Companies & Finance

Hess reports Q1 net loss amid improved earnings

United States-based oil and gas company Hess reduced its losses by two-thirds in Q1 2018 year on year.
By Staff reporter 25 April 2018 0 30601

United States-based oil and gas company Hess has reported a net loss of $106 million for Q1 2018 compared with a net loss of $324 million in the same period last year, the company announced on Wednesday.

Higher oil prices and lower operating costs contributed to improved earnings, Hess said.

The company’s average realised selling price for crude oil was $59.32 per barrel in Q1 2018, up from $48.58/bbl in Q1 2017.

Hess’s average realised selling price for gas was $3.86/MMBtu in Q1 this year compared with $3.20/MMBtu...