Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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

US$ in millions

	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	2,018)	2,226)	2,100)	2,486)	2,384)	2,159)	1,370)	2,713)	2,419)	2,430)	1,866)	1,739)	1,285)	1,646)	2,080)	1,545)	1,863)	2,208)	2,300)	2,694)	3,004)	2,908)	3,726)
From contracts with customers	1,286)	868)	1,064)	1,041)	1,241)	1,265)	1,388)	1,062)	930)	856)	860)	710)	551)	428)	600)	940)	889)	868)	868)	771)	891)	784)	729)
Joint venture and other	174)	151)	143)	121)	134)	141)	136)	149)	164)	146)	151)	150)	148)	168)	194)	230)	233)	192)	248)	230)	291)	291)	268)
Accounts receivable	1,460)	1,019)	1,207)	1,162)	1,375)	1,406)	1,524)	1,211)	1,094)	1,002)	1,011)	860)	699)	596)	794)	1,170)	1,122)	1,060)	1,116)	1,001)	1,182)	1,075)	997)
Inventories	333)	278)	229)	217)	278)	317)	243)	223)	262)	241)	219)	378)	422)	360)	230)	261)	289)	278)	274)	245)	263)	231)	239)
Assets held for sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	228)	229)	—)	483)	—)	—)	—)	—)	—)	—)	—)	—)	421)	—)
Other current assets	105)	181)	263)	66)	86)	87)	129)	199)	117)	68)	197)	104)	247)	513)	1,166)	180)	124)	138)	144)	519)	52)	59)	52)
Current assets	3,916)	3,704)	3,799)	3,931)	4,123)	3,969)	3,266)	4,346)	3,892)	3,969)	3,522)	3,081)	3,136)	3,115)	4,270)	3,156)	3,398)	3,684)	3,834)	4,459)	4,501)	4,694)	5,014)
Property, plant and equipment, at cost	35,223)	34,073)	33,276)	32,592)	32,356)	32,402)	31,782)	31,178)	30,560)	29,942)	30,642)	30,519)	30,166)	32,209)	31,704)	35,820)	34,955)	34,098)	33,446)	33,222)	32,619)	32,040)	32,906)
Reserves for depreciation, depletion, amortization and lease impairment	(18,802)	(18,332)	(17,864)	(17,494)	(17,264)	(17,584)	(17,293)	(16,996)	(16,606)	(16,285)	(16,779)	(16,404)	(15,931)	(17,384)	(16,893)	(19,006)	(18,506)	(17,991)	(17,548)	(17,139)	(16,606)	(16,171)	(16,725)
Property, plant and equipment, net	16,421)	15,741)	15,412)	15,098)	15,092)	14,818)	14,489)	14,182)	13,954)	13,657)	13,863)	14,115)	14,235)	14,825)	14,811)	16,814)	16,449)	16,107)	15,898)	16,083)	16,013)	15,869)	16,181)
Finance lease right-of-use assets, net	113)	117)	121)	126)	131)	136)	140)	144)	150)	155)	161)	168)	175)	182)	187)	299)	308)	322)	332)	—)	—)	—)	—)
Property, plant and equipment, net, including finance lease right-of-use assets	16,534)	15,858)	15,533)	15,224)	15,223)	14,954)	14,629)	14,326)	14,104)	13,812)	14,024)	14,283)	14,410)	15,007)	14,998)	17,113)	16,757)	16,429)	16,230)	16,083)	16,013)	15,869)	16,181)
Operating lease right-of-use assets, net	481)	515)	542)	570)	461)	446)	343)	352)	364)	373)	386)	426)	324)	344)	386)	447)	527)	615)	713)	—)	—)	—)	—)
Goodwill	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)	360)
Deferred income taxes	291)	214)	131)	133)	139)	147)	65)	71)	26)	21)	41)	59)	67)	78)	77)	80)	18)	21)	22)	21)	10)	18)	22)
Post-retirement benefit assets	668)	664)	663)	648)	617)	603)	412)	409)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other assets	951)	915)	910)	829)	720)	701)	723)	651)	744)	631)	618)	612)	672)	642)	626)	626)	571)	586)	557)	510)	583)	523)	495)
Noncurrent assets	19,285)	18,526)	18,139)	17,764)	17,520)	17,211)	16,532)	16,169)	15,598)	15,197)	15,429)	15,740)	15,833)	16,431)	16,447)	18,626)	18,233)	18,011)	17,882)	16,974)	16,966)	16,770)	17,058)
Total assets	23,201)	22,230)	21,938)	21,695)	21,643)	21,180)	19,798)	20,515)	19,490)	19,166)	18,951)	18,821)	18,969)	19,546)	20,717)	21,782)	21,631)	21,695)	21,716)	21,433)	21,467)	21,464)	22,072)

