By October 26, 2016 Read More →

Hess reports smaller-than-expected loss


Hess net production decreased 17.4 per cent in Q3 to 314,000 boepd.  The company also cut costs by 17.9 per cent.

Hess revenue fell 29.2 per cent to $1.2 billion

Oct 26 (Reuters) – Hess Corp reported a smaller-than-expected quarterly loss on Wednesday as the oil producer kept a tight leash on costs to counter lower prices.

U.S. crude prices have nearly doubled from a low of $26.05 in February and have closed above $50 per barrel for the past 10 of 12 days.

Still, they remain below the high of $115 hit in mid-2014.

Hess said revenue fell 29.2 per cent to $1.2 billion in the third quarter ended Sept. 30.

The company’s net production decreased 17.4 percent to 314,000 barrels of oil equivalent per day (boepd).

Costs fell 17.9 per cent in the three months ended Sept. 30.

Net loss attributable to Hess Corp widened to $339 million, or $1.12 per share, from $279 million, or 98 cents per share, a year earlier.

Analysts on average had expected a loss of $1.24 per share and revenue of $1.18 billion, according to Thomson Reuters I/B/E/S.

(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila)

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