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Hess swings to loss in Q2

Hess Corp. said its second-quarter normalized net income was a loss of 71 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 71 cents per share.

The per-share result swung to a loss from the prior-year profit of 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $202.5 million, compared with income of $180.4 million in the prior-year period.

The normalized profit margin declined to negative 10.6% from 6.6% in the year-earlier period.

Total revenue decreased 30.6% on an annual basis to $1.91 billion from $2.75 billion, and total operating expenses fell 9.6% on an annual basis to $2.13 billion from $2.35 billion.

Reported net income totaled a loss of $551.5 million, or a loss of $1.95 per share, compared with income of $973.7 million, or $3.10 per share, in the prior-year period.