Press Release

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NEW YORK--(BUSINESS WIRE)--Dec. 14, 2009-- Hess Corporation (NYSE: HES) announced today a $3.9 billion capital and exploratory budget for 2010, nearly all of which is targeted for Exploration and Production: $2.4 billion for production, $600 million for developments and $850 million for exploration.

John B. Hess, Chairman and CEO, stated, “We are fortunate to have a strong portfolio of attractive investment opportunities. We will invest in a disciplined manner to sustain long-term profitable growth for shareholders and expect to fund our 2010 program from internally generated cash flow.”

Greg Hill, President of Worldwide Exploration and Production, said, “We have a balanced Exploration and Production plan that is consistent with our long-term target of growing both reserves and production 3 percent per year.”

Production expenditures of approximately $2.4 billion include:

• Bakken Shale development in North Dakota, where Hess plans to increase rig count to eight by year-end 2010 from three currently and expand production facilities, including the Tioga gas plant
• Drilling production wells at Okume Complex (Hess 85% working interest - operator) in Equatorial Guinea
• Drilling production wells at Shenzi (Hess 28%) in the deepwater Gulf of Mexico, Beryl (Hess 22%) in the United Kingdom and Valhall (Hess 28%) in Norway

Field development expenditures of $600 million include:

• Valhall, where field redevelopment is underway
• Ujung Pangkah (Hess 75% - operator) in Indonesia, where development of the oil rim is ongoing
• Pony (Hess 100% - operator) in the deepwater Gulf of Mexico, where engineering and design work for field development is progressing

Exploration expenditures are budgeted at $850 million, including:

• Five exploration wells on Permit WA-390-P (Hess 100% - operator) and eight wells on Permit WA-404-P (Hess 50%) in the Northwest Shelf of Australia
• One exploration well on BM-S-22 (Hess 40%) in the Santos Basin of Brazil
• Exploration activities in the deepwater Gulf of Mexico, Ghana and Indonesia

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 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.

Source: Hess Corporation

Hess Corporation
Jay Wilson, 212-536-8940
or
Jon Pepper, 212-536-8550