Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Outstanding and Weighted Average Common Shares

15.  Outstanding and Weighted Average Common Shares

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

	2022		2021		2020
	(In millions except per share amounts)
Net Income (Loss) Attributable to Hess Corporation:
Net income (loss)	$	2,447	$	890	$	(2,839)
Less: Net income (loss) attributable to noncontrolling interests	351		331		254
Net income (loss) attributable to Hess Corporation	$	2,096	$	559	$	(3,093)
Weighted Average Number of Common Shares Outstanding:
Basic	308.1		307.4		304.8
Effect of dilutive securities
Restricted common stock	0.7		0.7		—
Stock options	0.6		0.4		—
Performance share units	0.2		0.8		—
Diluted	309.6		309.3		304.8
Net Income (Loss) Attributable to Hess Corporation per Common Share:
Basic	$	6.80	$	1.82	$	(10.15)
Diluted	$	6.77	$	1.81	$	(10.15)
Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock	—		—		2.1
Stock options	0.2		0.7		4.3
Performance share units	—		—		1.1

The following table provides the changes in our outstanding common shares:

	2022	2021	2020
	(In millions)
Balance at January 1	309.7	307.0	304.9
Activity related to restricted stock awards, net	0.5	0.7	1.0
Stock options exercised	0.9	1.5	0.3
PSUs vested	0.5	0.5	0.8
Shares repurchased	(5.4)	—	—
Balance at December 31	306.2	309.7	307.0

Common Stock Repurchase Plan:

During 2022, we repurchased approximately 5.4 million shares of our common stock for $650 million ($20 million was paid subsequent to December 31, 2022). Shares of common stock repurchased are retired upon settlement of the trade. No shares of common stock were repurchased during 2021 or 2020. At December 31, 2022, we have fully utilized our authorized common stock repurchase plan.

Common Stock Dividends:

Cash dividends declared on common stock totaled $1.50 per share in 2022 (2021: $1.00 per share; 2020: $1.00 per share).