Selected Financial Data
since 2005
Income Statement
Hess Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales and other operating revenues | Net income (loss) attributable to Hess Corporation |
|---|---|---|
| Dec 31, 2022 | 11,324) | 2,096) |
| Dec 31, 2021 | 7,473) | 559) |
| Dec 31, 2020 | 4,667) | (3,093) |
| Dec 31, 2019 | 6,495) | (408) |
| Dec 31, 2018 | 6,323) | (282) |
| Dec 31, 2017 | 5,466) | (4,074) |
| Dec 31, 2016 | 4,762) | (6,132) |
| Dec 31, 2015 | 6,636) | (3,056) |
| Dec 31, 2014 | 10,737) | 2,317) |
| Dec 31, 2013 | 22,284) | 5,052) |
| Dec 31, 2012 | 37,691) | 2,025) |
| Dec 31, 2011 | 38,466) | 1,703) |
| Dec 31, 2010 | 33,862) | 2,125) |
| Dec 31, 2009 | 29,614) | 740) |
| Dec 31, 2008 | 41,165) | 2,360) |
| Dec 31, 2007 | 31,647) | 1,832) |
| Dec 31, 2006 | 28,067) | 1,916) |
| Dec 31, 2005 | 22,747) | 1,242) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2022 is characterized by a significant structural shift in both top-line revenue and bottom-line profitability, dividing the period into two distinct operational phases.
- Revenue Trends
- An initial growth phase is observed from 2005 to 2008, with sales and other operating revenues increasing from 22,747 million USD to a peak of 41,165 million USD. Following this peak, revenues remained relatively elevated but volatile through 2012. A sharp and sustained contraction began in 2013, with revenues falling precipitously from 22,284 million USD to 4,762 million USD by 2016. From 2017 onward, a period of stabilization and modest recovery occurred, with revenues climbing back to 11,324 million USD by 2022.
- Net Income Volatility
- Profitability remained positive and relatively stable between 2005 and 2013, reaching a historical high of 5,052 million USD in 2013. However, the period from 2014 to 2020 was marked by severe instability and recurring net losses. The most significant deficit occurred in 2016, with a net loss of 6,132 million USD. This trend of losses continued with intermittent fluctuations until 2020, which saw a loss of 3,093 million USD. A return to profitability was achieved in 2021, with net income growing to 2,096 million USD by 2022.
The correlation between declining revenues and the onset of substantial net losses starting in 2014 suggests a fundamental transformation in the business model or a significant divestment of assets. The magnitude of the losses between 2015 and 2017, contrasted with the diminished revenue base, indicates that the company faced substantial non-operating charges or impairments during this transition. The recovery observed in 2021 and 2022 suggests a successful realignment of the cost structure to the new, lower revenue scale.
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Balance Sheet: Assets
Hess Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 3,931) | 21,695) |
| Dec 31, 2021 | 4,346) | 20,515) |
| Dec 31, 2020 | 3,081) | 18,821) |
| Dec 31, 2019 | 3,156) | 21,782) |
| Dec 31, 2018 | 4,459) | 21,433) |
| Dec 31, 2017 | 6,157) | 23,112) |
| Dec 31, 2016 | 4,276) | 28,621) |
| Dec 31, 2015 | 4,404) | 34,195) |
| Dec 31, 2014 | 6,687) | 38,578) |
| Dec 31, 2013 | 8,599) | 42,754) |
| Dec 31, 2012 | 8,387) | 43,441) |
| Dec 31, 2011 | 8,339) | 39,136) |
| Dec 31, 2010 | 8,780) | 35,396) |
| Dec 31, 2009 | 7,987) | 29,465) |
| Dec 31, 2008 | 7,332) | 28,589) |
| Dec 31, 2007 | 6,926) | 26,131) |
| Dec 31, 2006 | 5,848) | 22,404) |
| Dec 31, 2005 | 5,290) | 19,115) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset structure exhibits a distinct cycle of expansion followed by a prolonged contraction and a recent period of stabilization. Total assets grew consistently from 2005, peaking in 2012, before entering a downward trend that lasted until 2020. A slight recovery in the total asset base is observed between 2021 and 2022.
