Numbers down: profit drops at Hess, chaired by John B Hess
Hess moves on Terengganu FPSO contract
16 March 2012 02:41 GMT
Hess in talks on gas sales
30 March 2012 01:10 GMT
25 April 2012 16:54 GMT
The weaker figures were set against the backdrop of a rise in both average oil and gas prices but production slumped.
Net profit for the three months to the end of March was $560 million as against $974 million in the first quarter of 2011.
This was largely due to a drop in revenues from $10.22 billion to $9.68 billion as average production sank from 399,000 barrels of oil equivalent per day to 397,000 boepd.
The average oil price in the first quarter of this year was $89.92 per barrel as compared with $87.22 a barrel one year ago. For gas the number jumped from $5.84 per million cubic feet to $6.23 mcf.
The weaker result sent shares crashing over 7% in morning trading on the NYSE.
Your message has been sent
E-mail this to a friend.
Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.
Already a member?
News from other NHST publications
All material published in the newspaper and on upstreamonline.com are Upstream's copyrighted material. Redistribution of any kind without a prior written permission of Upstream (including but not restricted to, redistribution by e-mail, publishing in part on your company's Intranet and publishing on Internet) of any material published by Upstream, will violate Upstream's copyright, and is prohibited by law. You may, however, download material from Upstream for your own personal use.
To protect your subscription investment, we've instituted a security system to protect against the electronic redistribution of copyrighted Upstream Online content.