Marketing earnings were also higher than the year ago quarter primarily as a result of improvement in margins. Retail marketing margins strengthened during the quarter while fuel volumes, on a per-site basis, were down 7%, reflecting weaker economic conditions.
Year-over-year convenience store sales were flat, after being lower during the first half of this year.
Net income for third-quarter 2008 was $775 million compared with $900 million in second-quarter 2008. For E&P, income from operations in third-quarter 2008 was $699 million compared with $1,025 million in the second quarter. For R&M, the results of operations amounted to income of $161 million in third-quarter 2008 compared with a loss of $52 million in second-quarter 2008. Marketing results amounted to income of $110 million in third-quarter 2008 compared with a loss of $40 million in the second quarter. Third-quarter 2008 marketing results reflect higher margins in retail gasoline operations and energy marketing activities.
Hess, with headquarters in New York, is a leading 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.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.