Hess' 2Q Loss Deepens. Oil Output Jumps

Arunima Kumar
Wednesday, July 29, 2020

U.S. oil and gas producer Hess Corp reported a bigger quarterly loss on Wednesday, hurt by lower oil prices as the COVID-19 pandemic sapped global energy demand.

Crude prices sank to historic lows in April as economic activity plummeted across the world due to coronavirus lockdowns and a price war between the world's top producers flooded the market with excess supply.

Hess said the average selling price of its crude oil, including hedges, fell 35.4% from a year earlier to $39.03 a barrel.

The New York-based company said its net loss was $320 million, or $1.05 per share, in the second quarter ended June 30, compared with a loss of $6 million, or 2 cents per share, a year earlier.

Hess, which did not curtail production despite the slump in crude prices, posted a 22% jump in second-quarter output to 334,000 barrels of oil equivalent per day (boepd).

The jump was driven by a 39% increase in Bakken output and production from the Liza Field, offshore Guyana, Hess said in a statement. 

(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)

Categories: Finance Energy Activity Production Floating Production North America USA

Related Stories

US Judge to Consider Orsted Request to Block Trump Offshore Wind Halt

Baker Hughes Reports 11% Jump in Adjusted Quarterly Profit

SLB Beats Profit Forecasts, Unveils $4B Return Plan

Current News

Shell Sells 20% Stake in Offshore Orca Project to Kuwaiti Foreign Petroleum Exploration Company

Seatrium Wraps Up AmFELS Yard Sale

Strategic Marine Delivers CTV for Taiwan’s Offshore Wind Sector

Eni Enlists Shearwater for 3D Seismic Survey in Timor Sea

Subscribe for OE Digital E‑News