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    Hess 3Q Net Income Falls by More than Half

    Marketing and refining earnings drop steeply, but oil production grows by 16 percent.

    NEW YORK -- Hess Corp. reported net income of $341 million for its third quarter of 2009, compared with net income of $775 million for the same quarter last year.

    The operator of 1,353 retail stations (including company-operated, Wilco-Hess, dealer and branded retailer sites) recorded c-store revenue of $868 million in its company-operated stores in its first nine months, compared to $793 million the year before.

    Average gasoline volume per company-operated station was 203 million gallons per month, compared to 210 million last year, the c-store chain reported.

    Refining and marketing earnings were $38 million in the quarter, compared to $161 million in the third quarter of 2008. As a result of lower refining margins, refining operations generated a loss of $3 million, compared to an income of $46 million in the third quarter of 2008 as a result of lower refining margins. Marketing earnings were $35 million in the quarter, compared with $110 million during the same period last year, also primarily due to lower margins. Trading activities produced income of $6 million in the third quarter of 2009 and $5 million in the third quarter of 2008.

    Exploration and production earnings were $397 million in the quarter, compared to $699 million during the period last year. The corporation's oil and gas production was 420,000 barrels of oil equivalent per day, an increase of 16 percent from the third quarter of 2008. Hess' average worldwide crude oil selling price, including the effect of hedging, was $56.07 per barrel in the third quarter of 2009, compared with $93.36 per barrel last year.

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