Hess Corp. Q3 Profit Down - Quick Facts

(RTTNews) - Hess Corp. (HES) reported that its third-quarter of 2013 net income attributable to the company decreased to $420 million from $557 million in the third quarter of 2012. Net income per share was $1.23 down from $1.64 last year.

Adjusted earnings, which exclude items affecting comparability, were $405 million and $1.18 per share compared with $495 million in the third quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items.

Exploration and Production earnings were $455 million in the third quarter of 2013, compared with $608 million in the third quarter of 2012. Adjusted earnings were $458 million in the third quarter of 2013 and $546 million in the third quarter of 2012. Earnings in the third quarter were negatively impacted by an estimated $30 million resulting from sales volumes being underlifted compared to production by 1.2 million barrels. In addition, extended shutdowns for seasonal maintenance at non-operated fields in the Gulf of Mexico reduced earnings by an estimated $30 million compared to the prior year quarter and $75 million compared to the second quarter of 2013.

Total revenues and non-operating income for the quarter slipped to $2.698 billion from $3.494 billion in the prior year quarter. Six analysts had consensus revenue estimate of $2.67 billion for the quarter.