Lower revenue and flat earnings in the third quarter
- Hess 3Q revenue slips as fuel prices drop
- Profit of $504 million, or $1.64 a share
- Adjusted earnings of $1.89 a share, beating analyst expectations
- Total revenue and nonoperating income fell to $2.84 billion
- Oil and natural gas net production increased by 13%
- Average realized crude oil selling price fell to $81.53 a barrel
- Average realized natural gas liquids selling price dropped to $20.17 per barrel
Hess reported lower revenue and flat earnings in the third quarter as production increased and fuel prices dropped. The company posted a profit of $504 million, or $1.64 a share, compared to $515 million, or $1.67 a share, in the same quarter last year. Adjusted earnings were $1.89 a share, surpassing analyst expectations. Total revenue and nonoperating income fell to $2.84 billion from $3.16 billion in the year-ago quarter. Oil and natural gas net production rose by 13%, driven by higher production in the Bakken shale oilfields, Guyana, and Southeast Asia. The average realized crude oil selling price declined to $81.53 a barrel, while the average realized natural gas liquids selling price dropped to $20.17 per barrel.
Public Companies: Hess (HES)
Private Companies:
Key People:
Factuality Level: 8
Justification: The article provides specific financial figures and compares them to previous quarters, which indicates a level of accuracy. The information about production and fuel prices is also supported by specific numbers. However, it is important to note that the article does not provide any sources for the information, so there is a slight possibility of bias or inaccuracies.
Noise Level: 7
Justification: The article provides relevant information about Hess’ financial performance in the third quarter, including revenue, earnings, and production. However, it lacks analysis or insights into long-term trends or antifragility. It also does not hold powerful people accountable or explore the consequences of decisions. The article stays on topic and supports its claims with data and examples. Overall, the article contains some noise and lacks depth in its analysis.
Financial Relevance: Yes
Financial Markets Impacted: Oil and gas markets
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses the financial performance of Hess, an oil and gas production company. However, there is no mention of any extreme event or its impact.
