CORRECTED-UPDATE 1-Hess profit and production tumble after unrest in Libya
(Corrects production guidance range in 4th paragraph to 340,000-355,000 boe/d from 240,000-255,000 boe/d.)
Oct 30 (Reuters) - Hess Corp, an oil and natural gas producer, reported a lower-than-expected third-quarter profit on Wednesday as unrest in Libya and asset sales dented production.
Oil and gas output fell to 310,000 barrels of oil equivalent per day from 402,000 boe/d a year earlier.
Much of the drop came after Hess sold assets in Russia, the UK and Azerbaijan. In the year-earlier quarter, those assets boosted production.
The continuing unrest in Libya also hurt second-quarter production, and Hess said it now expects full-year output to be at the low end of its guidance range of 340,000 to 355,000 boe/d.
Excluding one-time items, Hess earned $1.18 per share in the third quarter. By that measure, analysts expected $1.44 per share, according to Thomson Reuters I/B/E/S.
The company posted net income of $420 million, or $1.23 per share, compared with $557 million, or $1.64 per share, a year earlier.
Revenue dropped 23 percent to $2.69 billion. Analysts expected $2.67 billion.
Shares of New York-based Hess fell 2.3 percent to $81.60 in premarket trading. As of Tuesday's close, the stock had gained 58 percent this year.
Activist investor Elliot Management took a large stake in Hess earlier this year and put three new directors on the company's board. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn and John Wallace)
- Atheists face death in 13 countries, global discrimination: study
- Missouri executes man for killing good Samaritan motorist in 1994
- Focus turns to Thai military, anti-government protesters tell them to pick sides
- Google executives' planes saved millions in costs due to error - NASA
- Apple scores legal victory over Samsung in South Korea