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Stock Analysis on Net

Hess Corp. (NYSE:HES)

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

Common-Size Balance Sheet: Assets
Quarterly Data

Hess Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 8.70 10.01 9.57 11.46 11.02 10.19 6.92 13.22 12.41 12.68 9.85 9.24 6.77 8.42 10.04 7.09 8.61 10.18 10.59 12.57 13.99 13.55 16.88
From contracts with customers 5.54 3.90 4.85 4.80 5.73 5.97 7.01 5.18 4.77 4.47 4.54 3.77 2.90 2.19 2.90 4.32 4.11 4.00 4.00 3.60 4.15 3.65 3.30
Joint venture and other 0.75 0.68 0.65 0.56 0.62 0.67 0.69 0.73 0.84 0.76 0.80 0.80 0.78 0.86 0.94 1.06 1.08 0.88 1.14 1.07 1.36 1.36 1.21
Accounts receivable 6.29% 4.58% 5.50% 5.36% 6.35% 6.64% 7.70% 5.90% 5.61% 5.23% 5.33% 4.57% 3.68% 3.05% 3.83% 5.37% 5.19% 4.89% 5.14% 4.67% 5.51% 5.01% 4.52%
Inventories 1.44 1.25 1.04 1.00 1.28 1.50 1.23 1.09 1.34 1.26 1.16 2.01 2.22 1.84 1.11 1.20 1.34 1.28 1.26 1.14 1.23 1.08 1.08
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.19 1.21 0.00 2.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.96 0.00
Other current assets 0.45 0.81 1.20 0.30 0.40 0.41 0.65 0.97 0.60 0.35 1.04 0.55 1.30 2.62 5.63 0.83 0.57 0.64 0.66 2.42 0.24 0.27 0.24
Current assets 16.88% 16.66% 17.32% 18.12% 19.05% 18.74% 16.50% 21.18% 19.97% 20.71% 18.58% 16.37% 16.53% 15.94% 20.61% 14.49% 15.71% 16.98% 17.66% 20.80% 20.97% 21.87% 22.72%
Property, plant and equipment, at cost 151.82 153.27 151.68 150.23 149.50 152.98 160.53 151.98 156.80 156.22 161.69 162.15 159.03 164.79 153.03 164.45 161.60 157.17 154.02 155.00 151.95 149.27 149.08
Reserves for depreciation, depletion, amortization and lease impairment -81.04 -82.47 -81.43 -80.64 -79.77 -83.02 -87.35 -82.85 -85.20 -84.97 -88.54 -87.16 -83.98 -88.94 -81.54 -87.26 -85.55 -82.93 -80.81 -79.97 -77.36 -75.34 -75.77
Property, plant and equipment, net 70.78% 70.81% 70.25% 69.59% 69.73% 69.96% 73.18% 69.13% 71.60% 71.26% 73.15% 75.00% 75.04% 75.85% 71.49% 77.19% 76.04% 74.24% 73.21% 75.04% 74.59% 73.93% 73.31%
Finance lease right-of-use assets, net 0.49 0.53 0.55 0.58 0.61 0.64 0.71 0.70 0.77 0.81 0.85 0.89 0.92 0.93 0.90 1.37 1.42 1.48 1.53 0.00 0.00 0.00 0.00
Property, plant and equipment, net, including finance lease right-of-use assets 71.26% 71.34% 70.80% 70.17% 70.34% 70.60% 73.89% 69.83% 72.37% 72.07% 74.00% 75.89% 75.97% 76.78% 72.39% 78.56% 77.47% 75.73% 74.74% 75.04% 74.59% 73.93% 73.31%
Operating lease right-of-use assets, net 2.07 2.32 2.47 2.63 2.13 2.11 1.73 1.72 1.87 1.95 2.04 2.26 1.71 1.76 1.86 2.05 2.44 2.83 3.28 0.00 0.00 0.00 0.00
Goodwill 1.55 1.62 1.64 1.66 1.66 1.70 1.82 1.75 1.85 1.88 1.90 1.91 1.90 1.84 1.74 1.65 1.66 1.66 1.66 1.68 1.68 1.68 1.63
Deferred income taxes 1.25 0.96 0.60 0.61 0.64 0.69 0.33 0.35 0.13 0.11 0.22 0.31 0.35 0.40 0.37 0.37 0.08 0.10 0.10 0.10 0.05 0.08 0.10
Post-retirement benefit assets 2.88 2.99 3.02 2.99 2.85 2.85 2.08 1.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 4.10 4.12 4.15 3.82 3.33 3.31 3.65 3.17 3.82 3.29 3.26 3.25 3.54 3.28 3.02 2.87 2.64 2.70 2.56 2.38 2.72 2.44 2.24
Noncurrent assets 83.12% 83.34% 82.68% 81.88% 80.95% 81.26% 83.50% 78.82% 80.03% 79.29% 81.42% 83.63% 83.47% 84.06% 79.39% 85.51% 84.29% 83.02% 82.34% 79.20% 79.03% 78.13% 77.28%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The asset structure of the organization exhibits a long-term shift toward a higher concentration of non-current assets relative to total assets. Current assets, which represented 22.72% of the total balance in March 2018, experienced a general decline to 16.88% by September 2023, despite periodic recoveries. Conversely, non-current assets increased from 77.28% to 83.12% over the same period, reflecting a more capital-intensive asset base.

Liquidity and Working Capital Trends
Cash and cash equivalents demonstrate significant volatility, starting at 16.88% in March 2018, reaching a low of 6.77% in September 2020, and ending at 8.70% in September 2023. Accounts receivable have shown a gradual upward trend, increasing from 4.52% in early 2018 to 6.29% by the end of the period, suggesting a change in the timing of collections or an increase in credit sales relative to total assets. Inventories have remained relatively stable, typically fluctuating between 1.00% and 2.22%.
Fixed Asset Composition
Property, plant, and equipment (PP&E), net, remains the primary component of the balance sheet. While the gross cost of PP&E often exceeded 150% of total assets, the net value after accounting for accumulated depreciation, depletion, and amortization generally fluctuated between 69% and 77%. A slight contraction in the net PP&E ratio is observable from a peak of 77.19% in December 2019 to 70.78% in September 2023.
Other Non-Current Asset Developments
A notable structural change occurred in late 2021 with the introduction of post-retirement benefit assets, which appeared at 1.99% in December 2021 and stabilized around 2.88% by September 2023. Additionally, deferred income taxes have increased from a low of 0.05% in 2018 to 1.25% by September 2023, indicating an accumulation of future tax benefits. Goodwill has remained nearly constant, marginally decreasing from 1.63% to 1.55% over the analyzed timeframe.
Right-of-Use Assets
Operating lease right-of-use assets appeared in March 2019 at 3.28% and followed a general downward trend to 2.07% by September 2023. Finance lease right-of-use assets followed a similar trajectory, decreasing from 1.53% in March 2019 to 0.49% in September 2023.

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