Hess Nets $900MM, Up from Last Year's Q2

Hess Corporation has reported net income of $900 million for the second quarter of 2008 compared with net income of $557 million for the second quarter of 2007.
 
Exploration and Production earnings were $1,025 million in the second quarter of 2008 compared with $505 million in the second quarter of 2007. The Corporation's oil and gas production, on a barrel-of-oil equivalent basis, was 393,000 barrels per day in the second quarter of 2008, an increase of 4% from the second quarter of 2007. In the second quarter of 2008, the Corporation's average worldwide crude oil selling price, including the effect of hedging, was $104.29 per barrel compared with $60.05 per barrel in the second quarter of 2007. The Corporation's average worldwide natural gas selling price, including the effect of hedging, was $7.81 per Mcf in the second quarter of 2008 compared with $4.88 per Mcf in the second quarter of 2007.

Marketing and Refining generated a loss of $52 million in the second quarter of 2008 compared with income of $122 million in the second quarter of 2007, primarily reflecting lower margins and trading results. Refining earnings were $3 million in the second quarter of 2008 compared with $87 million in the second quarter of 2007. Marketing results were a loss of $40 million in the second quarter of 2008 compared with breakeven results in the second quarter of 2007. Trading operations generated a loss of $15 million in the second quarter of 2008 compared with income of $35 million in the second quarter of 2007.

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