Hess posts quarterly profit as Bakken output rises
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.
- Russian-backed separatists enter southeast Ukraine town
- U.S. air strikes on Syria would face formidable obstacles
- Samsung unveils smartwatch that can make calls
- FBI, Secret Service investigate reports of cyber attacks on U.S. banks
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |