(Reuters) – U.S. oil producer Hess Corp posted a quarterly profit on Wednesday, compared with a year-ago loss, as demand recovered from a pandemic-induced slump and prices surged on fears of a supply crunch.
U.S. shale producers are set to post higher revenues and profits for the last quarter, thanks to a more than 50% jump in oil prices in 2021.
Hess’ average crude selling price rose 56.8% to $71.04 per barrel, including hedging, while gas prices jumped 42.4% to $4.77 per thousand cubic feet (mcf).
Oil and gas net production, excluding Libya, fell to 295,000 barrels of oil equivalent per day (boepd), from 309,000 boepd in a year earlier.
The company reported an adjusted profit of $265 million, or 85 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $176 million, or 58 cents per share, a year earlier.
(Reporting by Arathy Somasekhar in Bengaluru; Editing by Ramakrishnan M.)
