(Reuters) – U.S. oil producer Hess Corp posted a quarterly revenue on Wednesday, in contrast with a year-ago loss, as demand recovered from a pandemic-induced droop and costs surged on fears of a provide crunch.
U.S. shale producers are set to put up larger revenues and earnings for the final quarter, due to a greater than 50% leap in oil costs in 2021.
Hess’ common crude promoting worth rose 56.8% to $71.04 per barrel, together with hedging, whereas fuel costs jumped 42.4% to $4.77 per thousand cubic toes (mcf).
Oil and fuel web manufacturing, excluding Libya, fell to 295,000 barrels of oil equal per day (boepd), from 309,000 boepd in a yr earlier.
The corporate reported an adjusted revenue of $265 million, or 85 cents per share, within the fourth quarter ended Dec. 31, in contrast with a lack of $176 million, or 58 cents per share, a yr earlier.
(Reporting by Arathy Somasekhar in Bengaluru; Enhancing by Ramakrishnan M.)
Supply: KFGO
