Hess Corp.'s first-quarter earnings surged 65% as higher prices bolstered the oil producer's profits, compensating for lower production, the company said Wednesday.
The oil-and-gas production company posted net income of $417 million, or $1.34 per share, up from $252 million, or 82 cents a share a year earlier. Excluding certain items, Hess reported earnings of $1.30 a share.
First-quarter revenue rose 24%, to $2.37 billion.
Excluding Libya, production fell to 276,000 barrels of oil equivalent per day from 315,000 a year earlier, reflecting field decline and unplanned downtime in the Gulf of Mexico. That was slightly more than a production view provided in March, when Hess cut its estimates, citing severe winter weather.
On Tuesday, Hess flagged three new discoveries at the Stabroek Block, offshore Guyana, the latest in a series of oil discoveries off the coast of the South American country.
"As our portfolio becomes increasingly free cash flow positive, we commit to prioritizing the return of capital to our shareholders through further dividend increases and share repurchases," said Chief Executive John Hess.