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Hess Corp. Q1 Loss Narrows

Hess Corp.(HES) reported that its net loss attributable to common stockholders for the first quarter of 2018 narrowed to $117 million, or $0.38 per share, from $336 million, or $1.07 per share, in the first quarter of 2017.

On an adjusted basis, the company reported an after-tax net loss of $72 million, or $0.27 per share, in the first quarter of 2018. The improved after-tax adjusted results reflect higher realized crude oil selling prices, lower operating costs and depreciation, depletion and amortization expense, partially offset by lower production volumes, primarily due to asset sales.

Total revenues and non-operating income for the quarter rose to $1.39 billion from $1.25 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.51 per share and revenues of $1.18 billion for the quarter. Analysts' estimates typically exclude special items.

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