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	2,096)	559)	(3,093)	(408)	(282)
Net income attributable to noncontrolling interests	351)	331)	254)	168)	167)
Net noncash charges	2,674)	2,101)	4,642)	2,477)	2,244)
Changes in operating assets and liabilities	(1,177)	(101)	(470)	(595)	(190)
Net cash provided by operating activities	3,944)	2,890)	1,333)	1,642)	1,939)
Capital expenditures incurred, E&P	(2,589)	(1,698)	(1,678)	(2,576)	(1,909)
Capital expenditures incurred, Midstream	(232)	(183)	(253)	(416)	(271)
Net borrowings (repayments) of debt with maturities of 90 days or less	(86)	(80)	152)	32)	—)
Debt with maturities of greater than 90 days, borrowings	420)	750)	1,000)	760)	—)
Debt with maturities of greater than 90 days, repayments	(510)	(510)	—)	(8)	(633)
Payments on finance lease obligations	(9)	(10)	(7)	(49)	—)
Free cash flow to equity (FCFE)	938)	1,159)	547)	(615)	(874)

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
FCFE	Free cash flow to equity is the cash flow available to Hess Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Hess Corp. FCFE increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

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

No. shares of common stock outstanding	307,151,680
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	938)
FCFE per share	3.05
Current share price (P)	147.76
Valuation Ratio
P/FCFE	48.38
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	16.33
ConocoPhillips	9.84
Exxon Mobil Corp.	14.01
Occidental Petroleum Corp.	7.41
Texas Pacific Land Corp.	64.56
P/FCFE, Sector
Oil, Gas & Consumable Fuels	9.17
P/FCFE, Industry
Energy	9.72

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.

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	306,180,424	309,745,523	306,986,553	305,214,587	303,034,262
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	938)	1,159)	547)	(615)	(874)
FCFE per share³	3.06	3.74	1.78	-2.01	-2.88
Share price^1, 4	138.95	101.40	65.53	64.72	57.68
Valuation Ratio
P/FCFE⁵	45.36	27.10	36.78	—	—
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	10.59	32.05	21.61	38.28	—
ConocoPhillips	8.93	10.61	497.58	14.36	—
Exxon Mobil Corp.	8.73	19.82	13.70	16.01	—
Occidental Petroleum Corp.	18.76	66.22	—	1.84	—
Texas Pacific Land Corp.	32.16	31.27	42.70	16.93	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	9.70	20.52	20.40	13.18	—
P/FCFE, Industry
Energy	10.54	21.55	19.85	13.81	—

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
= 938,000,000 ÷ 306,180,424 = 3.06

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

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 138.95 ÷ 3.06 = 45.36

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Hess Corp. P/FCFE ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Hess Corp. (NYSE:HES)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical