NEW YORK (TheStreet) -- Shares of Hess (HES) - Get Report were flat in pre-market trading on Wednesday as the New York City-based company reported 2016 third-quarter results that surpassed analysts' estimates.
Before today's opening bell, Hess posted an adjusted loss of $1.12 per diluted share, narrower than analysts' expectations of an adjusted loss of $1.22 per share.
Revenue came in at $1.2 billion, above analysts' projected $1.15 billion.
For the same quarter last year, the exploration and production company posted an adjusted loss of $1.03 per share and $1.69 billion in revenue.
Net production in the 2016 third quarter was 314,000 barrels of oil equivalent per day (boepd) compared to pro forma net production of 372,000 boepd in the same quarter last year.
"Lower volumes were primarily due to a reduced drilling program across our portfolio, planned and unplanned downtime, and natural field declines," the company said.
Hess noted that capital and exploratory expenditures were down 49% year-over-year as a result of the weak commodity price environment.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Hess as a Sell with a ratings score of D+. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, generally disappointing historical performance in the stock itself and disappointing return on equity.
You can view the full analysis from the report here: HES