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The company said its new buyback program replaces a previous authorization.
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The company also announced a new buyback program of up to $1 billion of common stock.
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The company is due to hold a shareholder meeting on Monday to discuss a new buyback pricing scheme.
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The new buyback plan will be in addition to an existing $5 billion program, said a company spokesperson.
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The new buyback program has no expiration date and may be terminated at any time, the company said on Tuesday.
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The new buyback is conditional on closing the EnLink deal, which the company expects by July, it said in a statement.
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The Fed finally approved the bank's new buyback plan in March and allowed it to raise dividend for the first time since 2008.
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The new buyback plan does not have an expiration date and is expected to take place over the next two years, the company said.
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Hess said the new buyback program was in addition to the $500 million plan the company had announced in late 2017.
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The new buyback includes an accelerated share repurchase agreement worth $500 million, to be completed by the end of September 2015, the company said.
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Boeing said it expected to complete the new buybacks in the next 24-30 months.
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The company's earnings in April featured $30 billion in new buybacks, a 7 for 1 stock split and a big hike in its dividend.