Oil Producer Hess' Loss Widens on $1.36B of Impairment Charges

Reuters

Jan 27 (Reuters) – Hess Corp reported a bigger quarterly loss as it recorded after-tax impairment charges of $1.36 billion amid a prolonged crude price slump that has sapped oil producers' profits.

Net loss attributable to Hess widened to $1.82 billion, or $6.43 per share, in the fourth quarter ended Dec. 31, from $8 million, or 3 cents per share, a year earlier.

Oil and gas production inched up to 368,000 barrels of oil equivalent per day (boepd) in the quarter, from 362,000 boepd, a year earlier.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Maju Samuel)

 

 

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