April 25, 2018 / 11:53 AM / a year ago

UPDATE 1-Hess posts smaller loss on higher oil prices, lower costs

(Adds details on realized prices, costs, production)

April 25 (Reuters) - U.S. oil and gas producer Hess Corp reported a smaller quarterly loss on Wednesday as the company benefited from higher crude prices and lower costs.

The company’s average realized price of crude oil jumped 22 percent to $59.32 per barrel, while total costs fell 11.6 percent to $1.38 billion, from a year earlier.

However, net production fell to 255,000 barrels of oil equivalent per day (boepd) from 311,000 boepd a year earlier, partly due to unplanned maintenance at the Enchilada platform in the Gulf of Mexico.

Net loss attributable to Hess narrowed to $106 million, or 38 cents per share, in the first quarter ended March 31, from $324 million, or $1.07 per share, a year earlier.

Total revenue and non-operating income rose to $1.39 billion from $1.25 billion. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Sriraj Kalluvila)

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