U.S. global independent energy company, Hess Energy, saw its revenue decline and net loss widen in the third quarter of 2019, according to the company's financial results statement released on Wednesday.
The company posted a net loss of $205 million in the third quarter of the year, compared to a loss of $42 million in the same quarter last year.
The firm's revenue amounted to $1.51 billion in the July-September period of 2019, down 17.5% from $1.83 billion posted for the same period of 2018.
Net production, excluding Libya, reached 290,000 barrels of oil equivalent per day (boepd) in the third quarter of the year, up from 279,000 boepd in the third quarter of last year.
The higher production was primarily driven by the Bakken oil field located in Eastern Montana and Western North Dakota, and partially offset by hurricane-related downtime in the Gulf of Mexico and increased planned downtime at the Malaysia/Thailand Joint Development Area (JDA), the company said in the statement.
Net production in Libya was 22,000 boepd in July-September period of 2019, compared with 18,000 boepd of net production during the same period of 2018.
By Ovunc Kutlu