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Hess posts $304M adjusted loss in Q4'17 as costs surge

Hess Corp. reported a fourth-quarter 2017 adjusted net loss attributable to the company of $304 million, or $1.01 per share, compared to a loss of $305 million, or $1.01 per share, in the fourth quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter was a loss of 91 cents.

Including after-tax expenses of items affecting comparability, such as asset sales, net loss attributable to Hess narrowed to $2.68 billion, or $8.57 per share, from a loss of $4.89 billion, or $16.65 per share, in the year-ago quarter.

Total revenue and non-operating income amounted to $1.30 billion, down from $1.39 billion in the same quarter a year ago. Total costs and expenses rose to $3.77 billion, from $3.10 billion in the prior-year period.

For the full year 2017, adjusted net loss attributable to Hess dropped to $1.40 billion, or $4.61 per share, from $1.49 billion, or $4.94 per share, in 2016. The S&P Capital IQ consensus normalized EPS estimate for 2017 was a loss of $4.46.

Net loss attributable to Hess for the full year was $4.07 billion, or $13.12 per share, compared to $6.13 billion, or $19.92 per share, a year ago.

Total revenue and non-operating income rose to $5.41 billion in 2017, from $4.84 billion in 2016. Total costs and expenses also increased, to $11.18 billion from $8.70 billion a year ago.

Hess is a global energy company involved in the exploration and production of crude oil and natural gas.