Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Financial Data by 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.