Hess logged lower revenue and flat earnings in the third quarter as production climbed and fuel prices dropped.
The oil-and-gas production company posted a profit of $504 million, or $1.64 a share, compared with $515 million, or $1.67 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $1.89 a share. Analysts surveyed by FactSet had been expecting $1.22 a share.
Total revenue and nonoperating income fell to $2.84 billion from $3.16 billion in the year-ago quarter, topping analyst forecasts for $2.68 billion, according to FactSet.
Oil and natural gas net production jumped 13% to 395,000 barrels of oil equivalent a day, largely driven by higher production in the Bakken shale oilfields, Guyana and Southeast Asia.
The company’s average realized crude oil selling price, including the effect of hedging, fell to $81.53 a barrel from $85.32 a barrel a year ago.
The average realized natural gas liquids selling price during the quarter sank even further to $20.17 per barrel from $35.44 a barrel last year, while Hess’ average realized natural gas selling slipped as well.