UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K
                                 CURRENT REPORT
                       Pursuant to Section 13 and 15(d) of
                       the Securities Exchange Act of 1934


                                February 1, 2006
                Date of Report (Date of earliest event reported)

                            AMERADA HESS CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)


                                                               13-4921002
        Delaware                   1-1204                     (IRS Employer
(State of Incorporation)   (Commission File Number)         Identification No.)


                           1185 Avenue of the Americas
                            New York, New York 10036
                     (Address of Principal Executive Office)


                                 (212) 997-8500
              (Registrant's Telephone Number, Including Area Code)


                                (Not Applicable)
                         (Former Name or Former Address,
                          If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

Item 1.01.  Entry into a Material Definitive Agreement

On February 1, 2006 the Compensation and Management Development Committee ("the
Committee") of Amerada Hess Corporation ("the Company") approved target bonuses
for the five most highly compensated executive officers of the Company for 2006.
One-third of the bonus is payable based upon attainment of a specified level of
a corporate performance measure, one-third is based upon the attainment of
specified metrics for business unit performance, and one-third is discretionary
based on individual performance. Payouts may range from 0% to 150% of each
component of the target bonus, based on the percentage attainment of the
predetermined corporate and business unit performance measures and, with respect
to the individual performance component, the committee's determination of an
appropriate amount.

                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

Date:  February 6, 2006

                                            AMERADA HESS CORPORATION


                                            By:  /s/ J. Barclay Collins II
                                               ---------------------------------
                                                Name:   J. Barclay Collins II
                                                Title:  Executive Vice President
                                                         and General Counsel