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, 2022

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, 2022, there were 309,614,906 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, 2022, and December 31, 2021	2
	Statement of Consolidated Income for the Three and Six Months Ended June 30, 2022, and 2021	3
	Statement of Consolidated Comprehensive Income for the Three and Six Months Ended June 30, 2022, and 2021	4
	Statement of Consolidated Cash Flows for the Six Months Ended June 30, 2022, and 2021	5
	Statement of Consolidated Equity for the Three and Six Months Ended June 30, 2022, and 2021	6
	Notes to Consolidated Financial Statements (Unaudited)	7
	Note 1 - Basis of Presentation	7
	Note 2 - Inventories	7
	Note 3 - Property, Plant and Equipment	7
	Note 4 - Hess Midstream LP	8
	Note 5 - Accrued Liabilities	8
	Note 6 - Debt	8
	Note 7 - Revenue	9
	Note 8 - Impairment and Other	10
	Note 9 - Retirement Plans	10
	Note 10 - Weighted Average Common Shares	11
	Note 11 - Guarantees and Contingencies	11
	Note 12 - Segment Information	14
	Note 13 - Financial Risk Management Activities	15
	Note 14 - Subsequent Events	17
2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
3.	Quantitative and Qualitative Disclosures about Market Risk	32
4.	Controls and Procedures	32
	PART II - OTHER INFORMATION
1.	Legal Proceedings	33
2.	Share Repurchase Activities	33
6.	Exhibits	34
	Signatures	35

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, 2022		December 31, 2021
	(In millions, except share amounts)
Assets
Current Assets:
Cash and cash equivalents	$	2,159	$	2,713
Accounts receivable:
From contracts with customers	1,265		1,062
Joint venture and other	141		149
Inventories	317		223
Other current assets	87		199
Total current assets	3,969		4,346
Property, plant and equipment:
Total — at cost	32,402		31,178
Less: Reserves for depreciation, depletion, amortization and lease impairment	17,584		16,996
Property, plant and equipment — net	14,818		14,182
Operating lease right-of-use assets — net	446		352
Finance lease right-of-use assets — net	136		144
Goodwill	360		360
Deferred income taxes	147		71
Post-retirement benefit assets	603		409
Other assets	701		651
Total Assets	$	21,180	$	20,515
Liabilities
Current Liabilities:
Accounts payable	$	359	$	220
Accrued liabilities	1,741		1,710
Taxes payable	141		528
Current portion of long-term debt	—		517
Current portion of operating and finance lease obligations	114		89
Total current liabilities	2,355		3,064
Long-term debt	8,332		7,941
Long-term operating lease obligations	457		394
Long-term finance lease obligations	190		200
Deferred income taxes	544		383
Asset retirement obligations	1,028		1,005
Other liabilities and deferred credits	516		502
Total Liabilities	13,422		13,489
Equity
Hess Corporation stockholders’ equity:
Common stock, par value $1.00; Authorized — 600,000,000 shares
Issued 309,614,906 shares (2021: 309,744,953)	310		310
Capital in excess of par value	6,236		6,017
Retained earnings	1,075		379
Accumulated other comprehensive income (loss)	(485)		(406)
Total Hess Corporation stockholders’ equity	7,136		6,300
Noncontrolling interests	622		726
Total Equity	7,758		7,026
Total Liabilities and Equity	$	21,180	$	20,515

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,
	2022		2021		2022		2021
	(In millions, except per share amounts)
Revenues and Non-Operating Income
Sales and other operating revenues	$	2,955	$	1,579	$	5,268	$	3,477
Gains on asset sales, net	3		—		25		—
Other, net	30		19		66		40
Total revenues and non-operating income	2,988		1,598		5,359		3,517
Costs and Expenses
Marketing, including purchased oil and gas	843		322		1,525		840
Operating costs and expenses	356		315		669		580
Production and severance taxes	67		44		128		81
Exploration expenses, including dry holes and lease impairment	33		48		76		81
General and administrative expenses	95		84		205		178
Interest expense	121		118		244		235
Depreciation, depletion and amortization	391		385		728		781
Impairment and other	—		147		—		147
Total costs and expenses	1,906		1,463		3,575		2,923
Income (Loss) Before Income Taxes	1,082		135		1,784		594
Provision (benefit) for income taxes	328		122		525		245
Net Income (Loss)	754		13		1,259		349
Less: Net income (loss) attributable to noncontrolling interests	87		86		175		170
Net Income (Loss) Attributable to Hess Corporation	$	667	$	(73)	$	1,084	$	179
Net Income (Loss) Attributable to Hess Corporation Per Common Share:
Basic	$	2.15	$	(0.24)	$	3.50	$	0.58
Diluted	$	2.15	$	(0.24)	$	3.49	$	0.58
Weighted Average Number of Common Shares Outstanding:
Basic	309.7		307.5		309.3		306.7
Diluted	310.9		307.5		310.6		308.7
Common Stock Dividends Per Share	$	0.375	$	0.250	$	0.750	$	0.500

