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Hess (HES) Stock Slumps After Q1 Revenue Misses Estimates

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.

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