Hess profit drops 25 percent after asset sales, Libya unrest

October 30, 2013

Oct 30 (Reuters) - Hess Corp, an oil and natural gas producer targeted by activist investor Elliot Management, said on Wednesday its quarterly profit fell 25 percent due to a drop in production following asset sales and unrest in Libya.

The company posted third-quarter net income of $420 million, or $1.23 per share, compared with $557 million, or $1.64 per share, a year earlier.

Oil and gas output fell to 310,000 barrels of oil equivalent per day from 402,000 boe/d.

Elliot took a large stake in Hess earlier this year and successfully put three new directors on the company's board.