Hess profit drops 25 percent after asset sales, Libya unrest

Reuters

Oct 30 (Reuters) - Hess Corp, an oil and natural gasproducer targeted by activist investor Elliot Management, saidon Wednesday its quarterly profit fell 25 percent due to a dropin 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 pershare, a year earlier.

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

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

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