Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
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Hess Corp., common-size consolidated income statement (quarterly data)
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.