Hess Corporation Issues Letter to Shareholders

  Hess Corporation Issues Letter to Shareholders

Announces Culmination of Multi-Year Transformation Into Pure Play E&P Company

            Names Six New, Highly Qualified Independent Directors

           Responds to Elliott Management’s Flawed Recommendations

Business Wire

NEW YORK -- March 4, 2013

Hess Corporation (NYSE: HES) (“Hess”) today issued the following letter to all
Hess shareholders in connection with the Company’s multi-year transformation
to a pure play exploration and production (“E&P”) company and its 2013 Annual
Meeting scheduled to be held on May 16, 2013.

For information about Hess’ transformation and the 2013 Annual Meeting, please
visit: www.transforminghess.com.

The text of the March 4 letter follows:

Dear Fellow Shareholder:

The 2013 Annual Meeting will be important for Hess and all our shareholders.

Your Board and management have been transforming Hess into a more focused,
pure play exploration and production (“E&P”) company. The strategy has been
working well, creating near term value and positioning us to drive returns
over the long term.

Indeed, now more than halfway through our transformation, the market has been
recognizing our progress. Hess shares significantly outperformed the peer
index, rising from $43.93 to $58.90 per share, an increase of 34% in the
period between our mid-year strategy update on July 25, 2012 and the January
28, 2013 announcement of our planned terminals sale. On Friday, March 1, our
shares closed at $66.54 per share. Operating performance has also been strong.
2012 cash flow from operations was the highest in our 80 year history and 2012
net income was our third highest.

                       BECOMING A PURE PLAY E&P COMPANY

This morning we announced actions that represent the culmination of our
multi-year transformation into a pure play E&P company. The transformed Hess
will have a focused portfolio of higher growth, lower risk, oil linked E&P
assets that we anticipate will deliver a five year compound average annual
production growth rate (“CAGR”) of 5 to 8%, based off of pro forma 2012
production, with aggregate mid-teens production growth between pro forma 2012
and 2014, while increasing returns to all shareholders. Specific announcements
today include:

  *Fully exiting our downstream businesses, including retail, energy
    marketing, and energy trading
  *Further focusing our E&P portfolio by divesting Indonesia and Thailand
  *Pursuing monetization of Bakken midstream assets, expected in 2015
  *Returning capital directly to shareholders through an increase in the
    annual dividend to $1.00 per share commencing in the third quarter of 2013
    and a share repurchase program authorization of up to $4 billion, with
    amount and timing tied to proceeds from our asset sale program
  *Adding six new world class independent directors with the right mix of
    corporate leadership, operational and financial expertise, and top level
    E&P experience

                         HESS’ 5-YEAR TRANSFORMATION

Starting in 2010, we began taking decisive actions to grow the value of our
world class asset base by focusing on the exploration and development of our
most promising lower risk, higher growth, oil linked E&P assets.

In the first phase of our transformation, we invested significantly in our
most promising assets, substantially increasing our leadership in the Bakken
oil shale, and entering the Utica shale, while acquiring an additional
ownership stake in the Valhall Field (Norway). Furthermore, we closed our
HOVENSA joint venture refinery in the U.S. Virgin Islands and divested a
number of assets in the United Kingdom, Norway, and Indonesia totaling $1.7
billion.

We began our second phase on July 25, 2012 after providing shareholders with a
comprehensive update on our strategy. In the months since, we have:

  *Divested approximately $1.5 billion in non-core assets across Europe and
    Asia, and have announced that we are pursuing the sale of our Russian
    subsidiary, Samara-Nafta, and our Eagle Ford assets in Texas
  *Announced that we will sell our terminal network. In addition to the sale
    proceeds, this transaction will release approximately $1 billion of
    working capital
  *Exited the refinery business with the closure of our Port Reading, New
    Jersey refinery
  *Announced a 17% reduction in upstream capital expenditures and reduced
    exploration spending by 29% in 2013, with further capital expenditure
    reductions expected in 2014

These actions have positioned the Company well to enter this third phase of
our transformation, announced today, which will create a pure play E&P
company.

