Hess Corp. reported a net loss of $389 million during the first quarter compared with net income of $386 million in first-quarter 2014. An adjusted net loss of $279 million was down from an adjusted net income of $446 million in first-quarter 2014. The company says lower realized selling prices reduced adjusted net income by $700 million after-tax year-over-year. First-quarter results benefitted from higher crude oil and natural gas liquids production, but were offset primarily by higher depreciation, depletion, and amortization expense. Net cash provided by operating activities was $362 million in the first quarter, compared with $1.16 billion in first-quarter 2014. Hess is further reducing its full-year guidance for capital and exploratory expenditures by $300 million to $4.4 billion. The company also forecasts its full-year cash costs will be lower by $250 million. The company says it will continue to pursue additional savings in 2015 […]