Hess posts quarterly profit as Bakken output rises

Wed Jan 30, 2013 7:38am EST

Jan 30 (Reuters) - Hess Corp, under pressure from an activist investor to break up the company, reported a fourth-quarter profit on Wednesday as production from its wells in North Dakota's Bakken oilfield soared.

Hess posted a profit of $566 million, or $1.66 per share, compared with a loss of $131 million, or 39 cents per share, a year earlier.

Revenue rose 10 percent to $9.69 billion, Hess said.

Elliott Management said on Tuesday it would nominate five directors to the oil and gas company' board and urged the company to consider a spinoff of its U.S. onshore assets and the sale of retail operations.

Hess, which is looking to become a predominantly exploration and production company, announced on Monday plans to sell its oil storage terminal network and exit the refining business.


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