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,
	2022		2021		2022		2021
	(In millions)
Net Income (Loss)	$	754	$	13	$	1,259	$	349
Other Comprehensive Income (Loss):
Derivatives designated as cash flow hedges
Effect of hedge (gains) losses reclassified to income	163		64		255		115
Income taxes on effect of hedge (gains) losses reclassified to income	—		—		—		—
Net effect of hedge (gains) losses reclassified to income	163		64		255		115
Change in fair value of cash flow hedges	(39)		(129)		(494)		(231)
Income taxes on change in fair value of cash flow hedges	—		—		—		—
Net change in fair value of cash flow hedges	(39)		(129)		(494)		(231)
Change in derivatives designated as cash flow hedges, after taxes	124		(65)		(239)		(116)
Pension and other postretirement plans
(Increase) reduction in unrecognized actuarial losses	152		(11)		152		3
Income taxes on actuarial changes in plan liabilities	—		—		—		—
(Increase) reduction in unrecognized actuarial losses, net	152		(11)		152		3
Amortization of net actuarial losses	5		16		8		32
Income taxes on amortization of net actuarial losses	—		—		—		—
Net effect of amortization of net actuarial losses	5		16		8		32
Change in pension and other postretirement plans, after taxes	157		5		160		35
Other Comprehensive Income (Loss)	281		(60)		(79)		(81)
Comprehensive Income (Loss)	1,035		(47)		1,180		268
Less: Comprehensive income (loss) attributable to noncontrolling interests	87		86		175		170
Comprehensive Income (Loss) Attributable to Hess Corporation	$	948	$	(133)	$	1,005	$	98

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,
	2022		2021
	(In millions)
Cash Flows From Operating Activities
Net income (loss)	$	1,259	$	349
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gains) on asset sales, net	(25)		—
Depreciation, depletion and amortization	728		781
Impairment and other	—		147
Exploratory dry hole costs	—		9
Exploration lease and other impairment	10		10
Pension settlement loss	2		4
Stock compensation expense	49		44
Noncash (gains) losses on commodity derivatives, net	218		88
Provision (benefit) for deferred income taxes and other tax accruals	174		42
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	(529)		(315)
(Increase) decrease in inventories	(94)		137
Increase (decrease) in accounts payable and accrued liabilities	100		(56)
Increase (decrease) in taxes payable	(387)		187
Changes in other operating assets and liabilities	(152)		(51)
Net cash provided by (used in) operating activities	1,353		1,376
Cash Flows From Investing Activities
Additions to property, plant and equipment - E&P	(1,098)		(687)
Additions to property, plant and equipment - Midstream	(111)		(53)
Proceeds from asset sales, net of cash sold	28		297
Other, net	—		(2)
Net cash provided by (used in) investing activities	(1,181)		(445)
Cash Flows From Financing Activities
Net borrowings (repayments) of debt with maturities of 90 days or less	(13)		(75)
Debt with maturities of greater than 90 days:
Borrowings	400		—
Repayments	(510)		(5)
Cash dividends paid	(235)		(157)
Common stock acquired and retired	(190)		—
Proceeds from sale of Class A shares of Hess Midstream LP	146		70
Noncontrolling interests, net	(351)		(137)
Employee stock options exercised	40		75
Payments on finance lease obligations	(4)		(4)
Other, net	(9)		(7)
Net cash provided by (used in) financing activities	(726)		(240)
Net Increase (Decrease) in Cash and Cash Equivalents	(554)		691
Cash and Cash Equivalents at Beginning of Year	2,713		1,739
Cash and Cash Equivalents at End of Period	$	2,159	$	2,430

