Hess posts quarterly loss, deepens spending cuts on coronavirus-fueled oil rout

The New York-based company said net loss attributable was $2.43 billion

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May 7 (Reuters) - U.S. oil and gas producer Hess Corp reported a quarterly loss compared with a year-ago profit on Thursday, hurt by $2.25 billion in charges on the back of a coronavirus-induced fall in demand and a plunge in crude prices.

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TickerSecurityLastChangeChange %
HESHESS CORPORATION39.37+0.12+0.31%

The New York-based company said net loss attributable was $2.43 billion, or $8 per share, in the first quarter ended March 31, compared with a profit of $32 million, or 9 cents per share, a year earlier.

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On an adjusted basis, it incurred a loss of 60 cents per share.

Total production, excluding Libya, rose to 344,000 barrels of oil equivalent per day (boepd) from 278,000 boepd. (Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)

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