Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Hess Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	2,447)	890)	(2,839)	(240)	(115)
Gains on asset sales, net	(101)	(29)	(87)	(22)	(32)
Depreciation, depletion and amortization	1,703)	1,528)	2,074)	2,122)	1,883)
Impairment and other	54)	147)	2,126)	—)	—)
Exploratory dry hole costs	56)	11)	192)	49)	165)
Exploration lease impairment	20)	20)	51)	17)	37)
Pension settlement loss	2)	9)	—)	93)	4)
Stock compensation expense	83)	77)	79)	85)	72)
Noncash losses on commodity derivatives, net	548)	216)	260)	116)	182)
Provision (benefit) for deferred income taxes and other tax accruals	309)	122)	(53)	17)	(120)
Loss on debt extinguishment	—)	—)	—)	—)	53)
(Increase) decrease in accounts receivable	(301)	(748)	267)	(383)	(138)
(Increase) decrease in inventories	2)	135)	(117)	(16)	(12)
Increase (decrease) in accounts payable and accrued liabilities	50)	241)	(533)	4)	88)
Increase (decrease) in taxes payable	(465)	447)	(16)	16)	(2)
Changes in other operating assets and liabilities	(463)	(176)	(71)	(216)	(126)
Changes in operating assets and liabilities	(1,177)	(101)	(470)	(595)	(190)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,497)	2,000)	4,172)	1,882)	2,054)
Net cash provided by operating activities	3,944)	2,890)	1,333)	1,642)	1,939)
Capital expenditures incurred, E&P	(2,589)	(1,698)	(1,678)	(2,576)	(1,909)
Increase (decrease) in related liabilities	102)	114)	(218)	143)	55)
Additions to property, plant and equipment, E&P	(2,487)	(1,584)	(1,896)	(2,433)	(1,854)
Capital expenditures incurred, Midstream	(232)	(183)	(253)	(416)	(271)
Increase (decrease) in related liabilities	(6)	20)	(48)	20)	28)
Additions to property, plant and equipment, Midstream	(238)	(163)	(301)	(396)	(243)
Payments for Midstream equity investments	—)	—)	—)	(33)	(67)
Proceeds from asset sales, net of cash sold	178)	427)	493)	22)	607)
Other, net	(8)	(5)	(3)	(3)	(9)
Net cash used in investing activities	(2,555)	(1,325)	(1,707)	(2,843)	(1,566)
Net borrowings (repayments) of debt with maturities of 90 days or less	(86)	(80)	152)	32)	—)
Debt with maturities of greater than 90 days, borrowings	420)	750)	1,000)	760)	—)
Debt with maturities of greater than 90 days, repayments	(510)	(510)	—)	(8)	(633)
Cash dividends paid	(465)	(311)	(309)	(316)	(345)
Common stock acquired and retired	(630)	—)	—)	(25)	(1,365)
Proceeds from sale of Class A shares of Hess Midstream LP	146)	178)	—)	—)	—)
Noncontrolling interests, net	(510)	(664)	(261)	(353)	(211)
Employee stock options exercised	52)	77)	15)	40)	—)
Payments on finance lease obligations	(9)	(10)	(7)	(49)	—)
Other, net	(24)	(21)	(22)	(29)	28)
Net cash provided by (used in) financing activities	(1,616)	(591)	568)	52)	(2,526)
Net increase (decrease) in cash and cash equivalents	(227)	974)	194)	(1,149)	(2,153)
Cash and cash equivalents at beginning of year	2,713)	1,739)	1,545)	2,694)	4,847)
Cash and cash equivalents at end of year	2,486)	2,713)	1,739)	1,545)	2,694)

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).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Hess Corp. net cash provided by operating activities increased from 2020 to 2021 and from 2021 to 2022.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Hess Corp. net cash used in investing activities increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Hess Corp. net cash provided by (used in) financing activities decreased from 2020 to 2021 and from 2021 to 2022.

Hess Corp. (NYSE:HES)

Cash Flow Statement