Hess Forecasts "Low End of the Guidance Range"

Hess Corp reports that its oil and gas production of 310,000 barrels of oil equivalent per day (boepd) in the third quarter was down from 402,000 boepd in the third quarter a year ago.

The decrease was due to asset sales in Russia, the United Kingdom North Sea and Azerbaijan (reduction of 83,000 boepd), extended shutdowns in the Gulf of Mexico and lower production in Libya (reduction of 23,000 boepd), as well as other maintenance and declines (reduction of 24,000 boepd).

Partially offsetting these reductions, net production was up at Valhall by 30,000 boepd and at the Bakken by 8,000 boepd. Due to civil unrest in Libya, full year 2013 production is expected to be at the low end of the guidance range of 340,000 to 355,000 boepd.

(Source: Hess Corp)

No comments yet.

Leave a Reply