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Hess Corp.'s 3Q profit tumbles on lower production

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The Associated Press | October 30, 2013 09:03 AM EST | AP


THE NEWS: Hess Corp. said Wednesday that third-quarter profit fell 25 percent as the oil and gas producer suffered long shutdowns in the Gulf of Mexico, lower production in Libya and sold off assets.

THE DETAILS: Production fell 23 percent, with much of the decline outside the U.S. The company sold assets in Russia, the U.K. North Sea and Azerbaijan. Maintenance also cut into output. The declines were partly offset by increased production in North Dakota's Bakken field and the Valhall field in the North Sea.

THE NUMBERS: Net income fell to $420 million, or $1.23 per share, from $557 million, or $1.64 per share, a year earlier. Excluding one-time items, earnings would have been $1.18 per share.

Revenue tumbled 12 percent to $2.71 billion from $3.07 billion a year earlier.

Analysts surveyed by FactSet expected $1.45 per share on revenue of $2.45 billion.

THE FUTURE: The New York company kept its forecast of full-year capital and exploratory spending at $6.8 billion, down 18 percent from 2012.

THE STOCK: The shares fell $1.40 to $82.10 in premarket trading. They closed Tuesday at $83.50, an increase of 58 percent in 2013.