- Total Asset Growth and Contraction
- A substantial expansion phase occurred between 2005 and 2012, during which total assets increased from 19,115 million USD to a peak of 43,441 million USD. This represents a growth of approximately 127% over seven years. Following this peak, a consistent decline was observed through 2020, with total assets falling to 18,821 million USD, effectively returning the asset base to 2005 levels. The most significant annual reductions occurred between 2015 and 2017.
- Current Asset Volatility
- Current assets followed a similar growth trajectory initially, rising from 5,290 million USD in 2005 to a peak of 8,780 million USD in 2010. A sharp decline began after 2013, with values dropping from 8,599 million USD in 2013 to 4,404 million USD by 2015. The lowest point was reached on December 31, 2020, with 3,081 million USD, indicating a significant reduction in short-term liquidity and working capital over the long term.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets shows a downward trend. In 2005, current assets comprised approximately 27.7% of the total asset base. By 2012, as total assets peaked, this ratio declined to 19.3%. By 2020, the ratio further compressed to 16.4%. This suggests a strategic shift in the asset mix or a systemic reduction in liquid holdings relative to long-term investments.
- Recent Stabilization Trends
- Since 2020, there is evidence of a moderate recovery. Total assets increased from 18,821 million USD in 2020 to 21,695 million USD in 2022. Similarly, current assets rose from 3,081 million USD in 2020 to 3,931 million USD in 2022, suggesting a stabilization of the balance sheet after a decade of contraction.
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Balance Sheet: Liabilities and Stockholders’ Equity
Hess Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt and long-term finance lease obligations | Total Hess Corporation stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 2,396) | 13,199) | 8,460) | 7,855) |
| Dec 31, 2021 | 3,064) | 13,489) | 8,658) | 6,300) |
| Dec 31, 2020 | 1,623) | 12,486) | 8,516) | 5,366) |
| Dec 31, 2019 | 2,510) | 12,076) | 7,380) | 8,732) |
| Dec 31, 2018 | 2,203) | 10,545) | 6,672) | 9,629) |
| Dec 31, 2017 | 2,435) | 10,758) | 6,977) | 11,051) |
| Dec 31, 2016 | 2,251) | 13,030) | 6,806) | 14,534) |
| Dec 31, 2015 | 2,628) | 13,794) | 6,630) | 19,386) |
| Dec 31, 2014 | 4,851) | 16,258) | 5,987) | 22,205) |
| Dec 31, 2013 | 6,558) | 17,970) | 5,798) | 24,720) |
| Dec 31, 2012 | 8,382) | 22,238) | 8,111) | 21,090) |
| Dec 31, 2011 | 8,100) | 20,544) | 6,057) | 18,516) |
| Dec 31, 2010 | 7,613) | 18,587) | 5,583) | 16,689) |
| Dec 31, 2009 | 6,850) | 15,937) | 4,467) | 13,384) |
| Dec 31, 2008 | 7,730) | 16,282) | 3,955) | 12,307) |
| Dec 31, 2007 | 8,024) | 16,357) | 3,980) | 9,774) |
| Dec 31, 2006 | 6,739) | 14,293) | 3,772) | 8,111) |
| Dec 31, 2005 | 6,447) | 12,829) | 3,785) | 6,286) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 reveals a significant shift in the capital structure, characterized by an initial period of equity growth followed by a period of substantial equity erosion and a restructuring of liabilities.
- Liability Trends
- Total liabilities exhibited a steady increase from 12,829 million US$ in 2005 to a peak of 22,238 million US$ in 2012. Following this peak, a contraction occurred, with total liabilities decreasing to 10,545 million US$ by 2018 before stabilizing in the 12,000 to 13,500 million US$ range between 2019 and 2022. Current liabilities followed a similar pattern but experienced a more drastic reduction after 2012, falling from 8,382 million US$ to a low of 1,623 million US$ in 2020, suggesting a strategic shift in short-term obligation management.
