hess provided supplemental disclosures to the definitive proxy statement filed in connection with the Merger Agreement in Hess’s Current Report on Form 8-K, filed with the SEC on May 21, 2024. On May 31, 2024, the individual plaintiff in the above-captioned Assad v. Hess Corporation, et al., C.A. No. 2024-0468-NAC filed a notice voluntarily dismissing the action without prejudice. On June 5, 2024, the individual plaintiff in the above-captioned Globokar v. Hess Corporation, et al., 24-cv-01723, filed a notice voluntarily dismissing the action without prejudice.

Hess believes that these matters are without merit and intends to defend against the matters and any subsequent demands or filed actions. If additional similar complaints are filed or demands sent, Hess will not necessarily disclose such additional filings or demands. Hess cannot predict the outcomes of these matters.

Arbitration

On March 6, 2024, an affiliate of Exxon Mobil Corporation (Exxon Mobil) commenced arbitration proceedings regarding the applicability of the Stabroek ROFR to the Merger pursuant to the dispute resolution requirements of the Stabroek operating agreement (the Stabroek JOA). On March 11, 2024 and March 15, 2024, Hess Guyana Exploration Limited (HGEL) and an affiliate of China National Offshore Oil Corporation (CNOOC), respectively, commenced parallel arbitration proceedings regarding the applicability of the Stabroek ROFR to the Merger pursuant to the dispute resolution requirements of the Stabroek JOA. On March 26, 2024, following a joint application by the parties, the authority administering the arbitration consolidated the three arbitration proceedings. The arbitration merits hearing about the applicability of the Stabroek ROFR to the Merger has been scheduled for May 2025, with a decision expected in the following three months.

HGEL has asserted in these arbitration proceedings that the Stabroek ROFR does not apply to the Merger due to the structure of the Merger and the language of the Stabroek ROFR provisions. The Exxon Mobil affiliate and the CNOOC affiliate have asserted in these arbitration proceedings that the Stabroek ROFR applies to the Merger. Chevron and Hess believe that Exxon Mobil’s and CNOOC’s asserted claims are without merit. HGEL intends to vigorously defend its position in the arbitration proceedings and expects the arbitration tribunal will confirm that the Stabroek ROFR does not apply to the Merger. However, the outcome of any arbitration proceedings regarding the applicability of the Stabroek ROFR to the Merger is uncertain.

Item 1A. Risk Factors.

Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 includes certain risk factors that could materially affect our business, financial condition, or future results. Those risk factors have not materially changed, except for the risks associated with the proposed Merger with Chevron included in Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024.

31

PART II - OTHER INFORMATION (CONT'D.)

Item 2. Share Repurchase Activities.

On March 1, 2023, our Board of Directors approved a new authorization for the repurchase of our common stock in an aggregate amount of up to $1 billion. This new authorization replaced our previous repurchase authorization which was fully utilized at the end of 2022. There were no shares of our common stock repurchased during the three months ended June 30, 2024. The Merger Agreement provides that, during the periods from the date of the Merger Agreement until the closing of the Merger, we are subject to certain restrictions that, among other things, restrict our ability to repurchase, redeem or retire any capital stock of the Corporation.

Item 5. Other Information.

During the three months ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

32

PART II - OTHER INFORMATION (CONT'D.)

Item 6.   Exhibits. 

Exhibits
31(1)	Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(a)).
31(2)	Certification required by Rule 13a-14(a) (17 CFR 240.13a-14(a)) or Rule 15d-14(a) (17 CFR 240.15d-14(a)).
32(1)#	Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).
32(2)#	Certification required by Rule 13a-14(b) (17 CFR 240.13a-14(b)) or Rule 15d-14(b) (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).
101(INS)	Inline XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101(SCH)	Inline XBRL Taxonomy Extension Schema Document.
101(CAL)	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101(LAB)	Inline XBRL Taxonomy Extension Label Linkbase Document.
101(PRE)	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101(DEF)	Inline XBRL Taxonomy Extension Definition Linkbase Document.
104	The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, has been formatted in Inline XBRL.
#	Furnished herewith.

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

HESS CORPORATION
(REGISTRANT)
By	/s/ John B. Hess
	JOHN B. HESS
	CHIEF EXECUTIVE OFFICER
By	/s/ John P. Rielly
	JOHN P. RIELLY
	EXECUTIVE VICE PRESIDENT AND
	CHIEF FINANCIAL OFFICER

Date: August 8, 2024

34

EX-31.1

Exhibit 31(1)

CERTIFICATIONS

I, John B. Hess, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Hess Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By	/s/ John B. Hess
	JOHN B. HESS
	CHIEF EXECUTIVE OFFICER

Date:  August 8, 2024

EX-31.2

Exhibit 31(2)

I, John P. Rielly, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Hess Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By	/s/ John P. Rielly
	JOHN P. RIELLY
	EXECUTIVE VICE PRESIDENT AND
	CHIEF FINANCIAL OFFICER

Date:  August 8, 2024

EX-32.1

Exhibit 32(1)

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hess Corporation (the "Corporation") on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John B. Hess, Chief Executive Officer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

By	/s/ John B. Hess
	JOHN B. HESS
	CHIEF EXECUTIVE OFFICER
	Date: August 8, 2024

A signed original of this written statement required by Section 906 has been provided to Hess Corporation and will be retained by Hess Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32(2)

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hess Corporation (the "Corporation") on Form 10-Q for the period ending June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Rielly, Executive Vice President and Chief Financial Officer of the Corporation, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

By	/s/ John P. Rielly
	JOHN P. RIELLY
	EXECUTIVE VICE PRESIDENT AND
	CHIEF FINANCIAL OFFICER
	Date: August 8, 2024

A signed original of this written statement required by Section 906 has been provided to Hess Corporation and will be retained by Hess Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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Cover Page	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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)	308,114,909
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000004447
Current Fiscal Year End Date	--12-31

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CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 2,025	$ 1,688
Accounts receivable:
From contracts with customers	1,117	1,180
Joint venture and other	198	150
Inventories	382	304
Other current assets	111	108
Total current assets	3,833	3,430
Property, plant and equipment:
Total — at cost	38,861	36,771
Less: Reserves for depreciation, depletion, amortization and lease impairment	20,432	19,339
Property, plant and equipment — net	18,429	17,432
Operating lease right-of-use assets — net	772	720
Finance lease right-of-use assets — net	100	108
Goodwill	360	360
Deferred income taxes	499	320
Post-retirement benefit assets	689	685
Other assets	1,128	952
Total Assets	25,810	24,007
Current Liabilities:
Accounts payable	434	402
Accrued liabilities	1,807	2,102
Taxes payable	109	85
Current portion of long-term debt	317	311
Current portion of operating and finance lease obligations	354	370
Total current liabilities	3,021	3,270
Long-term debt	8,548	8,302
Long-term operating lease obligations	520	459
Long-term finance lease obligations	145	156
Deferred income taxes	689	608
Asset retirement obligations	1,252	1,186
Other liabilities and deferred credits	434	424
Total Liabilities	14,609	14,405
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized - 600,000,000 shares, Issued - 308,114,909 shares (2023: 307,158,272)	308	307
Capital in excess of par value	6,566	6,495
Retained earnings	3,771	2,318
Accumulated other comprehensive income (loss)	(158)	(134)
Total Hess Corporation stockholders’ equity	10,487	8,986
Noncontrolling interests	714	616
Total Equity	11,201	9,602
Total Liabilities and Equity	$ 25,810	$ 24,007

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CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	308,114,909	307,158,272

