Hess Posts Loss After Boosting Output Ahead of Oil Collapse
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Hess Corp., which sold off refineries and gasoline stations to focus on oil production, reported a fourth quarter net loss after crude prices fell.
The net loss was $8 million or 3 cents a share, compared with profit of $1.9 billion, or $5.76, a year earlier, New York-based Hess said in a statement Wednesday. Per-share profit excluding one-time items was 18 cents, 2 cents below the average of 19 analysts’ estimates compiled by Bloomberg. Sales fell 19 percent to $2.53 billion.