Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Outstanding and Weighted Average Common Shares

15.  Outstanding and Weighted Average Common Shares

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

	2023		2022		2021
	(In millions except per share amounts)
Net Income Attributable to Hess Corporation:
Net income	$	1,738	$	2,447	$	890
Less: Net income attributable to noncontrolling interests	356		351		331
Net income attributable to Hess Corporation	$	1,382	$	2,096	$	559
Weighted Average Number of Common Shares Outstanding:
Basic	305.9		308.1		307.4
Effect of dilutive securities
Restricted common stock	0.5		0.7		0.7
Stock options	0.7		0.6		0.4
Performance share units	0.5		0.2		0.8
Diluted	307.6		309.6		309.3
Net Income Attributable to Hess Corporation per Common Share:
Basic	$	4.52	$	6.80	$	1.82
Diluted	$	4.49	$	6.77	$	1.81
Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock	—		—		—
Stock options	0.2		0.2		0.7
Performance share units	—		—		—

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

	2023	2022	2021
	(In millions)
Balance at January 1	306.2	309.7	307.0
Activity related to restricted stock awards, net	0.4	0.5	0.7
Stock options exercised	0.2	0.9	1.5
PSUs vested	0.4	0.5	0.5
Shares repurchased	—	(5.4)	—
Balance at December 31	307.2	306.2	309.7

Common Stock Repurchase Plan:

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 2023 or 2021. 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.

Common Stock Dividends:

Cash dividends declared on common stock totaled $1.75 per share in 2023 (2022: $1.50 per share; 2021: $1.00 per share).