Total Asset Turnover
since 2005
Calculation
Hess Corp., total asset turnover, long-term trends, calculation
| Total asset turnover | = | Sales and other operating revenues1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.52 | = | 11,324) | ÷ | 21,695) |
| Dec 31, 2021 | 0.36 | = | 7,473) | ÷ | 20,515) |
| Dec 31, 2020 | 0.25 | = | 4,667) | ÷ | 18,821) |
| Dec 31, 2019 | 0.30 | = | 6,495) | ÷ | 21,782) |
| Dec 31, 2018 | 0.30 | = | 6,323) | ÷ | 21,433) |
| Dec 31, 2017 | 0.24 | = | 5,466) | ÷ | 23,112) |
| Dec 31, 2016 | 0.17 | = | 4,762) | ÷ | 28,621) |
| Dec 31, 2015 | 0.19 | = | 6,636) | ÷ | 34,195) |
| Dec 31, 2014 | 0.28 | = | 10,737) | ÷ | 38,578) |
| Dec 31, 2013 | 0.52 | = | 22,284) | ÷ | 42,754) |
| Dec 31, 2012 | 0.87 | = | 37,691) | ÷ | 43,441) |
| Dec 31, 2011 | 0.98 | = | 38,466) | ÷ | 39,136) |
| Dec 31, 2010 | 0.96 | = | 33,862) | ÷ | 35,396) |
| Dec 31, 2009 | 1.01 | = | 29,614) | ÷ | 29,465) |
| Dec 31, 2008 | 1.44 | = | 41,165) | ÷ | 28,589) |
| Dec 31, 2007 | 1.21 | = | 31,647) | ÷ | 26,131) |
| Dec 31, 2006 | 1.25 | = | 28,067) | ÷ | 22,404) |
| Dec 31, 2005 | 1.19 | = | 22,747) | ÷ | 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).
1 US$ in millions
The analysis of total asset turnover from 2005 to 2022 reveals a significant transformation in asset utilization efficiency, characterized by an initial period of high performance, a severe multi-year contraction, and a subsequent gradual recovery.
- Peak Efficiency Phase (2005–2008)
- During this period, the company exhibited strong asset productivity, with the turnover ratio remaining above 1.19 and reaching a peak of 1.44 in 2008. This trend was driven by rapid revenue growth, which increased from 22,747 million to 41,165 million, outpacing the growth of the total asset base.
- Transition and Initial Decline (2009–2012)
- A downward trend in efficiency began in 2009 as total asset turnover dropped to 1.01 and continued a steady decline to 0.87 by 2012. While revenues remained relatively high, total assets grew more aggressively, increasing from 29,465 million to 43,441 million, thereby diluting the revenue-generating capacity per unit of asset.
- Critical Contraction Period (2013–2016)
- A sharp deterioration in asset turnover is observed between 2013 and 2016, with the ratio plummeting from 0.52 to a low of 0.17. This collapse was primarily driven by a precipitous drop in sales and other operating revenues, which fell from 22,284 million in 2013 to 4,762 million in 2016. Although total assets were reduced during this timeframe, the reduction was not sufficient to offset the massive loss in revenue, resulting in extreme operational inefficiency.
- Stabilization and Recovery Trend (2017–2022)
- Since 2017, a consistent recovery in asset turnover has been observed, with the ratio rising from 0.24 to 0.52 by the end of 2022. This improvement is attributed to a steady increase in revenues, which grew to 11,324 million by 2022, while the asset base remained relatively stable between 18,821 million and 21,695 million. Despite this recovery, the turnover ratio remains significantly below the levels recorded prior to 2013.
