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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: Liabilities and Stockholders’ Equity

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 1.31 1.07 1.06 1.89 2.31
Accrued operating and marketing expenditures 2.41 2.25 1.73 2.20 0.00
Accrued capital expenditures 2.30 2.33 1.83 2.83 0.00
Current portion of asset retirement obligations 0.95 0.90 0.56 0.58 0.00
Accrued payments to royalty and working interest owners 0.93 1.23 0.90 1.19 0.00
Accrued interest on debt 0.66 0.67 0.67 0.58 0.00
Accrued compensation and benefits 0.61 0.60 0.62 0.76 0.00
Other accruals 0.63 0.34 0.33 0.13 7.28
Accrued liabilities 8.48% 8.34% 6.65% 8.28% 7.28%
Taxes payable 0.22 2.57 0.43 0.45 0.38
Current portion of long-term debt 0.01 2.52 0.05 0.00 0.31
Current portion of operating lease obligations 0.92 0.34 0.33 0.84 0.00
Current portion of finance lease obligations 0.10 0.09 0.10 0.08 0.00
Current liabilities 11.04% 14.94% 8.62% 11.52% 10.28%
Long-term debt, excluding current portion 38.16 38.71 44.03 32.79 30.82
Long-term operating lease obligations 2.16 1.92 2.54 1.62 0.00
Long-term finance lease obligations 0.83 0.97 1.17 1.09 0.00
Deferred income taxes 1.93 1.87 1.82 1.91 1.96
Asset retirement obligations 4.77 4.90 4.75 4.12 3.46
Other liabilities and deferred credits 1.96 2.45 3.42 2.39 2.68
Noncurrent liabilities 49.79% 50.82% 57.72% 43.92% 38.92%
Total liabilities 60.84% 65.75% 66.34% 55.44% 49.20%
Preferred stock, par value $1.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $1.00 1.41 1.51 1.63 1.40 1.36
Capital in excess of par value 28.61 29.33 30.20 25.67 25.13
Retained earnings 6.79 1.85 0.69 16.23 19.86
Accumulated other comprehensive loss -0.60 -1.98 -4.01 -3.21 -1.43
Total Hess Corporation stockholders’ equity 36.21% 30.71% 28.51% 40.09% 44.93%
Noncontrolling interests 2.95 3.54 5.15 4.47 5.87
Total equity 39.16% 34.25% 33.66% 44.56% 50.80%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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 capital structure underwent a significant transformation between 2018 and 2022, characterized by a period of increased leverage peaking in 2020, followed by a gradual trend toward deleveraging and equity recovery.

Total Liabilities and Debt Composition
Total liabilities as a percentage of total liabilities and equity rose from 49.20% in 2018 to a peak of 66.34% in 2020. This increase was primarily driven by long-term debt, excluding the current portion, which climbed from 30.82% in 2018 to 44.03% in 2020. Following this peak, total liabilities declined to 60.84% by 2022, with long-term debt stabilizing at 38.16%.
Equity Dynamics and Retained Earnings
Total equity exhibited an inverse trend to liabilities, decreasing from 50.80% in 2018 to a low of 33.66% in 2020, before recovering to 39.16% in 2022. The most significant volatility occurred within retained earnings, which plummeted from 19.86% in 2018 to 0.69% in 2020. A gradual recovery in retained earnings is observed in subsequent years, reaching 6.79% by the end of 2022. Capital in excess of par value remained a relatively stable component of equity, fluctuating between 25.13% and 30.20% over the five-year period.
Current Liabilities and Liquidity Obligations
Current liabilities remained relatively low as a proportion of the total balance sheet, ranging from 8.62% to 14.94%. A temporary spike occurred in 2021, driven largely by an increase in taxes payable (2.57%) and the current portion of long-term debt (2.52%). Accrued liabilities remained consistently between 6.65% and 8.48%, providing a stable baseline for short-term obligations.
Long-Term Obligations and Other Credits
Asset retirement obligations showed a steady upward trend from 3.46% in 2018 to a peak of 4.90% in 2021, before settling at 4.77% in 2022. Deferred income taxes remained remarkably constant, hovering around 1.9% throughout the period. Noncontrolling interests saw a gradual decline from 5.87% in 2018 to 2.95% in 2022.
Comprehensive Loss Impact
Accumulated other comprehensive loss widened from -1.43% in 2018 to -4.01% in 2020. However, a consistent recovery followed, with the loss narrowing to -0.60% by December 31, 2022, suggesting a positive reversal in the underlying valuations or currency impacts affecting the comprehensive income.

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