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, 2022
Balance at April 1, 2022	$	311	$	6,083	$	680	$	(766)	$	6,308	$	740	$	7,048
Net income (loss)	—		—		667		—		667		87		754
Other comprehensive income (loss)	—		—		—		281		281		—		281
Share-based compensation	1		24		—		—		25		—		25
Dividends on common stock	—		—		(117)		—		(117)		—		(117)
Sale of Class A shares of Hess Midstream LP	—		130		—		—		130		88		218
Repurchase of Class B units of Hess Midstream Operations LP	—		32		—		—		32		(215)		(183)
Common stock acquired and retired	(2)		(33)		(155)		—		(190)		—		(190)
Noncontrolling interests, net	—		—		—		—		—		(78)		(78)
Balance at June 30, 2022	$	310	$	6,236	$	1,075	$	(485)	$	7,136	$	622	$	7,758
For the Three Months Ended June 30, 2021
Balance at April 1, 2021	$	308	$	5,779	$	305	$	(776)	5,616		$	1,027	$	6,643
Net income (loss)	—		—		(73)		—		(73)		86		13
Other comprehensive income (loss)	—		—		—		(60)		(60)		—		(60)
Share-based compensation	2		80		—		—		82		—		82
Dividends on common stock	—		—		(77)		—		(77)		—		(77)
Noncontrolling interests, net	—		—		—		—		—		(69)		(69)
Balance at June 30, 2021	$	310	$	5,859	$	155	$	(836)	$	5,488	$	1,044	$	6,532
For the Six Months Ended June 30, 2022
Balance at January 1, 2022	$	310	$	6,017	$	379	$	(406)	$	6,300	$	726	$	7,026
Net income (loss)	—		—		1,084		—		1,084		175		1,259
Other comprehensive income (loss)	—		—		—		(79)		(79)		—		(79)
Share-based compensation	2		90		—		—		92		—		92
Dividends on common stock	—		—		(233)		—		(233)		—		(233)
Sale of Class A shares of Hess Midstream LP	—		130		—		—		130		88		218
Repurchase of Class B units of Hess Midstream Operations LP	—		32		—		—		32		(215)		(183)
Common stock acquired and retired	(2)		(33)		(155)		—		(190)		—		(190)
Noncontrolling interests, net	—		—		—		—		—		(152)		(152)
Balance at June 30, 2022	$	310	$	6,236	$	1,075	$	(485)	$	7,136	$	622	$	7,758
For the Six Months Ended June 30, 2021
Balance at January 1, 2021	$	307	$	5,684	$	130	$	(755)	5,366		$	969	$	6,335
Net income (loss)	—		—		179		—		179		170		349
Other comprehensive income (loss)	—		—		—		(81)		(81)		—		(81)
Share-based compensation	3		119		—		—		122		—		122
Dividends on common stock	—		—		(154)		—		(154)		—		(154)
Sale of Class A shares of Hess Midstream LP	—		56		—		—		56		41		97
Noncontrolling interests, net	—		—		—		—		—		(136)		(136)
Balance at June 30, 2021	$	310	$	5,859	$	155	$	(836)	$	5,488	$	1,044	$	6,532

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, 2022 and December 31, 2021, the consolidated results of operations for the three and six months ended June 30, 2022 and 2021, and consolidated cash flows for the six months ended June 30, 2022 and 2021.  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, 2021.

 2.  Inventories

Inventories consisted of the following:

	June 30, 2022		December 31, 2021
	(In millions)
Crude oil and natural gas liquids	$	142	$	52
Materials and supplies	175		171
Total Inventories	$	317	$	223

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, 2022 (in millions):

Balance at January 1, 2022	$	681
Additions to capitalized exploratory well costs pending the determination of proved reserves	194
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(93)
Balance at June 30, 2022	$	782

Additions to capitalized exploratory well costs pending determination of proved reserves are related to wells drilled on the Stabroek Block (Hess 30%), offshore Guyana and drilling at the Huron prospect (Hess 40%) in the Gulf of Mexico. Reclassifications to wells, facilities and equipment based on the determination of proved reserves resulted from the sanction of the Yellowtail Field development project, the fourth sanctioned project on the Stabroek Block.

At June 30, 2022, exploratory well costs capitalized for greater than one year following completion of drilling of $417 million was comprised of the following:

Guyana: Approximately 89% of the capitalized well costs in excess of one year relate to successful exploration wells where hydrocarbons were encountered on the Stabroek Block.  The operator plans further appraisal drilling on the Block and is conducting pre-development planning for additional phases of development.

Joint Development Area (JDA):  Approximately 9% of the capitalized well costs in excess of one year relates to the JDA (Hess 50%) in the Gulf of Thailand, where hydrocarbons were encountered in three successful exploration wells drilled in the western part of Block A-18. The operator has submitted a development plan concept to the regulator to facilitate ongoing commercial negotiations for an extension of the existing gas sales contract to include development of the western part of the Block.

Malaysia:  Approximately 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 one successful exploration well.  Subsurface evaluation and pre-development studies are ongoing.

7

PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.  Hess Midstream LP

At June 30, 2022, Hess Midstream LP (Hess Midstream), a variable interest entity that is fully consolidated by Hess Corporation, had liabilities totaling $3,078 million (December 31, 2021: $2,694 million) that are on a nonrecourse basis to Hess Corporation, while Hess Midstream assets available to settle the obligations of Hess Midstream included cash and cash equivalents totaling $2 million (December 31, 2021: $2 million), property, plant and equipment with a carrying value of $3,145 million (December 31, 2021: $3,125 million) and an equity-method investment in the Little Missouri 4 (LM4) gas processing plant of $97 million (December 31, 2021: $102 million).

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 and Targa Resources Corp. Hess Midstream 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, 2022 were $4 million and $9 million, respectively, compared with $7 million and $14 million for the three and six months ended June 30, 2021, respectively.