            THE MARKET RECOGNIZES THE VALUE YOUR BOARD IS CREATING

Your existing Board and management have driven our strategic transformation
and built the world class asset base that we have today. On January 30, we
announced full year 2012 earnings results that demonstrate the value of our
plan. Net income for 2012 was $2.0 billion, representing the third highest
annual net income in Hess company history. Cash flow from operations in 2012
grew to $5.7 billion, the highest in the Company’s history.

These strong results reflect the hard work we have done to transform the
Company and, as noted above, the market has been recognizing the success of
our transformation. Hess shares significantly outperformed our peer index from
July 24, 2012, the last day of trading before we provided our mid-year
strategy update, to January 25, 2013, the last day of trading prior to the
announcement of the planned divestiture of our entire terminal network, and
the announcement of a new position taken by Elliott Management, a hedge fund
run by Paul Singer.

Elliott Management, a New Shareholder, Is Seeking to Undermine the Value We
Are Creating

As you may have seen, Elliott Management, a new shareholder, has made a
recommendation that would effectively dismantle Hess, disrupting the progress
we have made and foreclosing the prospect of real value creation that would
benefit all Hess shareholders.

In his “reassessment” of Hess, Singer offers a seriously flawed analysis of
Hess’ stock price performance based on an arbitrary endpoint. Among many other
things, he fails to take into account the meaningful share price appreciation
that Hess’ stock had enjoyed in response to our announcements of a series of
transactions and initiatives along with our indication that other steps were
underway.

We are convinced that our transformation is driving superior value creation
far beyond Singer’s short term time horizon.

                LOOK AT WHAT INDEPENDENT ANALYSTS HAVE TO SAY

In addition to the price appreciation of Hess’ shares since our mid-year 2012
strategy update, knowledgeable industry analysts noted Hess’ transformation.

Analyst                     Quote
Doug Leggate, BAML            “Management is doing all the right things, in
January 31, 2013            our view, and while criticisms of past strategy
                              have some merit, the outlook has never been
                             better…”
John Herrlin, Societe         “… We very much like what HES is doing
Generale                      operationally. We think it makes sense to reduce
January 31, 2013            mature North Sea exposure, monetize US Eagle
                              Ford, Russian operations and US terminal
                             business.”
                              “Significant repositioning unfolded at Hess
Doug Terreson, ISI            during the past five years. Investments
January 31, 2013            emphasized areas of competitive strength with
                              non-strategic interests divested or allowed to
                             decline in relation to the rest of the
                              portfolio.”
                              “…[Gheit said] energy companies often have
Fadel Gheit, Oppenheimer      unproved resources and assets that haven't yet
Activist Investor Elliott     realized their value, and trying to split up a
Management Seeking to       company like Hess would be a mistake in the long
Remake Hess, Dow Jones,       run. ‘ It makes no sense. It's cutting your nose
January 29, 2013              to spite your face. You don't gain anything by
                              doing that.’"
Arjun N. Murti, Goldman       “…Hess is increasingly demonstrating it can
Sachs                       deliver results that are competitive with other
January 30, 2013              leading Bakken companies.”
Capital One                   “Management's continued commitment to reshaping
January 29, 2013            HES's portfolio has driven an impressive
                              turnaround...”

