Hess boosts Q4 profit

Blake Wright

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Eoin O'Cinneide

 30 January 2013 12:50 GMT

US oil giant Hess Corp has posted a rise in fourth-quarter profit as increased production at its Bakken oil shale play boosted production figures.

The company swung back into the black as compared to the fourth quarter of 2011 which saw it book a huge charge from the closure of a refinery.

Estimated net profit for the three months to the end of December last year was $566 million as against a loss of $131 million a year earlier.

At the top line revenues increased, too, from $8.82 billion to $9.7 billion, though last year's figure included a $940 million loss on an equity investment in Hovensa while this year saw a $172 million asset sale gain…

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