Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Financial Data by Operating Segments

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.

Financial Information by Major Geographic Area

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