OREANDA-NEWS. Hess Corporation (NYSE: HES) today reported an adjusted net loss, which excludes items affecting comparability, of $396 million or $1.40 per common share, for the fourth quarter of 2015 compared with adjusted net income of $53 million or $0.18 per share in the fourth quarter of 2014. Lower realized selling prices reduced adjusted net income by approximately $420 million compared with the prior-year quarter. On an unadjusted basis, the Corporation reported a net loss of $1,821 million for the fourth quarter of 2015 compared with a net loss of $8 million in the fourth quarter of last year. Fourth quarter 2015 results included noncash goodwill and other impairment related charges totaling $1,359 million after tax.

“We finished 2015 with one of the strongest balance sheets and liquidity positions among our E&P peers,” Chief Executive Officer John Hess said. “Looking forward, our top priority is to continue to keep our balance sheet strong. Our 2016 capital and exploratory budget is 40 percent below our 2015 spend and we will continue to pursue further cost reductions. At the same time, we plan to continue to invest in future growth.”