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Hess swings to loss in Q1

Hess Corp. said its normalized net income for the first quarter was a loss of $1.60 per share, compared with the S&P Capital IQ consensus estimate of a loss of $1.07 per share.

The per-share result swung to a loss from the prior-year profit of $1.06.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $454.4 million, compared with income of $341.9 million in the year-earlier period.

The normalized profit margin declined to negative 30.3% from 13.1% in the year-earlier period.

Total revenue fell 42.5% on an annual basis to $1.50 billion from $2.61 billion, and total operating expenses grew 16.8% year over year to $2.16 billion from $1.85 billion.

Reported net income came to a loss of $374.2 million, or a loss of $1.33 per share, compared with income of $330.1 million, or $1.02 per share, in the prior-year period.