UPDATE 1-Hess profit tumbles with oil price, but tops view

* Q2 EPS 31 cents; Wall Street view 1 cent

* Revenue $6.75 bln vs $11.7 bln

* Shares rise 1.3 pct in premarket trade

NEW YORK, July 29 (Reuters) - Hess Corp (HES.N), an integrated oil and gas company, reported an 89 percent drop in quarterly earnings, hurt by a steep decline in crude oil prices and weakness in refining margins, but topped Wall Street forecasts.

Net profit was $100 million, or 31 cents per share, compared with $900 million, or $2.76 per share, in the same period a year earlier.

Wall Street analysts on average had expected a profit of 1 cent per share, according to Reuters Estimates.

Revenue fell to $6.75 billion from $11.7 billion.

Hess shares were up 1.3 percent in premarket trade. (Reporting by Matt Daily; editing by John Wallace)