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Friday, November 1, 2013
The insecurity and ongoing protests in Libya are hurting international oil and gas firms’ bottom lines, the latest quarterly report from Hess Corp. put that company on the ever growing list. The company reported a lower-than-expected Q3 profit as unrest in Libya continues.
It should be noted that Libya was not the only issue to affect Hess’ profit, its asset sales also dented production numbers.
Oil and gas output fell to 310,000 boepd from 402,000 boepd for the same period in 2012.
Because of Libya, Hess said it now expects full-year output to be at the low end of its guidance range of 340,000 to 355,000 boepd.
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