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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 Income Statement
Quarterly Data

Hess Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Sales and other operating revenues 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
Gains on asset sales, net 0.07 0.00 0.00 2.59 0.00 0.10 0.95 0.00 1.65 0.00 0.00 5.98 0.00 0.96 0.00 0.00 0.00 1.33 0.00 0.00 0.78 0.72 0.52
Other, net 1.25 1.35 1.74 1.50 1.12 1.02 1.56 0.80 1.31 1.20 1.11 1.29 1.47 0.12 1.11 0.95 -4.11 0.90 1.72 1.94 1.17 1.37 2.75
Revenues and non-operating income 101.32% 101.35% 101.74% 104.09% 101.12% 101.12% 102.51% 100.80% 102.96% 101.20% 101.11% 107.27% 101.47% 101.08% 101.11% 100.95% 95.89% 102.23% 101.72% 101.94% 101.95% 102.09% 103.27%
Marketing, including purchased oil and gas -24.86 -23.90 -25.01 -27.98 -31.45 -28.53 -29.49 -30.04 -29.68 -20.39 -27.29 -21.27 -19.07 -6.72 -27.92 -25.43 -26.77 -28.73 -25.95 -28.61 -27.38 -29.34 -26.60
Operating costs and expenses -16.68 -19.83 -15.84 -13.12 -12.75 -12.05 -13.53 -14.13 -18.93 -19.95 -13.96 -23.69 -26.57 -35.29 -22.38 -21.69 -20.32 -17.17 -16.92 -17.70 -14.84 -18.77 -21.40
Production and severance taxes -2.18 -2.01 -1.99 -1.87 -2.31 -2.27 -2.64 -2.19 -2.39 -2.79 -1.95 -2.42 -2.93 -1.92 -3.10 -3.09 -2.97 -2.77 -2.48 -2.61 -2.62 -2.74 -2.90
Exploration expenses, including dry holes and lease impairment -2.32 -4.33 -2.74 -2.52 -1.86 -1.12 -1.86 -2.01 -2.05 -3.04 -1.74 -4.54 -6.13 -3.72 -13.96 -6.30 -3.16 -2.59 -2.16 -5.52 -9.43 -4.04 -2.97
General and administrative expenses -4.11 -4.72 -5.64 -7.40 -3.49 -3.21 -4.76 -3.84 -4.32 -5.32 -4.95 -6.21 -7.25 -10.68 -7.53 -7.78 -5.70 -5.36 -5.53 -5.52 -7.98 -8.41 -8.17
Depreciation, depletion and amortization -17.82 -21.71 -20.36 -17.18 -15.09 -13.23 -14.57 -17.79 -19.84 -24.38 -20.86 -36.79 -44.69 -61.10 -41.43 -34.82 -34.43 -29.76 -31.68 -32.30 -27.27 -28.94 -30.98
Impairment and other 0.00 -3.58 0.00 0.00 -1.73 0.00 0.00 0.00 0.00 -9.31 0.00 0.00 0.00 0.00 -157.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income (loss) before interest and income taxes 33.36% 21.28% 30.15% 34.01% 32.45% 40.71% 35.67% 30.80% 25.75% 16.02% 30.35% 12.34% -5.18% -18.37% -172.23% 1.84% 2.53% 15.84% 16.98% 9.70% 12.44% 9.84% 10.25%
Interest expense -4.18 -5.33 -5.10 -4.23 -4.00 -4.09 -5.32 -5.41 -7.11 -7.47 -6.16 -8.93 -10.18 -14.29 -8.35 -5.64 -5.70 -5.84 -6.23 -6.00 -5.52 -6.39 -7.65
Loss on debt extinguishment 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 0.00 0.00 0.00 0.00 0.00 0.00 -1.69 -2.01
Income (loss) before income taxes 29.18% 15.95% 25.05% 29.79% 28.44% 36.62% 30.35% 25.39% 18.65% 8.55% 24.18% 3.41% -15.36% -32.65% -180.58% -3.80% -3.16% 10.00% 10.75% 3.70% 6.92% 1.76% 0.59%
(Provision) benefit for income taxes -7.68 -6.99 -7.30 -9.95 -9.03 -11.10 -8.52 -9.48 -8.13 -7.73 -6.48 -5.45 -0.43 1.08 5.83 -7.07 -7.34 -7.95 -5.98 -1.64 -6.75 -7.43 -5.42
Net income (loss) 21.50% 8.96% 17.75% 19.84% 19.41% 25.52% 21.83% 15.91% 10.52% 0.82% 17.70% -2.04% -15.79% -31.57% -174.74% -10.87% -10.51% 2.05% 4.77% 2.06% 0.17% -5.67% -4.83%
Net income attributable to noncontrolling interests -3.50 -3.76 -3.40 -2.90 -2.91 -2.94 -3.80 -4.07 -3.98 -5.45 -4.43 -5.30 -5.18 -6.84 -4.95 -2.32 -2.91 -2.41 -2.74 -2.30 -2.51 -2.80 -3.05
Net income (loss) attributable to Hess Corporation 18.00% 5.20% 14.35% 16.94% 16.50% 22.57% 18.03% 11.85% 6.54% -4.62% 13.28% -7.34% -20.97% -38.42% -179.69% -13.19% -13.42% -0.36% 2.04% -0.24% -2.34% -8.47% -7.88%
Preferred stock dividends 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 0.00 0.00 0.00 -0.25 -0.73 -0.61 -0.78 -0.82
Net income (loss) attributable to Hess Corporation common stockholders 18.00% 5.20% 14.35% 16.94% 16.50% 22.57% 18.03% 11.85% 6.54% -4.62% 13.28% -7.34% -20.97% -38.42% -179.69% -13.19% -13.42% -0.36% 1.78% -0.97% -2.96% -9.26% -8.69%

