Hess Reports Narrower Net Loss In Q1

(RTTNews) - Hess Corp. (HES) Wednesday reported a narrower net loss applicable to Hess Corp of $324 million for the first quarter, narrower than $509 million in the prior year. On a per share basis, loss was $1.07, narrower than $1.72 in the previous year.

On average, 19 analysts polled by Thomson Reuters expected the company to report loss of $1.05 per share. Analysts estimates usually exclude special items.

Revenue for the quarter climbed to $1.275 billion from $993 million last year. Wall Street expected revenue of $1.33 billion.

Oil and gas production exceeded guidance, while total production was 307,000 barrels of oil equivalent per day, excluding Libya; Bakken production was 99,000 boepd.

Chief Executive Officer John Hess said "With more than a decade of visible production growth, our company is well positioned to deliver compelling long-term value for our shareholders."