Hess cuts losses in fourth quarter 2018

 

U.S. oil company Hess reduced its net loss for the fourth quarter 2018 compared to the prior-year period on the back of exploration and production business and higher crude oil and gas prices.

Hess on Wednesday reported a net loss of $4 million in the fourth quarter of 2018, compared to a net loss of $2.68 billion in the fourth quarter of 2017.

On an adjusted basis, the company reported a net loss of $77 million in the fourth quarter of 2018, compared with an adjusted net loss of $304 million in the prior-year quarter.

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