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Hess swings to loss in Q3

Hess Corp. said its normalized net income for the third quarter was a loss of $1.39 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.20 per share.

The per-share result swung to a loss from the prior-year profit of $1.08.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $395.1 million, compared with income of $328.0 million in the prior-year period.

The normalized profit margin declined to negative 24.0% from 12.6% in the year-earlier period.

Total revenue decreased 37.1% year over year to $1.64 billion from $2.61 billion, and total operating expenses climbed 5.7% year over year to $2.12 billion from $2.00 billion.

Reported net income came to a loss of $266.5 million, or a loss of 94 cents per share, compared with income of $338.6 million, or $1.11 per share, in the prior-year period.