NEW YORK (AP) — Hess Corp.'s first-quarter loss widened, as the oil and gas producer dealt with lower realized selling prices and a decline in production. Still, its performance beat analysts' estimates.
For the three months ended March 31, Hess lost $509 million, or $1.72 per share. A year earlier the New York-based company lost $389 million, or $1.37 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of $1.81 per share.
Revenue declined to $993 million from $1.55 billion.
Hess said Wednesday that oil and gas production totaled 350,000 barrels of oil equivalent per day, compared with pro forma production, which excludes assets sold, of 355,000 barrels of oil equivalent per day in the prior-year period.