Oil Producer Hess Beats Fourth-Quarter Profit Estimates

Jan 31 (Reuters) – Oil and gas firm Hess Wall Street estimates for fourth-quarter profit on Wednesday, buoyed by higher production in Bakken shale and Guyana.

The company, which has agreed to be bought by No. 2 U.S. oil producer Chevron  reported an adjusted profit of $1.63 per share for the three months ended Dec. 31, compared with analysts’ estimate of $1.44 per share, according to LSEG data.

The $53 billion all-stock deal is expected to close in first half of 2024.