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Gulf of Mexico Output Lifts Hess Profits

By  AOG Staff Thursday, 25 April 2019 03:28
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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.

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

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)

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