Hess posts profit driven by higher crude oil production

U.S. oil and gas company Hess Corporation booked a profit for the first quarter of the year as opposed to a loss in the same period last year driven by higher production from the Gulf of Mexico, Bakken, and North Malay Basin.

Hess Corporation on Thursday reported revenues of $1.57 billion compared to $1.35 billion in the prior-year quarter.

Hess recorded a net income of $32 million in the first quarter of 2019, compared to a net loss of $106 million in the first quarter of 2018.

On an adjusted basis, the first quarter 2018 net loss was $72 million.

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