Hess Corp. reported a smaller-than-expected quarterly loss and raised its full-year production forecast on Oct. 30, owing to higher output at the U.S. oil and gas producer’s assets in the Bakken shale.
Production from Bakken rose 38% to 163,000 barrels of oil equivalent per day (boe/d) in the quarter, helping net production, excluding Libya, rise about 4% to 290,000 boe/d.
Oil from seven big shale formations, particularly the Permian Basin of Texas and New Mexico and the Bakken in North Dakota, have helped the United States become the biggest crude oil producer in the world.
Hess cut its capex by $100 million to $2.7 billion for the full year, while also raising its Bakken net production outlook to about 150,000 boe/d, up from 140,000 boe/d to 145,000 boe/d.
The company raised its annual net production expectation, excluding Libya, to about 285,000 boe/d, from the prior range of 275,000 boe/d to 280,000 boe/d.
Adjusted net loss was $98 million, or 32 cents per share, in the third quarter ended Sept. 30, compared with a profit of $29 million, or 6 cents per share, a year earlier.
Analyst on average expected a loss of 33 cents, according to IBES data from Refinitiv.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
A big crowd turned out for an afternoon honoring industry leaders representing all facets of the energy sector.