Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

12.  Segment Information

We have two operating segments, Exploration and Production (E&P) and Midstream.  The E&P operating segment explores for, develops, produces, purchases and sells crude oil, NGL and natural gas.  Production operations for the three months ended March 31, 2025 and 2024 were in Guyana, the U.S., Malaysia and the Malaysia/Thailand Joint Development Area (JDA). 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
	(In millions)
For the Three Months Ended March 31, 2025
Sales and other operating revenues	$	2,904	$	8	$	—	$	—	$	2,912
Intersegment revenues	—		374		—		(374)		—
Total sales and other operating revenues	2,904		382		—		(374)		2,912
Less:
Marketing expenses, including purchased oil and gas	599		—		—		(21)		578
Operating costs and expenses	389		86		—		(5)		470
Production and severance taxes	51		—		—		—		51
Midstream tariffs	348		—		—		(348)		—
Exploration expenses, excluding dry holes	55		—		—		—		55
General and administrative expenses	214		7		50		—		271
Depreciation, depletion and amortization	568		51		—		—		619
Provision for income taxes	236		23		—		—		259
Other segment items (a)	10		145		24		—		179
Net income (loss) attributable to Hess Corporation	$	434	$	70	$	(74)	$	—	$	430

	Exploration and Production		Midstream		Corporate, Interest and Other		Eliminations		Total
	(In millions)
For the Three Months Ended March 31, 2024
Sales and other operating revenues	$	3,303	$	6	$	—	$	—	$	3,309
Intersegment revenues	—		350		—		(350)		—
Total sales and other operating revenues	3,303		356		—		(350)		3,309
Less:
Marketing expenses, including purchased oil and gas	640		—		—		(18)		622
Operating costs and expenses	338		78		—		(4)		412
Production and severance taxes	56		—		—		—		56
Midstream tariffs	328		—		—		(328)		—
Exploration expenses, excluding dry holes	42		—		—		—		42
General and administrative expenses	72		6		46		—		124
Depreciation, depletion and amortization	507		50		—		—		557
Provision for income taxes	334		14		—		—		348
Other segment items (a)	(11)		141		46		—		176
Net income (loss) attributable to Hess Corporation	$	997	$	67	$	(92)	$	—	$	972

(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
	(In millions)
For the Three Months Ended March 31, 2025
Interest expense	$	—	$	58	$	34	$	—	$	92
Capital expenditures	1,037		50		—		—		1,087
For the Three Months Ended March 31, 2024
Interest expense	$	—	$	49	$	64	$	—	$	113
Capital expenditures	888		35		—		—		923

Identifiable assets by operating segment were as follows:

	March 31, 2025		December 31, 2024
	(In millions)
Exploration and Production	$	20,846	$	20,593
Midstream	4,459		4,343
Corporate, Interest and Other	1,833		1,615
Total	$	27,138	$	26,551

Corporate, Interest and Other had interest income of $10 million for the three months ended March 31, 2025 (2024 Q1: $17 million), which is included in Other, net in the Statement of Consolidated Income.