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

Reuters

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 2017 Thomson Reuters. Click for Restrictions.

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