Name: Hess Corp. (NYSE:HES) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Hess Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Sales and other operating revenues	11,324)	7,473)	4,667)	6,495)	6,323)
Gains on asset sales, net	101)	29)	87)	22)	32)
Other, net	145)	81)	50)	(7)	111)
Revenues and non-operating income	11,570)	7,583)	4,804)	6,510)	6,466)
Marketing, including purchased oil and gas	(3,328)	(2,034)	(936)	(1,736)	(1,771)
Operating costs and expenses	(1,452)	(1,229)	(1,218)	(1,237)	(1,134)
Production and severance taxes	(255)	(172)	(124)	(184)	(171)
Exploration expenses, including dry holes and lease impairment	(208)	(162)	(351)	(233)	(362)
General and administrative expenses	(531)	(340)	(357)	(397)	(473)
Depreciation, depletion and amortization	(1,703)	(1,528)	(2,074)	(2,122)	(1,883)
Impairment and other	(54)	(147)	(2,126)	—)	—)
Income (loss) before interest and income taxes	4,039)	1,971)	(2,382)	601)	672)
Interest expense	(493)	(481)	(468)	(380)	(399)
Loss on debt extinguishment	—)	—)	—)	—)	(53)
Income (loss) before income taxes	3,546)	1,490)	(2,850)	221)	220)
(Provision) benefit for income taxes	(1,099)	(600)	11)	(461)	(335)
Net income (loss)	2,447)	890)	(2,839)	(240)	(115)
Net income attributable to noncontrolling interests	(351)	(331)	(254)	(168)	(167)
Net income (loss) attributable to Hess Corporation	2,096)	559)	(3,093)	(408)	(282)
Preferred stock dividends	—)	—)	—)	(4)	(46)
Net income (loss) attributable to Hess Corporation common stockholders	2,096)	559)	(3,093)	(412)	(328)

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 financial trajectory from 2018 to 2022 is characterized by significant volatility, culminating in a strong recovery and expansion phase. Total revenues and non-operating income exhibited a U-shaped trend, declining to a five-year low in 2020 before expanding rapidly to reach 11,570 million by 2022.

Revenue Performance: Sales and other operating revenues experienced a sharp contraction in 2020, falling to 4,667 million from 6,495 million in 2019. This was followed by a robust recovery, with 2022 revenues increasing by approximately 51% over 2021 levels to reach 11,324 million.
Expense Structure and Impairments: Operating costs remained relatively stable, but marketing costs scaled proportionally with revenue, reaching 3,328 million in 2022. A critical inflection point occurred in 2020, where a significant impairment charge of 2,126 million contributed heavily to the operational loss for that period. Depreciation, depletion, and amortization peaked in 2019 at 2,122 million before moderating in subsequent years.
Operational Profitability: Income before interest and income taxes shifted from a loss of 2,382 million in 2020 to a gain of 4,039 million in 2022. This recovery indicates a substantial improvement in operational margins and pricing power relative to the 2020 downturn.
Net Income and Bottom-Line Results: Net income attributable to common stockholders transitioned from chronic losses between 2018 and 2020—peaking at a loss of 3,093 million—to positive territory in 2021 and 2022. The 2022 net income of 2,096 million represents a significant reversal of the prior period losses.
Interest and Taxation: Interest expenses showed a gradual upward trend, rising from 399 million in 2018 to 493 million in 2022. Income tax provisions mirrored the profitability trend, moving from a tax benefit of 11 million in 2020 to a substantial provision of 1,099 million in 2022.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?

Download chart