Hess Corporation (HES) reported a first-quarter net loss to company of $389 million or $1.37 per share, compared to net income of $386 million or $1.20 per share, prior year. Adjusted net loss, which excludes items affecting comparability, was $279 million or $0.98 per share, for the first quarter of 2015. The company said lower realized selling prices reduced adjusted net income by approximately $700 million, after-tax compared with the prior-year quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report a loss per share of $1.06 for the quarter. Analysts' estimates typically exclude special items.
Exploration and Production losses were $286 million in the first quarter of 2015, compared with net income of $508 million in the first quarter of 2014.
Total revenues and non-operating income decreased to $1.55 billion from $2.59 billion last year. Analysts expected revenue of $1.39 billion for the quarter.
"We delivered strong operating results for the quarter and captured significant cost savings for the year, with additional reductions being pursued," CEO John Hess said.
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