     HESS TRANSFORMED: A PURE PLAY E&P COMPANY DRIVING SHAREHOLDER VALUE

While we have accomplished a great deal, we are not finished. As noted above,
we have announced the culmination of our transformation into a pure play E&P
company. That includes:

  *Exploring strategic alternatives for our entire downstream business,
    including retail, energy marketing, and energy trading
  *Pursuing additional E&P asset sales by pruning our Asian portfolio to
    focus on the long lived, low risk Malaysia/Thailand Joint Development Area
    and the North Malay Basin
  *Reviewing potential alternatives to monetize our Bakken midstream assets,
    expected in 2015
  *Using the initial proceeds from both previously and newly announced asset
    sales to pay down short term debt, and retain financial flexibility to
    fund our growth
  *Returning capital directly to shareholders by increasing our quarterly
    common dividend 150% to $1.00 per share on an annual basis, beginning in
    third quarter of this year
  *Further returning capital by initiating a share repurchase program of up
    to $4 billion, with amount and timing tied to proceeds from our asset sale
    program
  *Returning additional capital to shareholders as a result of monetizing
    Bakken midstream assets, expected in 2015

A Focused, Higher Growth, Lower Risk, Oil Linked Portfolio to Drive Growth

As a result of the steps already taken by your management and the Board, and
the announcements today, Hess will be a pure play E&P company with a focused
portfolio of higher growth, lower risk assets.

This portfolio will allow us to capitalize on our leadership position in the
Bakken oil shale, enhance production at our existing conventional assets, and
substantially focus our exploratory program by allocating the majority of our
exploration spend to our most promising prospects.

Production growth into 2013 and 2014 is expected to be driven by currently
producing assets and expected new production from Tubular Bells and North
Malay Basin. Importantly, our estimated 2013 pro forma production will consist
of 76% liquids and 85% of our crude oil production is Brent linked. This
allows us to deliver stronger cash margins and returns than our peers.

The transformed Hess will have a focused portfolio of world class, higher
growth, lower risk E&P assets that we anticipate will deliver a five year CAGR
of 5 to 8%, based off of pro forma 2012 production, with aggregate mid-teens
production growth between pro forma 2012 and 2014.

Future Production growth is expected to be driven largely by six core assets:

  *Bakken Shale (North Dakota)
  *Valhall Field (Norway)
  *Tubular Bells (Deepwater Gulf of Mexico)
  *North Malay Basin (Malaysia)
  *Utica Shale (Ohio)
  *Ghana

Leveraging Our High Quality Technical Capabilities Across A Global Platform

Hess is also able to leverage its robust drilling, completion and production
platform across its asset base, allowing us to realize synergies from the
transfer of technical skills and operating capabilities globally. For example:

  *Bakken hydraulic fracturing expertise is utilized in the Malaysia/Thailand
    Joint Development Area.
  *Managed pressure drilling expertise in South Arne (Denmark) is applied in
    the Utica shale play.
  *Gulf of Mexico deep water expertise has driven Hess’ recent drilling
    success in Ghana and Equatorial Guinea.
  *High pressure and high temperature experience in Gulf of Mexico is being
    deployed in the North Malay Basin and other international assets.

These capabilities are recognized by the world’s leading oil companies,
national oil companies, and host governments. It is not by accident that in
recent years, we have been chosen by Chevron and Petronas to develop and
operate important exploration and development projects in the deepwater Gulf
of Mexico (Tubular Bells) and the North Malay Basin (Gulf of Thailand),
respectively.

Efficiently Allocating Capital

While we are pursuing growth, we are also efficiently allocating capital in
order to maximize returns. We have recently announced substantial reductions
in capital and exploration expenditures. In 2013, we decreased E&P capital
expenditures by 17% and expect further reductions in 2014. In terms of
exploration, we have focused our budget by decreasing allocated spending by
29% when compared to 2012. Additionally, a program to further reduce costs is
underway. With a leaner organization and focused capital expenditure budget,
we will be well positioned to deliver growth and increase returns to all
shareholders.

 THE RIGHT BOARD FOR A TRANSFORMED HESS; DRIVING LONG TERM SHAREHOLDER VALUE

We are mindful of the role that corporate governance plays in protecting and
creating shareholder value. And, as we convert into a pure play E&P company,
we recognize the importance of adding individuals to our Board who have
directly relevant experience and stature.

