Chevron-target Hess reports Q1 profit beat on higher production [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Yahoo! Finance
and gas company that is set to be acquired by U.S. energy major Chevron in a $53 billion deal. Net production at Hess jumped 27.3% to 476,000 barrels of oil equivalent per day (boepd) in the quarter, primarily due to higher production in Guyana and the Bakken oil field in the United States. Hess' lucrative assets in oil-rich Guyana have sparked a major corporate tug-of-war among large North American energy firms. Chevron's acquisition will give it control over Hess' 30% stake in the Stabroek Block, a major offshore oil project in Guyana. However, Exxon Mobil and CNOOC Ltd are contesting the deal and have filed cases seeking the right to first refusal over sale of any Hess stake. Hess now expects the deal closing to get delayed to next year from its previous target of this summer. In Bakken, the company saw increased drilling and completion activity, while Guyana production was helped by the commencing of operations at the Payara block, Hess said. Worldwide average realiz
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