April 30, 2014 / 11:46 AM / 4 years ago

Hess quarterly profit drops after year-ago charge

April 30 (Reuters) - Oil and natural gas producer Hess Corp on Wednesday reported a sharp drop in first-quarter profit, against results one year ago that were boosted by a gain from the sale of some properties.

The company, a major operator in North Dakota’s Bakken shale formation and the U.S. Gulf of Mexico, posted net income of $386 million, or $1.20 per share, compared with $1.28 billion, or $3.72 per share, in the year-ago period.

Reporting by Ernest Scheyder, Editing by Franklin Paul

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