Hess Corp. (NYSE: HES) reported a smaller-than-expected quarterly loss on Oct. 26 as the oil producer kept a tight leash on costs to counter lower prices.
West Texas Intermediate crude has nearly doubled from a low of $26.05 in February and have closed above $50 per barrel for the past 10 of 12 days. Still, oil prices remain below the high of $115 hit in mid-2014.
Hess said revenue fell 29.2% to $1.20 billion in the third quarter ended Sept. 30.
The company's net production decreased 17.4% to 314,000 barrels of oil equivalent per day.
Costs fell 17.9% in the three months ended Sept. 30.
Net loss attributable to Hess widened to $339 million, or $1.12 per share, from $279 million, or 98 cents per share, a year earlier.
Analysts on average had expected a loss of $1.24 per share and revenue of $1.18 billion, according to Thomson Reuters.
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