In April 2022, Hess Midstream LP completed an underwritten public equity offering of approximately 10.2 million Hess Midstream LP Class A shares held by a subsidiary of Hess Corporation and an affiliate of Global Infrastructure Partners (GIP). We received net proceeds of $146 million from the public offering. The transaction resulted in an increase in Capital in excess of par and Noncontrolling interests of $130 million and $88 million, respectively. The increase to Noncontrolling interests of $88 million is comprised of $16 million resulting from the change in ownership interest and $72 million from an increase to deferred tax assets resulting from a change in the temporary difference between the carrying amount and tax basis of Hess Midstream LP's investment in Hess Midstream Operations LP (HESM Opco).

Concurrent with the April 2022 public offering, HESM Opco, a consolidated subsidiary of Hess Midstream LP, repurchased approximately 13.6 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of GIP for $400 million. HESM Opco issued $400 million in aggregate principal amount of 5.500% fixed-rate senior unsecured notes due 2030 in a private offering to repay borrowings under its revolving credit facility used to finance the repurchase. The transaction resulted in an increase in Capital in excess of par and a decrease in Noncontrolling interests of $32 million, and an increase in deferred tax assets and Noncontrolling interests of $17 million resulting from a change in the temporary difference between the carrying amount and tax basis of Hess Midstream LP's investment in HESM Opco. The $200 million paid to GIP reduced Noncontrolling Interests. We owned an approximate 41% interest in Hess Midstream LP, on a consolidated basis, at June 30, 2022.

In March 2021, Hess Midstream LP completed an underwritten public equity offering of 6.9 million Hess Midstream LP Class A shares held by a subsidiary of Hess Corporation and an affiliate of GIP. We received net proceeds of $70 million from the public offering. The transaction resulted in an increase in Capital in excess of par and Noncontrolling interests of $56 million and $41 million, respectively. The increase to Noncontrolling interests of $41 million is comprised of $14 million resulting from the change in ownership interest and $27 million from an increase to deferred tax assets resulting from a change in the temporary difference between the carrying amount and tax basis of Hess Midstream LP's investment in HESM Opco.

5.  Accrued Liabilities

Accrued Liabilities consisted of the following:

	June 30, 2022		December 31, 2021
	(In millions)
Accrued operating and marketing expenditures	$	508	$	462
Accrued capital expenditures	515		479
Accrued payments to royalty and working interest owners	263		253
Current portion of asset retirement obligations	232		185
Accrued interest on debt	143		138
Accrued compensation and benefits	62		124
Other accruals	18		69
Total Accrued Liabilities	$	1,741	$	1,710

6.  Debt

In April 2022, HESM Opco issued $400 million in aggregate principal amount of 5.500% fixed-rate senior unsecured notes due 2030 in a private offering to repay borrowings under its revolving credit facility used to finance the repurchase of approximately

8

PART I - FINANCIAL INFORMATION (CONT’D.)

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

13.6 million HESM Opco Class B units held by a subsidiary of Hess Corporation and an affiliate of GIP. The covenants of the 5.500% fixed-rate senior unsecured notes are substantially similar to the terms of the other existing HESM Opco fixed-rate senior unsecured notes.

In February 2022, we repaid the remaining $500 million outstanding under our $1.0 billion term loan previously scheduled to mature in March 2023.

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		Other (a)		E&P Total
Three Months Ended June 30, 2022
Sales of our net production volumes:
Crude oil revenue	$	895	$	681	$	37	$	170	$	1,783	$	—	$	—	$	1,783
Natural gas liquids revenue	173		—		—		—		173		—		—		173
Natural gas revenue	126		—		215		5		346		—		—		346
Sales of purchased oil and gas	761		18		—		36		815		—		—		815
Intercompany revenue	—		—		—		—		—		314		(314)		—
Total revenues from contracts with customers	1,955		699		252		211		3,117		314		(314)		3,117
Other operating revenues (b)	(95)		(52)		—		(15)		(162)		—		—		(162)
Total sales and other operating revenues	$	1,860	$	647	$	252	$	196	$	2,955	$	314	$	(314)	$	2,955
Three Months Ended June 30, 2021
Sales of our net production volumes:
Crude oil revenue	$	661	$	134	$	27	$	135	$	957	$	—	$	—	$	957
Natural gas liquids revenue	120		—		—		—		120		—		—		120
Natural gas revenue	61		—		178		1		240		—		—		240
Sales of purchased oil and gas	299		4		—		26		329		—		—		329
Intercompany revenue	—		—		—		—		—		294		(294)		—
Total revenues from contracts with customers	1,141		138		205		162		1,646		294		(294)		1,646
Other operating revenues (b)	(53)		(6)		—		(8)		(67)		—		—		(67)
Total sales and other operating revenues	$	1,088	$