Hess Q1 Profit, Output Drop - Quick Facts

(RTTNews) - Energy company Hess Corp. (HES) said first-quarter net income attributable to the company plunged to $386 million from $1.276 billion in the first quarter of 2013. Net income per share declined to $1.20 from $3.72.

Adjusted earnings were $446 million or $1.38 per share, while it totaled $669 million or $1.95 per share in the prior year quarter, amid divesting E&P assets and downstream businesses.

On average, 24 analysts polled by Thomson Reuters expected earnings of $1.04 per share. Analysts estimates typically exclude special items.

Total revenues and non-operating income declined to $5.506 billion from $6.760 billion in the prior year. Oil and gas production was 318,000 barrels of oil equivalent per day or boepd, compared to 389,000 boepd in the year-ago quarter.