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.