Hess Corporation Announces 2013 Capital and Exploratory Budget

Hess Corporation (NYSE: HES) announced today a 2013 capital and
exploratory budget of $6.8 billion, which is down 18 percent from 2012
expenditures of approximately $8.3 billion. Of the $6.7 billion budgeted
for Exploration and Production, $2.7 billion (40 percent) is dedicated
to unconventional shale resources and the remainder is focused on
conventional resources, with $1.85 billion (28 percent) for production,
$1.6 billion (24 percent) for developments and $550 million (8 percent)
for exploration. As in recent years, $100 million is dedicated to
Marketing and Refining and Corporate.

John Hess, Chairman and CEO, commented, 'Our Corporation′s capital and
exploratory budget for 2013 is focused on attractive investment
opportunities and consistent with our plan, announced in July 2012, to
significantly reduce overall expenditures in 2013.?

Greg Hill, President of Worldwide Exploration and Production, stated,
'Our expenditures in the Bakken are planned to be $2.2 billion in 2013
versus approximately $3.1 billion in 2012. This reduced level of spend
is driven by lower well costs associated with our transition to pad
drilling from hold by production mode and decreased investments in
infrastructure projects. In addition, we plan to increase our
expenditures in the emerging Utica shale play to $400 million from $300
million last year.?

'In 2013, our production budget includes infill drilling programs at
Block G in Equatorial Guinea and the Valhall Field in Norway. Key
development projects include Tubular Bells in the deepwater Gulf of
Mexico and the North Malay Basin project in Malaysia. Our exploration
program includes wells in Ghana and Kurdistan.?

Unconventional expenditures of approximately $2.7 billion include:

• 
  Development of the Bakken Shale in North Dakota, where Hess plans to
  operate 14 rigs and complete the expansion of the Tioga Gas Plant
  
• 
  Drilling appraisal wells in the Utica Shale in Ohio
  

Production expenditures of approximately $1.85 billion include:

• 
  Drilling production wells on Block G (Hess 85 percent ? operator) in
  Equatorial Guinea
  
• 
  Drilling production and water injection wells at the Valhall Field in
  Norway (Hess 64 percent) and the South Arne Field in Denmark (Hess 61
  percent ? operator)
  
• 
  Drilling production and water injection wells at the Shenzi Field
  (Hess 28 percent) and drilling a production well at the Llano Field
  (Hess 50 percent) in the deepwater Gulf of Mexico
  

Development expenditures of approximately $1.6 billion include:

• 
  Development drilling at the Tubular Bells Field (Hess 57 percent ?
  operator) in the deepwater Gulf of Mexico
  
• 
  Installation of the early production system and front-end engineering
  and design for full field development of North Malay Basin (Hess 50
  percent ? operator)
  
• 
  Continued development of Block A-18 (Hess 50 percent) in the Joint
  Development Area in the Gulf of Thailand
  

Exploration expenditures of approximately $550 million include:

• 
  Further exploration activities on the Deepwater Tano / Cape Three
  Points Block (Hess 90 percent ? operator) in Ghana
  
• 
  Completing seismic and drilling two wells at the Dinarta and Shakrok
  Blocks (Hess 80 percent ? operator) in Iraqi Kurdistan
  

Hess Corporation is a leading global independent energy company
primarily engaged in the exploration for and production of crude oil and
natural gas, and the marketing of 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.

Hess Corporation

Investors:

Jay
Wilson, 212-536-8940

or

Media:

Jon
Pepper, 212-536-8550