Hess, Getty Report Higher Third Quarter Earnings
NEW YORK -- Hess Corp. reported a strong third quarter, with an increase in net income to $775 million, compared with $395 million in third quarter of 2007, and cash flow from operations at $1.2 billion, up from $863 million at the same time last year.
Also, oil and gas production was 361,000 barrels per day, up from 357,000 in 2007, and the debt to capitalization ratio decreased to 24.3 percent at Sept. 30, 2008, from 28.9 percent at Dec. 31, 2007.
Refining earnings increased to $46 million in the third quarter of 2008, compared with $25 million in the third quarter of the prior year. Marketing earnings were $110 million in the third quarter of 2008, up from $21 million in the third quarter of 2007.
In other earnings news, Getty Realty Corp. reported its preliminary financial results for the quarter and nine months ended Sept. 30, 2008.
Net earnings decreased by $2.3 million to $10.5 million for the quarter, compared to $12.8 million for the same quarter last year, and decreased by $800,000 to $32.5 million for the nine months ended Sept. 30, 2008, as compared to $33.3 million for the same time period in 2007. Meanwhile, earnings from continuing operations increased by $100,000 to $10 million for the quarter, as compared to $9.9 million for the same quarter in 2007. And earnings from continuing operations increased by $1.7 million to $30.3 million for the nine months ended Sept. 30, 2008, as compared to $28.6 million for the nine months ended Sept. 30, 2007.
The financial results for the nine months ended Sept. 30, 2008 and 2007 include the effect of the $84.6 million acquisition of convenience stores and gas station properties from FF-TSY Holding Co. II LLC (the successor to Trustreet Properties Inc.), which was not substantially completed until the end of the first quarter of 2007, the company reported. Accordingly, the financial results for the nine months ended Sept. 30, 2007, only partially include the results of the acquisition.
"I am pleased with the increases in funds from operations and adjusted funds from operations reported for both the three and nine month periods ended Sept. 30, 2008, as compared to the respective prior year periods," said Leo Liebowitz, chairman and CEO of Getty Realty Corp. "In regard to discussions with Getty Petroleum Marketing Inc., our primary tenant, we continue our internal review of a number of possible proposals to negotiate a modification of the unitary master lease with marketing since we believe that a deal benefiting both parties is possible. However, we cannot predict if, or when, a modification of the Master Lease on terms acceptable to the company and marketing could be accomplished or what the terms of any such modification agreement may be."
Also, oil and gas production was 361,000 barrels per day, up from 357,000 in 2007, and the debt to capitalization ratio decreased to 24.3 percent at Sept. 30, 2008, from 28.9 percent at Dec. 31, 2007.
Refining earnings increased to $46 million in the third quarter of 2008, compared with $25 million in the third quarter of the prior year. Marketing earnings were $110 million in the third quarter of 2008, up from $21 million in the third quarter of 2007.
In other earnings news, Getty Realty Corp. reported its preliminary financial results for the quarter and nine months ended Sept. 30, 2008.
Net earnings decreased by $2.3 million to $10.5 million for the quarter, compared to $12.8 million for the same quarter last year, and decreased by $800,000 to $32.5 million for the nine months ended Sept. 30, 2008, as compared to $33.3 million for the same time period in 2007. Meanwhile, earnings from continuing operations increased by $100,000 to $10 million for the quarter, as compared to $9.9 million for the same quarter in 2007. And earnings from continuing operations increased by $1.7 million to $30.3 million for the nine months ended Sept. 30, 2008, as compared to $28.6 million for the nine months ended Sept. 30, 2007.
The financial results for the nine months ended Sept. 30, 2008 and 2007 include the effect of the $84.6 million acquisition of convenience stores and gas station properties from FF-TSY Holding Co. II LLC (the successor to Trustreet Properties Inc.), which was not substantially completed until the end of the first quarter of 2007, the company reported. Accordingly, the financial results for the nine months ended Sept. 30, 2007, only partially include the results of the acquisition.
"I am pleased with the increases in funds from operations and adjusted funds from operations reported for both the three and nine month periods ended Sept. 30, 2008, as compared to the respective prior year periods," said Leo Liebowitz, chairman and CEO of Getty Realty Corp. "In regard to discussions with Getty Petroleum Marketing Inc., our primary tenant, we continue our internal review of a number of possible proposals to negotiate a modification of the unitary master lease with marketing since we believe that a deal benefiting both parties is possible. However, we cannot predict if, or when, a modification of the Master Lease on terms acceptable to the company and marketing could be accomplished or what the terms of any such modification agreement may be."