Stock Analysis on Net

Hess Corp. (NYSE:HES)

This company has been moved to the archive! The financial data has not been updated since November 2, 2023.

Common-Size Income Statement 
Quarterly Data

Hess Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Sales and other operating revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Gains on asset sales, net 0.07 0.00 0.00 2.59 0.00 0.10 0.95 0.00 1.65 0.00 0.00 5.98 0.00 0.96 0.00 0.00 0.00 1.33 0.00 0.00 0.78 0.72 0.52
Other, net 1.25 1.35 1.74 1.50 1.12 1.02 1.56 0.80 1.31 1.20 1.11 1.29 1.47 0.12 1.11 0.95 -4.11 0.90 1.72 1.94 1.17 1.37 2.75
Revenues and non-operating income 101.32% 101.35% 101.74% 104.09% 101.12% 101.12% 102.51% 100.80% 102.96% 101.20% 101.11% 107.27% 101.47% 101.08% 101.11% 100.95% 95.89% 102.23% 101.72% 101.94% 101.95% 102.09% 103.27%
Marketing, including purchased oil and gas -24.86 -23.90 -25.01 -27.98 -31.45 -28.53 -29.49 -30.04 -29.68 -20.39 -27.29 -21.27 -19.07 -6.72 -27.92 -25.43 -26.77 -28.73 -25.95 -28.61 -27.38 -29.34 -26.60
Operating costs and expenses -16.68 -19.83 -15.84 -13.12 -12.75 -12.05 -13.53 -14.13 -18.93 -19.95 -13.96 -23.69 -26.57 -35.29 -22.38 -21.69 -20.32 -17.17 -16.92 -17.70 -14.84 -18.77 -21.40
Production and severance taxes -2.18 -2.01 -1.99 -1.87 -2.31 -2.27 -2.64 -2.19 -2.39 -2.79 -1.95 -2.42 -2.93 -1.92 -3.10 -3.09 -2.97 -2.77 -2.48 -2.61 -2.62 -2.74 -2.90
Exploration expenses, including dry holes and lease impairment -2.32 -4.33 -2.74 -2.52 -1.86 -1.12 -1.86 -2.01 -2.05 -3.04 -1.74 -4.54 -6.13 -3.72 -13.96 -6.30 -3.16 -2.59 -2.16 -5.52 -9.43 -4.04 -2.97
General and administrative expenses -4.11 -4.72 -5.64 -7.40 -3.49 -3.21 -4.76 -3.84 -4.32 -5.32 -4.95 -6.21 -7.25 -10.68 -7.53 -7.78 -5.70 -5.36 -5.53 -5.52 -7.98 -8.41 -8.17
Depreciation, depletion and amortization -17.82 -21.71 -20.36 -17.18 -15.09 -13.23 -14.57 -17.79 -19.84 -24.38 -20.86 -36.79 -44.69 -61.10 -41.43 -34.82 -34.43 -29.76 -31.68 -32.30 -27.27 -28.94 -30.98
Impairment and other 0.00 -3.58 0.00 0.00 -1.73 0.00 0.00 0.00 0.00 -9.31 0.00 0.00 0.00 0.00 -157.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income (loss) before interest and income taxes 33.36% 21.28% 30.15% 34.01% 32.45% 40.71% 35.67% 30.80% 25.75% 16.02% 30.35% 12.34% -5.18% -18.37% -172.23% 1.84% 2.53% 15.84% 16.98% 9.70% 12.44% 9.84% 10.25%
Interest expense -4.18 -5.33 -5.10 -4.23 -4.00 -4.09 -5.32 -5.41 -7.11 -7.47 -6.16 -8.93 -10.18 -14.29 -8.35 -5.64 -5.70 -5.84 -6.23 -6.00 -5.52 -6.39 -7.65
Loss on debt extinguishment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.69 -2.01
Income (loss) before income taxes 29.18% 15.95% 25.05% 29.79% 28.44% 36.62% 30.35% 25.39% 18.65% 8.55% 24.18% 3.41% -15.36% -32.65% -180.58% -3.80% -3.16% 10.00% 10.75% 3.70% 6.92% 1.76% 0.59%
(Provision) benefit for income taxes -7.68 -6.99 -7.30 -9.95 -9.03 -11.10 -8.52 -9.48 -8.13 -7.73 -6.48 -5.45 -0.43 1.08 5.83 -7.07 -7.34 -7.95 -5.98 -1.64 -6.75 -7.43 -5.42
Net income (loss) 21.50% 8.96% 17.75% 19.84% 19.41% 25.52% 21.83% 15.91% 10.52% 0.82% 17.70% -2.04% -15.79% -31.57% -174.74% -10.87% -10.51% 2.05% 4.77% 2.06% 0.17% -5.67% -4.83%
Net income attributable to noncontrolling interests -3.50 -3.76 -3.40 -2.90 -2.91 -2.94 -3.80 -4.07 -3.98 -5.45 -4.43 -5.30 -5.18 -6.84 -4.95 -2.32 -2.91 -2.41 -2.74 -2.30 -2.51 -2.80 -3.05
Net income (loss) attributable to Hess Corporation 18.00% 5.20% 14.35% 16.94% 16.50% 22.57% 18.03% 11.85% 6.54% -4.62% 13.28% -7.34% -20.97% -38.42% -179.69% -13.19% -13.42% -0.36% 2.04% -0.24% -2.34% -8.47% -7.88%
Preferred stock dividends 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.25 -0.73 -0.61 -0.78 -0.82
Net income (loss) attributable to Hess Corporation common stockholders 18.00% 5.20% 14.35% 16.94% 16.50% 22.57% 18.03% 11.85% 6.54% -4.62% 13.28% -7.34% -20.97% -38.42% -179.69% -13.19% -13.42% -0.36% 1.78% -0.97% -2.96% -9.26% -8.69%