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STATEMENT OF CONSOLIDATED INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and Non-Operating Income
Sales and other operating revenues	$ 3,202	$ 2,289	$ 6,511	$ 4,700
Other, net	53	31	85	73
Total revenues and non-operating income	3,255	2,320	6,596	4,773
Costs and Expenses
Marketing, including purchased oil and gas	632	547	1,254	1,150
Operating costs and expenses	490	454	902	836
Production and severance taxes	64	46	120	94
Exploration expenses, including dry holes and lease impairment	101	99	143	165
General and administrative expenses	115	108	239	244
Interest expense	106	122	219	245
Depreciation, depletion and amortization	600	497	1,157	988
Impairment and other	0	82	0	82
Total costs and expenses	2,108	1,955	4,034	3,804
Income Before Income Taxes	1,147	365	2,562	969
Provision for income taxes	296	160	644	336
Net Income	851	205	1,918	633
Less: Net income attributable to noncontrolling interests	94	86	189	168
Net Income Attributable to Hess Corporation	$ 757	$ 119	$ 1,729	$ 465
Net Income Attributable to Hess Corporation Per Common Share:
Basic (in dollars per share)	$ 2.47	$ 0.39	$ 5.64	$ 1.52
Diluted (in dollars per share)	$ 2.46	$ 0.39	$ 5.61	$ 1.51
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	306.9	306.0	306.6	305.7
Diluted (in shares)	308.3	307.5	308.1	307.4
Common Stock Dividends Per Share (in dollars per share)	$ 0.4375	$ 0.4375	$ 0.8750	$ 0.8750

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STATEMENT OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 851	$ 205	$ 1,918	$ 633
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	0	52	0	86
Income taxes on effect of hedge (gains) losses reclassified to income	0	0	0	0
Net effect of hedge (gains) losses reclassified to income	0	52	0	86
Change in fair value of cash flow hedges	0	(73)	0	(90)
Income taxes on change in fair value of cash flow hedges	0	0	0	0
Net change in fair value of cash flow hedges	0	(73)	0	(90)
Change in derivatives designated as cash flow hedges, after taxes	0	(21)	0	(4)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	(25)	(13)	(25)	(13)
Income taxes on actuarial changes in plan liabilities	0	0	0	0
(Increase) reduction in unrecognized actuarial losses, net	(25)	(13)	(25)	(13)
Amortization of net actuarial losses	1	1	1	1
Income taxes on amortization of net actuarial losses	0	0	0	0
Net effect of amortization of net actuarial losses	1	1	1	1
Change in pension and other postretirement plans, after taxes	(24)	(12)	(24)	(12)
Other Comprehensive Income (Loss)	(24)	(33)	(24)	(16)
Comprehensive Income	827	172	1,894	617
Less: Comprehensive income attributable to noncontrolling interests	94	86	189	168
Comprehensive Income Attributable to Hess Corporation	$ 733	$ 86	$ 1,705	$ 449

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STATEMENT OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows From Operating Activities
Net income	$ 1,918	$ 633
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	1,157	988
Impairment and other	0	82
Exploratory dry hole costs	63	93
Exploration lease impairment	10	13
Stock compensation expense	59	53
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	0	(52)
Provision for deferred income taxes and other tax accruals	114	92
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	15	(14)
(Increase) decrease in inventories	(78)	(61)
Increase (decrease) in accounts payable and accrued liabilities	(194)	(119)
Increase (decrease) in taxes payable	24	22
Changes in other operating assets and liabilities	(310)	(222)
Net cash provided by (used in) operating activities	2,778	1,612
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,989)	(1,551)
Additions to property, plant and equipment - Midstream	(119)	(107)
Other, net	2	4
Net cash provided by (used in) investing activities	(2,110)	(1,662)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	(340)	180
Debt with maturities of greater than 90 days – Borrowings	600	0
Debt with maturities of greater than 90 days - Repayments	(5)	0
Cash dividends paid	(271)	(271)
Payments for Repurchase of Common Stock	0	(20)
Proceeds from sale of Class A shares of Hess Midstream LP	0	167
Noncontrolling interests, net	(305)	(263)
Employee stock options exercised	13	4
Payments on finance lease obligations	(5)	(4)
Other, net	(18)	(3)
Net cash provided by (used in) financing activities	(331)	(210)
Net Increase (Decrease) in Cash and Cash Equivalents	337	(260)
Cash and Cash Equivalents at Beginning of Year	1,688	2,486
Cash and Cash Equivalents at End of Period	$ 2,025	$ 2,226

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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, 2022	$ 8,496	$ 306	$ 6,206	$ 1,474	$ (131)	$ 7,855	$ 641
Net Income	633			465		465	168
Other comprehensive income (loss)	(16)				(16)	(16)
Share-based compensation	60	1	59	0		60
Dividends on common stock	(269)			(269)		(269)
Sale of Class A shares of Hess Midstream LP	251		158			158	93
Repurchase of Class B units of Hess Midstream Operations LP	(90)		19			19	(109)
Noncontrolling interests, net	(163)						(163)
Balance at Jun. 30, 2023	8,902	307	6,442	1,670	(147)	8,272	630
Balance at Mar. 31, 2023	8,721	307	6,254	1,686	(114)	8,133	588
Net Income	205			119		119	86
Other comprehensive income (loss)	(33)				(33)	(33)
Share-based compensation	19	0	19	0		19
Dividends on common stock	(135)			(135)		(135)
Sale of Class A shares of Hess Midstream LP	251		158			158	93
Repurchase of Class B units of Hess Midstream Operations LP	(44)		11			11	(55)
Noncontrolling interests, net	(82)						(82)
Balance at Jun. 30, 2023	8,902	307	6,442	1,670	(147)	8,272	630
Balance at Dec. 31, 2023	9,602	307	6,495	2,318	(134)	8,986	616
Net Income	1,918			1,729		1,729	189
Other comprehensive income (loss)	(24)				(24)	(24)
Share-based compensation	66	1	71	(6)		66
Dividends on common stock	(270)			(270)		(270)
Sale of Class A shares of Hess Midstream LP	194		0			0	194
Repurchase of Class B units of Hess Midstream Operations LP	(105)		0			0	(105)
Noncontrolling interests, net	(180)						(180)
Balance at Jun. 30, 2024	11,201	308	6,566	3,771	(158)	10,487	714
Balance at Mar. 31, 2024	10,531	308	6,545	3,149	(134)	9,868	663
Net Income	851			757		757	94
Other comprehensive income (loss)	(24)				(24)	(24)
Share-based compensation	21	0	21	0		21
Dividends on common stock	(135)			(135)		(135)
Sale of Class A shares of Hess Midstream LP	100		0			0	100
Repurchase of Class B units of Hess Midstream Operations LP	(52)		0			0	(52)
Noncontrolling interests, net	(91)						(91)
Balance at Jun. 30, 2024	$ 11,201	$ 308	$ 6,566	$ 3,771	$ (158)	$ 10,487	$ 714

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Basis of Presentation

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023, the consolidated results of operations for the three and six months ended June 30, 2024 and 2023, and consolidated cash flows for the six months ended June 30, 2024 and 2023.  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, 2023.

