Hess' 1Q Production and Earnings Trump Estimates
Hess delivered production of 233 thousand barrels of oil equivalent per day, or mboe/d, in the first quarter, beating the top end of guidance, which was 220-225 mboe/d. This excludes 22 mboe/d from Libya and is about 3% lower on a divestiture-adjusted basis, year over year. The decline was primarily attributed to previously announced downtime at the third-party-operated Enchilada platform in the Gulf of Mexico (Gulf of Mexico volumes were 41 mboe/d, 38% lower year over year). Management notes th...
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