(Corrects production guidance range in 4th paragraph to
340,000-355,000 boe/d from 240,000-255,000 boe/d.)
Oct 30 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
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
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
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
(Reporting by Ernest Scheyder; Editing by Lisa Von Ahn and John