(Reuters) – Oil and gas producer Hess Corp HES.N today beat Wall Street estimates for first-quarter profit and disclosed a new discovery at the Lancetfish-1 well in the Stabroek block offshore Guyana by a consortium led by Exxon Mobil Corp XOM.N.
Hess holds a 30% stake in the consortium that discovered billions of barrels of oil in the last decade in the South American country.
The company reported a net income, excluding items, of $1.30 per share for the three months ended March 31, compared with analysts’ average estimate of $1.06 per share, according to Refinitiv data.
Benchmark Brent crude LCOc1 averaged $81.24 a barrel in the first three months of 2023, nearly 20% lower than last year but still well above a level where oil and gas producers can drill profitably.
