Analysis of Reportable Segments
Hess Corp. operates in 2 segments: Exploration and Production and Midstream.
Segment Profit Margin
Hess Corp., profit margin by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 21.16% | 10.30% | -60.87% | 0.82% | 0.81% |
| Midstream | 21.13% | 23.75% | 21.06% | 16.98% | 16.83% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Exploration and Production | Exploration and Production segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Midstream | Midstream segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Profit Margin: Exploration and Production
Hess Corp.; Exploration and Production; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net income (loss) attributable to Hess Corporation | 2,396) | 770) | (2,841) | 53) | 51) |
| Sales and other operating revenues | 11,324) | 7,473) | 4,667) | 6,495) | 6,323) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 21.16% | 10.30% | -60.87% | 0.82% | 0.81% |
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).
1 2022 Calculation
Segment profit margin = 100 × Net income (loss) attributable to Hess Corporation ÷ Sales and other operating revenues
= 100 × 2,396 ÷ 11,324 = 21.16%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Exploration and Production | Exploration and Production segment profit margin ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Profit Margin: Midstream
Hess Corp.; Midstream; segment profit margin calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net income (loss) attributable to Hess Corporation | 269) | 286) | 230) | 144) | 120) |
| Sales and other operating revenues | 1,273) | 1,204) | 1,092) | 848) | 713) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 21.13% | 23.75% | 21.06% | 16.98% | 16.83% |
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).
1 2022 Calculation
Segment profit margin = 100 × Net income (loss) attributable to Hess Corporation ÷ Sales and other operating revenues
= 100 × 269 ÷ 1,273 = 21.13%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Midstream | Midstream segment profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Segment Return on Assets (Segment ROA)
Hess Corp., ROA by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 15.95% | 5.43% | -20.76% | 0.32% | 0.32% |
| Midstream | 7.13% | 7.79% | 6.39% | 4.12% | 3.65% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Exploration and Production | Exploration and Production segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
| Midstream | Midstream segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Segment ROA: Exploration and Production
Hess Corp.; Exploration and Production; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net income (loss) attributable to Hess Corporation | 2,396) | 770) | (2,841) | 53) | 51) |
| Identifiable assets | 15,022) | 14,173) | 13,688) | 16,790) | 16,109) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 15.95% | 5.43% | -20.76% | 0.32% | 0.32% |
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).
1 2022 Calculation
Segment ROA = 100 × Net income (loss) attributable to Hess Corporation ÷ Identifiable assets
= 100 × 2,396 ÷ 15,022 = 15.95%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Exploration and Production | Exploration and Production segment ROA improved from 2020 to 2021 and from 2021 to 2022. |
Segment ROA: Midstream
Hess Corp.; Midstream; segment ROA calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net income (loss) attributable to Hess Corporation | 269) | 286) | 230) | 144) | 120) |
| Identifiable assets | 3,775) | 3,671) | 3,599) | 3,499) | 3,285) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 7.13% | 7.79% | 6.39% | 4.12% | 3.65% |
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).
1 2022 Calculation
Segment ROA = 100 × Net income (loss) attributable to Hess Corporation ÷ Identifiable assets
= 100 × 269 ÷ 3,775 = 7.13%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Midstream | Midstream segment ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Segment Asset Turnover
Hess Corp., asset turnover by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 0.75 | 0.53 | 0.34 | 0.39 | 0.39 |
| Midstream | 0.34 | 0.33 | 0.30 | 0.24 | 0.22 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Exploration and Production | Exploration and Production segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Midstream | Midstream segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Asset Turnover: Exploration and Production
Hess Corp.; Exploration and Production; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | 11,324) | 7,473) | 4,667) | 6,495) | 6,323) |
| Identifiable assets | 15,022) | 14,173) | 13,688) | 16,790) | 16,109) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.75 | 0.53 | 0.34 | 0.39 | 0.39 |
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).
