Hess Losses Shrink On Higher Oil Prices

Oil and gas producer Hess Corp. (NYSE: HES) posted a smaller-than-expected quarterly loss on July 25 as it raked in more money per barrel even as production fell, thanks to higher oil prices.

The company’s average realized price of crude oil jumped 36% to $62.65 per barrels, while production fell 16% to 247,000 barrels of oil equivalent per day (boe/d), excluding its operations in Libya.