June 2007 -- The petroleum industry can be fickle. Just ask New York-based Hess Corp., a global independent energy company engaged in the exploration and production of crude oil and natural gas.
The company reported estimated net income of $370 million for the first quarter of 2007 compared with net income of $699 million for the first quarter of 2006. First quarter 2006 results included an after-tax gain of $186 million related to the sale of certain United States producing properties.
Estimated results for the first quarter of 2007 also show the company's average worldwide crude oil selling price, including the effect of hedging, was $50.74 per barrel, a decrease of $2.56 per barrel from the first quarter of 2006.
Despite the shaky first-quarter results, Hess Corp. remains a strong contender in its industry posting $28.7 billion in sales for 2006.
