Even with oil dropping significantly from its record highs, several oil-industry companies reported record earnings this quarter. But many of the reporting companies said that with oil falling and the global economy slipping into a downturn, future earnings would almost certainly decline.

Hess Corp.

Integrated oil and gas company Hess Corp. (HES) reported earnings up 50% from a year ago.

The New York-based oil and gas company said profits rose to $775 million, or $2.37 a share, up from $395 million, or $1.23 a share, from a year ago. Analysts were expecting earnings of $2.42 a share.

Hess said production rose to 361,000 barrels of oil a day, from 357,000 barrels a year ago.

Company executives said they expect to reduce capital expenditures in 2009 because of the slumping economy, putting off new drilling or refining sites until the economy improves.

Noble Energy

Noble Energy (NBL) reported a profit that solidly beat the Street’s estimates, primarily because of higher oil prices and gains in its commodity trading business.

Noble said profits rose to $974 million, or $5.37 a share, up from $223 million, or $1.28 a share, from a year ago.

Excluding one-time gains, Noble made a profit of $3.95 million, or $2.08 a share. Analysts were expecting Noble to report a profit of $1.91 a share, which usually excludes one-time items. Revenues rose 35% to $1.1 billion. Production rose in the quarter from a year ago, despite production impacts from Hurricanes Gustav and Ike.

Gulfmark Offshore and Hercules Offshore

Gulfmark Offshore (GLF) reported a profit, excluding one-time items, of $6.2 million -- up 20.9% from a year ago. On a per-share basis, Gulfmark reported a profit of $1.78 a share.

Analysts were expecting Gulfmark to report a profit of $1.62 a share.

Hercules Offshore (HERO) reported a profit of 34 cents a share on revenue of $298.3 million. Analysts were looking for the offshore driller report earnings of 35 cents a share. The company said their earnings were primarily impacted by Hurricanes Gustav and Ike, which went right through Hercules’ drilling sites.