Outstanding and Weighted Average Common Shares

12 Months Ended

Dec. 31, 2024

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:

	2024		2023		2022
	(In millions except per share amounts)
Net Income Attributable to Hess Corporation:
Net income	$	3,152	$	1,738	$	2,447
Less: Net income attributable to noncontrolling interests	383		356		351
Net income attributable to Hess Corporation	$	2,769	$	1,382	$	2,096
Weighted Average Number of Common Shares Outstanding:
Basic	306.8		305.9		308.1
Effect of dilutive securities
Restricted common stock	0.5		0.5		0.7
Stock options	0.6		0.7		0.6
Performance share units	0.4		0.5		0.2
Diluted	308.3		307.6		309.6
Net Income Attributable to Hess Corporation per Common Share:
Basic	$	9.03	$	4.52	$	6.80
Diluted	$	8.98	$	4.49	$	6.77
Antidilutive shares excluded from the computation of diluted shares:
Restricted common stock	—		—		—
Stock options	0.2		0.2		0.2
Performance share units	—		—		—

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

	2024	2023	2022
	(In millions)
Balance at January 1	307.2	306.2	309.7
Activity related to restricted stock awards, net	0.7	0.4	0.5
Stock options exercised	0.3	0.2	0.9
PSUs vested	0.1	0.4	0.5
Shares repurchased	—	—	(5.4)
Balance at December 31	308.3	307.2	306.2

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 2024 or 2023. 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 $1.875 per share in 2024 (2023: $1.75 per share; 2022: $1.50 per share).