Stock Alert: Hess Shares Down On Wider Net Loss

(RTTNews) - Hess Corp. (HES) is sliding in morning session after reporting a wider loss for the fourth quarter. The shares lost more than 4 percent in initial trading, after opening at 62.23. The shares has been trading lower since mid January. HES had closed at 62.12 on Tuesday, on more than average volume of 11,483,700.

Wednesday, before the bell, Hess reported a wider net loss of $222 million or $0.73 per share, compared to loss of $4 million or $0.05 per share in the prior year. On an adjusted basis, loss attributable was $180 million or $0.60 per share.

Revenue for the quarter reported a slight increase to $1.699 billion from $1.650 billion in the comparable period last year.

Loss for Exploration and Production widened to $64 million from $5 million in the prior year. The company recorded net negative revision in oil and gas reserve estimates due to lower commodity prices.

Fourth quarter crude oil production increased to 183K barrels per day, compared to 161K barrels in the comparable quarter.