Cash Flow Statement
Quarterly Data

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 (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
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)
Gains on asset sales, net	(2)	—)	—)	(76)	—)	(3)	(22)	—)	(29)	—)	—)	(79)	—)	(8)	—)	—)	—)	(22)	—)	—)	(14)	(11)	(7)
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)	—)	—)	—)	—)	—)	—)	—)	—)
Exploratory dry hole costs	4)	62)	31)	37)	19)	—)	—)	—)	2)	9)	—)	26)	31)	—)	135)	39)	10)	—)	—)	33)	119)	13)	—)
Exploration lease impairment	11)	8)	5)	6)	4)	4)	6)	5)	5)	6)	4)	3)	10)	6)	32)	3)	3)	4)	7)	9)	8)	10)	10)
Pension settlement loss	—)	—)	—)	—)	—)	2)	—)	4)	1)	3)	1)	—)	—)	—)	—)	5)	88)	—)	—)	4)	—)	—)	—)
Stock compensation expense	16)	18)	35)	17)	17)	16)	33)	16)	17)	19)	25)	16)	16)	18)	29)	19)	18)	21)	27)	19)	21)	19)	13)
Noncash losses on commodity derivatives, net	52)	52)	—)	165)	165)	163)	55)	64)	64)	64)	24)	73)	68)	49)	70)	29)	29)	29)	29)	48)	49)	47)	38)
Provision (benefit) for deferred income taxes and other tax accruals	67)	50)	42)	66)	69)	136)	38)	43)	37)	13)	29)	34)	8)	(10)	(85)	22)	(4)	—)	(1)	(92)	6)	2)	(36)
Loss on debt extinguishment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	26)	27)
(Increase) decrease in accounts receivable	(441)	188)	(202)	199)	29)	113)	(642)	(215)	(218)	14)	(329)	(272)	(89)	370)	258)	(254)	(59)	47)	(117)	109)	(179)	(57)	(11)
(Increase) decrease in inventories	(55)	(49)	(12)	57)	39)	(74)	(20)	38)	(40)	(22)	159)	44)	(62)	(130)	31)	28)	(11)	(4)	(29)	23)	(36)	8)	(7)
Increase (decrease) in accounts payable and accrued liabilities	327)	(96)	(23)	13)	(63)	19)	81)	72)	225)	71)	(127)	148)	(161)	(257)	(263)	131)	3)	74)	(204)	228)	(76)	71)	(135)
Increase (decrease) in taxes payable	40)	10)	12)	(104)	26)	12)	(399)	169)	91)	100)	87)	36)	11)	—)	(63)	(6)	8)	6)	8)	(11)	43)	(33)	(1)
Changes in other operating assets and liabilities	(134)	(53)	(169)	(214)	(97)	(24)	(128)	(51)	(74)	(37)	(14)	(2)	(31)	(18)	(20)	(133)	(20)	(8)	(55)	(56)	(10)	(27)	(33)
Changes in operating assets and liabilities	(263)	—)	(394)	(49)	(66)	46)	(1,108)	13)	(16)	126)	(224)	(46)	(332)	(35)	(57)	(234)	(79)	115)	(397)	293)	(258)	(38)	(187)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	384)	769)	210)	670)	733)	755)	(661)	543)	430)	772)	255)	513)	319)	529)	2,811)	469)	609)	641)	163)	847)	420)	512)	275)
Net cash provided by (used in) operating activities	986)	974)	638)	1,252)	1,339)	1,509)	(156)	899)	615)	785)	591)	486)	136)	266)	445)	286)	443)	675)	238)	881)	423)	425)	210)
Additions to property, plant and equipment, E&P	(953)	(778)	(773)	(732)	(657)	(607)	(491)	(466)	(431)	(329)	(358)	(319)	(327)	(510)	(740)	(713)	(635)	(564)	(521)	(589)	(472)	(430)	(363)
Additions to property, plant and equipment, Midstream	(53)	(43)	(64)	(61)	(66)	(56)	(55)	(43)	(67)	(26)	(27)	(55)	(99)	(69)	(78)	(112)	(74)	(60)	(150)	(75)	(68)	(63)	(37)
Payments for Midstream equity investments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(10)	(16)	(7)	—)	(26)	(17)	(24)
Proceeds from asset sales, net of cash sold	3)	—)	—)	150)	—)	4)	24)	—)	130)	297)	—)	482)	—)	11)	—)	—)	—)	22)	—)	—)	574)	27)	6)
Other, net	(1)	—)	(4)	(4)	(4)	—)	—)	(1)	(2)	(2)	—)	(1)	—)	(2)	—)	—)	(2)	1)	(2)	(1)	(3)	(1)	(4)
Net cash used in investing activities	(1,004)	(821)	(841)	(647)	(727)	(659)	(522)	(510)	(370)	(60)	(385)	107)	(426)	(570)	(818)	(825)	(721)	(617)	(680)	(665)	5)	(484)	(422)
Net borrowings (repayments) of debt with maturities of 90 days or less	78)	77)	103)	(25)	(48)	(14)	1)	(48)	43)	(65)	(10)	6)	74)	12)	60)	(144)	16)	(39)	199)	—)	—)	—)	—)
Debt with maturities of greater than 90 days, borrowings	—)	—)	—)	—)	20)	400)	—)	—)	750)	—)	—)	—)	—)	—)	1,000)	760)	—)	—)	—)	—)	—)	—)	—)
Debt with maturities of greater than 90 days, repayments	—)	—)	—)	—)	—)	(5)	(505)	(2)	(503)	(2)	(3)	—)	—)	—)	—)	—)	(3)	(2)	(3)	(23)	(19)	(157)	(434)
Cash dividends paid	(134)	(134)	(137)	(115)	(115)	(116)	(119)	(77)	(77)	(77)	(80)	(76)	(76)	(76)	(81)	(75)	(77)	(76)	(88)	(83)	(86)	(87)	(89)
Common stock acquired and retired	—)	—)	(20)	(290)	(150)	(190)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(25)	(245)	(230)	(519)	(371)
Proceeds from sale of Class A shares of Hess Midstream LP	—)	167)	—)	—)	—)	146)	—)	108)	—)	—)	70)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Noncontrolling interests, net	(136)	(132)	(131)	(80)	(79)	(277)	(74)	(75)	(452)	(70)	(67)	(67)	(66)	(65)	(63)	(312)	(14)	(14)	(13)	(175)	(13)	(11)	(12)
Employee stock options exercised	6)	1)	3)	8)	4)	7)	33)	2)	—)	63)	12)	—)	—)	15)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments on finance lease obligations	(3)	(2)	(2)	(4)	(1)	(2)	(2)	(3)	(3)	(2)	(2)	(1)	(3)	(2)	(1)	(2)	(2)	(22)	(23)	—)	—)	—)	—)
Other, net	(1)	(4)	1)	3)	(18)	(10)	1)	—)	(14)	(8)	1)	(1)	—)	(14)	(7)	(6)	13)	3)	1)	—)	16)	15)	(3)
Net cash provided by (used in) financing activities	(190)	(27)	(183)	(503)	(387)	(61)	(665)	(95)	(256)	(161)	(79)	(139)	(71)	(130)	908)	221)	(67)	(150)	48)	(526)	(332)	(759)	(909)
Net increase (decrease) in cash and cash equivalents	(208)	126)	(386)	102)	225)	789)	(1,343)	294)	(11)	564)	127)	454)	(361)	(434)	535)	(318)	(345)	(92)	(394)	(310)	96)	(818)	(1,121)

