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    Hess Profits Fall Nearly 89 Percent in '09 Q2

    Net income was $100 million compared with $900 million in second quarter 2008.

    NEW YORK -- Hess Corp. reported net income of $100 million for the second quarter of 2009 compared with net income of $900 million for the second quarter of 2008, a decline of 88.8 percent.

    The company’s exploration and production earnings were $215 million in the second quarter of 2009 compared with $1.025 billion in the second quarter of 2008.

    Marketing and refining generated a loss of $30 million in the second quarter of 2009 compared with a loss of $52 million in the second quarter of 2008, primarily reflecting improved energy marketing and trading results. Refining operations generated a loss of $26 million in the second quarter of 2009 compared with income of $3 million in the second quarter of 2008, due to lower refining margins.

    Marketing results generated a loss of $13 million in the second quarter of 2009, compared with a loss of $40 million in the second quarter of 2008. Trading activities produced income of $9 million in the second quarter of 2009, an increase of $24 million from the second quarter of 2008.

    As of June 30, 2009, Hess’ cash and cash equivalents totaled $1.063 billion compared with $908 million as of Dec. 31, 2008.

    Hess Corp., with headquarters in New York, is a global independent energy company engaged in the exploration for and production of crude oil and natural gas, as well as in refining and marketing refined petroleum products, natural gas and electricity.

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