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Comparison to Competitors
Hess Corp., total asset turnover, long-term trends, comparison to competitors
| Hess Corp. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 0.52 | 0.91 | 0.84 | 1.08 |
| Dec 31, 2021 | 0.36 | 0.65 | 0.51 | 0.82 |
| Dec 31, 2020 | 0.25 | 0.39 | 0.30 | 0.54 |
| Dec 31, 2019 | 0.30 | 0.59 | 0.46 | 0.70 |
| Dec 31, 2018 | 0.30 | 0.63 | 0.52 | 0.81 |
| Dec 31, 2017 | 0.24 | 0.53 | 0.40 | 0.68 |
| Dec 31, 2016 | 0.17 | 0.42 | 0.26 | 0.66 |
| Dec 31, 2015 | 0.19 | 0.49 | 0.30 | 0.77 |
| Dec 31, 2014 | 0.28 | 0.75 | 0.45 | 1.13 |
| Dec 31, 2013 | 0.52 | 0.87 | 0.46 | 1.21 |
| Dec 31, 2012 | 0.87 | 0.99 | 0.49 | 1.36 |
| Dec 31, 2011 | 0.98 | 1.17 | 1.60 | 1.41 |
| Dec 31, 2010 | 0.96 | 1.07 | 1.21 | 1.22 |
| Dec 31, 2009 | 1.01 | 1.02 | 0.98 | 1.29 |
| Dec 31, 2008 | 1.44 | 1.64 | 1.69 | 2.02 |
| Dec 31, 2007 | 1.21 | 1.44 | 1.05 | 1.61 |
| Dec 31, 2006 | 1.25 | 1.54 | 1.11 | 1.67 |
| Dec 31, 2005 | 1.19 | 1.54 | 1.68 | 1.72 |
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).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Hess Corp., total asset turnover, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Hess Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 0.52 | 0.99 |
| Dec 31, 2021 | 0.36 | 0.71 |
| Dec 31, 2020 | 0.25 | 0.46 |
| Dec 31, 2019 | 0.30 | 0.64 |
| Dec 31, 2018 | 0.30 | 0.71 |
| Dec 31, 2017 | 0.24 | 0.59 |
| Dec 31, 2016 | 0.17 | 0.52 |
| Dec 31, 2015 | 0.19 | 0.60 |
| Dec 31, 2014 | 0.28 | 0.88 |
| Dec 31, 2013 | 0.52 | 0.97 |
| Dec 31, 2012 | 0.87 | 1.08 |
| Dec 31, 2011 | 0.98 | 1.38 |
| Dec 31, 2010 | 0.96 | 1.18 |
| Dec 31, 2009 | 1.01 | 1.12 |
| Dec 31, 2008 | 1.44 | 1.81 |
| Dec 31, 2007 | 1.21 | 1.39 |
| Dec 31, 2006 | 1.25 | 1.46 |
| Dec 31, 2005 | 1.19 | 1.66 |
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).
Comparison to Industry (Energy)
Hess Corp., total asset turnover, long-term trends, comparison to industry (energy)
| Hess Corp. | Energy | |
|---|---|---|
| Dec 31, 2022 | 0.52 | 0.97 |
| Dec 31, 2021 | 0.36 | 0.71 |
| Dec 31, 2020 | 0.25 | 0.47 |
| Dec 31, 2019 | 0.30 | 0.63 |
| Dec 31, 2018 | 0.30 | 0.69 |
| Dec 31, 2017 | 0.24 | 0.58 |
| Dec 31, 2016 | 0.17 | 0.50 |
| Dec 31, 2015 | 0.19 | 0.59 |
| Dec 31, 2014 | 0.28 | 0.87 |
| Dec 31, 2013 | 0.52 | 0.94 |
| Dec 31, 2012 | 0.87 | 1.05 |
| Dec 31, 2011 | 0.98 | 1.33 |
| Dec 31, 2010 | 0.96 | 1.13 |
| Dec 31, 2009 | 1.01 | 1.10 |
| Dec 31, 2008 | 1.44 | 1.76 |
| Dec 31, 2007 | 1.21 | 1.37 |
| Dec 31, 2006 | 1.25 | 1.43 |
| Dec 31, 2005 | 1.19 | 1.63 |
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).