April 27, 2022

A Hess oil platform in the U.S. Gulf of Mexico - Credit: Hess

A Hess oil platform in the U.S. Gulf of Mexico – Credit: Hess

U.S. oil and gas producer Hess Corp reported a 65% rise in first-quarter profit on Wednesday, helped by a jump in energy prices due to Russia’s invasion of Ukraine.

Oil prices hit multi-year records during the quarter as the conflict in Ukraine led to sanctions against Russia, one of the biggest exporters of crude, creating a global supply crunch.

Globally traded Brent crude was trading at around $105 per barrel on Wednesday and has risen about 36% this year.

Hess said its average realized crude oil selling price rose to $86.75 per barrel, compared with $50.02 last year.

Excluding Libya, the company said net production fell about 12% to 276,000 barrels of oil equivalent per day in the quarter due to output declines and unplanned downtime in the Gulf of Mexico.

Hess Corp said net income attributable to the company rose to $417 million, or $1.34 per share, in the three months ended March 31, from $252 million, or 82 cents per share, last year.

(Reporting by Shariq Khan and Ruhi Soni; Editing by Maju Samuel and Amy Caren Daniel)

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