NEW YORK — Hess Corp. (HES) on Wednesday reported a second-quarter loss of $567 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of $1.99. Losses, adjusted for non-recurring costs and to account for discontinued operations, were 52 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 70 cents per share.
The oil and gas producer posted revenue of $1.94 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $1.64 billion.
Hess shares have fallen 19 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 2 percent. The stock has decreased 40 percent in the last 12 months.
Keywords: Hess, Earnings Report