April 25 (Reuters) - Hess Corp ( HES ) reported a
first-quarter profit on Thursday that beat analysts' estimates,
helped by higher production from the oil and gas company that is
set to be acquired by U.S. energy major Chevron ( CVX ) in a $53
billion deal.
Net production at Hess jumped 27.3% to 476,000 barrels of
oil equivalent per day (boepd) in the quarter, primarily due to
higher production in Guyana and the Bakken oil field in the
United States.
Hess' lucrative assets in oil-rich Guyana have sparked a
major corporate tug-of-war among large North American energy
firms.
Chevron's ( CVX ) acquisition will give it control over Hess' 30%
stake in the Stabroek Block, a major offshore oil project in
Guyana.
However, Exxon Mobil ( XOM ) and CNOOC Ltd are contesting
the deal and have filed cases seeking the right to first refusal
over sale of any Hess stake.
Hess now expects the deal closing to get delayed to next
year from its previous target of this summer.
In Bakken, the company saw increased drilling and completion
activity, while Guyana production was helped by the commencing
of operations at the Payara block, Hess said.
Worldwide average realized crude oil selling price,
excluding hedges, rose 7.8% to $80.06 per barrel during the
quarter from a year earlier.
Quarterly profit of $3.16 per share beat analysts' average
estimate of $1.67 per share, according to LSEG data.