On October 22, 2023, we entered into an Agreement and Plan of Merger (the Merger Agreement) with Chevron Corporation (Chevron) and Yankee Merger Sub Inc. (Merger Subsidiary), a direct, wholly-owned subsidiary of Chevron. The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Subsidiary will be merged with and into Hess, and Hess will be the surviving corporation in the Merger as a direct, wholly-owned subsidiary of Chevron (such transaction, the Merger). Under the terms of the Merger Agreement, if the Merger is completed, our stockholders will receive at the effective time of the Merger consideration consisting of 1.025 shares of Chevron common stock for each share of our common stock. On May 28, 2024, a majority of Hess stockholders voted to approve the Merger. Chevron and Hess are working to complete the Merger and anticipate all requisite regulatory reviews concluding in the third quarter of 2024. Hess Guyana Exploration Limited (HGEL), a wholly-owned subsidiary of Hess, is currently in arbitration relating to the applicability of a right of first refusal (the Stabroek ROFR) contained in the operating agreement (the Stabroek JOA) among HGEL and affiliates of Exxon Mobil Corporation (Exxon Mobil) and China National Offshore Oil Corporation (CNOOC). The arbitration merits hearing about the applicability of the Stabroek ROFR to the Merger has been scheduled for May 2025, with a decision expected in the following three months. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed because it is subject to conditions beyond each company’s control, including the outcome of the arbitration.

New Accounting Pronouncements:

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU does not change how an entity identifies its operating segments. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the ASU on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which enhances the disclosure requirements within ASC Topic 740. The ASU requires, among other disclosures, greater disaggregation of information and the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting this ASU on our consolidated financial statements.

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Inventories

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventories

2.  Inventories

Inventories consisted of the following:

	June 30, 2024		December 31, 2023
	(In millions)
Crude oil and natural gas liquids	$	94	$	72
Materials and supplies	288		232
Total Inventories	$	382	$	304

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Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3.  Property, Plant and Equipment

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, 2024 (in millions):

Balance at January 1, 2024	$	952
Additions to capitalized exploratory well costs pending the determination of proved reserves	102
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(117)
Capitalized exploratory well costs charged to expense	(48)
Balance at June 30, 2024	$	889

In the first six months, additions to capitalized exploratory well costs pending determination of proved reserves primarily related to wells drilled on the Stabroek Block (Hess 30%), offshore Guyana. Reclassifications to wells, facilities and equipment based on the determination of proved reserves resulted from the sanction of the Whiptail development project, the sixth sanctioned project on the Stabroek Block. At June 30, 2024, 33 exploration and appraisal wells on the Stabroek Block, with a total cost of $804 million, were capitalized pending determination of proved reserves. Capitalized exploratory well costs charged to expense in the first six months primarily relate to three exploration wells in the Malaysia/Thailand Joint Development Area (JDA) (Hess 50%) in the Gulf of Thailand. In the second quarter of 2024, the regulator provided notification that the current production sharing contract (PSC) for JDA Block A-18 will not be re-awarded to the existing PSC contractors upon its expiration in 2029. There is no plan to develop these discoveries prior to the expiration of the existing PSC. The preceding table excludes well costs of $15 million that were incurred and expensed during the first six months of 2024.

At June 30, 2024, exploratory well costs capitalized for greater than one year following completion of drilling of $702 million was comprised of the following:

Guyana: 92% of the capitalized well costs in excess of one year relate to successful exploration and appraisal wells where hydrocarbons were encountered on the Stabroek Block. The operator also plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development.

Suriname:  6% of the capitalized well costs in excess of one year relate to the Zanderij-1 well on Block 42 (Hess 33%). Exploration and appraisal activities are ongoing.

Malaysia:  2% 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 two successful exploration wells.  Pre-development studies are ongoing.

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Hess Midstream LP

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Hess Midstream LP

4.  Hess Midstream LP

At June 30, 2024, Hess Midstream LP, a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,606 million (December 31, 2023: $3,385 million) that are on a non-recourse basis to Hess Corporation, while Hess Midstream LP assets available to settle the obligations of Hess Midstream LP included cash and cash equivalents totaling $100 million (December 31, 2023: $5 million), property, plant and equipment with a carrying value of $3,237 million (December 31, 2023: $3,229 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $89 million (December 31, 2023: $90 million). At June 30, 2024, we have an approximate 38% consolidated ownership interest in Hess Midstream LP on an as-exchanged basis, primarily through our ownership of Class B units in Hess Midstream Operations LP (HESM Opco), the operating subsidiary of Hess Midstream LP, which are exchangeable into Class A shares of Hess Midstream LP on a one-for-one basis.

LM4 is a 200 million standard cubic feet per day gas processing plant located south of the Missouri River in McKenzie County, North Dakota, that was constructed as part of a 50/50 joint venture between Hess Midstream LP and Targa Resources Corp. Hess Midstream LP has a natural gas processing agreement with LM4 under which it pays a processing fee and reimburses LM4 for its proportionate share of electricity costs. The processing fees included in Operating costs and expenses in the Statement of Consolidated Income for the three and six months ended June 30, 2024 were $8 million and $15 million, respectively, compared with $6 million and $11 million for the three and six months ended June 30, 2023, respectively.

During the first six months of 2024, Hess Midstream LP completed two underwritten public equity offerings of an aggregate of 23.0 million Hess Midstream LP Class A shares held by an affiliate of Global Infrastructure Partners (GIP). Hess Corporation did not receive any proceeds from these public equity offerings. As these transactions did not result in a change in Hess Corporation's ownership interest in Hess Midstream LP on a consolidated basis, there was no adjustment to Noncontrolling interests resulting from changes to ownership interests. However, these transactions, in aggregate, resulted in an increase in Noncontrolling interests and

deferred tax assets of $194 million resulting from step-ups in the tax basis of Hess Midstream LP’s investment in HESM Opco.

During the first six months of 2024, HESM Opco repurchased an aggregate of approximately 5.5 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for total proceeds of $200 million. The repurchases were financed using borrowings under HESM Opco's revolving credit facility and cash on hand. As Hess Corporation participated in these repurchases only to the extent necessary to maintain its current ownership interest in Hess Midstream LP on a consolidated basis, there was no adjustment to Noncontrolling interests resulting from changes to ownership interests. However, the repurchases, in aggregate, resulted in an increase in deferred tax assets and Noncontrolling interests of $19 million due to adjustments in the carrying value of Hess Midstream LP’s investment in HESM Opco without corresponding adjustments in the tax basis. The aggregate proceeds paid to GIP of $124 million reduced Noncontrolling interests.

During the first six months of 2023, Hess Midstream LP completed an underwritten public equity offering of approximately 12.8 million Hess Midstream LP Class A shares held by affiliates of Hess Corporation and GIP. Hess Corporation received net proceeds of $167 million from the public offering. The transaction resulted in an increase in Capital in excess of par and Noncontrolling interests of $158 million and $93 million, respectively. The increase to Noncontrolling interests of $93 million is comprised of $9 million resulting from changes to ownership interests and $84 million from an increase to deferred tax assets resulting from a step-up in the tax basis of Hess Midstream LP’s investment in HESM Opco.

During the first six months of 2023, HESM Opco repurchased an aggregate of approximately 7.0 million HESM Opco Class B units held by affiliates of Hess Corporation and GIP for total proceeds of $200 million. The repurchases were financed using borrowings under HESM Opco's revolving credit facility. The repurchases, in aggregate, resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $19 million due to changes in ownership interests, and an increase in deferred tax assets and Noncontrolling interests of $10 million due to adjustments in the carrying value of Hess Midstream LP’s investment in HESM Opco without corresponding adjustments in the tax basis. The aggregate proceeds paid to GIP of $100 million reduced Noncontrolling interests.

