U.S. oil and gas producer Hess Corp. on Wednesday topped Wall Street estimate for first-quarter profit, helped by a jump in energy prices due to Russia's invasion of Ukraine.

Oil prices hit multi-year records during the quarter as the conflict in Ukraine led to sanctions against Russia, one of the biggest exporters of crude, creating a global supply crunch.

Brent crude was trading at around $105 per barrel on Wednesday and has risen about 36% this year.

Hess said its average realized crude oil selling price rose to $86.75 per barrel, from $50.02 last year.

Excluding Libya, the company said net production fell about 12% to 276,000 barrels of oil equivalent per day in the quarter due to output declines and unplanned downtime in the Gulf of Mexico.

New York-based Hess said net income attributable to the company jumped 65% to $417 million, or $1.34 per share, in the three months ended March 31, from last year.

Excluding items, Hess earned $1.30 per share, above average analysts' estimate of $1.13 per share, according to Refinitiv IBES.

Hess, along with partners Exxon Mobil Corp and CNOOC Ltd, said on Tuesday it has found oil in three new wells off the coast of the South American country of Guyana, raising recoverable oil and gas potential from its discoveries to nearly 11 billion barrels.