Hess posts quarterly profit on surging oil and gas prices

[January 26, 2022]  (Reuters) - U.S. oil producer Hess Corp posted a quarterly profit on Tuesday, compared with a year-ago loss, as demand recovered from a pandemic-induced slump and prices surged on fears of a supply crunch.

The company reported an adjusted profit of $265 million, or 85 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $176 million, or 58 cents per share, a year earlier.

(Reporting by Arathy Somasekhar in Bengaluru; Editing by Ramakrishnan M.)

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