The quarterly financial data reveals several key trends in the company's financial performance, operating activities, investing activities, and financing activities over the observed periods.

Net Income (Loss): Net income showed considerable volatility, with negative values during multiple quarters, particularly in 2020 with a sharp loss notably in March 2020 (-2366 million USD) likely indicating a significant adverse event or write-down. Starting in 2021 through 2023, net income trends generally improved, showing consistent positive earnings, with peaks in late 2021 and mid-2022.
Gains on Asset Sales: Gains on asset sales were inconsistent, with multiple quarters showing negative values and several quarters showing no data. There were occasional small gains, but the data does not show a consistent trend of sizeable asset sale gains.
Depreciation, Depletion, and Amortization: These expenses remained relatively stable across quarters, fluctuating modestly between approximately 337 million and 586 million USD, indicating steady levels of capital asset depreciation and resource depletion.
Impairment and Other: There was a large impairment charge recorded in one quarter in 2020 (2126 million USD), likely contributing considerably to the net loss seen during that period. Subsequent quarters showed much smaller impairment charges, suggesting normalization after a major one-time write-down.
Exploratory Dry Hole Costs and Lease Impairments: Exploratory dry hole costs were sporadic but with some peak in late 2018 and mid-2020, indicating varying exploration activity. Lease impairments were relatively small and consistent across quarters, reflecting ongoing, but limited, asset write-downs in exploration leases.
Noncash Losses on Commodity Derivatives: These losses fluctuated but saw notable increases in 2022 and 2023, reaching peaks of over 160 million USD, suggesting increased market risk exposure or volatility in commodity price hedging during those years.
Operating Assets and Liabilities Changes: Changes in operating assets and liabilities exhibited high variability between quarters, with some significant negative fluctuations, particularly in accounts receivable and accounts payable, indicating periods of tight working capital management and cash flow pressures.
Net Cash Provided by Operating Activities: Operating cash flows generally reflected net income trends with peaks in mid-to-late 2018 and strong growth from 2021 onward, reaching highs over 1 billion USD in several quarters. This represents improved operational cash generation capability in recent periods.
Investing Activities: Investing cash flows were predominantly negative, consistent with significant and ongoing capital expenditures in property, plant, and equipment (both Exploration & Production and Midstream segments). Capital expenditures showed a sustained increase over time, reaching nearly 1 billion USD in some recent quarters. Proceeds from asset sales were intermittent and generally small compared to capital outflows.
Financing Activities: Financing activities were variable with no consistent trend. The company engaged in both debt borrowings and repayments, with occasional substantial variations in borrowings noted in late 2019 and 2021. Common stock repurchase activity was significant in earlier years but diminished over time. Dividend payments remained relatively stable though slightly increased in recent years, reflecting return of capital to shareholders. Net borrowings generally fluctuated reflecting active management of capital structure.
Liquidity - Cash and Cash Equivalents: Cash flow fluctuations resulted in alternating increases and decreases in cash and equivalents, with notable declines at the onset of 2020, likely corresponding to the net income losses and capital expenditure demands. Subsequent recovery was observed with increased cash balances in mid-2021 and 2022, indicating improved liquidity management.

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Hess Corp. (NYSE:HES)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data