Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

18.  Segment Information

We 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, 2024 were in Guyana, the U.S., Malaysia and the JDA and Libya (sold in November 2022). 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.

Our Chief Executive Officer is our Chief Operating Decision Maker ("CODM"). The CODM oversees the drafting of the budget, which is submitted to the board of directors each year for approval, and allocates resources during the budgeting process to our operating segments based on various factors, including project economics and contractual commitments. The CODM assesses performance by monitoring significant changes to the forecast and net income attributable to Hess Corporation for each operating segment.

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

	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total
2024
Sales and other operating revenues	$	12,869	$	27	$	—	$	—	$	12,896
Intersegment revenues	—		1,468		—		(1,468)		—
Total sales and other operating revenues	12,869		1,495		—		(1,468)		12,896
Less:
Marketing expenses, including purchased oil and gas	2,695		—		—		(75)		2,620
Operating costs and expenses	1,631		347		—		(17)		1,961
Production and severance taxes	234		—		—		—		234
Midstream tariffs	1,376		—		—		(1,376)		—
Exploration expenses, excluding dry holes	167		—		—		—		167
General and administrative expenses	321		26		145		—		492
Depreciation, depletion and amortization	2,282		203		2		—		2,487
Provision for income taxes	1,130		72		—		—		1,202
Other segment items (a)	253		571		140		—		964
Net income (loss) attributable to Hess Corporation	$	2,780	$	276	$	(287)	$	—	$	2,769
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
Less:
Marketing expenses, including purchased oil and gas	2,809		—		—		(77)		2,732
Operating costs and expenses	1,479		313		—		(16)		1,776
Production and severance taxes	216		—		—		—		216
Midstream tariffs	1,245		—		—		(1,245)		—
Exploration expenses, excluding dry holes	170		—		—		—		170
General and administrative expenses	254		26		247		—		527
Depreciation, depletion and amortization	1,852		193		1		—		2,046
Provision for income taxes	695		38		—		—		733
Other segment items (a)	179		527		223		—		929
Net income (loss) attributable to Hess Corporation	$	1,601	$	252	$	(471)	$	—	$	1,382

	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total
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
Less:
Marketing expenses, including purchased oil and gas	3,394		—		—		(66)		3,328
Operating costs and expenses	1,186		280		—		(14)		1,452
Production and severance taxes	255		—		—		—		255
Midstream tariffs	1,193		—		—		(1,193)		—
Exploration expenses, excluding dry holes	152		—		—		—		152
General and administrative expenses	224		23		284		—		531
Depreciation, depletion and amortization	1,520		181		2		—		1,703
Provision for income taxes	1,072		27		—		—		1,099
Other segment items (a)	(68)		493		283		—		708
Net income (loss) attributable to Hess Corporation	$	2,396	$	269	$	(569)	$	—	$	2,096

(a)Other segment items include gains on asset sales, other non-operating income, exploratory dry hole costs, interest expense, long-lived asset impairment, and net income (loss) attributable to noncontrolling interests.

The following table presents other segment disclosures (in millions):

	Exploration and Production	Midstream	Corporate, Interest and Other	Eliminations	Total
2024
Interest expense	—	204	208	—	412
Impairment	132	—	—	—	132
Investment in affiliates	67	87	—	—	154
Identifiable assets	20,593	4,343	1,615	—	26,551
Capital expenditures	4,714	288	—	—	5,002
2023
Interest expense	—	179	299	—	478
Impairment	82	—	—	—	82
Investment in affiliates	76	90	—	—	166
Identifiable assets	17,931	3,984	2,092	—	24,007
Capital expenditures	4,033	246	—	—	4,279
2022
Interest expense	—	150	343	—	493
Impairment	54	—	—	—	54
Capital expenditures	2,589	232	—	—	2,821

Corporate, Interest and Other had interest income of $65 million in 2024 (2023: $82 million, 2022: $32 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)
2024
Sales and Other Operating Revenues	$	6,310	$	5,636	$	950	$	—	$	—	$	12,896
Property, Plant and Equipment (Net) (b)	11,122		8,069		684		41		5		19,921
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

(a)Other includes our interests in Libya (sold in November 2022) and Suriname.

(b)Property, plant and equipment in the United States in 2024 includes $7,797 million (2023: $7,325 million) attributable to the E&P segment and $3,325 million (2023: $3,229 million) attributable to the Midstream segment.