GO
Loading...

UPDATE 1-Hess profit soars on Bakken; stations open post-Sandy

Friday, 2 Nov 2012 | 3:32 PM ET

Nov 2 (Reuters) - Hess Corp's quarterly profit nearly doubled as production from the Bakken oil field rose and the company resumed operations in Libya.

And despite Hurricane Sandy, Hess said it had opened 177 of its 186 gas stations in New York City, Long Island and New Jersey, after the company arranged for 85 electrical generators before the storm arrived.

But Chief Executive John Hess said about 80 percent of stations throughout the Northeast affected by the storm were still closed due to lack of power. ``The oil terminals and refineries used to supply them are still not in operation, for similar reasons,'' he added.

Third-quarter oil and gas production rose 17 percent to 402,000 barrels of oil equivalent per day (boe/d). Production from the oil-rich Bakken nearly doubled to 62,000 boe/d, while the Waha concessions in Libya added 23,000 boe/d to output.

There was no production in Libya in the same period last year due to civil unrest in the country.

Net income attributable to Hess rose to $557 million, or $1.64 per share, from $298 million, or 88 cents per share, a year earlier. Excluding certain items, Hess earned $1.46 per share, far ahead of the $1.19 expected on average by analysts, according to Thomson Reuters I/B/E/S.

Revenue rose 6 percent to $9.19 billion.

Hess shares, which have fallen 7 percent this year, rose 2.5 percent to $53.97 in early trading on the New York Stock Exchange on Friday.

  Price   Change %Change
HES
---