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

Income Statement
Quarterly Data

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.

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Hess Corp., consolidated income statement (quarterly data)

US$ in millions

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	2,800)	2,289)	2,411)	2,934)	3,122)	2,955)	2,313)	2,237)	1,759)	1,579)	1,898)	1,321)	1,159)	833)	1,354)	1,683)	1,580)	1,660)	1,572)	1,650)	1,793)	1,534)	1,346)
Gains on asset sales, net	2)	—)	—)	76)	—)	3)	22)	—)	29)	—)	—)	79)	—)	8)	—)	—)	—)	22)	—)	—)	14)	11)	7)
Other, net	35)	31)	42)	44)	35)	30)	36)	18)	23)	19)	21)	17)	17)	1)	15)	16)	(65)	15)	27)	32)	21)	21)	37)
Revenues and non-operating income	2,837)	2,320)	2,453)	3,054)	3,157)	2,988)	2,371)	2,255)	1,811)	1,598)	1,919)	1,417)	1,176)	842)	1,369)	1,699)	1,515)	1,697)	1,599)	1,682)	1,828)	1,566)	1,390)
Marketing, including purchased oil and gas	(696)	(547)	(603)	(821)	(982)	(843)	(682)	(672)	(522)	(322)	(518)	(281)	(221)	(56)	(378)	(428)	(423)	(477)	(408)	(472)	(491)	(450)	(358)
Operating costs and expenses	(467)	(454)	(382)	(385)	(398)	(356)	(313)	(316)	(333)	(315)	(265)	(313)	(308)	(294)	(303)	(365)	(321)	(285)	(266)	(292)	(266)	(288)	(288)
Production and severance taxes	(61)	(46)	(48)	(55)	(72)	(67)	(61)	(49)	(42)	(44)	(37)	(32)	(34)	(16)	(42)	(52)	(47)	(46)	(39)	(43)	(47)	(42)	(39)
Exploration expenses, including dry holes and lease impairment	(65)	(99)	(66)	(74)	(58)	(33)	(43)	(45)	(36)	(48)	(33)	(60)	(71)	(31)	(189)	(106)	(50)	(43)	(34)	(91)	(169)	(62)	(40)
General and administrative expenses	(115)	(108)	(136)	(217)	(109)	(95)	(110)	(86)	(76)	(84)	(94)	(82)	(84)	(89)	(102)	(131)	(90)	(89)	(87)	(91)	(143)	(129)	(110)
Depreciation, depletion and amortization	(499)	(497)	(491)	(504)	(471)	(391)	(337)	(398)	(349)	(385)	(396)	(486)	(518)	(509)	(561)	(586)	(544)	(494)	(498)	(533)	(489)	(444)	(417)
Impairment and other	—)	(82)	—)	—)	(54)	—)	—)	—)	—)	(147)	—)	—)	—)	—)	(2,126)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) before interest and income taxes	934)	487)	727)	998)	1,013)	1,203)	825)	689)	453)	253)	576)	163)	(60)	(153)	(2,332)	31)	40)	263)	267)	160)	223)	151)	138)
Interest expense	(117)	(122)	(123)	(124)	(125)	(121)	(123)	(121)	(125)	(118)	(117)	(118)	(118)	(119)	(113)	(95)	(90)	(97)	(98)	(99)	(99)	(98)	(103)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(26)	(27)
Income (loss) before income taxes	817)	365)	604)	874)	888)	1,082)	702)	568)	328)	135)	459)	45)	(178)	(272)	(2,445)	(64)	(50)	166)	169)	61)	124)	27)	8)
(Provision) benefit for income taxes	(215)	(160)	(176)	(292)	(282)	(328)	(197)	(212)	(143)	(122)	(123)	(72)	(5)	9)	79)	(119)	(116)	(132)	(94)	(27)	(121)	(114)	(73)
Net income (loss)	602)	205)	428)	582)	606)	754)	505)	356)	185)	13)	336)	(27)	(183)	(263)	(2,366)	(183)	(166)	34)	75)	34)	3)	(87)	(65)
Net income attributable to noncontrolling interests	(98)	(86)	(82)	(85)	(91)	(87)	(88)	(91)	(70)	(86)	(84)	(70)	(60)	(57)	(67)	(39)	(46)	(40)	(43)	(38)	(45)	(43)	(41)
Net income (loss) attributable to Hess Corporation	504)	119)	346)	497)	515)	667)	417)	265)	115)	(73)	252)	(97)	(243)	(320)	(2,433)	(222)	(212)	(6)	32)	(4)	(42)	(130)	(106)
Preferred stock dividends	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(4)	(12)	(11)	(12)	(11)
Net income (loss) attributable to Hess Corporation common stockholders	504)	119)	346)	497)	515)	667)	417)	265)	115)	(73)	252)	(97)	(243)	(320)	(2,433)	(222)	(212)	(6)	28)	(16)	(53)	(142)	(117)

The financial performance from the first quarter of 2018 through the third quarter of 2023 is characterized by a significant period of volatility, a severe contraction in early 2020, and a subsequent strong recovery in revenue and profitability.

Revenue Trends and Growth: Sales and other operating revenues remained relatively stable between 2018 and 2019, typically ranging from 1.3 billion to 1.8 billion US dollars. A sharp decline occurred in the first half of 2020, reaching a period low of 833 million US dollars in June 2020. Following this trough, a consistent upward trajectory was observed, with revenues peaking in the third quarter of 2022 at 3.122 billion US dollars. Recent data from 2023 indicates a stabilization of revenue between 2.2 billion and 2.8 billion US dollars.
Operating Expense Analysis: Marketing expenses, including purchased oil and gas, show a strong positive correlation with revenue growth, increasing from approximately 358 million US dollars in early 2018 to a peak of 982 million US dollars in September 2022. General and administrative expenses remained largely consistent, generally fluctuating between 80 million and 130 million US dollars, despite a notable spike to 217 million US dollars in December 2022. Depreciation, depletion, and amortization expenses remained relatively stable throughout the period, typically ranging between 350 million and 580 million US dollars per quarter.
Profitability and Asset Impairments: Income before interest and taxes experienced extreme volatility, most notably in the first quarter of 2020, where a loss of 2.332 billion US dollars was recorded. This loss was primarily driven by a non-cash impairment charge of 2.126 billion US dollars. Following this event, profitability recovered steadily, with income before interest and taxes reaching a peak of 1.203 billion US dollars in June 2022. Net income attributable to common stockholders transitioned from consistent losses in 2019 and early 2020 to sustained positive values from 2021 through 2023, peaking at 667 million US dollars in June 2022.
Financial Obligations and Tax Impact: Interest expenses demonstrated remarkable stability throughout the five-year period, consistently remaining within the range of 90 million to 125 million US dollars per quarter, suggesting a stable debt service requirement. Tax provisions varied significantly in alignment with pre-tax income fluctuations, shifting from tax benefits during loss-making quarters to substantial provisions during the high-profitability period of 2022.

Overall, the data reflects a resilient recovery phase. The organization successfully transitioned from a period of severe impairment and revenue contraction in 2020 to a period of significantly higher revenue and net income in 2021 and 2022, although 2023 figures suggest a moderate normalization of these gains.

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Hess Corp. (NYSE:HES)

Income StatementQuarterly Data

Income Statement
Quarterly Data