- Long-Term Debt Obligations
- Long-term debt and finance lease obligations remained relatively stable under 4,500 million US$ until 2009. A period of rapid escalation followed, with debt reaching 8,111 million US$ by 2012. Despite a temporary dip in 2013, long-term debt remained elevated for the remainder of the period, peaking at 8,658 million US$ in 2021. This indicates that long-term borrowing became a more dominant component of the total liability profile over time, particularly as current liabilities declined.
- Stockholders' Equity Dynamics
- Equity experienced an aggressive expansion phase between 2005 and 2013, rising from 6,286 million US$ to a peak of 24,720 million US$. However, this trend reversed sharply after 2013. Equity declined consistently for seven consecutive years, reaching a nadir of 5,366 million US$ in 2020. A recovery phase is observed in the final two years of the period, with equity rising to 7,855 million US$ by 2022.
- Solvency and Leverage Observations
- The relationship between debt and equity shifted fundamentally over the observed period. Between 2005 and 2013, the organization moved toward a more equity-heavy capital structure. Conversely, from 2014 to 2020, the simultaneous decline in stockholders' equity and the persistence of high long-term debt led to a significant increase in financial leverage. The most acute pressure on the balance sheet occurred around 2020, where the gap between total liabilities and equity was most pronounced relative to the company's historical norms.
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Cash Flow Statement
Hess Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 3,944) | (2,555) | (1,616) |
| Dec 31, 2021 | 2,890) | (1,325) | (591) |
| Dec 31, 2020 | 1,333) | (1,707) | 568) |
| Dec 31, 2019 | 1,642) | (2,843) | 52) |
| Dec 31, 2018 | 1,939) | (1,566) | (2,526) |
| Dec 31, 2017 | 945) | 1,358) | (188) |
| Dec 31, 2016 | 795) | (2,090) | 1,311) |
| Dec 31, 2015 | 2,016) | (4,315) | 2,497) |
| Dec 31, 2014 | 4,511) | (2,435) | (3,828) |
| Dec 31, 2013 | 3,589) | (1,606) | (4,274) |
| Dec 31, 2012 | 5,660) | (7,051) | 1,682) |
| Dec 31, 2011 | 4,984) | (6,566) | 325) |
| Dec 31, 2010 | 4,530) | (5,259) | 975) |
| Dec 31, 2009 | 3,046) | (2,924) | 332) |
| Dec 31, 2008 | 4,567) | (4,444) | 178) |
| Dec 31, 2007 | 3,507) | (3,474) | 191) |
| Dec 31, 2006 | 3,491) | (3,289) | (134) |
| Dec 31, 2005 | 1,840) | (2,255) | (147) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2022 reflects three distinct operational phases characterized by an initial growth period, a mid-term contraction and strategic realignment, and a subsequent recovery. Overall, the organization maintains a pattern of utilizing operating cash flows to fund significant capital expenditures, supplemented by strategic financing shifts.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a steady upward trajectory between 2005 and 2012, rising from 1,840 million US$ to a peak of 5,660 million US$. This was followed by a period of volatility and decline from 2013 to 2016, where cash generation reached a low of 795 million US$. A recovery phase began in 2017, with operating cash flows trending upward to reach 3,944 million US$ by 2022, indicating a restoration of operational efficiency or increased commodity pricing support.
- Investing Activities and Capital Allocation
- Investing activities remained consistently negative from 2005 to 2016, peaking in outflows at 7,051 million US$ in 2012, which correlates with the peak in operating cash generation. A significant pivot occurred in 2017, when the organization recorded a positive cash inflow of 1,358 million US$, suggesting a major divestment of assets. From 2018 to 2022, investing outflows normalized, fluctuating between 1,325 million US$ and 2,843 million US$, indicating a more moderated approach to capital expenditure compared to the 2008-2012 period.
