Sinopec, Hess: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

EARNINGS REPORTS
China's Sinopec Flips to Profit - Top Asian oil refiner Sinopec Corporation (NYSE:SNP) swung to a record quarterly profit in July-September, a company filing showed on Wednesday, thanks to a robust refining business and earnings from the spin-off of pipeline assets. The firm posted net income of 46.39 billion yuan ($6.92 billion) during the three months, nearly quadruple the level a year earlier. (Reuters)

Hess Corporation Posts Quarterly Loss - Hess Corporation (NYSE:HES) reported a bigger-than-expected quarterly loss on Wednesday and cut its full-year production forecast as hurricanes disrupted the oil and gas producer's operations in the Gulf of Mexico. Hess said it was expecting 2020 production, excluding Libya, of around 325,000 barrels of oil equivalent per day, below its prior estimate of 330,000. The company posted a third-quarter loss of 71 cents per share. (Reuters)

CRUDE OIL
Oil Prices Fall More than 5% - Oil prices fell more than 5% on Wednesday, sending Brent to a four-month low as surging coronavirus infections in the United States and Europe prompted renewed lockdowns and fed expectations for new declines in fuel demand. Brent futures fell $2.08, or 5.1%, to settle at $39.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.18, or 5.5%, to $37.39. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.