Hess narrows second quarter loss

U.S. oil and gas company Hess reported a net loss of $6 million in the second quarter of 2019, compared to a net loss of $130 million for the same period last year on the back of increased oil production and reduced expenses. Hess also decided to trim its full year capex guidance.

Hess Corporation on Wednesday reported revenues of $1.7 billion compared to $1.56 billion in the same quarter of 2018.

On an adjusted basis, the company reported a net loss of $28 million in the second quarter of 2019. In last year’s second quarter, Hess reported an adjusted net loss of $56 million.

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