Hess beats first-quarter profit estimate despite weak oil prices

April 30 (Reuters) - Hess HES.N reported a drop in first-quarter profit on Wednesday, hurt by lower oil prices, though the shale producer still managed to beat Wall Street expectations.

Benchmark Brent crude LCOc1 prices averaged at $75.16 a barrel during the January-March quarter, 8.2% lower than a year earlier, weighed down by weak global demand and increased oil supply from OPEC+.

The company's average realized crude oil selling price fell to $71.22 per barrel in the first quarter, from $80.06 a barrel a year ago.

Hess is set to be acquired by industry bellwether and larger rival Chevron CVX.N in a $53 billion deal, once it clears a final roadblock — an arbitration challenge filed by Exxon Mobil XOM.N and CNOOC 600938.SS over its prized Guyana assets.

Guyana output fell 3.7% to 183,000 barrels of oil per day during the quarter, while total production of the company remained flat at 476,000 barrels of oil equivalent per day.

Hess said on Wednesday its fourth floating oil production facility in Guyana is expected to start up in the third quarter of 2025.

The company expects second quarter net production to be in the range of 480,000 boepd to 490,000 boepd. That compares with analysts' average estimate of 489,550 boepd, according to data compiled by LSEG.

New York-based Hess' adjusted profit fell nearly 43% to $1.81 per share during the three months ended March 31, but was well above the estimate of $1.61 per share.