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Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

5.  Accrued Liabilities

Accrued Liabilities consisted of the following:

	June 30, 2024		December 31, 2023
	(In millions)
Accrued capital expenditures	$	678	$	670
Accrued operating and marketing expenditures	558		593
Accrued payments to royalty and working interest owners	204		178
Accrued interest on debt	149		144
Current portion of asset retirement obligations	100		160
Accrued compensation and benefits	74		193
Other accruals	44		164
Total Accrued Liabilities	$	1,807	$	2,102

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Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

6. Debt

In May 2024, HESM Opco issued $600 million in aggregate principal amount of 6.500% fixed-rate senior unsecured notes due in 2029 in a private offering. At the time of issuance, the proceeds were primarily used to reduce indebtedness outstanding under HESM Opco's revolving credit facility. The indenture for the 6.500% fixed-rate senior unsecured notes contains covenants that are substantially similar to the covenants contained in the indentures for the other existing HESM Opco fixed-rate senior unsecured notes.

In July 2024, we repaid the outstanding $300 million principal amount of our 3.500% fixed-rate senior unsecured notes, which matured on July 15, 2024. The principal amount of $300 million is classified as Current portion of long-term debt, in the Consolidated Balance Sheet at June 30, 2024.

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Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

7.  Revenue

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

	Exploration and Production								Midstream		Eliminations		Total
	United States		Guyana		Malaysia and JDA		E&P Total
Three Months Ended June 30, 2024
Sales of net production volumes:
Crude oil revenue	$	820	$	1,370	$	29	$	2,219	$	—	$	—	$	2,219
Natural gas liquids revenue	140		—		—		140		—		—		140
Natural gas revenue	28		—		229		257		—		—		257
Sales of purchased oil and gas	548		27		—		575		—		—		575
Third-party services	—		—		—		—		6		—		6
Intercompany revenue	—		—		—		—		358		(358)		—
Total sales (a)	1,536		1,397		258		3,191		364		(358)		3,197
Other operating revenues (b)	4		—		—		4		1		—		5
Total sales and other operating revenues	$	1,540	$	1,397	$	258	$	3,195	$	365	$	(358)	$	3,202
Three Months Ended June 30, 2023
Sales of net production volumes:
Crude oil revenue	$	710	$	787	$	24	$	1,521	$	—	$	—	$	1,521
Natural gas liquids revenue	112		—		—		112		—		—		112
Natural gas revenue	38		—		182		220		—		—		220
Sales of purchased oil and gas	469		15		—		484		—		—		484
Intercompany revenue	—		—		—		—		322		(322)		—
Total sales (a)	1,329		802		206		2,337		322		(322)		2,337
Other operating revenues (b)	(30)		(20)		—		(50)		2		—		(48)
Total sales and other operating revenues	$	1,299	$	782	$	206	$	2,287	$	324	$	(322)	$	2,289
Six Months Ended June 30, 2024
Sales of net production volumes:
Crude oil revenue	$	1,609	$	2,880	$	58	$	4,547	$	—	$	—	$	4,547
Natural gas liquids revenue	293		—		—		293		—		—		293
Natural gas revenue	76		—		440		516		—		—		516
Sales of purchased oil and gas	1,081		57		—		1,138		—		—		1,138
Third-party services	—		—		—		—		11		—		11
Intercompany revenue	—		—		—		—		708		(708)		—
Total sales (a)	3,059		2,937		498		6,494		719		(708)		6,505
Other operating revenues (b)	4		—		—		4		2		—		6
Total sales and other operating revenues	$	3,063	$	2,937	$	498	$	6,498	$	721	$	(708)	$	6,511
Six Months Ended June 30, 2023
Sales of net production volumes:
Crude oil revenue	$	1,379	$	1,612	$	53	$	3,044	$	—	$	—	$	3,044
Natural gas liquids revenue	253		—		—		253		—		—		253
Natural gas revenue	92		—		362		454		—		—		454
Sales of purchased oil and gas	996		32		—		1,028		—		—		1,028
Intercompany revenue	—		—		—		—		625		(625)		—
Total sales (a)	2,720		1,644		415		4,779		625		(625)		4,779
Other operating revenues (b)	(56)		(27)		—		(83)		4		—		(79)
Total sales and other operating revenues	$	2,664	$	1,617	$	415	$	4,696	$	629	$	(625)	$	4,700

(a)Guyana crude oil revenue includes $214 million and $466 million of revenue from non-customers for the three and six months ended June 30, 2024, compared to $88 million and $196 million for the three and six months ended June 30, 2023.

(b)Other operating revenues are not a component of revenues from contracts with customers. Included within other operating revenues are gains (losses) on commodity derivatives of nil for the three and six months ended June 30, 2024, compared to losses of $(52) million and $(86) million for the three and six months ended June 30, 2023.

There have been no significant changes to contracts with customers or the composition thereof during the six months ended June 30, 2024.  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. At June 30, 2024 and December 31, 2023, there were no contract assets or liabilities.

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Impairment and Other

6 Months Ended

Jun. 30, 2024

Asset Impairment Charges [Abstract]

Impairment and Other

8. Impairment and Other

In the second quarter of 2023, we recognized a pre-tax charge of $82 million ($82 million after income taxes) that resulted from revisions to estimated costs to abandon certain wells, pipelines and production facilities in the West Delta Field in the Gulf of Mexico. These abandonment obligations were assigned to us as a former owner after they were discharged from Fieldwood Energy LLC as part of its approved bankruptcy plan in 2021.

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Retirement Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

9. Retirement Plans

Components of net periodic benefit cost consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Service cost	$	11	$	10	$	21	$	19
Interest cost (a)	23		25		46		50
Expected return on plan assets (a)	(38)		(40)		(76)		(79)
Amortization of unrecognized net actuarial losses (a)	1		1		1		1
Net periodic benefit cost (income)	$	(3)	$	(4)	$	(8)	$	(9)

(a)  Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million and $29 million for the three and six months ended June 30, 2024, compared with income of $14 million and $28 million for the three and six months ended June 30, 2023.

The board of trustees for our U.K. pension plan is evaluating various alternatives to settle all or a portion of the plan’s projected benefit obligation. A decision to proceed will occur only after the board of trustees receives and evaluates proposals and determines that the transaction is in the best interest of plan participants. Should a settlement be completed, a material noncash settlement loss may be recorded reflecting any difference between the settlement value and projected benefit obligation, and the acceleration of the recognition of unrecognized actuarial losses. At June 30, 2024, pre-tax unrecognized net actuarial losses related to the U.K. pension plan were $178 million.

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Weighted Average Common Shares

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Weighted Average Common Shares

10. Weighted Average Common Shares

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Net income attributable to Hess Corporation:
Net income	$	851	$	205	$	1,918	$	633
Less: Net income attributable to noncontrolling interests	94		86		189		168
Net income attributable to Hess Corporation	$	757	$	119	$	1,729	$	465
Weighted average number of common shares outstanding:
Basic	306.9		306.0		306.6		305.7
Effect of dilutive securities
Restricted common stock	0.4		0.3		0.4		0.5
Stock options	0.6		0.7		0.6		0.7
Performance share units	0.4		0.5		0.5		0.5
Diluted	308.3		307.5		308.1		307.4

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Restricted common stock	1,474	1,789	824	61,489
Stock options	188,298	189,479	188,779	121,226
Performance share units	—	—	—	—

During the six months ended June 30, 2024, we granted 737,371 shares of restricted stock (2023: 451,226), no performance share units (2023: 130,272) and no stock options (2023: 189,479).

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Guarantees and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Guarantees and Contingencies

11. 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 United States 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 two remaining active cases, filed by Pennsylvania 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 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 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 six claims in federal and state courts in North Dakota related to post-production deductions from royalty and working interest payments. The plaintiffs in these cases assert that we take unauthorized or excessive post-production deductions from royalty or working interest payments for various oil and gas processing and transportation related costs and expenses. These plaintiffs seek reimbursement for allegedly underpaid revenue. It is our position that these costs and expenses are actual, reasonable, necessary, and authorized by the respective leases and North Dakota law. We believe that based on the facts and circumstances of these claims and because we have viable defenses, loss is not probable and the ultimate impact of these claims on our business or accounts cannot be estimated at this time due to the early stages of the proceedings and the speculative and indeterminate damages.

