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    Hess Estimated Earnings Doubled in Q1

    The company saw higher exploration and production levels and earnings from that segment jumped.

    NEW YORK -- Hess Corp.'s first quarter estimated results showed the company more than doubled its net income since this time period last year. In 2007, the company reported $370 million in net income while this year's first quarter net income was an estimated $759 million.

    The report stated the company's Exploration and Production earnings were $824 million compared with $340 million in the first quarter of 2007. Oil and gas production was 391,000 barrels per day, compared with 382,000 barrels per day in the first quarter of 2007. The company's average global crude oil selling price was $83.28 per barrel, an increase of $32.54 per barrel from the first quarter of 2007.

    Marketing and refining earnings realized a dip with $16 million in the first quarter of 2008, compared to $101 million in the first quarter of 2007. The report noted contributing factors included lower refining margins and trading results. To this end, refining operations generated a loss of $3 million in the first quarter of 2008 compared with earnings of $54 million in the first quarter of 2007.

    Marketing earnings were $32 million in the first quarter of 2008 compared with $43 million in the first quarter of 2007. Trading activities produced a loss of $13 million in the first quarter of 2008 compared with income of $4 million in the first quarter of 2007.

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