Hess Corp Posts Quarterly Profit, Beats Estimates

Wednesday, October 31, 2018

U.S. oil and gas producer Hess Corp posted its first profit in about four years that also easily beat analysts' estimates, as it sold oil at higher prices and managed to slash costs by 62 percent.

New York-based Hess has not reported a profit since 2014 and has been under intense pressure from shareholders after many of its peers turned profitable following the recovery in crude prices.

Hess said on Wednesday its average realized oil selling price, including hedging, was $66.08 per barrel in the third quarter, up from $46.97 per barrel in the year-ago quarter.

That helped offset a 7 percent drop in production.

The company's total costs and expenses in the quarter dropped by 62 percent to $1.61 billion.

Net income attributable to Hess was $52 million, or 14 cents per share, in the third quarter ended Sept. 30, compared with a loss of $624 million, or $2.02 per share, a year earlier.

On an adjusted basis, the company earned 38 cents per share, compared with projections for just breaking even, according to Refinitiv data.

Hess shares rose 6 percent to $60.34 in premarket trading.


(Reporting by John Benny in Bengaluru; Editing by Bernard Orr and Sriraj Kalluvila)

Categories: Oil Finance Production Energy Industry News

Related Stories

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

BW Opal FPSO Vessel set for Work off Australia

Indonesia's Medco Starts Production at Natuna Sea Fields

Petrovietnam, Petronas Extend PSC for Offshore Block

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com