Hess Profit More Than Doubles on Higher Oil, Gas Prices

Reuters

July 31 (Reuters) - Oil and gas producer Hess Corp said its quarterly profit more than doubled as oil and gas prices rose.

Net income rose to $1.43 billion, or $4.16 per share, in the second quarter from $549 million, or $1.61 per share, a year earlier.

Hess said on Tuesday that British utility Centrica Plc would buy its energy marketing unit for about $1.03 billion.

The company said in March that it would sell its retail gasoline and its marketing and trading businesses after activist investor Elliott Management began a campaign in January to break up the company.

Copyright 2017 Thomson Reuters. Click for Restrictions.

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Brent Crude Oil : $48.06/BBL 2.51%
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