Reuters logo
Hess profit drops 25 percent after asset sales, Libya unrest
October 30, 2013 / 11:46 AM / 4 years ago

Hess profit drops 25 percent after asset sales, Libya unrest

Oct 30 (Reuters) - Hess Corp, an oil and natural gas producer targeted by activist investor Elliot Management, said on Wednesday its quarterly profit fell 25 percent due to a drop in production following asset sales and unrest in Libya.

The company posted third-quarter net income of $420 million, or $1.23 per share, compared with $557 million, or $1.64 per share, a year earlier.

Oil and gas output fell to 310,000 barrels of oil equivalent per day from 402,000 boe/d.

Elliot took a large stake in Hess earlier this year and successfully put three new directors on the company’s board.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below