1 2022 Calculation
Segment asset turnover = Sales and other operating revenues ÷ Identifiable assets
= 11,324 ÷ 15,022 = 0.75
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Exploration and Production | Exploration and Production segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Asset Turnover: Midstream
Hess Corp.; Midstream; segment asset turnover calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Sales and other operating revenues | 1,273) | 1,204) | 1,092) | 848) | 713) |
| Identifiable assets | 3,775) | 3,671) | 3,599) | 3,499) | 3,285) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.34 | 0.33 | 0.30 | 0.24 | 0.22 |
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).
1 2022 Calculation
Segment asset turnover = Sales and other operating revenues ÷ Identifiable assets
= 1,273 ÷ 3,775 = 0.34
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Midstream | Midstream segment asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Capital Expenditures to Depreciation
Hess Corp., capital expenditures to depreciation by reportable segment
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 1.70 | 1.25 | 0.88 | 1.30 | 1.09 |
| Midstream | 1.28 | 1.10 | 1.61 | 2.93 | 2.13 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Exploration and Production | Exploration and Production segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Midstream | Midstream segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Exploration and Production
Hess Corp.; Exploration and Production; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 2,589) | 1,698) | 1,678) | 2,576) | 1,909) |
| Depreciation, depletion and amortization | 1,520) | 1,361) | 1,915) | 1,977) | 1,748) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.70 | 1.25 | 0.88 | 1.30 | 1.09 |
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).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 2,589 ÷ 1,520 = 1.70
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Exploration and Production | Exploration and Production segment capital expenditures to depreciation ratio improved from 2020 to 2021 and from 2021 to 2022. |
Segment Capital Expenditures to Depreciation: Midstream
Hess Corp.; Midstream; segment capital expenditures to depreciation calculation
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 232) | 183) | 253) | 416) | 271) |
| Depreciation, depletion and amortization | 181) | 166) | 157) | 142) | 127) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 1.28 | 1.10 | 1.61 | 2.93 | 2.13 |
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).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, depletion and amortization
= 232 ÷ 181 = 1.28
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Midstream | Midstream segment capital expenditures to depreciation ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Sales and other operating revenues
Hess Corp., sales and other operating revenues by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 11,324) | 7,473) | 4,667) | 6,495) | 6,323) |
| Midstream | 1,273) | 1,204) | 1,092) | 848) | 713) |
| Eliminations | (1,273) | (1,204) | (1,092) | (848) | (713) |
| Total | 11,324) | 7,473) | 4,667) | 6,495) | 6,323) |
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).
Net income (loss) attributable to Hess Corporation
Hess Corp., net income (loss) attributable to hess corporation by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 2,396) | 770) | (2,841) | 53) | 51) |
| Midstream | 269) | 286) | 230) | 144) | 120) |
| Corporate, Interest and Other | (569) | (497) | (482) | (605) | (453) |
| Total | 2,096) | 559) | (3,093) | (408) | (282) |
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).
Depreciation, depletion and amortization
Hess Corp., depreciation, depletion and amortization by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 1,520) | 1,361) | 1,915) | 1,977) | 1,748) |
| Midstream | 181) | 166) | 157) | 142) | 127) |
| Corporate, Interest and Other | 2) | 1) | 2) | 3) | 8) |
| Total | 1,703) | 1,528) | 2,074) | 2,122) | 1,883) |
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).
Identifiable assets
Hess Corp., identifiable assets by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 15,022) | 14,173) | 13,688) | 16,790) | 16,109) |
| Midstream | 3,775) | 3,671) | 3,599) | 3,499) | 3,285) |
| Corporate, Interest and Other | 2,898) | 2,671) | 1,534) | 1,493) | 2,039) |
| Total | 21,695) | 20,515) | 18,821) | 21,782) | 21,433) |
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).
Capital expenditures
Hess Corp., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
|---|---|---|---|---|---|
| Exploration and Production | 2,589) | 1,698) | 1,678) | 2,576) | 1,909) |
| Midstream | 232) | 183) | 253) | 416) | 271) |
| Total | 2,821) | 1,881) | 1,931) | 2,992) | 2,180) |
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).