Hess Profit More Than Doubles on Higher Oil, Gas Prices


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.


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.