Cash and cash equivalents: Cash and cash equivalents exhibited a fluctuating trend over the observed periods, starting at $3,726 million in March 2018, declining to a low near $1,285 million by September 2020, before rebounding to approximately $2,000 million by late 2023. This suggests periods of cash utilization and replenishment, with a notable dip around 2020.
Receivables: Accounts receivable showed an overall growth trend from $997 million in March 2018 to a peak of $1,524 million in March 2022, followed by a moderate decrease, ending at $1,460 million by September 2023. Receivables from contracts with customers oscillated with increases until late 2021, peaking at about $1,062 million, then fluctuating downward and upward, reflecting variable sales and collection dynamics. Joint venture and other receivables declined slowly over the periods with values falling from $268 million to $174 million.
Inventories: Inventories presented moderate variability, with initial values around $239 million, rising sharply to over $400 million during mid-2020, possibly indicating stockpiling or changes in supply chain. Thereafter, inventories settled to levels between $217 million and $333 million, with some cyclical fluctuations.
Other current assets: Other current assets displayed substantial volatility. The value spiked notably in December 2018 and March 2020, reaching as high as $1,166 million, then reduced dramatically in subsequent quarters. This irregular pattern suggests episodic recognition of specific asset items or timing differences in current asset recording.
Current assets and total assets: Current assets mirrored the trends noted in cash, receivables, and other current assets, decreasing from $5,014 million in early 2018 to a low near $3,084 million late 2020, then rising again past $3,900 million by 2023. Total assets remained relatively stable around $21,000 million until 2020, followed by a slight upward trend, reaching approximately $23,200 million by September 2023.
Property, plant and equipment (PPE), net: Net PPE showed a decreasing trend from $16,181 million to $13,863 million between 2018 and early 2021, then gradually increased to $16,421 million by late 2023. The fluctuations in accumulated depreciation and amortization reserves align with this trend, showing decreases and increases consistent with asset additions and usage. Including finance lease assets, net PPE followed a similar pattern.
Lease right-of-use assets: Finance lease right-of-use assets were recognized starting in 2019, decreasing gradually from $332 million to $113 million by late 2023, indicating ongoing lease payments or asset retirements. Operating lease right-of-use assets began at $713 million in 2019, declining to a low near $324 million in late 2020, then rising somewhat before gradually reducing to $481 million by late 2023, reflecting lease modifications or expirations.
Goodwill and deferred income taxes: Goodwill remained steady at $360 million throughout all periods, implying no significant acquisition impairments or write-downs. Deferred income taxes fluctuated, with a notable increase from $22 million in 2018 to $291 million by late 2023, which might relate to changing tax positions or deferred tax asset/liability adjustments.
Post-retirement benefit assets and other noncurrent assets: Post-retirement benefit assets appeared starting in 2021 at $409 million and grew steadily to $668 million by late 2023, reflecting possibly increasing funding or actuarial gains. Other noncurrent assets showed a gradual increase over time, indicating possible asset additions or capitalizations totaling $951 million by late 2023.
Summary of observed trends: Overall, the financial data reflect fluctuations in liquidity, asset base, and receivables likely driven by operational cycles, market conditions, and possibly strategic decisions around capital investments and lease management. The dip in cash and current assets around 2020 coincides with broader market disruptions, followed by a recovery. Gradual asset growth and stable goodwill suggest controlled capital deployment without major impairment events. The evolving lease asset profiles indicate adjustments under accounting standards or operational changes. Deferred tax liabilities/assets changes imply shifting tax strategies or effects from timing differences in income recognition.

Assets: Selected Items

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Hess Corp. (NYSE:HES)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data