Hess and CONSOL Energy Enter into Joint Venture in Utica Shale in Ohio

Hess Corporation (NYSE: HES) announced today it has entered into an
agreement with CONSOL Energy Inc. to acquire a 50 percent interest in
CONSOL′s nearly 200,000 acres in the Utica Shale in eastern Ohio for
aggregate payments of $593 million.

'We are delighted with our entry into the Utica Shale, which enables us
to build a strategic acreage position in an emerging unconventional play
in the United States,? said John Hess, Chairman and CEO of Hess
Corporation. 'We believe that this acquisition offers significant
potential for future growth in reserves and production with most of the
land either owned in fee or held by production with high net revenue
interests. We are honored to partner with CONSOL, which has a long
history and an excellent safety and operating record in the Appalachian
basin. We believe that together our companies will build a profitable
business and deliver important economic benefits for the residents of
eastern Ohio.?

Hess will pay CONSOL $59 million at closing, which is expected in
October, and $534 million in the form of a 50 percent drilling carry of
certain CONSOL working interest obligations over a five year period. The
joint exploration and development plan calls for Hess to operate
approximately 80,000 acres in Jefferson, Harrison, Guernsey and Belmont
counties while CONSOL will operate approximately 120,000 acres elsewhere
in eastern Ohio, including Portage, Tuscarawas, Mahoning and Noble
counties. Appraisal drilling is expected to commence in the fourth
quarter.

Hess Corporation, with headquarters in New York, is a global integrated
energy company engaged in the exploration, production, purchase,
transportation and sale of crude oil and natural gas, as well as the
production and sale of refined petroleum products. More information on
Hess Corporation is available at http://www.hess.com.

Forward Looking Statements

Certain statements in this conference call may constitute
'forward-looking statements' within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended, and Section
27A of the United States Securities Act of 1933, as amended.
Forward-looking statements are subject to known and unknown risks and
uncertainties and other factors that may cause actual results to differ
materially from those expressed or implied by such statements,
including, without limitation, uncertainties inherent in the measurement
and interpretation of geological, geophysical and other technical data.

Hess Corporation

Investor:

Jay
Wilson, 212-536-8940

or

Media:

Jon
Pepper, 212-536-8550