Energy producer Hess Corp. (NYSE: HES – $102.26) posted earnings for the second period and revenue that topped forecasts. Adjusted net income was $432 million, or $1.38 per share, compared with $520 million or $1.51 per share in the year ago quarter. That tops the $1.18 expected by analysts. Total revenue was $3.6 billion, down from $4.16 billion a year earlier following a rash of asset sales, but above estimates of $2.6 billion. New York-based Hess also announced a plan to form a publicly traded master limited partnership comprising its pipeline and storage assets in North Dakota’s Bakken oil shale field. The company said it expected the MLP to file a registration statement with the S.E.C. in the fourth quarter with an initial public offering likely be launched in the first quarter of next year. Hess said the MLP would hold a natural gas processing plant, a crude oil truck, a pipeline terminal and a rail loading terminal in Tioga, North Dakota and will also include a propane storage cavern and related rail and truck loading and storage terminals in Mentor, Minnesota. Pure-play oil and gas producer Hess is in on track to earn at least $5.00 per share for fiscal 2014 and with the new earning’s release, that figure could approach $5.15. Also, Hess – with its shares trading at a multi-year high – has been beefing up its dividend and increases going forward are likely given the company’s strong cash flows and strong balance sheet. Aggressive investors will do well to hold on to HES for now.