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).


The analyzed financial data reveals notable fluctuations in key indicators over the reported quarters. The overall percentage of sales and other operating revenues remains constant as a baseline metric; however, the composition and performance relative to sales show distinct patterns.

Non-operating Income and Gains
Gains on asset sales exhibit volatility with sporadic spikes, particularly pronounced in the quarter ending June 30, 2020, and December 31, 2021, suggesting opportunistic asset dispositions. The "Other, net" category remains generally positive but displays variability, including a notable negative deviation in September 2018.
Marketing and Operating Expenses
Marketing costs, including purchased oil and gas, consistently represent a significant negative portion of revenues, with a marked reduction in the second quarter of 2020 that may reflect operational adjustments or market conditions. Operating costs and expenses follow a less steady pattern, trending upward sharply in early 2020 before moderating in subsequent quarters, reflecting increased operational burdens during that period.
Production and Severance Taxes
These taxes maintain a relatively stable proportion of revenues, mostly fluctuating modestly around a 2-3% range without pronounced trends, indicating steady tax obligations.
Exploration Expenses
This category fluctuates considerably, showing some quarters with significant higher expenditure, particularly in late 2018 and early 2020, indicative of variable investment in exploration activities with potential implications for future reserves.
General and Administrative Expenses
G&A expenses generally trend downward over the period, suggesting cost control measures or operational efficiencies, with intermittent quarters showing elevated percentages that correspond with specific operational challenges.
Depreciation, Depletion, and Amortization (DD&A)
DD&A represents a major and variable expense component, peaking significantly during early 2020, which may reflect impairment charges or asset base adjustments. Post-2020, there is a notable reduction, implying asset-base stabilization or changes in asset utilization.
Impairments and Other
Large, erratic negative values are observed sporadically, with a pronounced impairment in March 2020, evidencing extraordinary write-downs that heavily impacted earnings.
Earnings Performance
Income before interest and taxes shows high volatility, with extreme losses in the early 2020 period, followed by a strong recovery and generally positive earnings in subsequent quarters. Correspondingly, net income mirrors these patterns, including several quarters of substantial losses, particularly in the first half of 2020, and a recovery phase reaching healthy positive values through 2022 and into 2023. The income before taxes aligns with these trends, although tax provisions have occasionally mitigated net income impacts.
Interest and Debt Expenses
Interest expense generally constitutes a consistent negative percentage relative to revenues, with a peak during 2020, reflecting heavier debt servicing burdens amid adverse conditions. Losses on debt extinguishment appear only in early 2018, suggesting some refinancing activities during that period.
Net Income Attributable to Common Stockholders
The net income attributable to common stockholders displays significant variability, with sharp declines during 2020 and gradual improvements thereafter, recovering to positive territory by 2021 and strengthening through 2023. This reflects an overall recovery and enhanced profitability in the more recent periods.

Overall, the data illustrates a period of significant financial stress centered around the early 2020 quarters, likely linked to external market or operational shocks, followed by a phase of recovery and improved profitability. Cost management efforts are evident in declining general and administrative expenses and moderated marketing costs in recent quarters. Asset impairments and volatile exploration spending suggest strategic adjustments and responses to market conditions. Income and earnings metrics indicate resilience post-2020 downturn with positive growth trends in subsequent years.