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Sinopec News Network, according to the offshore engineering website, April 28, the US oil producer Hess Corporation announced on Wednesday that despite the decline in production, it still achieved profitability in the first quarter because the winter storm boosted demand for natural gas.
In the first three months of this year, global crude oil prices averaged around US$61, based on the beginning of a recovery at the end of 2020.
The oil producer said that in the first quarter, the average actual price of crude oil, excluding hedging, soared from $39.
In the first quarter of this year, the company also sold 4.
Hess was the first major oil and gas producer to announce corporate earnings this quarter.
The company also lowered its full-year production forecast to 29-295,000 barrels of oil equivalent/day, compared with the previous forecast of about 310,000 barrels of oil equivalent/day, due to some contracts, asset sales and the impact of cold weather conditions in North Dakota Lead to a decline in production.
Wu Henglei compiled from offshore engineering
The original text is as follows:
Hess Corp Swings to Quarterly Profit
US oil producer Hess Corp on Wednesday swung to a profit in the first quarter despite lower production, as a winter storm boosted demand for natural gas, while steady COVID-19 vaccine rollouts aided a recovery in oil prices.
Global crude prices have averaged around $61 in the first three months of the year, building on a recovery it began late in 2020.
The oil producer said its average realized crude oil selling price, excluding hedges, surged to $52.
In the first quarter, the company also sold 4.
Hess, the first major oil and gas producer to report corporate earnings this season, posted an adjusted profit of $252 million, or 82 cents per share, in the reported quarter ended March 31, from a loss of $176 million, or 58 cents, in the fourth quarter.
The company also cut its full-year production forecast, to between 290,000 barrels of oil equivalent per day (boepd) and 295,000 boepd, from a prior estimate of about 310,000 boepd, attributing the decline to lower volumes received on some contracts, asset sales and the impact of frigid weather conditions in North Dakota.