- Financing Activities and Capital Structure
- Financing activities demonstrate a cyclical relationship with investing needs. Between 2006 and 2012, the organization frequently relied on positive financing inflows to support aggressive investment strategies, particularly in 2012 with 1,682 million US$. This was abruptly reversed in 2013 and 2014, with substantial outflows of 4,274 million US$ and 3,828 million US$, respectively, likely representing debt retirement or significant shareholder distributions. While there were brief returns to positive financing in 2015 and 2016, the period from 2018 to 2022 was characterized by net outflows, including a peak outflow of 2,526 million US$ in 2018.
- Integrated Cash Flow Dynamics
- A comparison of the three cash flow components reveals a shift in financial strategy. The 2005-2012 period was marked by high-growth investment funded by both operations and external financing. The 2013-2017 period appears to be a transition phase involving reduced operational cash flow, asset divestment, and aggressive deleveraging. The 2018-2022 period shows a stabilized model where recovered operating cash flows are sufficient to cover both capital investments and financing obligations.
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Per Share Data
Hess Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 6.80 | 6.77 | 1.50 |
| Dec 31, 2021 | 1.82 | 1.81 | 1.00 |
| Dec 31, 2020 | -10.15 | -10.15 | 1.00 |
| Dec 31, 2019 | -1.37 | -1.37 | 1.00 |
| Dec 31, 2018 | -1.10 | -1.10 | 1.00 |
| Dec 31, 2017 | -13.12 | -13.12 | 1.00 |
| Dec 31, 2016 | -19.92 | -19.92 | 1.00 |
| Dec 31, 2015 | -10.78 | -10.78 | 1.00 |
| Dec 31, 2014 | 7.63 | 7.53 | 1.00 |
| Dec 31, 2013 | 15.01 | 14.82 | 0.70 |
| Dec 31, 2012 | 5.98 | 5.95 | 0.40 |
| Dec 31, 2011 | 5.05 | 5.01 | 0.40 |
| Dec 31, 2010 | 6.52 | 6.47 | 0.40 |
| Dec 31, 2009 | 2.28 | 2.27 | 0.40 |
| Dec 31, 2008 | 7.35 | 7.24 | 0.40 |
| Dec 31, 2007 | 5.86 | 5.74 | 0.40 |
| Dec 31, 2006 | 6.73 | 6.07 | 0.40 |
| Dec 31, 2005 | 4.38 | 3.98 | 0.40 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2022 is characterized by significant volatility in earnings paired with a consistent, stepwise increase in dividend distributions. A distinct decoupling is observed between profitability and shareholder payouts, particularly during periods of substantial net losses.
- Earnings Per Share (EPS) Trends
- Earnings exhibited three distinct phases over the analyzed period. From 2005 to 2014, basic EPS remained positive, reaching a peak of 15.01 USD in 2013. A period of severe contraction followed from 2015 to 2020, where the organization recorded consecutive annual losses, with the most significant deficit occurring in 2016 at -19.92 USD per share. A recovery phase began in 2021, with basic EPS returning to positive territory at 1.82 USD and increasing to 6.80 USD by 2022.
- Dividend Distribution Patterns
- Dividend per share followed a rigid upward trajectory regardless of earnings volatility. Payouts remained stagnant at 0.40 USD from 2005 through 2012, followed by an increase to 0.70 USD in 2013 and a further rise to 1.00 USD in 2014. This 1.00 USD level was maintained consistently through 2021, even during the six-year period of negative earnings. The most recent data point shows a further increase to 1.50 USD in 2022.
- Earnings and Dividend Correlation
- There is a notable divergence between earnings stability and dividend policy. While diluted EPS fluctuated between a high of 14.82 USD and a low of -19.92 USD, the dividend policy remained non-cyclical. The maintenance and eventual increase of dividends during the 2015-2020 loss cycle indicate a strategic priority to sustain shareholder distributions despite severe operational headwinds and negative net income.
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