Stock Analysis on Net
Stock Analysis on Net

Hess Corp. (NYSE:HES)

$22.49

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

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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Hess Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable
Accrued operating and marketing expenditures
Accrued capital expenditures
Current portion of asset retirement obligations
Accrued payments to royalty and working interest owners
Accrued interest on debt
Accrued compensation and benefits
Other accruals
Accrued liabilities
Taxes payable
Current portion of long-term debt
Current portion of operating lease obligations
Current portion of finance lease obligations
Current liabilities
Long-term debt, excluding current portion
Long-term operating lease obligations
Long-term finance lease obligations
Deferred income taxes
Asset retirement obligations
Other liabilities and deferred credits
Noncurrent liabilities
Total liabilities
Preferred stock, par value $1.00
Common stock, par value $1.00
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Total Hess Corporation stockholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The analysis of the financial data over the five-year period reveals several notable trends and shifts in the composition of liabilities and equity.

Liabilities
The proportion of total liabilities relative to total liabilities and equity increased significantly from 49.20% in 2018 to a peak of 66.34% in 2020, followed by a decline to 60.84% in 2022. This pattern reflects a rising leverage position reaching its highest point in 2020 before a partial reduction.
Current Liabilities
Current liabilities fluctuated, starting at 10.28% in 2018, increasing to 11.52% in 2019, dropping to 8.62% in 2020, then rising sharply to 14.94% in 2021, and falling again to 11.04% in 2022. Within this category, accrued operating and marketing expenditures showed steady growth from 2.2% in 2019 to 2.41% in 2022, indicating increasing short-term obligations related to operations and marketing.
Long-term Debt and Lease Obligations
Long-term debt (excluding current portion) represented the largest single component of liabilities, rising from 30.82% in 2018 to 44.03% in 2020, before decreasing to 38.16% by 2022. Long-term operating lease obligations increased overall, with a high point of 2.54% in 2020, with a slight recovery to 2.16% in 2022 after a dip in 2021. Finance lease obligations maintained a relatively low and stable share, declining mildly over the period.
Accrued Liabilities and Other Accruals
Accrued liabilities remained a significant portion of current liabilities, fluctuating between 6.65% and 8.48%, peaking in 2022. Other accruals showed a dramatic drop from 7.28% in 2018 to very low levels in subsequent years, recovering slightly to 0.63% in 2022. This may indicate an initial large accrual that normalized in later periods.
Asset Retirement Obligations and Related Accruals
Asset retirement obligations steadily increased in their share from 3.46% in 2018 to 4.9% in 2021, with a small decline to 4.77% in 2022. The current portion of these obligations grew from 0.58% in 2019 to 0.95% in 2022, reflecting growing near-term liabilities associated with asset retirement costs.
Taxes Payable and Other Liabilities
Taxes payable surged notably in 2021 to 2.57% from an average around 0.4% in other years, before dropping to 0.22% in 2022, suggesting a timing difference or a one-time tax event. Other liabilities and deferred credits varied within a narrow range but declined noticeably from 3.42% in 2020 to 1.96% in 2022.
Equity
Total equity as a percentage of total liabilities and equity displayed a declining trend from 50.80% in 2018 to a low of 33.66% in 2020, followed by a recovery to 39.16% in 2022. Within equity, retained earnings fell dramatically to 0.69% in 2020 but recovered to 6.79% by 2022, indicating a period of reduced profitability or increased distributions followed by improvement. Accumulated other comprehensive losses decreased in absolute size from -1.43% in 2018 to -0.60% in 2022, pointing to a reduction in unrealized losses or foreign currency effects.
Capital Structure
Common stock and capital in excess of par value increased gradually until 2020, followed by modest declines or stabilization thereafter. Preferred stock was present only in 2018 at a negligible level and disappeared subsequently. Noncontrolling interests decreased steadily from 5.87% in 2018 to 2.95% in 2022, indicating reduced minority ownership or consolidation.

Overall, the data illustrates a company that increased its leverage notably in 2020, with both current and long-term liabilities rising sharply. Subsequently, there was a trend towards deleveraging and rebuilding equity starting in 2021 and continuing into 2022. Changes in accrued liabilities and tax payables suggest fluctuations in operational cash flows and tax obligations. The equity recovery after a low point in 2020 aligns with improved retained earnings and reduced comprehensive losses, indicating enhanced financial performance or retained capital.