Seeking Alpha

Hess profit falls following asset sales but beats estimates, shares +2%

  • 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.

Check out Seeking Alpha’s new Earnings Center »

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs