By Don Nico Forbes
Hess reported a rise in profit and revenue for the fourth quarter, driven by higher production volumes.
The oil-and-gas production company on Wednesday posted a profit of $542 million, or $1.76 a share, compared with $413 million, or $1.34 a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings were $1.63 a share. Analysts surveyed by FactSet had expected $1.49 a share.
Total revenue and nonoperating income rose to $3.23 billion, up from $3.04 billion in the year-ago quarter. Analysts had expected $2.94 billion.
Oil and natural gas net production rose 18% to 495,000 barrels of oil equivalent per day, driven by output in Guyana and the Bakken, which increased 52% and 7%, respectively.
The company's average realized crude oil selling price during the quarter was $72.10 a barrel, down from $76.63 a year prior.
The average realized natural gas liquids selling price was $23.05 a barrel, up from $20.92.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
January 29, 2025 07:47 ET (12:47 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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