Hess Corporation (NYSE:HES) exited the first quarter of this year with $3.56 billion in cash and $1.39 billion in other current assets versus $2.19 billion in current liabilities and $6.6 billion in long-term debt (that includes $709 million from Hess Midstream). A strong balance sheet gives Hess Corporation a wide berth when it comes to navigating the downturn in energy prices, specifically crude oil and its impact on global natural gas prices. Considering Hess' weak cash flow generation in a sub-$30/barrel environment and a low price environment overall, its relatively strong balance sheet has been its bulwark.
The upstream player also has an undrawn $4 billion revolving credit line that matures in January 2020 and $700 million in unused committed lines to provide additional access to liquidity. With over $8 billion in liquidity and access to liquidity, Hess will be able to easily service ~$100 million in debt maturities this year and ~$400 million in 2017 while also covering its outspend.
