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Retirement Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Retirement Plans
9.  Retirement Plans
We have funded noncontributory defined benefit pension plans for a significant portion of our employees.  In addition, we have an unfunded supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from our principal pension plans, were it not for limitations imposed by income tax regulations.  The plans provide defined benefits based on years of service and final average salary to our U.S. employees hired prior to January 1, 2017 and to our employees in the United Kingdom (U.K.).  The U.S. employees hired on or after January 1, 2017 participate under a cash accumulation formula and receive credits to a notional account based on a percentage of pensionable wages. Interest accrues on the balance in the notional account at a rate determined in accordance with plan provisions. Additionally, we maintain an unfunded post-retirement medical plan that provides health benefits to certain U.S. qualified retirees from ages 55 through 65.  The measurement date for all retirement plans is December 31.
The following table summarizes the benefit obligations, the fair value of plan assets, and the funded status of our pension and postretirement medical plans:
Funded
Pension Plans		Unfunded
Pension Plan		Postretirement
Medical Plan
 202320222023202220232022
 (In millions)
Change in Benefit Obligation      
Balance at January 1, $1,802 $2,948 $212 $248 $52 $59 
Service cost 26 33 9 11 3 3 
Interest cost 88 66 9 3 2 1 
Actuarial (gain) loss (a)44 (818)7 (38)1 (7)
Plan settlements(143)(266)— — — — 
Benefit payments(77)(90)(15)(12)(5)(4)
Foreign currency exchange rate changes 20 (71)— — — — 
Balance at December 31, (b)$1,760 $1,802 $222 $212 $53 $52 
Change in Fair Value of Plan Assets
Balance at January 1,$2,450 $3,357 $— $— $— $— 
Actual return on plan assets186 (469)— — — — 
Employer contributions1 1 15 12 5 4 
Plan settlements(143)(266)— — — — 
Benefit payments(77)(90)(15)(12)(5)(4)
Foreign currency exchange rate changes28 (83)— — — — 
Balance at December 31,$2,445 $2,450 $— $— $— $— 
Funded Status (Plan assets greater (less) than benefit obligations) at December 31,$685 $648 $(222)$(212)$(53)$(52)
Unrecognized Net Actuarial (Gains) Losses (c)$332 $337 $30 $23 $(25)$(27)
(a)In 2023, changes in discount rates resulted in actuarial losses of $56 million, updates to census data resulted in actuarial losses of $18 million, and the alignment of the projected benefit obligation to the amount of plan settlement payments resulted in actuarial gains of $20 million. Changes in all other assumptions resulted in net actuarial gains of $2 million in 2023. In 2022, changes in discount rates resulted in actuarial gains of $874 million and changes in mortality assumptions resulted in actuarial losses of $8 million. Changes in all other assumptions, including inflation and demographic assumptions, resulted in net actuarial losses of $3 million in 2022.
(b)At December 31, 2023, the accumulated benefit obligation for the funded and unfunded defined benefit pension plans was $1,684 million and $181 million, respectively (2022: $1,743 million and $180 million, respectively).
(c)At December 31, 2023, the unrecognized net actuarial losses related to the U.K. pension plan was $179 million (2022: $175 million).
  Amounts recognized in the Consolidated Balance Sheet at December 31 consisted of the following:
Funded
Pension Plans		Unfunded
Pension Plan		Postretirement
Medical Plan
 202320222023202220232022
 (In millions)
Noncurrent assets$685 $648 $— $— $— $— 
Current liabilities— — (23)(24)(5)(6)
Noncurrent liabilities— — (199)(188)(48)(46)
Post-retirement benefit assets / (liabilities)$685 $648 $(222)$(212)$(53)$(52)
Accumulated other comprehensive (income) loss, pre-tax (a)$332 $337 $30 $23 $(25)$(27)
(a)The after‑tax deficit reflected in Accumulated other comprehensive income (loss) was $134 million at December 31, 2023 (2022: $131 million deficit).
The net periodic benefit cost for funded and unfunded pension plans, and the postretirement medical plan, is as follows:
 Pension PlansPostretirement Medical Plan
 202320222021202320222021
 (In millions)
Service cost $35 $44 $51 $3 $3 $3 
Interest cost 97 69 55 2 1 1 
Expected return on plan assets (156)(196)(197)— — — 
Amortization of unrecognized net actuarial losses (gains)3 11 58 (2)(1)(1)
Settlement loss 17 2 9 — — — 
Net Periodic Benefit Cost / (Income) (a)$(4)$(70)$(24)$3 $3 $3 
(a)Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $39 million in 2023 (2022: $114 million of income; 2021: $75 million of income).
