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.

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