Hess Reports Increased Q3 Profits on Higher Production (HES)

Oil and gas company, Hess Corp.(HES) reported increased Q3 profits, beating analysts expectations Friday.

The New York, NY based company reported earnings of $557 million, or $1.64 a share, a 46% increase from $298 million, or 88 cents a share last year. Adjusted earnings were $495 million, compared with last year’s adjusted earnings of $379 million. Analysts expected EPS of $1.19 for the quarter.

Reported revenue was $9.62 billion, an 9% increase from $8.73 billion last year. Analysts estimated revenues of $9.18 billion.

Increased profits were due to higher production levels during the quarter. Gas production totaled 402,000 barrels of oil a day, up from 344,000 barrels a day during last years third quarter.

Hess shares were up $1.67, or 3.17% during premarket trading Friday.

Hess Corp.(HES) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

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