Hess Reports Estimated Results for the First Quarter of 2013

Hess Corporation (NYSE: HES) today reported net income of $1,276 ?million
for the quarter ended March 31, 2013. Adjusted earnings, which exclude
gains on asset sales and other items affecting comparability of earnings
between periods, were $669 million, or $1.95 per common share,
representing a 30 percent increase on a per share basis over the same
quarter last year.

The Corporation generated net cash flow from operations of $819 million
during the first quarter while reducing capital and exploratory
expenditures by $355 million, a reduction of 18 percent in the
year-over-year period.

The Company continues to make progress on its asset sales. In the first
quarter, the Corporation completed the sales of its interests in the
Beryl area fields in the United Kingdom North Sea, the
Azeri-Chirag-Guneshli (ACG) fields in Azerbaijan, and announced the sale
of its acreage in the Eagle Ford shale play in Texas, relieving Hess of
approximately $500 million of future capital requirements over the next
three years. On April 1, Hess announced an agreement to sell 100 percent
of its Russian subsidiary, Samara-Nafta, for $2.05 billion, with total
proceeds to Hess of $1.8 billion based on its 90 percent interest.
Including Samara-Nafta, total year-to-date proceeds from asset sales
amount to approximately $3.4 billion. Hess continues to make progress on
the process to divest its upstream assets in Indonesia and Thailand, as
well as its terminals, retail, energy marketing and trading businesses
in the downstream.

'Our first quarter results demonstrate our strong ?operating performance
across the company. In addition, we continue to execute our multi-year
transformation into a more focused, higher growth, lower risk, pure play
E&P company and are making excellent progress toward delivering our
forecast of 5 to 8 percent compound average annual ?growth in
production,? said John B. Hess, Chairman and CEO. 'We continue to focus
our E&P portfolio by divesting assets that do not fit our growth
profile. By applying proceeds from the sales that we have announced or
completed so far this year to reduce debt and strengthen our balance
sheet, we will have the financial flexibility both to fund future growth
and direct most of the proceeds from additional asset sales to returning
capital directly to shareholders. We expect to begin repurchasing shares
under our existing $4 billion authorization in the second half of this
year.?

Strong E&P Performance:

Exploration and Production
earnings were $1,286 million in the first quarter of 2013, compared with
$635 million in the first quarter of 2012. First quarter 2013 results
include $588 million from items affecting comparability of earnings
primarily due to gains on asset sales. First quarter oil and gas
production was 389,000 barrels of oil equivalent per day, compared with
397,000 barrels of oil equivalent per day in the first quarter a year
ago. The decrease in production reflects the impact of asset sales and
lower production from the Valhall Field in Norway, partially offset by
an increase in production from the Bakken. The Corporation′s average
worldwide crude oil selling price, including the effect of hedging, was
$94.50 per barrel, up from $89.92 per barrel in the same quarter a year
ago. The average worldwide natural gas selling price was $6.62 per mcf
in the first quarter of 2013, up from $6.23 per mcf in the first quarter
of 2012.

Operational Highlights:

 ? ? ?Bakken:
Net production from the Bakken oil shale play averaged 65,000 barrels of
oil equivalent per day in the first quarter of 2013, an increase of 55
percent from 42,000 of oil equivalent per day in the same period last
year. During the quarter, Hess brought 30 operated wells on production.
Drilling and completion costs per operated well averaged $8.6 million in
the first quarter of 2013, an improvement of $4.8 million per well, or
36 percent, versus last year′s first quarter.

 ? ? ?Utica: Across the Corporation′s
position, four wells were drilled, seven wells were completed and five
wells were flow tested. Three of the five tested wells were operated by
Hess. On the Corporation′s 100 percent-owned acreage two wells were
tested during the quarter. The Capstone 2H9 well, in Belmont County,
tested at a rate of 2,242 barrels of oil equivalent per day including 42
percent liquids, and the NAC 4H-20 well, in Jefferson County, tested at
a rate of 7.5 million cubic feet per day of dry gas. On our joint
venture acreage, we tested the Jeffco 1H-6 well, in Harrison County, at
a rate of 1,432 barrels of oil equivalent per day including 20 percent
liquids. As previously announced, the Athens 1H-24 well, in Harrison
County, was tested in late 2012 with a rate of 4,230 barrels of oil
equivalent per day including 59 percent liquids.

 ? ? ?Tubular Bells: During the first quarter
of 2013, the Corporation completed drilling the first production well,
commenced drilling the second production well and also continued
facilities construction work. First oil from this development in the
deepwater Gulf of Mexico is anticipated in mid-2014.

 ? ? ?Valhall: Production restarted in late
January 2013 following a six month shutdown for the operator to install
and commission new facilities from a redevelopment project. The project
included the installation of a new production, utilities and
accommodation platform and expansion of gross production capacity to
120,000 barrels of liquids per day and 143,000 mcf of natural gas per
day. Net production averaged 5,000 barrels of oil equivalent per day in
the first quarter of 2013, compared with 22,000 barrels of oil
equivalent in the same period last year. Production continues to ramp up
and the operator is currently running two drilling rigs.

