Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

18.  Segment Information

We currently have two operating segments, E&P and Midstream.  The E&P operating segment explores for, develops, produces, purchases and sells crude oil, NGL and natural gas.  Production operations over the three years ended December 31, 2023 were in Guyana, the U.S., Malaysia and the JDA, Libya (sold in November 2022) and Denmark (sold in August 2021). The Midstream operating segment provides fee-based services, including gathering, compressing and processing natural gas and fractionating NGL; gathering, terminaling, loading and transporting crude oil and NGL; storing and terminaling propane, and water handling services primarily in the Bakken shale play of North Dakota.  All unallocated costs are reflected under Corporate, Interest and Other.

The following table presents operating segment financial data (in millions):

	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total
2023
Sales and other operating revenues	$	10,500	$	11	$	—	$	—	$	10,511
Intersegment revenues	—		1,338		—		(1,338)		—
Total sales and other operating revenues	$	10,500	$	1,349	$	—	$	(1,338)	$	10,511
Net income (loss) attributable to Hess Corporation	$	1,601	$	252	$	(471)	$	—	$	1,382
Interest expense	—		179		299		—		478
Depreciation, depletion and amortization	1,852		193		1		—		2,046
Impairment and other	82		—		—		—		82
Provision for income taxes	695		38		—		—		733
Investment in affiliates	76		90		—		—		166
Identifiable assets	17,931		3,984		2,092		—		24,007
Capital expenditures	4,033		246		—		—		4,279
2022
Sales and other operating revenues	$	11,324	$	—	$	—	$	—	$	11,324
Intersegment revenues	—		1,273		—		(1,273)		—
Total sales and other operating revenues	$	11,324	$	1,273	$	—	$	(1,273)	$	11,324
Net income (loss) attributable to Hess Corporation	$	2,396	$	269	$	(569)	$	—	$	2,096
Interest expense	—		150		343		—		493
Depreciation, depletion and amortization	1,520		181		2		—		1,703
Impairment and other	54		—		—		—		54
Provision for income taxes	1,072		27		—		—		1,099
Investment in affiliates	88		94		1		—		183
Identifiable assets	15,022		3,775		2,898		—		21,695
Capital expenditures	2,589		232		—		—		2,821
2021
Sales and other operating revenues	$	7,473	$	—	$	—	$	—	$	7,473
Intersegment revenues	—		1,204		—		(1,204)		—
Total sales and other operating revenues	$	7,473	$	1,204	$	—	$	(1,204)	$	7,473
Net income (loss) attributable to Hess Corporation	$	770	$	286	$	(497)	$	—	$	559
Interest expense	—		105		376		—		481
Depreciation, depletion and amortization	1,361		166		1		—		1,528
Impairment and other	147		—		—		—		147
Provision for income taxes	585		15		—		—		600
Capital expenditures	1,698		183		—		—		1,881

Corporate, Interest and Other had interest income of $82 million in 2023 (2022: $32 million, 2021: $1 million) which is included in Other, net in the Statement of Consolidated Income.

The following table presents financial information by major geographic area:

	United States		Guyana		Malaysia and JDA		Other (a)		Corporate, Interest and other		Total
	(In millions)
2023
Sales and Other Operating Revenues	$	6,092	$	3,494	$	925	$	—	$	—	$	10,511
Property, Plant and Equipment (Net) (b)	10,554		5,957		872		42		7		17,432
2022
Sales and Other Operating Revenues	$	7,214	$	2,636	$	873	$	601	$	—	$	11,324
Property, Plant and Equipment (Net) (b)	9,937		4,042		1,065		46		8		15,098
2021
Sales and Other Operating Revenues	$	5,378	$	754	$	738	$	603	$	—	$	7,473

(a)Other includes our interests in Libya (sold in November 2022), Denmark (sold in August 2021), Suriname and Canada.

(b)Property, plant and equipment in the United States in 2023 includes $7,325 million (2022: $6,764 million) attributable to the E&P segment and $3,229 million (2022: $3,173 million) attributable to the Midstream segment.