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

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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Hess Corp., consolidated statement of comprehensive income

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)
Net effect of hedge (gains) losses reclassified to income	585)	243)	(547)	(1)	173)
Net change in fair value of cash flow hedges	(517)	(315)	649)	(376)	244)
Change in derivatives designated as cash flow hedges, after taxes	68)	(72)	102)	(377)	417)
(Increase) reduction in unrecognized actuarial losses, net	196)	355)	(205)	(160)	23)
Net effect of amortization of net actuarial losses	11)	66)	47)	144)	41)
Change in pension and other postretirement plans, after taxes	207)	421)	(158)	(16)	64)
Other comprehensive income (loss)	275)	349)	(56)	(393)	481)
Comprehensive income (loss)	2,722)	1,239)	(2,895)	(633)	366)
Comprehensive income attributable to noncontrolling interests	(351)	(331)	(254)	(168)	(167)
Comprehensive income (loss) attributable to Hess Corporation	2,371)	908)	(3,149)	(801)	199)

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).

An analysis of the comprehensive income statement reveals a period of extreme volatility followed by a strong recovery in profitability. The most significant downturn occurred in 2020, followed by a sharp pivot toward substantial positive returns in 2021 and 2022.

Net Income and Profitability Trends: Net income experienced a severe decline, reaching a nadir of negative 2,839 million US dollars in 2020. A rapid reversal occurred thereafter, with net income climbing to 890 million US dollars in 2021 and further expanding to 2,447 million US dollars by the end of 2022. This trajectory indicates a significant recovery in bottom-line performance following a period of substantial losses.
Comprehensive Income Analysis: Comprehensive income attributable to Hess Corporation closely mirrored the trend of net income, plummeting to negative 3,149 million US dollars in 2020 before rebounding to 2,371 million US dollars in 2022. The total comprehensive income figures demonstrate that the company's overall financial health is heavily influenced by both operational results and non-operational adjustments recorded in other comprehensive income.
Other Comprehensive Income (OCI) Components: OCI demonstrated significant instability over the five-year period. The net change in fair value of cash flow hedges was a primary driver of this volatility, shifting from a gain of 649 million US dollars in 2020 to losses of 315 million and 517 million US dollars in 2021 and 2022, respectively. In contrast, changes in pension and other postretirement plans became a positive contributor in the later years, providing gains of 421 million US dollars in 2021 and 207 million US dollars in 2022.
Impact of Noncontrolling Interests: Comprehensive income attributable to noncontrolling interests remained consistently negative throughout the period. This figure trended downward from negative 167 million US dollars in 2018 to negative 351 million US dollars in 2022, representing a persistent reduction in the total comprehensive income available to the parent corporation.

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