LogIn LogOut

Gulf of Mexico Output Lifts Hess Profits

April 25, 2019

(Photo: Hess Corp)
(Photo: Hess Corp)

Hess Corp reported a surprise profit on Thursday, supported by higher production at the U.S. oil and gas producer's oilfields in the Bakken shale and Gulf of Mexico regions.

The company said production from Bakken rose 17 percent to 130,000 barrels of oil equivalent per day (boe/d), while output from its offshore Gulf of Mexico operations rose nearly 71 percent to 70,000 boe/d.

Shale production in major U.S. shale basins, including North Dakota's Bakken, has seen a steady rise, with the country becoming the world's top crude producer.

The New York-based company's total oil and gas production, excluding Libya, rose to 278,000 boe/d from 233,000 boe/d.

Net income attributable to Hess was $32 million, or 9 cents per share, in the first quarter ended March 31, compared with a loss of $106 million, or 38 cents per share, a year earlier.

Analysts on average had expected the company to report a loss of 25 cents per share, according to IBES data from Refinitiv.

Revenue rose 15 percent to $1.60 billion, beating estimates of $1.50 billion.

(Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel)



Current News

Philippines Defends Malampaya Gas Deal with Duterte's Ally after Graft Complaint

Philippines Defends Malampaya Gas Deal with Duterte's Ally after Graft Complaint

Seismic Survey: Bluepulse from Sercel Designed for 'Sensitive' Marine Areas

Seismic Survey: Bluepulse from Sercel Designed for 'Sensitive' Marine Areas

Intellian, Inmarsat Launch New FleetBroadband Terminals

Intellian, Inmarsat Launch New FleetBroadband Terminals

Indonesia Cuts Oil and Gas Production Targets

Indonesia Cuts Oil and Gas Production Targets

Report: As Power Crisis Worsens, India Presses Qatar for Delayed LNG Cargoes

Report: As Power Crisis Worsens, India Presses Qatar for Delayed LNG Cargoes

Opinion: Global Oil Market is Tight, Despite what Producers Say

Opinion: Global Oil Market is Tight, Despite what Producers Say

Several Workers Injured in Refinery Fire in Kuwait

Several Workers Injured in Refinery Fire in Kuwait
photo

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