Hess Forms Tax-Advantaged Unit as Profit Beats Estimates
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Hess Corp. soared to a five-year high after reporting better-than-expected quarterly earnings and saying it will form a tax-advantaged master-limited partnership to hold railcars, trucking, storage and processing facilities in North Dakota’s booming Bakken Shale region.
Shares of the New York-based oil producer rose 1.6 percent to $101.05 at the close in New York, the highest price since September 2008. Excluding one-time items, per-share profit for the second quarter was $1.38, exceeding the average of 24 analysts’ estimates by 20 cents.