Hess Profit Drops, Output Rises

NEW YORK (TheStreet) -- With the price of oil down compared to last year's highs, Hess(HES Quote) reported a 56% drop in profit. Still, production output ticked higher in the third-quarter as profit topped forecasts.

According to a press statement released Wednesday morning, the integrated oil and gas operation said it earned $341 million, or $1.05 a share. In the year-earlier period, Hess earned $775 million, or $2.37 a share.

The top-line slumped to $7.38 billion from $11.39 billion in the year-ago period.

Earnings for the marketing and refining segment tumbled to $38 million from $161 million last year on weaker refining margins, while profit for the exploration and production segment dropped to $397 million from $699 million. But production output turned higher by 16% in the third-quarter to 420,000 barrels of oil equivalent a day.

Just after the opening bell, Hess shares were down 1.1%. Elsewhere, ConocoPhillips(COP Quote), which reported its own 71% profit drop on Wednesday morning, saw its shares bid lower by 0.5% in the morning.

Exxon Mobil, which reports its earnings figures on Thursday, was down by 0.2%.

-- Written by Sung Moss in New York

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