Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Hess Corp., EBITDA 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	2,096)	559)	(3,093)	(408)	(282)
Add: Net income attributable to noncontrolling interest	351)	331)	254)	168)	167)
Add: Income tax expense	1,099)	600)	(11)	461)	335)
Earnings before tax (EBT)	3,546)	1,490)	(2,850)	221)	220)
Add: Interest expense	493)	481)	468)	380)	399)
Earnings before interest and tax (EBIT)	4,039)	1,971)	(2,382)	601)	619)
Add: Depreciation, depletion and amortization	1,703)	1,528)	2,074)	2,122)	1,883)
Earnings before interest, tax, depreciation and amortization (EBITDA)	5,742)	3,499)	(308)	2,723)	2,502)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Hess Corp. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

Enterprise Value to EBITDA Ratio, Current

Hess Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	52,021)
Earnings before interest, tax, depreciation and amortization (EBITDA)	5,742)
Valuation Ratio
EV/EBITDA	9.06
Benchmarks
EV/EBITDA, Competitors¹
Chevron Corp.	5.95
ConocoPhillips	4.96
Exxon Mobil Corp.	6.58
Occidental Petroleum Corp.	4.93
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	4.20
EV/EBITDA, Industry
Energy	4.36

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

¹ Click competitor name to see calculations.

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

Enterprise Value to EBITDA Ratio, Historical

Hess Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	49,180)	38,098)	27,881)	26,579)	22,717)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	5,742)	3,499)	(308)	2,723)	2,502)
Valuation Ratio
EV/EBITDA³	8.56	10.89	—	9.76	9.08
Benchmarks
EV/EBITDA, Competitors⁴
Chevron Corp.	4.74	7.18	18.57	6.39	—
ConocoPhillips	3.82	6.34	23.12	4.13	—
Exxon Mobil Corp.	4.54	7.07	16.97	6.91	—
Occidental Petroleum Corp.	3.70	5.30	—	10.32	—
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	4.40	6.79	24.59	—	—
EV/EBITDA, Industry
Energy	4.65	7.04	36.95	—	—