- Hess (HES) +2.1% premarket after reporting better than expected Q1 earnings, helped in part by a jump in Norwegian production.
- Produced 318K boe/day in the quarter, down from 389K boe/day a year earlier; excluding Libya, the figures were 297K boe/day this year and 268K last year,
- Output jumped at the Valhall field in Norway to 37K boe/day from 5K boe/day in the same period last year due to a redevelopment project.
- HES sold some acreage as well as its refining and retail gasoline businesses in last year's Q1, artificially boosting that period's results.
- While North Dakota production fell in Q1 due to work on the Tioga gas plant expansion, HES says the project is now finished and Bakken production now exceeds 80K boe/day.
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