(Reuters) – U.S. oil producer Hess Corp (NYSE:) reported a quarterly profit of $1.25 million that beat Wall Street estimates. This was due to crude oil prices rising on account of higher demand and concerns about a supply shortage.

Global oil and gas producers are expected to report higher revenues and profit for the third quarter of the year due to an increase in oil prices by more than half a percent in 2021. Prices averaged $80 per barrel in those three months, almost doubling the price of a year ago.

Hess crude oil sold at an average price of $71.04 per barrel. Hedging was included. Gas prices rose 42.4%, to $4.77 for every thousand cubic feet (mcf).

From 309,000 boepd one year ago, oil and natural gas net production declined to 295,000 barrels per day (boepd) without Libya.

Hess indicated that it is on track for production to commence in the quarter at its Guyana second platform. Guyana’s first platform was home to one the most significant oil discoveries of this century. This company has been considered an important growth source.

This platform forms part of the Stabroek Block, Exxon Mobil Corp (NYSE) holds a 45% share, Hess Corp 30%, and China’s CNOOC Ltd 25%.

Reuters published Tuesday’s report, citing a source that Exxon will begin production at the Guyana second platform next month.

Hess forecasted Tuesday higher production and capital expenditures for exploration and production.

In the fourth quarter, adjusted profit reached $265 millions, or 85cs/share, as compared to a loss in 2017 of $176million or 58c per share.

According to Refinitv, this was a higher profit per share than expected at 74 cents.