Hess Corp. Slips To Loss In Q2 - Quick Facts

(RTTNews) - Hess Corp. (HES) reported a net loss attributable to the company of $567 million for the second quarter of 2015, compared to net income of $931 million in the prior-year quarter. On a per share basis, net loss was $1.99 compared to net income of $2.96 last year. The latest-quarter result included a non-cash goodwill impairment charge of $385 million.

Adjusted net loss, which excludes items affecting comparability, was $147 million or $0.52 per share, for the second quarter of 2015 compared with adjusted net income of $432 million or $1.38 per share in the second quarter of 2014.

Lower realized selling prices reduced adjusted net income by approximately $740 million after-tax compared with the prior-year quarter. In addition, second quarter 2015 results benefitted from higher production, lower cash operating costs and reduced exploration expenses that were partially offset by higher depreciation, depletion, and amortization expense.

Total revenues and non-operating income fell to $1.935 billion from $3.583 billion last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.73 per share and revenues of $1.58 billion for the quarter. Analysts' estimates typically exclude special items.