In 2023, the Hess Corporation Employees’ Pension Plan paid lump sums to certain participants totaling $143 million which resulted in a noncash settlement loss of $17 million to recognize unamortized actuarial losses.
In 2022, the Hess Corporation Employees’ Pension Plan purchased a single premium annuity contract at a cost of $166 million using assets of the plan to settle and transfer certain of its obligations to a third party. This partial settlement resulted in a noncash settlement loss of $13 million to recognize unamortized actuarial losses.
In 2022, the HOVENSA Legacy Employees’ Pension Plan paid lump sums to certain participants totaling $20 million, and purchased a single premium annuity contract at a cost of $80 million, to settle the plan’s projected benefit obligation in connection with terminating the plan. The settlement transactions resulted in a noncash settlement gain of $11 million to recognize unamortized actuarial gains. The assets remaining after settlement of the plan’s projected benefit obligation of $15 million were transferred to the Hess Corporation Employees’ Pension Plan in December 2022.
In 2024, we forecast service cost for our pension and post-retirement medical plans to be approximately $40 million and net non-service cost of approximately $65 million of income, which is comprised of interest cost of approximately $90 million, and estimated expected return on plan assets of approximately $155 million.
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.
Assumptions:  The weighted average actuarial assumptions used to determine benefit obligations at December 31 and net periodic benefit cost for the three years ended December 31 for our funded and unfunded pension plans were as follows:
 202320222021
Benefit Obligations:   
Discount rate 4.8%5.0%2.5%
Rate of compensation increase 3.9%4.0%3.8%
Net Periodic Benefit Cost:
Discount rate
Service cost5.0%3.3%2.6%
Interest cost4.9%3.0%1.7%
Expected rate of return on plan assets 6.5%6.5%6.6%
Rate of compensation increase 4.0%3.8%3.8%
The actuarial assumptions used to determine benefit obligations at December 31 for the post-retirement medical plan were as follows:
 202320222021
Discount rate 4.7%4.9%2.4%
Initial health care trend rate 6.0%6.3%5.5%
Ultimate trend rate 4.0%4.0%4.0%
Year in which ultimate trend rate is reached 204620462046
The assumptions used to determine net periodic benefit cost for each year were established at the end of each previous year. In 2022 and 2021, there was an interim remeasurement of the funded status of certain plans due to plan settlements which resulted in net periodic benefit cost being recalculated for the remainder of the year using assumptions as of the interim remeasurement dates. The assumptions disclosed in the preceding table used to determine net periodic benefit cost for 2022 and 2021 are a weighted average of the assumptions as of the end of the previous year and the interim remeasurement dates. Due to the timing of plan settlements in 2023, an interim remeasurement of the funded status was unnecessary in 2023. The assumptions used to determine benefit obligations were established at each year end.   Discount rates are developed based on a portfolio of high‑quality, fixed income debt instruments with maturities that approximate the expected payment of plan obligations.
The overall expected rate of return on plan assets is developed from the expected future returns for each asset category, weighted by the target allocation of assets to that asset category.  The future expected rate of return assumptions for individual asset categories are largely based on inputs from various investment experts regarding their future return expectations for particular asset categories. The expected rate of return on plan assets is applied to the fair value of plan assets to determine the expected return on plan assets component of net periodic benefit cost for the year.
Our investment strategy is to maximize long‑term returns at an acceptable level of risk through broad diversification of plan assets in a variety of asset classes.  Asset classes and target allocations are determined by our investment committee and include domestic and foreign equities, fixed income, and other investments, including hedge funds, real estate and private equity.  Investment managers are prohibited from investing in securities issued by us unless indirectly held as part of an index strategy.  The majority of plan assets are highly liquid, providing ample liquidity for benefit payment requirements.  The current target allocations are 30% equity securities, 50% fixed income securities (including cash and short‑term investment funds) and 20% to all other types of investments.  Asset allocations are rebalanced on a periodic basis throughout the year to bring assets to within an acceptable range of target levels.
