Hess Corp Profit Rises Nine Times as Crude Prices Surge

U.S. oil and gas producer Hess Corp reported a nine-fold increase in second-quarter adjusted profit on Wednesday, helped by a surge in energy prices following Russia’s invasion of Ukraine.

Oil prices have scaled multi-year highs this year as Western sanctions against major exporter Russia have squeezed an already under-supplied market.

Global benchmark Brent crude was trading at $105.53 per barrel on Wednesday, and has gained about 36% so far this year.

Hess said its average realized crude oil selling price, including hedges, rose to $99.16 per barrel, compared to $59.79 last year. Excluding Libya, the company’s net production was 303,000 barrels of oil equivalent per day in the quarter.

Hess shares rose 2% to $107.45 in premarket trading.

Adjusted net income attributable to the company rose to $667 million, or $2.15 per share, in the three months ended June 30, compared with $74 million, or 24 cents per share, a year earlier.

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