Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

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Free Cash Flow to Equity (FCFE)

Hess Corp., FCFE calculation

US$ in millions

	12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Net income (loss) attributable to Hess Corporation
	Net income attributable to noncontrolling interests
	Net noncash charges
	Changes in operating assets and liabilities
	Net cash provided by operating activities
	Capital expenditures incurred, E&P
	Capital expenditures incurred, Midstream
	Net borrowings (repayments) of debt with maturities of 90 days or less
	Debt with maturities of greater than 90 days, borrowings
	Debt with maturities of greater than 90 days, repayments
	Payments on finance lease obligations
	Free cash flow to equity (FCFE)

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 Cash Provided by Operating Activities: There is a clear upward trend in the net cash generated from operating activities over the five-year period. Starting at 1,939 million US dollars in 2018, this figure declined moderately through 2019 and 2020, reaching a low of 1,333 million US dollars. However, there was a significant recovery in 2021, with the cash flow increasing to 2,890 million US dollars, followed by a further rise to 3,944 million US dollars in 2022. This pattern indicates resilience and improved operational efficiency or profitability after a period of contraction.
Free Cash Flow to Equity (FCFE): Free cash flow to equity exhibited a different profile, initially negative in 2018 and 2019 with values of -874 million and -615 million US dollars, respectively. This negative free cash flow could suggest high capital expenditures or other cash outflows exceeding operating cash inflows during these years. In 2020, FCFE turned positive at 547 million US dollars, marking an important shift towards financial health. This positive trend continued in 2021, rising to 1,159 million US dollars, although there was a slight reduction to 938 million US dollars in 2022. Overall, the transition from negative to positive FCFE signifies improved cash generation capacity available to equity shareholders after meeting capital expenditure requirements.
Summary of Financial Trends: The analysis reveals a recovery and strengthening in operating cash flows from 2020 onward, which is reflected in the substantial rise from 2021 through 2022. The concurrent improvement in free cash flow to equity following prior deficits underscores enhanced cash management and investment efficiency. Despite a minor decline in FCFE in the final year, both operating cash flows and FCFE remain elevated relative to earlier years, indicating a generally positive financial trajectory.

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Price to FCFE Ratio, Current

Hess Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Valuation Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.
ConocoPhillips
Exxon Mobil Corp.
Occidental Petroleum Corp.
P/FCFE, Sector
Oil, Gas & Consumable Fuels
P/FCFE, Industry
Energy

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Hess Corp., historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share³
	Share price^1, 4
	Valuation Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors⁶
	Chevron Corp.
	ConocoPhillips
	Exxon Mobil Corp.
	Occidental Petroleum Corp.
	P/FCFE, Sector
	Oil, Gas & Consumable Fuels
	P/FCFE, Industry
	Energy

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 Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =

⁴ Closing price as at the filing date of Hess Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =

⁶ Click competitor name to see calculations.

Share Price Trend: The share price exhibited a consistent upward trajectory from 2018 through 2022. Starting at $57.68 in 2018, the price gradually increased to $64.72 in 2019 and $65.53 in 2020. A more pronounced rise occurred in subsequent years, reaching $101.40 in 2021 and peaking at $138.95 in 2022. This pattern indicates growing market confidence or value appreciation over the period analyzed.
Free Cash Flow to Equity (FCFE) per Share: The FCFE per share showed significant improvement over the five-year span. Initially negative in 2018 (-$2.88) and 2019 (-$2.01), the metric turned positive in 2020 at $1.78. It continued to increase to $3.74 in 2021, followed by a slight decline to $3.06 in 2022. This indicates a recovery and strengthening in cash flow availability to equity shareholders, especially notable starting in 2020.
Price-to-Free Cash Flow to Equity (P/FCFE) Ratio: The P/FCFE ratio was not reported for 2018 and 2019. From 2020 onwards, the ratio demonstrates variability: starting at 36.78 in 2020, decreasing to 27.10 in 2021, and then rising substantially to 45.36 in 2022. This fluctuation suggests changing market valuation relative to free cash flow generation, with a lower ratio in 2021 indicating possibly better valuation or higher FCFE relative to price at that time, while 2022's increase implies a valuation premium or decreased relative FCFE.
Overall Insights: The overall data suggests a recovery phase beginning around 2020, with FCFE per share turning positive and share prices increasing significantly. Despite positive FCFE growth, the P/FCFE ratio's variations in the last years indicate changing investor sentiment or adjustments in market expectations relative to the company's cash flow generation. The share price growth outpaced FCFE per share, particularly in 2022, reflecting heightened market enthusiasm or anticipated future performance improvements.