Fair value:  The following tables provide the fair value of the financial assets of the funded pension plans at December 31, 2023 and 2022 in accordance with the fair value measurement hierarchy described in Note 1, Nature of Operations, Basis of Presentation and Summary of Accounting Policies.
 Level 1Level 2Level 3Net Asset
Value (c)		Total
 (In millions)
December 31, 2023     
Cash and Short-Term Investment Funds $27 $— $— $— $27 
Equities:
U.S. equities (domestic) 309 — — — 309 
International equities (non-U.S.) 52 — — 158 210 
Global equities (domestic and non-U.S.) — 6 — 55 61 
Fixed Income:
Treasury and government related (a) — 581 — — 581 
Mortgage-backed securities (b) — 98 — 12 110 
Corporate — 547 — 3 550 
Other:
Hedge funds — — — — — 
Private equity funds — — — 414 414 
Real estate funds — — — 183 183 
Total investments$388 $1,232 $— $825 $2,445 
December 31, 2022
Cash and Short-Term Investment Funds $51 $— $— $— $51 
Equities:
U.S. equities (domestic) 409 — — 11 420 
International equities (non-U.S.) 62 11 — 306 379 
Global equities (domestic and non-U.S.) — 5 — 90 95 
Fixed Income:
Treasury and government related (a) — 364 — — 364 
Mortgage-backed securities (b) — 142 — 18 160 
Corporate — 304 — 8 312 
Other:
Hedge funds — — — 75 75 
Private equity funds — — — 374 374 
Real estate funds 9 — — 211 220 
Total investments$531 $826 $— $1,093 $2,450 
(a)Includes securities issued and guaranteed by U.S. and non‑U.S. governments, and securities issued by governmental agencies and municipalities.
(b)Comprised of U.S. residential and commercial mortgage-backed securities.
(c)Includes certain investments that have been valued using the net asset value (NAV) practical expedient, and therefore have not been categorized in the fair value hierarchy.  The inclusion of such amounts in the above table is intended to aid reconciliation of investments categorized in the fair value hierarchy to total pension plan assets.  
The following describes the financial assets of the funded pension plans:
Cash and short‑term investment funds – Consists of cash on hand and short-term investment funds that provide for daily investments and redemptions which are classified as Level 1.
Equities – Consists of individually held U.S. and international equity securities.  This investment category also includes funds that consist primarily of U.S. and international equity securities.  Equity securities, which are individually held and are traded actively on exchanges, are classified as Level 1.  Certain funds, consisting primarily of equity securities, are classified as Level 2 if the NAV is determined and published daily, and is the basis for current transactions.  Commingled funds, consisting primarily of equity securities held in unitized trusts, are valued using the NAV per fund share.
Fixed income investments – Consists of individually held securities issued by the U.S. government, non-U.S. governments, governmental agencies, municipalities and corporations, and agency and non-agency mortgage-backed securities.  This investment category also includes funds that consist primarily of fixed income securities.  Individual fixed income securities are generally valued on the basis of evaluated prices from independent pricing services. Such prices are monitored by the trustee, which also serves as the independent third-party custodial firm responsible for safekeeping assets of the particular plan, and are classified as Level 2.  Exchange-traded funds consisting of fixed income securities are classified as Level 1. Certain funds, consisting primarily of fixed
income securities, are classified as Level 2 if the NAV is determined and published daily, and is the basis for current transactions.  Commingled funds, consisting primarily of fixed income securities, are valued using the NAV per fund share.
Other investments – Consists of exchange‑traded real estate investment trust securities, which are classified as Level 1.  Commingled funds and limited partnership investments in hedge funds, private equity and real estate funds are valued at the NAV per fund share.
Contributions and estimated future benefit payments:  In 2024, we expect to contribute approximately $25 million to our funded pension plans.
Estimated future benefit payments by the funded and unfunded pension plans, and the post-retirement medical plan, which reflect expected future service, are as follows (in millions):
2024$112 
2025117 
2026167 
2027117 
2028123 
Years 2029 to 2033611 
We also have defined contribution plans for certain eligible employees.  Employees may contribute a portion of their compensation to these plans and we match a portion of the employee contributions.  We recorded expense of $24 million in 2023 for contributions to these plans (2022: $22 million; 2021: $18 million).