Oil and gas producer Hess Corp. (NYSE: HES – $60.82) reported a second-quarter loss as a more-than 50 percent drop in crude prices in the past year ate into results. For the period, excluding one-time items, Hess recorded a loss of $0.52 per share vs. analysts’ expectations of a loss of $0.73 and compared to a profit last year of $1.38 per share. Sales were $1.953 billion, while Street estimates were for sales of $1.64 billion. Production jumped 72,000 barrels of oil equivalent per day to 391,000 boe/d. The company’s most prolific region continued to be the Bakken shale oil formation in North Dakota, where production rose 49 percent to 119,000 boe/d during the quarter. Hess drilled 67 new wells in the state during the period. Capital and exploratory expenditures totaled $1.1 billion in the second quarter down from $1.3 billion in the prior-year quarter. Hess announced earlier this year the sale of 50% interest in Bakken Midstream, resulting in $3 billion of cash proceeds. The equity has not been favored by the market of late along with the overall energy sector. Bounce back potential appears to be worthwhile at the recent quotation, however. The current dividend (and the potential for additional hikes) sweetens the pot, but it’s not being covered by corporate earnings right now. For those willing to wait out the oil glut, New York-based Hess can be a retained as a proxy for recovery.