Hess Corporation HES reported adjusted first-quarter 2016 loss from continuing operations of $1.72 per share, narrower than the Zacks Consensus Estimate of loss of $1.81. However, the reported figure widened substantially from the year-ago quarter loss of 98 cents. The underperformance was mainly due to the plunge in oil and gas prices.Revenues plunged about 36% year over year from $1,550 million to $993 million. The top line also missed the Zacks Consensus Estimate of $1,426 million.First-Quarter Operational PerformanceIn the reported quarter, the company’s Exploration and Production (E&P) business posted adjusted loss of $451 million, wider than the year-earlier loss of $314 million.Quarterly hydrocarbon production totaled 350 thousand barrels of oil equivalent per day (MBOE/d), down 1.4% year over year.Crude oil production was 208 thousand barrels per day (down from 230 thousand barrels per day in the year-ago quarter), natural gas liquids production totaled 47 thousand barrels (up from 35 thousand barrels). However, natural gas output was 571 thousand cubic feet (Mcf) (down from 574 Mcf).Worldwide crude oil realization per barrel of $28.50 (including the impact of hedging) decreased 36.8% year over year. Worldwide natural gas prices plummeted 27.8% year over year to $3.42 per Mcf.FinancialsQuarterly net cash flow from operations was $148 million at the end of the quarter. Hess’ capital expenditures totaled $544 million, down 56% from $1,244 million in the prior-year quarter.As of Mar 31, 2016, the company had approximately $3,557 million in cash and $6,498 million in long-term debt. The debt-to-capitalization ratio at the end of the quarter was 22.7%.Zacks RankHess currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are ReneSola Ltd. SOL, FutureFuel Corp. FF and Braskem S.A. BAK. All these stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BRASKEM SA (BAK): Free Stock Analysis Report HESS CORP (HES): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report FUTUREFUEL CORP (FF): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research