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 financial trajectory from early 2018 through late 2023 is characterized by a period of relative stability, a severe volatility event in 2020, and a subsequent strong recovery in operating margins and net profitability.

Operating Expense Trends
Marketing costs remained relatively consistent, generally fluctuating between 20% and 31% of revenues, with a notable exception in June 2020 where costs dropped to 6.72%. Operating costs and expenses showed a general downward trend in the long term, moving from ranges of 15% to 22% in 2018-2019 to lower levels around 12% to 16% during 2021 and 2022, indicating improved operational efficiency relative to revenue.
Depreciation, Depletion, and Amortization (DD&A)
DD&A exhibited extreme volatility. After averaging approximately 30% of revenues in 2018 and 2019, the ratio spiked to a peak of 61.10% in June 2020. Following this peak, there was a sustained compression of DD&A as a percentage of sales, reaching lows of 13.23% in June 2022 before stabilizing around 18% in 2023.
The 2020 Financial Shock
The first half of 2020 represents a period of significant financial distress. A massive impairment charge of 157.02% of revenues in March 2020 led to a net loss attributable to common stockholders of 179.69% for that quarter. This period was further exacerbated by elevated interest expenses, which peaked at 14.29% of revenues in June 2020.
Profitability and Margin Recovery
Post-2020, a robust recovery in margins is observed. Income before interest and income taxes transitioned from deep negatives in early 2020 to consistently positive figures, peaking at 40.71% of revenues in June 2022. This recovery translated to net income attributable to common stockholders, which moved from losses to a peak of 22.57% of revenues in June 2022, before settling into a range of 5% to 18% throughout 2023.
Interest and Tax Obligations
Interest expenses as a percentage of revenues have trended downward from 2018 levels of 5% to 8% toward a more optimized range of 4% to 5% in the 2021-2023 period. Tax provisions have remained a consistent drag on net income, typically ranging between 6% and 11% of revenues during the recovery phase.

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