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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Cost Accountant
Expertise: Accounting
Location: Midland, TX
 
Facilities Engineering Manager
Expertise: Engineering Manager|Facilities Engineer|Refinery / Plant Operations Supervisor
Location: Lake Charles, LA
 
United States Houston: Accountant
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $52.72/BBL 3.31%
Light Crude Oil : $48.51/BBL 3.01%
Natural Gas : $2.89/MMBtu 1.36%
Updated in last 24 hours