Our effort to identify the right people for the future has been underway since
last year and today we are pleased to nominate five new highly qualified
independent director candidates with the right mix of corporate leadership,
operational and financial expertise, and top level E&P experience for election
at this year’s Annual Meeting. We have also appointed a sixth additional new
independent director who will take the seat of F. Borden Walker, who retired
from the Board effective March 1, 2013. The addition of these six new
directors to the Hess Board will provide additional perspective, experience,
and guidance to management that will benefit all Hess shareholders and
complement the strengths of our existing Board. With these changes, 13 of the
14 Board members will be independent.

John Krenicki Jr.
Former Vice Chairman of GE; President and Chief Executive Officer of GE Energy

Mr. Krenicki recently joined private equity firm Clayton, Dubilier & Rice in
2013 after 29 years in senior leadership roles at GE, including as Vice
Chairman. While leader of GE Energy, the unit doubled in size and
profitability and became GE's largest business – with revenue increasing from
$22 billion in 2005 to over $50 billion in 2012. His responsibilities included
oversight of GE’s Oil & Gas, Power & Water, and Energy management businesses,
which employ more than 100,000 people in over 165 countries. Mr. Krenicki is
one of America's top corporate executives with a strong track record of
success, experience, and leadership in operations, oil and gas, and energy.
His experience leading large scale initiatives and operations across a global
energy portfolio will add important perspective to the Hess Board as the
Company completes its transformation to a pure play E&P company.

Dr. Kevin Meyers
Former Senior Vice President of E&P for the Americas, ConocoPhillips

Dr. Meyers ran Exploration and Production in the Americas for ConocoPhillips,
where he oversaw 6,000 employees and a $6 billion annual capital program, and
was responsible for reorganizing and driving business value in the Americas
E&P portfolio. Dr. Meyers drove the reconfiguration of the company’s upstream
portfolio in North America, divesting $6 billion of low growth, low margin
assets and focusing capital into emerging unconventional plays. He spearheaded
the company's development of the Eagle Ford and increased investment in both
the Permian Basin, and the Bakken. Dr. Meyers has over 30 years of experience
in exploration and production, both domestic and international. Based on this
experience, Dr. Meyers will bring to the Hess Board decades of managing
cost-efficient E&P operations in geographies directly relevant to Hess’
focused E&P portfolio.

James H. Quigley (2014)
Former Chief Executive Officer, Deloitte

Mr. Quigley led Deloitte, one of the world's largest accounting and consulting
firms. During his 38 years at Deloitte, he was a trusted consultant on
strategic leadership and operating matters to senior management teams of
multinational companies across industries. As CEO, he was responsible for the
consulting, tax, audit, and financial advisory practices of Deloitte, and as
an advisor and consultant, helped guide major strategic initiatives at many
companies. In 2012, Mr. Quigley was named Trustee of the International
Financial Reporting Standards (IFRS) Foundation, the oversight body of the
International Accounting Standards Board (IASB). He will bring to the Hess
Board significant global leadership experience and knowledge of financial, tax
and regulatory matters that are relevant to Hess operations.

Fredric Reynolds
Former Executive Vice President and Chief Financial Officer, CBS Corporation

Mr. Reynolds was Executive Vice President and Chief Financial Officer of CBS
Corporation and its predecessors from January 1994 until his retirement in
August 2009. While at CBS, Mr. Reynolds managed the company's transformation,
beginning with the acquisition by Westinghouse of CBS in 1995, followed by the
Viacom-CBS merger of 2000 and the subsequent spin-out of MTV Networks, since
renamed Viacom. During his tenure as CFO of CBS, shareholders experienced
substantial share appreciation and return of capital. Mr. Reynolds is also the
lead independent director at AOL Inc. Mr. Reynolds will bring to the Hess
Board his substantial experience as a CFO with a successful track record of
financial oversight, leading a successful transformation, returning capital,
and delivering long term returns.

