Latest News

Chevron-target Hess reports Q1 earnings beat on higher production

Hess Corp reported a. firstquarter revenue on Thursday that beat analysts' price quotes,. helped by greater production from the oil and gas business that is. set to be acquired by U.S. energy major Chevron in a $53. billion deal.

Net production at Hess leapt 27.3% to 476,000 barrels of. oil comparable each day (boepd) in the quarter, mainly due to. higher production in Guyana and the Bakken oil field in the. United States.

Hess' rewarding properties in oil-rich Guyana have actually stimulated a. significant business tug-of-war amongst big North American energy. companies.

Chevron's acquisition will provide it control over Hess' 30%. stake in the Stabroek Block, a major offshore oil job in. Guyana.

However, Exxon Mobil and CNOOC Ltd are objecting to. the offer and have submitted cases seeking the right to very first refusal. over sale of any Hess stake.

Hess now anticipates the offer closing to get postponed to next. year from its previous target of this summer.

In Bakken, the business saw increased drilling and conclusion. activity, while Guyana production was helped by the commencing. of operations at the Payara block, Hess stated.

Worldwide average recognized crude oil selling price,. leaving out hedges, rose 7.8% to $80.06 per barrel during the. quarter from a year previously.

Quarterly earnings of $3.16 per share beat analysts' average. quote of $1.67 per share, according to LSEG information.

(source: Reuters)