Hess Corp Posts Q4 Loss on Rising Costs
Hess Corp posted its 13th straight quarterly loss on Monday as the oil and gas producer struggled to rein in expenses.
The company's shares were down 2.7 percent at $46.51 in light premarket trading.
Hess has slashed jobs and sold assets as it grapples with spiraling costs and project setbacks at a time when other producers focus on capital returns in a higher oil price environment.
The company, which is locked in a battle with activist investor Elliott Management Corp, said total costs and expenses surged 22 percent to $3.78 billion in the reported quarter.
Total revenue fell 6.5 percent to $1.30 billion in the quarter ended Dec. 31 even as the average selling price of crude oil jumped nearly $10 per barrel.
Hess produced 242,000 barrels of oil equivalent per day (boepd) in 2017 excluding Libya and asset sales. The company forecast production of 245,000 boepd to 255,000 boepd this year.
Net loss attributable to the company narrowed to $2.68 billion, or $8.57 per share, in the three months ended Dec. 31, compared to a loss of $4.89 billion, or $15.65 per share, a year earlier.
The year-earlier quarter had included a $3.75 billion charge on deferred tax assets.
Reporting by Yashaswini Swamynathan in Bengaluru
