Jan 26 (Reuters) – U.S. oil producer Hess Corp (HES.N) posted a quarterly profit on Wednesday, down from a loss a year ago, as demand recovered from a pandemic-induced slump and prices were rising for fear of a supply crisis.
U.S. shale producers are expected to post higher revenue and profits for the final quarter, thanks to a more than 50% rise in oil prices in 2021.
Hess’ average crude selling price rose 56.8% to $71.04 a barrel including the hedge, while gas prices jumped 42.4% to $4.77 per thousand. cubic feet (mcf).
Net oil and gas production, excluding Libya, fell to 295,000 barrels of oil equivalent per day (boepd), from 309,000 boepd the previous year.
The company reported adjusted earnings of $265 million, or 85 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $176 million, or 58 cents per share, a year earlier.
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Reporting by Arathy Somasekhar in Bengaluru; Edited by Ramakrishnan M.
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