Hess Corp., current enterprise value calculation

Current share price (P)	$147.76
No. shares of common stock outstanding	307,151,680
US$ in millions
Common equity (market value)¹	45,385)
Add: Preferred stock, par value $1.00 (per books)	—)
Add: Noncontrolling interests (per books)	641)
Total equity	46,026)
Add: Current portion of long-term debt (per books)	3)
Add: Current portion of finance lease obligations (per books)	21)
Add: Long-term debt, excluding current portion (per books)	8,278)
Add: Long-term finance lease obligations (per books)	179)
Total equity and debt	54,507)
Less: Cash and cash equivalents	2,486)
Enterprise value (EV)	52,021)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 147.76 × 307,151,680

Hess Corp., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$138.95	$101.40	$65.53	$64.72	$57.68
No. shares of common stock outstanding¹	306,180,424	309,745,523	306,986,553	305,214,587	303,034,262
US$ in millions
Common equity (market value)³	42,544)	31,408)	20,117)	19,753)	17,479)
Add: Preferred stock, par value $1.00 (book value)	—)	—)	—)	—)	1)
Add: Noncontrolling interests (book value)	641)	726)	969)	974)	1,259)
Total equity	43,185)	32,134)	21,086)	20,727)	18,739)
Add: Current portion of long-term debt (book value)	3)	517)	10)	—)	67)
Add: Current portion of finance lease obligations (book value)	21)	19)	18)	17)	—)
Add: Long-term debt, excluding current portion (book value)	8,278)	7,941)	8,286)	7,142)	6,605)
Add: Long-term finance lease obligations (book value)	179)	200)	220)	238)	—)
Total equity and debt	51,666)	40,811)	29,620)	28,124)	25,411)
Less: Cash and cash equivalents	2,486)	2,713)	1,739)	1,545)	2,694)
Enterprise value (EV)	49,180)	38,098)	27,881)	26,579)	22,717)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Hess Corp. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 138.95 × 306,180,424

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Hess Corp. EV increased from 2020 to 2021 and from 2021 to 2022.

Hess Corp. (NYSE:HES)

Enterprise Value (EV)