A day after announcing a cut in spending, Hess Corp. said it took a net loss of $396 million for the fourth quarter against $53 million in income year-on-year. Most of the company’s loss during the fourth quarter came from its upstream, or exploration and production, portfolio. A fourth quarter loss of $328 million is compared with a net income of $138 million in the fourth quarter of 2014. Chief Executive Officer John Hess said the agenda for 2016 would be focused on keeping a balanced portfolio through the weakened oil sector. “Our 2016 capital and exploratory budget is 40 percent below our 2015 spend and we will continue to pursue further cost reductions,” he said […]