Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Hess Corp. pages available for free this week:
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Hess Corp., consolidated balance sheet: liabilities and stockholders’ equity
US$ in millions
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).
- Accounts Payable Trend
- Accounts payable decreased from 495 million USD in 2018 to 200 million USD in 2020, before gradually increasing to 285 million USD by 2022. This indicates an initial reduction in short-term obligations followed by a moderate buildup.
- Accrued Operating and Marketing Expenditures
- Accrued operating and marketing expenses showed a fluctuating pattern, starting at 479 million USD in 2019 (data not available for 2018), declining to 325 million USD in 2020, then rising steadily to 522 million USD in 2022, suggesting volatility in operating costs possibly related to changes in business activity.
- Accrued Capital Expenditures
- Accrued capital expenditures decreased from 616 million USD in 2019 to 345 million USD in 2020, then increased again to 499 million USD in 2022, illustrating fluctuating investment activity.
- Current Portion of Asset Retirement Obligations
- This liability slightly decreased from 127 million USD in 2019 to 105 million USD in 2020 but subsequently rose to 207 million USD by 2022, reflecting growing short-term obligations related to asset retirements.
- Accrued Payments to Royalty and Working Interest Owners
- Accrued payments declined from 260 million USD in 2019 to 170 million USD in 2020, then increased to 253 million USD in 2021 but decreased again to 201 million USD in 2022, indicating some inconsistency in payments likely influenced by operational factors.
- Accrued Interest on Debt
- Accrued interest remained relatively stable around 126 million USD in 2019 and 2020, with a moderate increase to 143 million USD by 2022, signifying steady interest obligations.
- Accrued Compensation and Benefits
- Accrued compensation dropped from 166 million USD in 2019 to 117 million USD in 2020, then gradually increased to 132 million USD in 2022, reflecting adjustments in employee-related liabilities.
- Other Accruals and Accrued Liabilities
- Other accruals dramatically decreased from 1560 million USD in 2018 to 29 million USD in 2019, then increased gradually to 136 million USD in 2022. Total accrued liabilities followed a similar pattern, decreasing sharply in 2019 but rising thereafter to 1840 million USD in 2022. These fluctuations may indicate significant reclassification or settlements of liabilities.
- Taxes Payable
- Taxes payable were relatively stable around 81-97 million USD from 2018 to 2020, spiked sharply to 528 million USD in 2021, then decreased substantially to 47 million USD in 2022, suggesting a one-time high tax obligation in 2021.
- Current Portion of Long-term Debt
- Current portion of long-term debt was minimal or absent in most years except for a notable increase to 517 million USD in 2021, then dropped sharply to 3 million USD in 2022, indicating a temporary short-term debt reclassification or repayment event.
- Current Portion of Operating and Finance Lease Obligations
- Current operating lease obligations fluctuated, decreasing in 2020 and 2021 then rising significantly to 200 million USD in 2022. Finance lease obligations showed a mild, steady increase from 17 million USD in 2019 to 21 million USD in 2022, reflecting ongoing lease commitments.
- Current Liabilities
- Current liabilities decreased to 1623 million USD in 2020 from 2203 million USD in 2018 but rose sharply to 3064 million USD in 2021 before slightly falling to 2396 million USD in 2022. This pattern depicts volatility in short-term obligations.
- Long-term Debt and Lease Obligations
- Long-term debt steadily increased from 6605 million USD in 2018 to 8278 million USD in 2022, signifying an overall buildup of long-term financing. Long-term operating lease obligations increased from 353 million USD in 2019 to 469 million USD in 2022, while finance lease obligations decreased from 238 million USD in 2019 to 179 million USD in 2022, suggesting a shift in lease structures or repayments.
- Deferred Income Taxes
- Deferred income taxes remained fairly stable, fluctuating between 342 million USD to 421 million USD over the period, indicating consistent deferred tax positions.
- Asset Retirement Obligations
- Asset retirement obligations increased steadily from 741 million USD in 2018 to 1034 million USD in 2022, reflecting growing long-term liabilities associated with asset retirement responsibilities.
- Other Liabilities and Deferred Credits
- Other liabilities and deferred credits decreased from 575 million USD in 2018 to 425 million USD in 2022, signaling a reduction in miscellaneous noncurrent liabilities.
- Noncurrent Liabilities and Total Liabilities
- Noncurrent liabilities increased from 8342 million USD in 2018 to 10803 million USD in 2022, with a peak in 2020 at 10863 million USD. Total liabilities rose steadily from 10545 million USD in 2018 to a peak of 13489 million USD in 2021 before slightly decreasing to 13199 million USD in 2022. The overall trend indicates increased long-term obligations over the period.
- Stockholders' Equity
- Stockholders’ equity declined from 9629 million USD in 2018 to a trough of 5366 million USD in 2020, before recovering to 7855 million USD in 2022. This significant decline and partial recovery suggest substantial impacts on retained earnings or other comprehensive income.
- Retained Earnings
- Retained earnings sharply decreased from 4257 million USD in 2018 to only 130 million USD in 2020, followed by gradual improvements to 1474 million USD in 2022. This reflects large losses or distributions during the earlier period and a subsequent partial return to profitability or capital retention.
- Accumulated Other Comprehensive Loss
- The accumulated other comprehensive loss worsened from -306 million USD in 2018 to -755 million USD in 2020 but improved thereafter to -131 million USD in 2022, indicating reclaiming of other comprehensive income components.
- Total Equity and Total Liabilities and Equity
- Total equity followed the same pattern as stockholders’ equity, declining through 2020 and then recovering. Total liabilities and equity exhibited a decline to 18821 million USD in 2020, recovering subsequently to approximately 21695 million USD by 2022, near 2018 levels, indicating stabilization in overall capitalization.