Hess profit spikes after asset sales, but production lags

Wed Jan 29, 2014 7:43am EST

Jan 29 (Reuters) - Oil and natural gas producer Hess Corp posted a jump in quarterly profit on Wednesday due in part to one-time gains from the sale of energy terminals and other assets, but production fell.

For the fourth quarter, Hess reported net income of $1.93 billion, or $5.76 per share, compared with $374 million, or $1.10 per share, a year earlier.

The company produced 307,000 barrels of oil equivalent per day in the quarter, down from 396,000 boe/d in the same period last year.

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