Hess reports 2nd-quarter loss but tops expectations

MarketsAssociated Press

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.

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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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HES at http://www.zacks.com/ap/HES

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Keywords: Hess, Earnings Report