July 31 (Reuters) - Hess Corp ( HES ) beat estimates for

second-quarter profit on Wednesday, helped by higher oil

production in Guyana.

The South American country and its lucrative oil assets are

at the center of a dispute between Hess, Chevron ( CVX ) and

Exxon.

Last October, Hess agreed to sell itself to Chevron ( CVX ) for $53

billion in stock, but the deal has been stalled by a regulatory

review and challenged by Exxon, which claims a right to Hess's

Guyana assets.

A three-person arbitration panel is expected to decide on

the issue. Exxon believes the dispute could extend to 2025 while

both Chevron ( CVX ) and Hess expect a resolution by the end of the

year.

Hess's production rose 27.6% to 494,000 barrels of oil and

gas per day (boepd), on nearly 75% year-over-year increase in

Guyana to 192,000 bpd. Its Bakken shale output also rose, the

company said.

Hess owns 30% of Guyana's giant Stabroek block operated by

Exxon, which owns 45%. China's CNOOC Ltd holds the

remaining 25%.

Hess expects current quarter net production in the range of

460,000 boepd to 470,000 boepd, primarily reflecting planned

downtime in Guyana and Southeast Asia.

The company's average realized crude oil selling price was

$80.29 per barrel in the second quarter, compared with $71.13

per barrel last year.

Quarterly profit of $2.62 per share beat analysts' average

estimate of $2.48 per share, according to LSEG data.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil

D'Silva)