Hess Increases Net Income Two-Fold for Q1



Hess Corporation reported net income of $759 million for the first quarter of 2008 compared with net income of $370 million for the first quarter of 2007.

Cash flows from operations were $1,176 million compared with $639 million in first quarter 2007.

In the first quarter of 2008, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was $83.28 per barrel, an increase of $32.54 per barrel from the first quarter of 2007. The Corporation's average worldwide natural gas selling price, including the effect of hedging, was $7.06 per Mcf in the first quarter of 2008, an increase of $2.06 per Mcf from the first quarter of 2007.

Net cash provided by operating activities was $1,176 million in the first quarter of 2008 compared with $639 million in the first quarter of 2007. Capital and exploratory expenditures for the first quarter of 2008 amounted to $970 million, of which $938 million related to Exploration and Production operations. Capital and exploratory expenditures for the first quarter of 2007 amounted to $1,181 million, of which $1,159 million related to Exploration and Production operations.

At March 31, 2008, cash and cash equivalents totaled $902 million compared with $607 million at December 31, 2007. Total debt was $3,960 million at March 31, 2008 and $3,980 million at December 31, 2007. The Corporation's debt to capitalization ratio at March 31, 2008 was 26.9 percent compared with 28.9 percent at the end of 2007.


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