Hess Posts Quarterly Loss, Deepens Spending Cuts

U.S. oil and gas producer Hess Corp on Thursday introduced deeper spending cuts after reporting a quarterly loss due to impairment charges of $2.25 billion on some oil-producing assets amid the coronavirus crisis.

Stay-at-home orders designed to contain the coronavirus pandemic have forced businesses to shut down, cutting worldwide demand for oil and creating a supply glut. U.S. crude collapsed this year, and remains down about 60% from January despite a recent rally.

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