(Reuters) – Oil and gas producer Hess Corp’s (HES.N) quarterly revenue surged nearly 40 percent as it benefited from higher oil prices, but warned that Hurricane Harvey’s effect would continue into the current quarter.
U.S. crude prices rose about 12 percent in the third quarter, boosted by production cuts by OPEC and other major oil countries such as Russia.
Hess had said in September that the downtime due to Harvey led to the loss of production of several thousand barrels of oil equivalent per day (boepd) in the quarter.
On Wednesday, the company said production in the U.S. Gulf of Mexico dipped 3.3 percent to 59,000 boepd.
Total production, excluding Libya, fell 4.8 percent.
Harvey tore through Corpus Christi in southern Texas on Aug. 25, drenching the Houston area with historic rains, and knocking off nearly a fifth of U.S. oil-refining capacity in the Gulf Coast.
Hess also said it discovered a new oil field containing about 500 million barrels of oil equivalent in its Guyana operations, where the company has a 30 percent interest.
Total revenue rose to $1.67 billion in the third quarter due to a 13.3 percent jump in average realized selling prices of crude oil.
However, net loss attributable to Hess was $624 million, or $2.02 per share, in the quarter ended Sept. 30, compared with a loss of $339 million, or $1.12 per share, a year earlier.
Hess said third-quarter results included an impairment charge of $2.5 billion.
The company’s shares were little changed in premarket trading on Wednesday.