NEW YORK (TheStreet) -- Hess Corp. (HES - Get Report) stock is falling 2.74% to $61.52 in afternoon trading on Wednesday after the oil and gas company reported weak revenue for the 2016 first quarter.
Quarterly revenue dropped 36% year over year to $993 million, falling short of estimates of $1.02 billion for the first three months of the year.
Before today's market open, New York City-based Hess posted a loss of $1.72 per share for the quarter, beating estimates of a loss of $1.83 per share for the quarter. Last year, Hess reported a loss of 98 cents per share for the 2015 first quarter.
Oil and gas production fell to 350,000 barrels of oil equivalent per day for the latest quarter, compared with 355,000 barrels of oil equivalent per day in the same period last year.
Exploration and production capital and exploratory expenditures declined 56% to $544 million.
"With our balance sheet strength, oil-leveraged portfolio and attractive growth opportunities, we believe the company is well positioned to deliver strong cash flow growth and long term value as oil prices recover," CEO John Hess said in a statement.
Separately, Hess has a "sell" rating and a letter grade of D+ at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing stock performance and feeble earnings per share growth.
You can view the full analysis from the report here: HES
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