NEW YORK (AP) – Hess Corp. (HES) on Wednesday reported a loss of $97 million in its fourth quarter.
The New York-based company said it had a loss of 32 cents per share. Losses, adjusted for non-recurring gains, were 58 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 67 cents per share.
The oil and gas producer posted revenue of $1.42 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.25 billion.
For the year, the company reported that its loss widened to $3.09 billion, or $10.15 per share. Revenue was reported as $4.8 billion
Hess shares have increased slightly more than 8% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2.5%. The stock has declined 8% in the last 12 months.
FROM HESS: https://investors.hess.com/static-files/901848e9-24b8-4ca8-b8ac-4f8727fc7c3d
