NEW YORK — Hess Corp. (HES) on Wednesday reported a first-quarter loss of $389 million, after reporting a profit in the same period a year earlier.
The New York-based company said it had a loss of $1.37 per share. Losses, adjusted for non-recurring costs and to account for discontinued operations, came to 98 cents per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of $1.09 per share.
The oil and gas producer posted revenue of $1.55 billion in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $1.44 billion.
Hess shares have risen 4 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 3 percent. The stock has declined 12 percent in the last 12 months.
Keywords: Hess, Earnings Report
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