We may also be exposed to future decommissioning liabilities for divested assets in the event the current or future owners of facilities previously owned by us are determined to be unable to perform such actions, whether due to bankruptcy or otherwise. 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.

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Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

12.  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 June 30, 2024
Sales and other operating revenues	$	3,195	$	7	$	—	$	—	$	3,202
Intersegment revenues	—		358		—		(358)		—
Total sales and other operating revenues	$	3,195	$	365	$	—	$	(358)	$	3,202
Net income (loss) attributable to Hess Corporation	$	765	$	66	$	(74)	$	—	$	757
Depreciation, depletion and amortization	550		50		—		—		600
Provision for income taxes	280		16		—		—		296
Capital expenditures	1,120		73		—		—		1,193
For the Three Months Ended June 30, 2023
Sales and other operating revenues	$	2,287	$	2	$	—	$	—	$	2,289
Intersegment revenues	—		322		—		(322)		—
Total sales and other operating revenues	$	2,287	$	324	$	—	$	(322)	$	2,289
Net income (loss) attributable to Hess Corporation	$	155	$	62	$	(98)	$	—	$	119
Depreciation, depletion and amortization	450		47		—		—		497
Impairment and other	82		—		—		—		82
Provision for income taxes	152		8		—		—		160
Capital expenditures	904		52		—		—		956
For the Six Months Ended June 30, 2024
Sales and other operating revenues	$	6,498	$	13	$	—	$	—	$	6,511
Intersegment revenues	—		708		—		(708)		—
Total sales and other operating revenues	$	6,498	$	721	$	—	$	(708)	$	6,511
Net income (loss) attributable to Hess Corporation	$	1,762	$	133	$	(166)	$	—	$	1,729
Depreciation, depletion and amortization	1,057		100		—		—		1,157
Provision for income taxes	614		30		—		—		644
Capital expenditures	2,008		108		—		—		2,116
For the Six Months Ended June 30, 2023
Sales and other operating revenues	$	4,696	$	4	$	—	$	—	$	4,700
Intersegment revenues	—		625		—		(625)		—
Total sales and other operating revenues	$	4,696	$	629	$	—	$	(625)	$	4,700
Net income (loss) attributable to Hess Corporation	$	560	$	123	$	(218)	$	—	$	465
Depreciation, depletion and amortization	893		94		1		—		988
Impairment and other	82		—		—		—		82
Provision for income taxes	322		14		—		—		336
Capital expenditures	1,639		109		—		—		1,748

Corporate, Interest and Other had interest income of $18 million and $35 million for the three and six months ended June 30, 2024, respectively, compared to $21 million and $41 million for the three and six months ended June 30, 2023. Interest income is included in Other, net in the Statement of Consolidated Income.

Identifiable assets by operating segment were as follows:

	June 30, 2024		December 31, 2023
	(In millions)
Exploration and Production	$	19,203	$	17,931
Midstream	4,264		3,984
Corporate, Interest and Other	2,343		2,092
Total	$	25,810	$	24,007

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Financial Risk Management Activities

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Risk Management Activities

13.  Financial Risk Management Activities

In the normal course of our business, we are exposed to commodity risks related to changes in the prices of crude oil and natural gas, as well as changes in interest rates and foreign currency values. Financial risk management activities include transactions designed to reduce risk in the selling prices of crude oil or natural gas we produce or reduce 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 or a range banded with a floor and ceiling price, for a portion of our crude oil or natural gas production. Such strategies are subject to certain limitations under the Merger Agreement. Forward contracts or swaps may also be used to purchase certain currencies in which we conduct business with the intent of reducing exposure to foreign currency fluctuations. At June 30, 2024, these forward contracts and swaps relate to the British Pound 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:

	June 30, 2024		December 31, 2023
	(In millions)
Foreign exchange forwards / swaps	$	232	$	226
Interest rate swaps	$	100	$	100

Derivative contracts designated as hedging instruments:

Crude oil derivatives designated as cash flow hedges:  Crude oil hedging contracts decreased Sales and other operating revenues by $52 million and $86 million in the three and six months ended June 30, 2023, respectively. There were no open crude oil hedging contracts at June 30, 2024 or December 31, 2023, or during the three and six months ended June 30, 2024.

Interest rate swaps designated as fair value hedges: At June 30, 2024 and December 31, 2023, 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. The fair value of our interest rate swaps was nil at June 30, 2024 and a liability of $2 million at December 31, 2023.

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 gains of $1 million and losses of $1 million in the three and six months ended June 30, 2024, respectively, compared with losses of $2 million and nil in the three and six months ended June 30, 2023, respectively.  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 nil and net gains of $5 million in the three and six months ended June 30, 2024, respectively, compared to net losses of nil and $2 million in the three and six months ended June 30, 2023, respectively. The fair value of our foreign exchange forwards and swaps was nil at June 30, 2024 and a liability of $6 million at December 31, 2023.

Fair Value Measurement:  

At June 30, 2024, our total long-term debt, which was substantially comprised of fixed-rate debt instruments, had a carrying value of $8,865 million and a fair value of $9,030 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 June 30, 2024 and December 31, 2023.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Hess Corporation	$ 757	$ 119	$ 1,729	$ 465

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements:

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Improvements to Reportable Segments Disclosures. The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU does not change how an entity identifies its operating segments. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting the ASU on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which enhances the disclosure requirements within ASC Topic 740. The ASU requires, among other disclosures, greater disaggregation of information and the use of certain categories in the rate reconciliation, and the disaggregation of income taxes paid by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact of adopting this ASU on our consolidated financial statements

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Inventories (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:

	June 30, 2024		December 31, 2023
	(In millions)
Crude oil and natural gas liquids	$	94	$	72
Materials and supplies	288		232
Total Inventories	$	382	$	304

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Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 (in millions):

Balance at January 1, 2024	$	952
Additions to capitalized exploratory well costs pending the determination of proved reserves	102
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(117)
Capitalized exploratory well costs charged to expense	(48)
Balance at June 30, 2024	$	889

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Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued Liabilities consisted of the following:

	June 30, 2024		December 31, 2023
	(In millions)
Accrued capital expenditures	$	678	$	670
Accrued operating and marketing expenditures	558		593
Accrued payments to royalty and working interest owners	204		178
Accrued interest on debt	149		144
Current portion of asset retirement obligations	100		160
Accrued compensation and benefits	74		193
Other accruals	44		164
Total Accrued Liabilities	$	1,807	$	2,102

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Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers on a Disaggregated Basis