 ? ? ?North Malay Basin: Development
activities on the early production system are ?progressing and the
project is on track to achieve first production in the fourth quarter of
2013. During the first quarter, construction was completed on the jacket
and topsides and modifications to the Floating Production, Storage and
Offloading vessel are proceeding on ?schedule.

 ? ? ?Ghana: In February, Hess announced the
Cob and Pecan North oil discoveries offshore Ghana. Hess achieved
outstanding performance in terms of drilling time and cost-per-foot,
with gross well costs averaging approximately $40 million for the last
three wells, including success-case logging. Pre-development studies on
the block′s seven discoveries have begun and discussions are underway
with the government on the appraisal plans for the Deepwater Tano Cape
Three Points Block.

Executing Asset Sale Program:

The Corporation has announced
significant asset divestitures as part of its transformation to a pure
play exploration and production company. So far in 2013, the Corporation
has agreed to or completed asset sales with total after-tax proceeds of
approximately $3.4 billion. The sale of the Corporation′s interests in
the Beryl area fields in the United Kingdom North Sea was completed in
January 2013, and the sale of its interests in the ACG fields in
Azerbaijan was completed in March 2013. In April 2013, the Corporation
announced that it had entered into an agreement to sell 100 percent of
its Russian subsidiary Samara-Nafta for a total consideration of $2.05
billion. Based on its 90 percent interest in Samara-Nafta, Hess′
proceeds are expected to amount to approximately $1.8 billion. The
Corporation has also reached an agreement to sell its Eagle Ford assets
in Texas for $265 million and commenced sales processes for its
interests in Indonesia and Thailand. This follows the completion of the
sales of the Schiehallion and Bittern fields, in the United Kingdom
North Sea and the Snohvit Field, offshore Norway, during 2012.

Exiting Downstream:

In the first quarter, the Corporation
announced its intent to exit all of the Company′s downstream businesses,
including divestiture of its terminal, retail, energy marketing, and
trading operations, as the culmination of a multi-year strategic
transformation into a pure play exploration and production company. In
addition, the Corporation closed its Port Reading refinery in February
2013, completing its exit from the refining business. All of these
downstream businesses are presented as discontinued operations and all
comparative periods in this release have been recast to reflect this
change.

Decreasing Capital Expenditures:

Capital and exploratory
expenditures in the first quarter of 2013 were $1,631 million, of which
$1,613 million related to Exploration and Production operations. Capital
and exploratory expenditures for the first quarter of 2012 were $1,986
million, of which $1,963 million related to Exploration and Production
operations.

Enhancing Liquidity:

Net cash provided by operating
activities was $819 million in the first quarter of 2013, compared with
$988 million in the same quarter of 2012. At March 31, 2013, cash and
cash equivalents totaled $444 million, compared with $642 ?million at
December 31, 2012. During the first quarter of 2013, the Corporation
received proceeds from the completed asset sales referred to above of
$1.3 billion. Proceeds from the sale of assets in the first quarter of
2012 were $132 million. Total debt was $7,376 million at March 31, 2013
and $8,111 million at December 31, 2012, reflecting a reduction of 9
percent due to proceeds from asset sales and lower capital expenditures.
The Corporation′s debt to capitalization ratio at March 31, 2013 was
24.7 percent, compared with 27.7 percent at the end of 2012.

Marketing and Refining Moved to Discontinued Operations:

Marketing
and Refining earnings, comprised of retail, energy marketing, refining,
and energy trading results, were $100 million in the first quarter of
2013, compared with $12 million in the same period in 2012. First
quarter 2013 results reflected income from operations and gains from the
liquidation of LIFO inventories, partially offset by refinery shutdown
costs and employee severance.

First quarter 2013 Exploration and Production results included after-tax
gains totaling $683 million related to the sale of the Corporation′s
interests in the Beryl and ACG fields. First quarter results also
included a non-cash income tax charge of $28 million as a result of a
planned divestiture. In addition, income from continuing operations
included after-tax severance charges totaling $78 million (Exploration
and Production ? $67 million and Corporate and Other ? $11 million)
related to the Corporation′s transformation into a more focused pure
play exploration and production company.

As a result of the cessation of refining operations at the Port Reading
facility in February, first quarter 2013 Marketing and Refining results
included after-tax income of $137 million related to the liquidation of
LIFO inventories, partially offset by after-tax charges totaling $64
million comprised of accelerated depreciation expenses and other
shutdown costs. In addition, an after-tax charge of $43 million was
recorded for employee severance costs related to the Corporation′s
planned exit from its downstream businesses.

Hess Corporation will review first quarter financial and operating
results and other matters on a webcast at 10 a.m. today. For details
about the event, refer to the Investor Relations section of our website
at www.hess.com.

HessCorporationis a leading global independent energy
company engaged in the exploration and production of crude oil and
natural gas. More information on Hess Corporation is available atwww.hess.com.

Hess Corporation

Investors:

Jay
Wilson, 212-536-8940

or

Media:

Jon
Pepper, 212-536-8550