Hess, which is engaged in the exploration and production of crude oil and natural gas, has reported net income of $759 million for the first quarter of 2008, compared to the net income of $370 million for the same period of 2007.
Exploration and production earnings were $824 million in the first quarter of 2008, compared with $340 million in the same period of 2007.
The corporation’s oil and gas production, on a barrel-of-oil equivalent basis, was 391,000 barrels per day in the first quarter of 2008, compared with 382,000 barrels per day in the same quarter of 2007.
Marketing and refining earnings were $16 million for the first quarter ended March 31, 2008, compared with $101 million for the same period of 2007, primarily reflecting lower refining margins and trading results.
For the first quarter ended March 31, 2008, net cash provided by operating activities was $1.18 billion, compared with $639 million in the same period of 2007.