NEW YORK — Hess, which announced a 40 percent cut in capital expenditures for 2016 this week, promised even deeper cuts Wednesday after reporting worse-than expected losses in the fourth quarter with crude prices hovering around $30 per barrel.
The New York company reported a loss of $1.82 billion, or $6.43 per share, in its fourth quarter, compared with a loss of $8 million, or 3 cents per share, in the same quarter a year ago.
Losses, adjusted for non-recurring costs and to account for discontinued operations, were $1.40 per share, 30 cents lower than Wall Street had projected, according to a poll by Zacks Investment Research was for a loss of $1.10 per share.
Revenue was almost cut in half to $1.39 billion, which was also worse than expected.
Major energy companies across the board are hunkering down by slashing expenses, cancelling projects, and laying off workers.
Shares of Hess Corp. rose $4.15, or 11.9 percent to $38.96 in afternoon trading Wednesday. Its shares down about 46 percent over 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HES at http://www.zacks.com/ap/HES
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