Hess Reports Wider Loss
January 25 2017 - 9:01AM
Dow Jones News
By Imani Moise
Hess Corp. (HES) posted a deeper loss in the latest quarter,
though earnings slid less than expected as the company benefited
from higher energy selling prices.
The company's average realized crude oil selling price increased
4.9% to $45.97 over the quarter and the natural gas selling price
was grew 53% to $14.68. Energy prices have been on the rise lately
after an extended drop.
Hess's exploration and production business posted an adjusted
loss of $257 million in the quarter, compared with a loss of $328
million a year ago. Oil and gas production fell 15% to 311,000
barrels of oil equivalent a day.
Over all for the quarter, Hess reported a loss of $4.89 billion,
or $15.65 a share, compared with a loss of $1.82 billion, or $6.43,
a year earlier. Excluding items affecting comparability between
periods, the company posted a loss of $305 million, or $1.01 a
share, compared with $396 million, or $1.40 a share, a year
earlier. The most-recent quarter included a non-cash accounting
charge of $3.75 billion on deferred tax assets.
Revenue fell 0.07% to $1.39 billion.
Analysts polled by Thomson Reuters had forecast a loss of $1.09
on $1.23 billion in revenue.
Shares, inactive premarket, closed at $57.52 and have risen 13%
over the past three months.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 25, 2017 08:46 ET (13:46 GMT)
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