Hess Corp Surpasses Q3 Profit Estimates, Boosted by Increased Production
Higher than expected quarter results come days after Chevron agrees to buy the company for $53 billion, with notable increase in production from Guyana and North Dakota's Bakken shale field.
- Hess Corp reported a $1.64 per share net income, excluding items, for Q3, surpassing analysts' average estimate of $1.15.
- Boosted by increased production, Hess Corp's Q3 revenue was $2.84 billion, beating expectations of $2.34 billion.
- The company's net production increased to 395,000 barrels of oil equivalent per day (boepd) in Q3, up from 351,000 boepd a year earlier.
- Hess Corp's production from Guyana totaled 108,000 boepd, a 10% increase compared to the prior-year quarter.
- Quarterly production at North Dakota's Bakken shale field saw a notable increase of almost 14% year-on-year, due to increased drilling and well completion activity, and higher natural gas volumes.
Reuters 
Washington Post 
