Hess Corporation (HES)

Total asset turnover

		Dec 31, 2023	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
Revenue (ttm)	US$ in thousands	10,511,000	10,680,000	11,002,000	11,668,000	11,570,000	10,645,000	9,334,000	7,977,000	7,583,000	6,745,000	6,110,000	5,354,000	4,804,000	5,086,000	5,425,000	6,280,000	6,510,000	6,493,000	6,806,000	6,675,000
Total assets	US$ in thousands	24,007,000	23,201,000	22,230,000	21,938,000	21,695,000	21,643,000	21,180,000	19,798,000	20,515,000	19,490,000	19,166,000	18,951,000	18,821,000	18,969,000	19,546,000	20,717,000	21,782,000	21,631,000	21,695,000	21,716,000
Total asset turnover		0.44	0.46	0.49	0.53	0.53	0.49	0.44	0.40	0.37	0.35	0.32	0.28	0.26	0.27	0.28	0.30	0.30	0.30	0.31	0.31

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $10,511,000K ÷ $24,007,000K
= 0.44

Hess Corporation's total asset turnover has exhibited fluctuating trends over the past year. The ratio ranged from 0.40 to 0.52, with the highest value recorded in Q1 2023. This indicates that the company generated $0.52 in sales revenue for every dollar of total assets during that quarter. However, it experienced a slight decline in efficiency in subsequent quarters. The lowest turnover was observed in Q1 2022 with a ratio of 0.40.

Overall, Hess Corporation's total asset turnover has remained relatively stable around the 0.44 to 0.52 range, suggesting that the company efficiently utilizes its assets to generate sales revenue. Further analysis would be beneficial to understand the specific factors driving these fluctuations and potential areas for improvement in asset utilization efficiency.