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

	Exploration and Production								Midstream		Eliminations		Total
	United States		Guyana		Malaysia and JDA		E&P Total
Three Months Ended June 30, 2024
Sales of net production volumes:
Crude oil revenue	$	820	$	1,370	$	29	$	2,219	$	—	$	—	$	2,219
Natural gas liquids revenue	140		—		—		140		—		—		140
Natural gas revenue	28		—		229		257		—		—		257
Sales of purchased oil and gas	548		27		—		575		—		—		575
Third-party services	—		—		—		—		6		—		6
Intercompany revenue	—		—		—		—		358		(358)		—
Total sales (a)	1,536		1,397		258		3,191		364		(358)		3,197
Other operating revenues (b)	4		—		—		4		1		—		5
Total sales and other operating revenues	$	1,540	$	1,397	$	258	$	3,195	$	365	$	(358)	$	3,202
Three Months Ended June 30, 2023
Sales of net production volumes:
Crude oil revenue	$	710	$	787	$	24	$	1,521	$	—	$	—	$	1,521
Natural gas liquids revenue	112		—		—		112		—		—		112
Natural gas revenue	38		—		182		220		—		—		220
Sales of purchased oil and gas	469		15		—		484		—		—		484
Intercompany revenue	—		—		—		—		322		(322)		—
Total sales (a)	1,329		802		206		2,337		322		(322)		2,337
Other operating revenues (b)	(30)		(20)		—		(50)		2		—		(48)
Total sales and other operating revenues	$	1,299	$	782	$	206	$	2,287	$	324	$	(322)	$	2,289
Six Months Ended June 30, 2024
Sales of net production volumes:
Crude oil revenue	$	1,609	$	2,880	$	58	$	4,547	$	—	$	—	$	4,547
Natural gas liquids revenue	293		—		—		293		—		—		293
Natural gas revenue	76		—		440		516		—		—		516
Sales of purchased oil and gas	1,081		57		—		1,138		—		—		1,138
Third-party services	—		—		—		—		11		—		11
Intercompany revenue	—		—		—		—		708		(708)		—
Total sales (a)	3,059		2,937		498		6,494		719		(708)		6,505
Other operating revenues (b)	4		—		—		4		2		—		6
Total sales and other operating revenues	$	3,063	$	2,937	$	498	$	6,498	$	721	$	(708)	$	6,511
Six Months Ended June 30, 2023
Sales of net production volumes:
Crude oil revenue	$	1,379	$	1,612	$	53	$	3,044	$	—	$	—	$	3,044
Natural gas liquids revenue	253		—		—		253		—		—		253
Natural gas revenue	92		—		362		454		—		—		454
Sales of purchased oil and gas	996		32		—		1,028		—		—		1,028
Intercompany revenue	—		—		—		—		625		(625)		—
Total sales (a)	2,720		1,644		415		4,779		625		(625)		4,779
Other operating revenues (b)	(56)		(27)		—		(83)		4		—		(79)
Total sales and other operating revenues	$	2,664	$	1,617	$	415	$	4,696	$	629	$	(625)	$	4,700

(a)Guyana crude oil revenue includes $214 million and $466 million of revenue from non-customers for the three and six months ended June 30, 2024, compared to $88 million and $196 million for the three and six months ended June 30, 2023.

(b)Other operating revenues are not a component of revenues from contracts with customers. Included within other operating revenues are gains (losses) on commodity derivatives of nil for the three and six months ended June 30, 2024, compared to losses of $(52) million and $(86) million for the three and six months ended June 30, 2023.

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Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

Components of net periodic benefit cost consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Service cost	$	11	$	10	$	21	$	19
Interest cost (a)	23		25		46		50
Expected return on plan assets (a)	(38)		(40)		(76)		(79)
Amortization of unrecognized net actuarial losses (a)	1		1		1		1
Net periodic benefit cost (income)	$	(3)	$	(4)	$	(8)	$	(9)

(a)  Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million and $29 million for the three and six months ended June 30, 2024, compared with income of $14 million and $28 million for the three and six months ended June 30, 2023.

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Weighted Average Common Shares (Tables)

6 Months Ended

Jun. 30, 2024

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 and weighted average number of common shares used in the basic and diluted earnings per share computations were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Net income attributable to Hess Corporation:
Net income	$	851	$	205	$	1,918	$	633
Less: Net income attributable to noncontrolling interests	94		86		189		168
Net income attributable to Hess Corporation	$	757	$	119	$	1,729	$	465
Weighted average number of common shares outstanding:
Basic	306.9		306.0		306.6		305.7
Effect of dilutive securities
Restricted common stock	0.4		0.3		0.4		0.5
Stock options	0.6		0.7		0.6		0.7
Performance share units	0.4		0.5		0.5		0.5
Diluted	308.3		307.5		308.1		307.4

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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Restricted common stock	1,474	1,789	824	61,489
Stock options	188,298	189,479	188,779	121,226
Performance share units	—	—	—	—

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024
Sales and other operating revenues	$	3,195	$	7	$	—	$	—	$	3,202
Intersegment revenues	—		358		—		(358)		—
Total sales and other operating revenues	$	3,195	$	365	$	—	$	(358)	$	3,202
Net income (loss) attributable to Hess Corporation	$	765	$	66	$	(74)	$	—	$	757
Depreciation, depletion and amortization	550		50		—		—		600
Provision for income taxes	280		16		—		—		296
Capital expenditures	1,120		73		—		—		1,193
For the Three Months Ended June 30, 2023
Sales and other operating revenues	$	2,287	$	2	$	—	$	—	$	2,289
Intersegment revenues	—		322		—		(322)		—
Total sales and other operating revenues	$	2,287	$	324	$	—	$	(322)	$	2,289
Net income (loss) attributable to Hess Corporation	$	155	$	62	$	(98)	$	—	$	119
Depreciation, depletion and amortization	450		47		—		—		497
Impairment and other	82		—		—		—		82
Provision for income taxes	152		8		—		—		160
Capital expenditures	904		52		—		—		956
For the Six Months Ended June 30, 2024
Sales and other operating revenues	$	6,498	$	13	$	—	$	—	$	6,511
Intersegment revenues	—		708		—		(708)		—
Total sales and other operating revenues	$	6,498	$	721	$	—	$	(708)	$	6,511
Net income (loss) attributable to Hess Corporation	$	1,762	$	133	$	(166)	$	—	$	1,729
Depreciation, depletion and amortization	1,057		100		—		—		1,157
Provision for income taxes	614		30		—		—		644
Capital expenditures	2,008		108		—		—		2,116
For the Six Months Ended June 30, 2023
Sales and other operating revenues	$	4,696	$	4	$	—	$	—	$	4,700
Intersegment revenues	—		625		—		(625)		—
Total sales and other operating revenues	$	4,696	$	629	$	—	$	(625)	$	4,700
Net income (loss) attributable to Hess Corporation	$	560	$	123	$	(218)	$	—	$	465
Depreciation, depletion and amortization	893		94		1		—		988
Impairment and other	82		—		—		—		82
Provision for income taxes	322		14		—		—		336
Capital expenditures	1,639		109		—		—		1,748

Corporate, Interest and Other had interest income of $18 million and $35 million for the three and six months ended June 30, 2024, respectively, compared to $21 million and $41 million for the three and six months ended June 30, 2023. Interest income is included in Other, net in the Statement of Consolidated Income.

Identifiable assets by operating segment were as follows:

	June 30, 2024		December 31, 2023
	(In millions)
Exploration and Production	$	19,203	$	17,931
Midstream	4,264		3,984
Corporate, Interest and Other	2,343		2,092
Total	$	25,810	$	24,007

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Financial Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2024

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:

	June 30, 2024		December 31, 2023
	(In millions)
Foreign exchange forwards / swaps	$	232	$	226
Interest rate swaps	$	100	$	100

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Basis of Presentation (Details)	Jun. 30, 2024 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Hess common stock conversion rate to the right to receive Chevron common stock (in shares)	1.025

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Inventories - Schedule of Inventory (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 94	$ 72
Materials and supplies	288	232
Total Inventories	$ 382	$ 304

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Property, Plant and Equipment - Net Changes in Capitalized Exploratory Well Costs (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Beginning balance	$ 952
Additions to capitalized exploratory well costs pending the determination of proved reserves	102
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	117
Previously capitalized well cost expensed	48
Ending balance	$ 889

