HESS CORPORATION Releases Second Quarter Earnings Report for FY2023
August 26, 2023
🌥️Earnings Overview
On June 30 2023, HESS CORPORATION ($NYSE:HES) released their second quarter earnings report for FY2023, showing a decrease of 22.5% in total revenue to USD 2289.0 million compared to the same period the previous year. Additionally, net income also decreased to USD 119.0 million, a drop of 82.2% from the same period in the prior year.
Price History
HESS CORPORATION opened the trading day at $145.5 and closed at $147.6, representing a 0.2% increase from the previous closing price of 147.3. This growth was also bolstered by the company’s successful efforts to reduce costs in its refining and marketing business segment, helping to increase profit margins and strengthen overall financial performance. In light of this strong performance, HESS CORPORATION’s stock price rose 0.2% from the previous day’s closing price, signaling investor sentiment that the company is on the right track for continued success in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Hess Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 10.76k | 1.48k | 14.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Hess Corporation. More…
| Operations | Investing | Financing |
| 4.2k | -3.04k | -1.1k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Hess Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 22.23k | 13.33k | 26.94 |
Key Ratios Snapshot
Some of the financial key ratios for Hess Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 25.4% | 87.2% | 30.0% |
| FCF Margin | ROE | ROA |
| 9.6% | 24.6% | 9.1% |
Analysis
At GoodWhale, we have conducted an analysis of the fundamentals of HESS CORPORATION. According to our Star Chart, HESS CORPORATION has an intermediate health score of 6/10, indicating that it is likely to safely ride out any crisis without the risk of bankruptcy. We have classified HESS CORPORATION as a ‘gorilla company’, one that has achieved stable and high revenue or earnings growth due to its strong competitive advantage. We believe investors will be interested in HESS CORPORATION due to its strong dividend, growth, and medium asset and profitability levels. Overall, we believe HESS CORPORATION is a good option for those looking for an investment with robust fundamentals and strong potential for long-term growth. More…
Peers
Its competitors are Ovintiv Inc, EOG Resources Inc, and Continental Resources Inc. All of these companies are large, international oil and gas companies with operations in many different countries.
– Ovintiv Inc ($TSX:OVV)
Ovintiv Inc is an American oil and gas exploration and production company with a market capitalization of $18.04 billion as of March 2021. The company has a return on equity of 33.39%.
Ovintiv Inc is engaged in the exploration, development, production and marketing of crude oil, natural gas and natural gas liquids. The company has operations in the United States, Canada, the United Kingdom, Norway and Trinidad and Tobago. Ovintiv Inc is headquartered in Denver, Colorado.
– EOG Resources Inc ($NYSE:EOG)
EOG Resources, Inc. engages in the exploration, development, production, and marketing of natural gas and crude oil. It operates through the following segments: Texas, Louisiana, North Dakota, Wyoming, Colorado, Oklahoma, New Mexico, Australia, China, Trinidad, and Other International. The company was founded by Mark G. Papa in 1985 and is headquartered in Houston, TX.
– Continental Resources Inc ($NYSE:CLR)
Continental Resources, Inc. is an independent crude oil and natural gas exploration and production company with operations in the North, South and East regions of the United States. The Company also has natural gas gathering and processing facilities in the Anadarko and Arkoma basins. As of December 31, 2016, the Company had net proved reserves of 1,271 million barrels of oil equivalent (MMBoe), of which approximately 71% was crude oil and approximately 29% was natural gas.
Summary
HESS CORPORATION‘s second quarter earnings report for FY2023 showed a significant decline in revenue and net income compared to the same period in the previous year. Total revenue dropped by 22.5% to USD 2289.0 million, while net income was down 82.2% to USD 119.0 million. This may be of concern to investors, as it could indicate a significant shift in the company’s financial performance. Analysts should closely monitor future earnings reports to better understand HESS CORPORATION’s financial health.
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