Hess posts first profit since 2014 on cost cuts, higher oil prices [Reuters]
Hess Corporation (HES)
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Source: Reuters
Hess posts first profit since 2014 on cost cuts, higher oil prices | Reuters 2 Min Read (Reuters) - U.S. oil and gas producer Hess Corp ( HES.N ) posted its first profit in about four years in the third quarter and also easily beat analysts’ estimates, as the company sold oil at higher prices and managed to slash costs by 62 percent. New York-based Hess has been under intense pressure to follow its peers and turn in a profit following the recovery in oil prices from a two-year slump. The company's shares rose 4.6 percent to $59.70 in early trading on Wednesday. The broader S&P; 500 .SPX was up about 1 percent. Hess also said it expects full-year production to be at the upper end of its forecast of 245,000 to 255,000 barrels of oil equivalent per day. Average realized selling price, including hedging, jumped 40 percent to $66.08 per barrel in the third quarter, the company said. U.S. crude prices CLc1 have risen about 22 percent from a year earlier. That helped offset a 7 percent drop
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