Hess Corp. (HESS) Stock Takes a Hit Post-Earnings

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Hess Corp. (NYSE:HES) shares fell following the company’s quarterly earnings report.

HessThe energy industry has declined over recent weeks, causing oil companies such as Hess to release underwhelming earnings figures. Crude prices dipped 25% over the course of the period to $41.95 a barrel.

The company reported a loss of $328 million in its exploration and production business in the quarter, which is 34.7% lower than the $502 million that Hess posted a year ago. Capital and exploratory costs will amount to about $2.1 billion for the year.

Overall, the company’s loss was $392 million — about $1.29 a share — for the period. The Wall Street average projection called for an adjusted loss of $1.24 a share.

Its year-ago quarter’s loss stood at $567 million, which is about $1.99 per share. The company’s total revenue raked in amounted to $1.27 billion, which is 34% lower than the year-ago quarter’s numbers.

Wall Street expected Hess to rake in $1.25 billion in revenue.

The company is currently working on bringing a Bakken pipeline system that travels 1.1 miles, and it will be connected to the Dakota Access pipeline.

Energy Transfer Partners will build the line and send oil to other markets, including Texas. The pipeline will have a maximum of 70,000 barrels, but it will shell out an average of 50,000 barrels a day.

““I have come to give my highest regards to Hess,” said a Laborers’ International Union of North America marketer. “When it comes down to a company like Hess, they spare no expense on safety. It is top notch.”

 

HES stock fell 3.9% Wednesday

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Article printed from InvestorPlace Media, https://investorplace.com/2016/07/hess-stock/.

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