Before the bell on Wednesday oil and gas company Hess Corp. (HES) posted a fourth quarter profit after reporting a loss in the same period in 2011. Revenue was also up, beating the Wall Street view.
The New York, New York-based company reported that its fourth quarter net income was $566 million, or $1.66 per share, versus a loss of $131 million, or 39 cents per share, posted in the same quarter of 2011.
The fourth quarter loss in 2011 was partially due to an after tax charge of $525 million related to the shutdown of a refinery. Net income excluding the charges and other one-time items was $409 million in the most recent quarter compared to $394 million in 2011.
Revenue was up +10% to $9.69 billion from $8.82 billion in the year earlier period.
Analysts, according to Thomson Reuters, were expecting the company to earn $1.21 per share on revenue of $9.63 billion.
Hess’ results benefited from a spike in production from North Dakota’s Bakken oilfield.
The company said in statements on Monday and Tuesday that it is looking to break up its various business sectors. Management is looking to focus on the exploration and production segment of business and sell its oil storage network, refining and retail business.
Hess shares were down slightly during pre-market trading on Wednesday. The stock is up +23.25% over the past year.
The Bottom Line
Shares of Hess Corp. (HES) have a dividend yield of 0.59% based on last night’s closing price of $68.11.
Hess Corp. (HES) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.