Amerada Hess Corporation, an oil explorer and US East Coast refiner, has said that first quarter net income fell by fifty eight percent on lower energy prices and a losses at its refining business. Net income declined to $141 million, or $1.58 a share, from $337 million, or $3.79, a year earlier, the New York based Amerada Hess said in a statement. Revenue fell by twenty eight percent to $3.02 billion from $4.18 billion. Oil and natural gas prices tumbled in the first quarter as the slumping economy and mild US weather curbed demand. Hess's refining and marketing unit posted a $22 million loss as a jump in the price of crude oil raised costs faster than refiners could pass them on to customers. Profit a year earlier was at $105 million. “They got hit with the difficult refining market like everyone else, but they more than made up for that with a phenomenal exploration and production number,” said Dresdner Kleinwort Wasserstein analyst Christopher Malone.
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