- Hess (NYSE:HES) +1.9% premarket after reporting better than expected Q3 earnings and revenues on higher production and asset sales, though results were hit by lower crude oil prices.
- Q3 oil and gas production totaled 318K boe/day, up 2.6% Y/Y; Bakken oil and gas production increased 21% to 86K boe/day due to continued development activities and the completion of the Tioga gas plant expansion project, while well costs were reduced by 8% to an average of $7.2M per operated well.
- Hess says the $2.8B sale of its retail business in September added $602M to its earnings in the quarter.
- Q3 capex totaled $1.42B, down from $1.5B in the prior-year quarter.