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Profits Climb at Hess

Stock quotes in this article: HES , BP , COP  

Hess (HES Quote) said Wednesday that its third-quarter earnings jumped 33% year over year as profits from its exploration and production operations doubled.

The company earned $395 million, or $1.23 a share, compared with $296 million, or 94 cents a share, in the third quarter of 2006. Hess received its biggest boost from E&P, where it earned $414 million, up from $206 million a year ago.

Hess said in a press release that the improvement in E&P was partly because of a 1.5% increase in oil and gas production levels. It produced 357,000 barrels a day last quarter, compared with 352,000 barrels a day a year ago. ...

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