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Property, Plant and Equipment - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) well	Dec. 31, 2023 USD ($)
Capitalized Exploratory Well Costs [Line Items]
Capitalized exploratory well costs	$ 889	$ 952
Well costs incurred and expensed	15
Capitalized exploratory well costs that have been capitalized for period greater than one year	$ 702
Stabroek Block, Offshore Guyana
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	30.00%
Suspended capitalized exploratory wells | well	33
Capitalized exploratory well costs	$ 804
Capitalized well costs percentage	92.00%
JDA, Gulf of Thailand
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50.00%
Capitalized exploratory wells suspended greater than one year that were expensed during the current period | well	3
Block 42, Suriname
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	33.00%
Capitalized well costs percentage	6.00%
North Malay Basin, Offshore Peninsular Malaysia
Capitalized Exploratory Well Costs [Line Items]
Project interest percentage	50.00%
Capitalized well costs percentage	2.00%
Capitalized exploratory wells suspended greater than one year | well	2

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Hess Midstream LP (Detail) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft³	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares ft³	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Liabilities	$ 14,609		$ 14,609		$ 14,405
Cash and cash equivalents	2,025		2,025		1,688
Property, plant and equipment, net	$ 18,429		$ 18,429		17,432
Joint venture percentage owned by Targa Resources Corp	50.00%		50.00%
Processing fees incurred	$ 8	$ 6	$ 15	$ 11
Number of underwritten public equity offerings completed			2
Number of Class A shares of subsidiary public offering (in shares) | shares			23.0	12.8
Proceeds from sale of Class A shares of Hess Midstream LP			$ 0	$ 167
Sale of Class A shares of Hess Midstream LP	100	251	194	251
Deferred tax impact to noncontrolling interests from sale of units held by parent by consolidated subsidiary			$ 194	$ 84
Number of Class B units repurchased by Hess Midstream LP (in shares) | shares			5.5	7.0
Proceeds from repurchase of units held by Hess Corporation and Global Infrastructure Partners, by Hess Midstream Operations LP			$ 200	$ 200
Repurchase of Class B units of Hess Midstream Operations LP	(52)	(44)	(105)	(90)
Deferred tax impact to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary			19	10
Proceeds to noncontrolling interests from repurchase of units held by parent by consolidated subsidiary			124	100
Capital in Excess of Par
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP	0	158	0	158
Repurchase of Class B units of Hess Midstream Operations LP	0	11	0	19
Noncontrolling Interests
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP	100	93	194	93
Repurchase of Class B units of Hess Midstream Operations LP	$ (52)	$ (55)	$ (105)	(109)
Noncontrolling Interests | Change In Ownership
Variable Interest Entity [Line Items]
Sale of Class A shares of Hess Midstream LP				$ 9
Little Missouri Four
Variable Interest Entity [Line Items]
Gas processing capacity of LM4 | ft³	200,000,000		200,000,000
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Hess Midstream LP
Variable Interest Entity [Line Items]
Percent interest in consolidated entity	38.00%
Variable Interest Entity | Hess Midstream LP
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 100		$ 100		5
Property, plant and equipment, net	3,237		3,237		3,229
Variable Interest Entity | Hess Midstream LP | Nonrecourse
Variable Interest Entity [Line Items]
Liabilities	3,606		3,606		3,385
Variable Interest Entity | Hess Midstream LP | Little Missouri Four
Variable Interest Entity [Line Items]
Equity method investment in LM4	$ 89		$ 89		$ 90

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Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued capital expenditures	$ 678	$ 670
Accrued operating and marketing expenditures	558	593
Accrued payments to royalty and working interest owners	204	178
Accrued interest on debt	149	144
Current portion of asset retirement obligations	100	160
Accrued compensation and benefits	74	193
Other accruals	44	164
Accrued liabilities	$ 1,807	$ 2,102

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Debt (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2024	Jun. 30, 2024
Subsequent Event
Debt Instrument [Line Items]
Repayment of senior unsecured notes	$ 300
Corporate, Interest and Other
Debt Instrument [Line Items]
Principal amount of senior unsecured fixed-rate public notes		$ 300
Interest rate of senior unsecured public notes		3.50%
Midstream
Debt Instrument [Line Items]
Principal amount of senior unsecured fixed-rate public notes		$ 600
Interest rate of senior unsecured public notes		6.50%

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Revenue - Summary of Revenue from Contracts with Customers on a Disaggregated Basis (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax				$ 0
Revenue from both contract with customer and not from contract with customer	$ 3,197,000,000	$ 2,337,000,000	$ 6,505,000,000	4,779,000,000
Other operating revenues	5,000,000	(48,000,000)	6,000,000	(79,000,000)
Total revenues and non-operating income	3,202,000,000	2,289,000,000	6,511,000,000	4,700,000,000
Gain (loss) on commodity derivatives	$ 0	$ (52,000,000)	$ 0	$ (86,000,000)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total revenues and non-operating income	Total revenues and non-operating income	Total revenues and non-operating income	Total revenues and non-operating income
Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	$ 2,219,000,000	$ 1,521,000,000	$ 4,547,000,000	$ 3,044,000,000
Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer		88,000,000	466,000,000	196,000,000
Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	140,000,000	112,000,000	293,000,000	253,000,000
Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	257,000,000	220,000,000	516,000,000	454,000,000
Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	575,000,000	484,000,000	1,138,000,000	1,028,000,000
Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,000,000		11,000,000
Exploration and Production
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	3,195,000,000	2,287,000,000	6,498,000,000	4,696,000,000
Exploration and Production | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	2,219,000,000	1,521,000,000	4,547,000,000	3,044,000,000
Exploration and Production | Crude oil revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	820,000,000	710,000,000	1,609,000,000	1,379,000,000
Exploration and Production | Crude oil revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	1,370,000,000	787,000,000	2,880,000,000	1,612,000,000
Revenue not from contract with customer	214,000,000
Exploration and Production | Crude oil revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	29,000,000	24,000,000	58,000,000	53,000,000
Exploration and Production | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	140,000,000	112,000,000	293,000,000	253,000,000
Exploration and Production | Natural gas liquids revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	140,000,000	112,000,000	293,000,000	253,000,000
Exploration and Production | Natural gas liquids revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas liquids revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	257,000,000	220,000,000	516,000,000	454,000,000
Exploration and Production | Natural gas revenue | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	28,000,000	38,000,000	76,000,000	92,000,000
Exploration and Production | Natural gas revenue | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Natural gas revenue | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	229,000,000	182,000,000	440,000,000	362,000,000
Exploration and Production | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	575,000,000	484,000,000	1,138,000,000	1,028,000,000
Exploration and Production | Sales of purchased oil and gas | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	548,000,000	469,000,000	1,081,000,000	996,000,000
Exploration and Production | Sales of purchased oil and gas | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	27,000,000	15,000,000	57,000,000	32,000,000
Exploration and Production | Sales of purchased oil and gas | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Exploration and Production | Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Exploration and Production | Third-party services | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Exploration and Production | Third-party services | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Exploration and Production | Third-party services | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0		0
Midstream
Disaggregation of Revenue [Line Items]
Total revenues and non-operating income	7,000,000	2,000,000	13,000,000	4,000,000
Midstream | Crude oil revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Natural gas liquids revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Natural gas revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Sales of purchased oil and gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Midstream | Third-party services
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	6,000,000		11,000,000
Operating Segments | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	3,191,000,000	2,337,000,000	6,494,000,000	4,779,000,000
Other operating revenues	4,000,000	(50,000,000)	4,000,000	(83,000,000)
Total revenues and non-operating income	3,195,000,000	2,287,000,000	6,498,000,000	4,696,000,000
Operating Segments | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	1,536,000,000	1,329,000,000	3,059,000,000	2,720,000,000
Other operating revenues	4,000,000	(30,000,000)	4,000,000	(56,000,000)
Total revenues and non-operating income	1,540,000,000	1,299,000,000	3,063,000,000	2,664,000,000
Operating Segments | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from both contract with customer and not from contract with customer	1,397,000,000	802,000,000	2,937,000,000	1,644,000,000
Other operating revenues	0	(20,000,000)	0	(27,000,000)
Total revenues and non-operating income	1,397,000,000	782,000,000	2,937,000,000	1,617,000,000
Operating Segments | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	258,000,000	206,000,000	498,000,000	415,000,000
Other operating revenues	0	0	0	0
Total revenues and non-operating income	258,000,000	206,000,000	498,000,000	415,000,000
Operating Segments | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	364,000,000	322,000,000	719,000,000	625,000,000
Other operating revenues	1,000,000	2,000,000	2,000,000	4,000,000
Total revenues and non-operating income	365,000,000	324,000,000	721,000,000	629,000,000
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	(358,000,000)	(322,000,000)	(708,000,000)	(625,000,000)
Other operating revenues	0	0	0	0
Total revenues and non-operating income	(358,000,000)	(322,000,000)	(708,000,000)	(625,000,000)
Eliminations | Exploration and Production
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Total revenues and non-operating income	0	0	0	0
Eliminations | Exploration and Production | United States
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Exploration and Production | Guyana
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Exploration and Production | Malaysia and JDA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	0	0	0	0
Eliminations | Midstream
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	358,000,000	322,000,000	708,000,000	625,000,000
Total revenues and non-operating income	$ 358,000,000	$ 322,000,000	$ 708,000,000	$ 625,000,000