William Schrader
Former Chief Operating Officer, TNK-BP Russia

Mr. Schrader was a senior leader of many of BP's most important E&P
businesses, including serving as President of BP Azerbaijan – one of BP’s most
valued assets – and most recently served as COO of TNK-BP, which comprised 27%
of BP’s reserves and 29% of BP’s production. During his tenure as President of
BP Azerbaijan, production increased from 240,000 bpd to over 950,000 bpd while
operating costs were reduced from $7/bbl to $4/bbl. He also was responsible
for all of BP’s E&P business in Indonesia including the Tangguh LNG business.
Mr. Schrader is an outstanding E&P executive responsible for transforming BP’s
best and most valued E&P assets, and will bring to the Board his experience as
a disciplined E&P operator with expertise in production sharing structures,
government relations, and delivering returns.

Dr. Mark Williams
Former Executive Committee Member, Royal Dutch Shell

Dr. Williams worked for over 35 years at Shell, including more than 17 years
in Shell’s E&P and upstream business, serving most recently as a member of the
Executive Committee of Royal Dutch Shell, where he was of the top three
operating executives collectively responsible for all strategic, capital, and
operational matters. Most recently, as Downstream Director, Dr. Williams
oversaw $400 billion in revenues and approximately 55,000 people, generating
$5.3 billion in profit annually, and redirected a $6 billion annual investment
into the higher growth markets of China and Brazil, while strengthening
Shell’s position in key hubs in the U.S. Gulf Coast and Singapore. His
experience as part of an executive group with ultimate strategic
responsibilities for the overall direction of one of the world’s largest oil &
gas companies will add invaluable insight to Hess’ Board.

We would like to thank our outgoing directors, who have served with
distinction and deserve significant credit for helping initiate the
transformation we began in 2010. The fact that we now possess some of the most
attractive oil assets in our industry is, in large part, due to their
commitment to our transformation.

         ELLIOTT’S “RECOMMENDATIONS” ARE SERIOUSLY FLAWED, IRRELEVANT
                      AND UNDERMINE REAL VALUE CREATION

On January 29, Paul Singer’s Elliott Management – a hedge fund with almost no
oil and gas experience and known for aggressive tactics – announced that it
had taken a new stake in Hess. Without ever talking to management or the Board
(and they still haven’t), the hedge fund proposed a so called “reassessment,”
– the central thesis of which amounts to little more than financial
engineering based on flawed assumptions. Mr. Singer is also running a proxy
contest to install a dissident slate of directors – all tethered to his
unusual compensation scheme and flawed agenda.

We think Singer’s proposals demonstrate no meaningful operational insight into
our business. For the most part, his proposals would orphan our most promising
assets and foreclose the potential for future real value creation. We are
convinced that Singer’s agenda would destroy shareholder value.

There are points on which we agree with Singer, including the fact that
certain divestitures will help unlock the value of our world class asset base.
If Singer had taken the time to do his homework and meet with management prior
to launching his campaign, however, he might have understood that we were
already well down our transformation path to build more value.

ResourceCo & InternationalCo: Singer’s Central Thesis Is Wrong

We, like all our other shareholders, are acutely aware of the value of our
assets in the Bakken. In fact, Hess significantly increased our acreage there
in 2010 and today we enjoy a significant, low cost leadership position in the
play. The Board and senior management are aligned with shareholders – we
collectively own approximately 11% of common stock. Our top priority is
increasing the value in these assets for the benefit of all Hess shareholders.
Elliott’s platform is predicated almost entirely on Singer’s naive assumption
that separating our U.S. assets into a stand alone company will create value.
It won’t.

Neither the Bakken nor the Utica are currently self-funding. Spinning them off
now would leave them stranded, underfunded entities vulnerable to a forced
sale and, thereby, enabling Singer to shift value that rightly belongs to Hess
shareholders to another operator who acquires this enormously valuable acreage
on the cheap. To be clear, our specific plan is to continue to realize the
intrinsic value of our assets for the benefit of all our shareholders, while
Singer seems intent to pursue a short term run in the stock that will
effectively prevent us from realizing this substantial upside.

The Singer proposal:

  *Ignores Credit Implications – Singer would break up Hess into two pieces –
    both of which we believe would have higher financing costs and limited
    financial flexibility – severely limiting our ability to realize the
    substantial value opportunity for Hess shareholders.

       *Singer’s ResourceCo would have limited stand-alone debt capacity and
         substantial negative cash flow, creating an entity that could not
         fund Bakken development.
       *Singer’s International Co would likely retain all of Hess’ existing
         debt on a smaller asset base with fewer reserves and lower production
         growth, hampering its ability to retain an investment grade rating
         and severely limiting its ability to run efficient international E&P
         activities at attractive financing costs.

  *Ignores Tax Consequences – The Singer proposals assert without
    substantiation that midstream and downstream assets can be monetized or
    divested without tax leakage or inefficiencies. In fact, he ignores the
    significant tax consequences inherent in separating Hess into ResourceCo
    and InternationalCo, such as:

       *Bakken capital spending generates substantial excess tax deductions
         that are used to offset taxable income generated by other U.S.
         assets.
       *Singer’s ResourceCo would be generating unused tax deductions and
         InternationalCo would be paying taxes on otherwise shielded income.
       *Singer’s InternationalCo would remain a U.S. domiciled entity with
         the majority of its cash flow generated from foreign assets.

  *Uses Flawed Valuation Benchmarks – Singer’s net asset value assumptions
    that are necessary predicates for the spin off are premised on significant
    multiple expansion for both entities, and are not analytically sound.
    They:

       *Ignore the declining trend in valuation multiples for pure play
         Bakken companies; and
       *Assume Singer’s InternationalCo achieves a “premium multiple” despite
         being a more highly levered, less tax efficient company with lower
         production growth.

Further, Singer falsely asserts that we have failed to control costs in the
Bakken. This is simply not true, reflecting either willful distortion or a
failure to do his homework. The fact is that Hess is now recognized as one of
the most efficient operators in the Bakken, with competitive drilling and
completion costs below or in line with peers and further efficiencies expected
as a result of our shift to pad drilling. This cost leadership is evidenced by
the fact that in 2012 Hess wells enjoyed an 85% average participation rate
with its partners, and our exceptional production performance is evidenced by
Hess completing 3 of the top 5 producing wells in the play and 10 of the top
25.

Many independent analysts share our view of Elliott’s Flawed Proposals:

Analyst                    Quote
                             “Elliott Associates’ shareholder letter and
                             presentation yesterday were, if nothing else, a
                             case study in effective propaganda.”
Pavel Mochanov, Raymond
James                      “The consequences of spinning off the shales are
January 30, 2013             especially stark, as this would leave the “stub”
                             with a short reserve life, slim growth visibility
                             (almost entirely exploration-centric), and a very
                             high tax burden.”
                             “Elliott’s actions have highlighted the deep
                             value embedded in Hess: we concur that
                             substantial additional value remains for the
                             shares to be appropriately valued vs. peers. But
                             our analysis leaves us unconvinced it is
Doug Leggate, BAML           something that could not otherwise be achieved by
                           management actions already underway.”
January 31, 2013
                             

                             “We agree with Elliott that Hess is undervalued;
                             we are less convinced that closing the value gap
                             is something Hess could not achieve on its own.”
                             “...the primary practical challenge is separating
Katherine Lucas Minyard,     the business in need of funding from the cash
J.P. Morgan                generating businesses, while also robbing the
January 30, 2013             blended portfolio of the high-growth assets meant
                             to offset decline in the legacy, cash generating
                             portfolio.”
                             “…we’d note that HES’ Bakken assets are partly
                             dependent on other parts of its portfolio to fund
William Featherston, UBS   its growth program, while also providing steady,
January 30, 2013             predictable growth to counterbalance the lumpy
                             less predictable growth associated with its
                             offshore assets.”

                                     ***

The newly transformed Hess will be a pure play E&P company with a focused,
higher growth, lower risk portfolio of world class assets. While retaining the
financial flexibility to fund future growth, we will also return capital to
shareholders through a substantially enhanced dividend and initiate a share
repurchase program. Lastly, we have identified an outstanding team of new
directors with substantial E&P, financial, and operational business expertise
to lead us into the next phase of our value plan.

As you can see, your Board and management team is decisively focused on the
continued successful execution of a strategic transformation well underway
that is creating superior value for all Hess shareholders.

We urge all shareholders to make fully informed decisions as to whether now is
the right time to disrupt the completion of our plan. For additional
information and updates, including today’s investor presentation, please go to
www.transforminghess.com. We look forward to continuing the dialogue with you.

Sincerely,

John B. Hess
Chairman and Chief Executive Officer

                                     ###

The Company will host a conference call today, Monday, March 4, at 9 a.m.
Eastern Standard Time to discuss today’s announcements.

To phone into the conference call, parties in the United States should dial
1-877-299-4454 and enter the pass code 17435465 after 8:45 a.m. Outside the
United States, parties should dial 1-617-597-5447 and enter the pass code
17435465. This conference call will also be accessible by webcast.

A replay of the conference call will be available by dialing 1-888-286-8010
and entering the pass code 21025193. Outside the United States, parties should
dial 1-617-801-6888 and enter the pass code 21025193.

For additional information and updates, including today’s investor
presentation, please go to www.transforminghess.com. More information on Hess
Corporation is available at www.hess.com.

Cautionary Statements

This document contains projections and other forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These projections and statements reflect
the Company’s current views with respect to future events and financial
performance. No assurances can be given, however, that these events will occur
or that these projections will be achieved, and actual results could differ
materially from those projected as a result of certain risk factors. A
discussion of these risk factors is included in the Company’s periodic reports
filed with the Securities and Exchange Commission.

This document contains quotes and excerpts from certain previously published
material. Consent of the author and publication has not been obtained to use
the material as proxy soliciting material.

Important Additional Information

Hess Corporation, its directors and certain of its executive officers may be
deemed to be participants in the solicitation of proxies from Hess
shareholders in connection with the matters to be considered at Hess’ 2013
Annual Meeting. Hess intends to file a proxy statement and WHITE proxy card
with the U.S. Securities and Exchange Commission (the “SEC”) in connection
with any such solicitation of proxies from Hess shareholders. HESS
SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND
ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN
IMPORTANT INFORMATION. Information regarding the ownership of Hess’ directors
and executive officers in Hess stock, restricted stock and options is included
in their SEC filings on Forms 3, 4, and 5, which can be found through the
Company’s website (www.hess.com) in the section “Investors” or through the
SEC’s website at www.sec.gov. Information can also be found in Hess’ other SEC
filings, including Hess’ definitive proxy statement for the 2012 Annual
Meeting and its Annual Report on Form 10-K for the year ended December 31,
2012. More detailed and updated information regarding the identity of
potential participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the proxy statement and other
materials to be filed with the SEC in connection with Hess’ 2013 Annual
Meeting. Shareholders will be able to obtain any proxy statement, any
amendments or supplements to the proxy statement and other documents filed by
Hess with the SEC for no charge at the SEC’s website at www.sec.gov. Copies
will also be available at no charge at Hess’ website at www.hess.com, by
writing to Hess Corporation at 1185 Avenue of the Americas, New York, NY
10036, or by calling Hess’ proxy solicitor, MacKenzie Partners, toll-free at
(800) 322-2885.

Contact:

Investors:
Jay Wilson, 212-536-8940
or
MacKenzie Partners, Inc.
Dan Burch/Bob Marese, 212-929-5500
or
Media:
Jon Pepper, 212-536-8550
or
Sard Verbinnen & Co
Michael Henson/Patrick Scanlan, 212-687-8080