Hess Corp. (NYSE:HES) increased earnings by close to four times what it was last year, as demand for gasoline and diesel led them to the solid quarter.
Earnings for the quarter were $375 million, or $1.15 a share, far above the $100 million, or 31 cents a share, in the same quarter last year.
Revenue grew to $7.75 billion, a 15 percent improvement over the prior quarter. Revenue failed to meet estimates, as analysts had been looking for $8.93 billion, with earnings of $1.13 a share.
This seems to mirror the performance of other companies already reporting, as margins were up significantly, which seems to be the impetus behind the performance of Hess as well.
Their exploration-and-production segment is by far the largest generator of profits for Hess, and that unit increased by 94 percent, as production gained 2 percent and prices for oil rose 32 percent and prices for natural gas were up 22 percent.
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