OPIS energy analyst Tom Kloza argues oil prices will recover next year.
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May 7 (Reuters) – U.S. oil and gas producer Hess Corp reported a quarterly loss compared with a year-ago profit on Thursday, hurt by $2.25 billion in charges on the back of a coronavirus-induced fall in demand and a plunge in crude prices.
OIL PRICES SNAP 5-DAY WINNING STREAK
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HES | HESS CORPORATION | 46.66 | +1.65 | +3.67% |
The New York-based company said net loss attributable was $2.43 billion, or $8 per share, in the first quarter ended March 31, compared with a profit of $32 million, or 9 cents per share, a year earlier.
OIL PRICES RALLY AS MORE STATES REOPEN ECONOMIES
On an adjusted basis, it incurred a loss of 60 cents per share.
Total production, excluding Libya, rose to 344,000 barrels of oil equivalent per day (boepd) from 278,000 boepd. (Reporting by Arunima Kumar in Bengaluru; Editing by Maju Samuel)
