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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt
7.  Debt
Total debt at December 31 consisted of the following:
 20212020
 (In millions)
Debt - Hess Corporation:  
Senior unsecured fixed-rate public notes:  
3.500% due 2024
$299 $299 
4.300% due 2027
995 994 
7.875% due 2029
464 464 
7.300% due 2031
628 628 
7.125% due 2033
537 537 
6.000% due 2040
742 741 
5.600% due 2041
1,236 1,236 
5.800% due 2047
494 494 
Total senior unsecured fixed-rate public notes5,395 5,393 
Term loan facility497 988 
Fair value adjustments - interest rate hedging2 5 
Total Debt - Hess Corporation$5,894 $6,386 
Debt - Midstream (Hess Midstream Operations LP):
Senior unsecured fixed-rate public notes:
5.625% due 2026
$791 $789 
5.125% due 2028
543 542 
4.250% due 2030
739 — 
Total senior unsecured fixed-rate public notes2,073 1,331 
Term loan A facility 387 395 
Revolving credit facility 104 184 
Total Debt - Midstream$2,564 $1,910 
Total Debt:
Current portion of long-term debt$517 $10 
Long-term debt7,941 8,286 
Total Debt$8,458 $8,296 
At December 31, 2021, the maturity profile of total debt was as follows:
 TotalHess
Corporation		Midstream
 (In millions)
2022$520 $500 $20 
202330 — 30 
2024744 300 444 
2025— — — 
2026800 — 800 
Thereafter6,438 5,138 1,300 
Total Borrowings8,532 5,938 2,594 
Less: Deferred financing costs and discounts(74)(44)(30)
Total Debt (excluding interest)$8,458 $5,894 $2,564 
No interest was capitalized in 2021 or 2020 (2019: $38 million).
Debt – Hess Corporation:
Senior unsecured fixed-rate public notes:
At December 31, 2021, Hess Corporation’s fixed-rate public notes had a gross principal amount of $5,438 million (2020: $5,438 million) and a weighted average interest rate of 5.9% (2020: 5.9%). The indentures for our fixed-rate public notes limit the ratio of secured debt to Consolidated Net Tangible Assets (as that term is defined in the indentures) to 15%. As of December 31, 2021, Hess Corporation was in compliance with this financial covenant.
Term loan and credit facility:
In March 2020, we entered into a $1 billion three year term loan agreement with a maturity date of March 16, 2023. In July 2021, we repaid $500 million of the $1 billion outstanding under the term loan, and in February 2022, we repaid the remaining $500 million. The remaining $500 million has been classified as Current portion of long-term debt in our Consolidated Balance Sheet at December 31, 2021 as it was our intent to repay the remaining $500 million in the first quarter of 2022.
In 2019, we entered into a $3.5 billion revolving credit facility with a maturity date of May 15, 2023. In April 2021, we amended this credit facility by extending this facility's expiration date for one year to May 2024 and incorporating customary provisions for the eventual replacement of LIBOR among other changes as set forth in the amended credit agreement. Borrowings on the facility will generally bear interest at 1.40% above LIBOR, though the interest rate is subject to adjustment if our credit rating changes. At December 31, 2021, Hess Corporation had no outstanding borrowings or letters of credit under this facility.
The revolving credit facility and term loan are subject to customary representations, warranties, customary events of default and covenants, including a financial covenant limiting the ratio of Total Consolidated Debt to Total Capitalization of the Corporation and its consolidated subsidiaries to 65%, and a financial covenant limiting the ratio of secured debt to Consolidated Net Tangible Assets of the Corporation and its consolidated subsidiaries to 15% (as these capitalized terms are defined in the credit agreement for the revolving credit facility and the term loan agreement). As of December 31, 2021, Hess Corporation was in compliance with these financial covenants.
The most restrictive of the financial covenants related to our fixed-rate public notes and our term loan and revolving credit facility would allow us to borrow up to an additional $1,843 million of secured debt at December 31, 2021.
Other outstanding letters of credit at December 31 were as follows:
 20212020
 (In millions)
Committed lines (a)$29 $54 
Uncommitted lines (a)230 215 
Total$259 $269 
(a)At December 31, 2021, committed and uncommitted lines have expiration dates through 2022.
Debt - Midstream:
Senior unsecured fixed-rate public notes:
In November 2017, HIP issued $800 million in aggregate principal amount of 5.625% fixed-rate senior unsecured notes due in 2026.  In December 2019, in connection with the acquisition of HIP and corporate restructuring described in Note 4, Hess Midstream LP, HESM Opco assumed $800 million of outstanding HIP senior unsecured notes in a par-for-par exchange. In addition, in December 2019, HESM Opco issued $550 million in aggregate principal amount of 5.125% fixed-rate senior unsecured notes due in 2028 to finance the acquisition of HIP and repay outstanding borrowings under HIP’s credit facilities. In August 2021, HESM Opco issued $750 million in aggregate principal amount of 4.250% fixed-rate senior unsecured notes due in 2030 in a private offering to finance the repurchase of 31.25 million HESM Opco Class B units held by Hess and GIP. These senior unsecured notes are guaranteed by certain of HESM Opco’s direct and indirect wholly owned material domestic subsidiaries. These senior unsecured notes are non-recourse to Hess Corporation.
Credit facilities:
At December 31, 2021, HESM Opco had $1.4 billion of senior secured syndicated credit facilities maturing December 2024, consisting of a $1 billion 5-year revolving credit facility and a fully drawn $400 million 5-year term loan A facility. The revolving credit facility can be used for borrowings and letters of credit to fund HESM Opco’s operating activities, capital expenditures, distributions and for other general corporate purposes.  Borrowings under the 5-year term loan A facility will generally bear interest at LIBOR plus an applicable margin ranging from 1.55% to 2.50%, while the applicable margin for the 5-year syndicated revolving credit facility ranges from 1.275% to 2.000%.  Pricing levels for the facility fee and interest-rate margins are based on HESM Opco’s ratio of total debt to EBITDA (as defined in the credit facilities).  If HESM Opco obtains an investment grade credit rating, the pricing levels will be based on HESM Opco’s credit ratings in effect from time to time. The credit facilities contain covenants that require HESM Opco to maintain a ratio of total debt to EBITDA (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 December 31, 2021. 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 December 31, 2021, borrowings of $104 million were drawn
under HESM Opco’s revolving credit facility, and borrowings of $390 million, excluding deferred issuance costs, were drawn under HESM Opco’s term loan A facility.  Borrowings under these credit facilities are non-recourse to Hess Corporation.