Hess Corp says Harvey Still Affects Production
Oil and gas producer Hess Corp reported a bigger loss and said production in the current quarter is still being hindered by the disruptions that Hurricane Harvey caused.
Hess said last month that the downtime due to Harvey resulted in a loss of production of several thousand barrels of oil equivalent per day in the third quarter (boepd).
On Wednesday, Hess said U.S. Gulf of Mexico production in the third quarter fell about 3.3 percent to 59,000 boepd, while total production, excluding Libya, fell 4.8 percent.
Harvey tore through Corpus Christi in southern Texas on Aug. 25, drenching the Houston area with historic rains, and knocking off nearly a fifth of U.S. oil-refining capacity in the Gulf Coast.
Total revenue rose 39 percent to $1.67 billion, benefiting from an increase in average realized prices for crude oil.
Net loss attributable to Hess was $624 million, or $2.02 per share, in the quarter ended Sept. 30, compared with a loss of $339 million, or $1.12 per share, a year earlier.
Oct 25 (Reuters) - Oil and gas producer Hess Corp reported a bigger loss and said production in the current quarter is still being hindered by the disruptions that Hurricane Harvey caused.
Hess said last month that the downtime due to Harvey resulted in a loss of production of several thousand barrels of oil equivalent per day in the third quarter (boepd).
On Wednesday, Hess said U.S. Gulf of Mexico production in the third quarter fell about 3.3 percent to 59,000 boepd, while total production, excluding Libya, fell 4.8 percent.
Harvey tore through Corpus Christi in southern Texas on Aug. 25, drenching the Houston area with historic rains, and knocking off nearly a fifth of U.S. oil-refining capacity in the Gulf Coast.
Total revenue rose 39 percent to $1.67 billion, benefiting from an increase in average realized prices for crude oil.
Net loss attributable to Hess was $624 million, or $2.02 per share, in the quarter ended Sept. 30, compared with a loss of $339 million, or $1.12 per share, a year earlier.
Hess said the latest quarter results included an impairment charge of $2.5 billion.
Reporting by Yashaswini Swamynathan