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Revenue - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 0	$ 0
Contract with customer, liability	$ 0	$ 0

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Impairment and Other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Asset Impairment Charges Line Items [Line Items]
Impairment and other	$ 0	$ 82	$ 0	$ 82
West Delta Field in the Gulf of Mexico
Asset Impairment Charges Line Items [Line Items]
Impairment and other				82
Impairment and other, after tax				$ 82

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Retirement Plans - Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 11	$ 10	$ 21	$ 19
Interest cost	23	25	46	50
Expected return on plan assets	(38)	(40)	(76)	(79)
Amortization of unrecognized net actuarial losses	1	1	1	1
Pension (income) expense	(3)	(4)	(8)	(9)
Net non-service pension (income) costs included in other, net	$ (14)	$ (14)	$ (29)	$ (28)

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Retirement Plans - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Retirement Benefits [Abstract]
Unrecognized net actuarial losses related to the U.K. pension plan	$ 178

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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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income attributable to Hess Corporation:
Net income	$ 851	$ 205	$ 1,918	$ 633
Less: Net income attributable to noncontrolling interests	94	86	189	168
Net Income Attributable to Hess Corporation	$ 757	$ 119	$ 1,729	$ 465
Weighted average number of common shares outstanding:
Basic (in shares)	306.9	306.0	306.6	305.7
Diluted (in shares)	308.3	307.5	308.1	307.4
Restricted common stock
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.4	0.3	0.4	0.5
Stock options
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.6	0.7	0.6	0.7
Performance share units
Weighted average number of common shares outstanding:
Effect of dilutive securities (in shares)	0.4	0.5	0.5	0.5

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Weighted Average Common Shares - Summary of Antidilutive Shares Excluded from Computation of Diluted Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	1,474	1,789	824	61,489
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	188,298	189,479	188,779	121,226
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted shares (in shares)	0	0	0	0

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Weighted Average Common Shares - Additional Information (Detail) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Shares granted, restricted stock (in shares)	737,371	451,226
Shares granted, performance share units (in shares)	0	130,272
Shares granted, stock options (in shares)	0	189,479

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Guarantees and Contingencies (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) claim case
MTBE Cases
Loss Contingencies [Line Items]
Total number of remaining active cases filed | case	2
Gowanus Canal Superfund Site
Loss Contingencies [Line Items]
Estimated remediation cost | $	$ 506
Post-production Deductions from Royalty and Working Interest Payments
Loss Contingencies [Line Items]
Total number of remaining active cases filed | claim	6

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Segment Information - Schedule of Financial Data by Operating Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 3,202	$ 2,289	$ 6,511	$ 4,700
Net income (loss) attributable to Hess Corporation	757	119	1,729	465
Depreciation, depletion and amortization	600	497	1,157	988
Impairment and other	0	82	0	82
Provision for income taxes	296	160	644	336
Capital expenditures	1,193	956	2,116	1,748
Assets	25,810		25,810		$ 24,007
Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,195	2,287	6,498	4,696
Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	7	2	13	4
Operating Segments | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	3,195	2,287	6,498	4,696
Net income (loss) attributable to Hess Corporation	765	155	1,762	560
Depreciation, depletion and amortization	550	450	1,057	893
Impairment and other		82		82
Provision for income taxes	280	152	614	322
Capital expenditures	1,120	904	2,008	1,639
Assets	19,203		19,203		17,931
Operating Segments | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	365	324	721	629
Net income (loss) attributable to Hess Corporation	66	62	133	123
Depreciation, depletion and amortization	50	47	100	94
Impairment and other		0		0
Provision for income taxes	16	8	30	14
Capital expenditures	73	52	108	109
Assets	4,264		4,264		3,984
Corporate, Interest and Other
Segment Reporting Information [Line Items]
Net income (loss) attributable to Hess Corporation	(74)	(98)	(166)	(218)
Depreciation, depletion and amortization	0	0	0	1
Impairment and other		0		0
Provision for income taxes	0	0	0	0
Capital expenditures	0	0	0	0
Interest income	18	21	35	41
Assets	2,343		2,343		$ 2,092
Eliminations
Segment Reporting Information [Line Items]
Sales and other operating revenues	(358)	(322)	(708)	(625)
Net income (loss) attributable to Hess Corporation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
Impairment and other		0		0
Provision for income taxes	0	0	0	0
Capital expenditures	0	0	0	0
Eliminations | Exploration and Production
Segment Reporting Information [Line Items]
Sales and other operating revenues	0	0	0	0
Eliminations | Midstream
Segment Reporting Information [Line Items]
Sales and other operating revenues	$ 358	$ 322	$ 708	$ 625

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Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

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Financial Risk Management Activities - Notional Amounts of Outstanding Financial Risk Management Derivative Contracts (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Foreign Exchange Forwards / Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 232	$ 226
Interest Rate Swaps
Derivative [Line Items]
Outstanding gross notional amount	$ 100	$ 100

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Financial Risk Management Activities - Derivative Contracts - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Interest Rate Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	$ 100,000,000		$ 100,000,000		$ 100,000,000
Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	232,000,000		232,000,000		226,000,000
Designated as Hedging Instrument | Commodity Options / Collars | Designated as Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Increase (decrease) in sales and other operating revenues due to hedging instruments		$ (52,000,000)		$ (86,000,000)
Designated as Hedging Instrument | Interest Rate Swaps | Designated as Fair Value Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding gross notional amount	100,000,000		100,000,000		100,000,000
Liabilities - Gross fair value of derivative contracts	0		0		2,000,000
Not Designated as Hedging Instrument | Foreign Exchange Forwards / Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Liabilities - Gross fair value of derivative contracts	0		0		$ 6,000,000
Foreign exchange gains (losses) reported in Other, net in the Statement of Consolidated Income	1,000,000	(2,000,000)	(1,000,000)	0
Net gains (losses) on foreign exchange contracts not designated as hedging instruments	$ 0	$ 0	$ 5,000,000	$ (2,000,000)

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Financial Risk Management Activities - Fair Value Measurements - Additional Information (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Long-term debt	$ 8,865
Long-term debt, fair value	$ 9,030