** Shares of oil and gas producer Hess HES.N fall 1.9% to $130.00 premarket
** Co reports lower Q1 profit, as it was hurt by weak oil prices
** HES says Q1 net income fell to $430 million, or $1.39 per share, from $972 million, or $3.16 per share, last year
** Q1 average realized crude oil selling price fall to $71.22/barrel from $80.06/barrel a year ago
** Co expects Q2 net production to be in the range of 480,000 boepd to 490,000 boepd
** However, Q1 adjusted profit of $1.81 per share managed to beat Wall Street expectations of $1.61
** HES is set to be acquired by energy major Chevron CVX.N in a $53 billion deal
** As of last close, stock was down marginally
(Reporting by Vallari Srivastava in Bengaluru)
((Srivastava.Vallari@thomsonreuters.com;))
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