Hess' Stock Falls After Profit Misses Expectations

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Oil company Hess Corp. reported on Wednesday an adjusted profit of $53 million, or $0.18 a share, down from $319 million, or $0.96 it reported in the year-earlier period, and below the FactSet consensus analyst estimate of 26 cents a share. On an unadjusted basis, which includes non-recurring items, the company reported a net loss of $8 million, compared to earnings of $1,925 million in the prior year quarter. Revenue fell to $2.53 billion from $3.11 billion, while oil and gas production for the company increased to 362,000 barrels of oil equivalent per day versus 307,000. The stock fell 0.9% in premarket trade. It has lost 13% over the past three months through Tuesday, while the S&P 500 has gained 2.2%.

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