Hess Sees Lower 4Q Earnings, As Oil And Gas Production Dips


Dec 16 (Reuters) - Hess Corp said fourth quarter profit will be lower on a sequential basis due to a drop in oil prices and output will be lower than it had previously forecast.

Hess said the average price it received for its crude oil fell to $98.65 per barrel in the first two months of the fourth quarter, down from $104.95 in the third quarter.

The U.S. oil and natural gas company also said it now expects fourth-quarter production to average 310,000 barrels of oil equivalent per day (boed), down 3 percent from its prior forecast. The decrease reflects an asset sale, Hess said.

Shares of Hess rose 13 cents to $79.08 in morning New York Stock Exchange trading.

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
Accounting Manager
Expertise: Accounting
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours