Hess to Sell Interest in ACG Fields to ONGC Videsh

07.09.2012  |  Business Wire

Hess Corporation (NYSE: HES) announced today it has agreed to sell its
2.72 percent interest in the Azeri, Chirag and Guneshli Fields (ACG) in
Azerbaijan and its 2.36 percent interest in the associated BTC pipeline
to ONGC Videsh Ltd. for $1 billion. The transaction, expected to close
in the first quarter of 2013, is subject to Indian and other government
and regulatory approvals.

The BP operated ACG fields, located in the Caspian Sea approximately 100
kilometers east of Baku, commenced production in 1997.

'The sale of our interest in ACG is consistent with our strategy to
divest mature and small working interest assets,? said Greg Hill,
President of Worldwide Exploration and Production for Hess. 'Including
this transaction, we have announced asset sales year-to-date totaling
nearly $2 billion and additional asset sales are underway as part of our
strategic portfolio reshaping.?

Hess Corporation is a leading global independent energy company engaged
in the exploration for and production of crude oil and natural gas, as
well as in refining and in marketing refined petroleum products, natural
gas and electricity. More information on Hess Corporation is available
at http://www.hess.com.

Cautionary Statements

This news release 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.