Hess Corp., New York, (NYSE: HES) says it had a net loss of $74 million during the fourth quarter of 2008, compared to net income of $510 million during the same time period in 2007.
Hess' E&P division lost $125 million in the fourth quarter, compared to income of $583 million in 4Q 2007.
Production averaged 379,000 barrels of oil equivalent per day in the fourth quarter, down from 390,000 barrels of oil equivalent per day during the same time period in 2007. Hess attributed the decrease to hurricane effects.
From 2007 to 2008, reserves increased from 1.33 billion- to 1.43 billion barrels of oil equivalent. Hess says the additions, which are subject to final review, replaced approximately 171% of its 2008 production and increased its reserve life to 10 years.
Hess says its cash and cash equivalents totaled $908 million at the end of 2008, compared with $607 million at Dec. 31, 2007. Total debt at the end of 2008 was $3.96 billion, compared to $3.98 billion at the end of 2007.
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