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

______________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 30, 2008

HESS CORPORATION
(Exact name of registrant as specified in its charter)

______________

DELAWARE	No. 1-1204	No. 13-4921002
(State or other jursidiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1185 Avenue of the Americas New York, New York   10036

(Address of Principal Executive Offices)   (Zip Code)

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

N/A
(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:

⃞ 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))

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Item 2.02. Results of Operations and Financial Condition.

On January 30, 2008, Hess Corporation issued a news release reporting its results for the fourth quarter of 2007. A copy of this news release is attached hereto as Exhibit 99(1) and is hereby incorporated by reference.

Item 7.01. Regulation FD Disclosure.

Furnished hereunder are the prepared remarks of John B. Hess, Chairman of the Board of Directors and Chief Executive Officer of Hess Corporation, and John J. O’Connor, Executive Vice President and President, Worldwide Exploration and Production at a public conference call held on January 30, 2008. Copies of these remarks are attached as Exhibit 99(2) and as Exhibit 99(3) and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(c)		Exhibits
		99(1)		News release dated January 30, 2008 reporting results for the fourth quarter of 2007.
		99(2)		Prepared remarks of John B. Hess, Chairman of the Board of Directors and Chief Executive Officer.
		99(3)		Prepared remarks of John J. O’Connor, Executive Vice President and President, Worldwide Exploration and Production.

SIGNATURES

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

Date: January 30, 2008

		HESS CORPORATION
		By:	/s/ John P. Rielly
		Name:	John P. Rielly
		Title:	Senior Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description
99(1)		News release dated January 30, 2008 reporting results for the fourth quarter of 2007.
99(2)		Prepared remarks of John B. Hess, Chairman of the Board of Directors and Chief Executive Officer.
99(3)		Prepared remarks of John J. O’Connor, Executive Vice President and President, Worldwide Exploration and Production.

4

Exhibit 99(1)

Hess Reports Estimated Results for the Fourth Quarter of 2007

Fourth Quarter Highlights:

• Net Income was $510 million compared with $359 million in fourth quarter 2006
• Cash flows from operations were $806 million compared with $779 million in fourth quarter 2006
• Oil and gas production was 390,000 barrels per day, up from 366,000 in fourth quarter 2006
• Reserve replacement was 167 percent in 2007; reserve life increased to 9.5 years

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) reported net income of $510 million for the fourth quarter of 2007 compared with net income of $359 million for the fourth quarter of 2006. The after-tax results by major operating activity were as follows:

	Three months ended								Year ended
	December 31 (unaudited)								December 31 (unaudited)
		2007				2006				2007				2006
	(In millions, except per share amounts)
Exploration and Production	$	583			$	350			$	1,842			$	1,763
Marketing and Refining		31				67				300				394
Corporate		(59	)			(27	)			(150	)			(110	)
Interest expense		(45	)			(31	)			(160	)			(127	)
Net income	$	510			$	359			$	1,832			$	1,920
Net income per share (diluted)	$	1.59			$	1.13			$	5.74			$	6.08
Weighted average number of shares (diluted)		321.6				316.4				319.3				315.7

Note: See the following page for a table of items affecting the comparability of earnings between periods.

Exploration and Production earnings were $583 million in the fourth quarter of 2007 compared with $350 million in the fourth quarter of 2006. The Corporation’s oil and gas production, on a barrel-of-oil equivalent basis, was 390,000 barrels per day in the fourth quarter of 2007, an increase of 24,000 from the fourth quarter of 2006. In the fourth quarter of 2007, the Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $76.11 per barrel, an increase of $25.35 per barrel from the fourth quarter of 2006. The Corporation’s average worldwide natural gas selling price was $6.93 per Mcf in the fourth quarter of 2007, an increase of $1.68 from the fourth quarter of 2006.

Oil and gas proved reserves increased to 1,330 million barrels of oil equivalent at the end of 2007 from 1,243 million barrels at the end of 2006. During 2007, the Corporation added 234 million new barrels of oil equivalent to proved reserves. These additions, which are subject to final review, replaced approximately 167 percent of the Corporation’s 2007 production and increased its reserve life to 9.5 years.

Marketing and Refining earnings were $31 million in the fourth quarter of 2007 compared with $67 million in the fourth quarter of 2006 reflecting reduced margins and trading results. Refining earnings were $27 million in the fourth quarter of 2007 compared with $45 million in the fourth quarter of 2006. Marketing earnings were $19 million in the fourth quarter of 2007 compared with $17 million in the fourth quarter of 2006. Trading activities generated a loss of $15 million in the fourth quarter of 2007 compared with income of $5 million in the fourth quarter of 2006.

The following items, on an after-tax basis, are included in net income (in millions):

	Three months ended									Year ended
	December 31									December 31
	2007				2006					2007								2006
Exploration and Production
Gains from asset sales	$	-			$	-				$		15						$		236
Asset impairments		(56	)		-							(56	)							-
Estimated production imbalance settlements
		-				-						(33	)							-
Income tax adjustments		-				-						-								(45	)
Accrued office closing costs		-				-						-								(18	)
Marketing and Refining
LIFO inventory liquidation		24				-						24								-
Corporate
Legal matters		(25	)			-						(25	)							-
	$	(57	)		$	-				$		(75	)					$		173

In the fourth quarter of 2007, the Corporation recorded an after-tax charge of $56 million related to asset impairments at two mature fields in the U.K. North Sea, income of $24 million due to the partial liquidation of prior year LIFO inventories and a charge of $25 million related to MTBE litigation.

Net cash provided by operating activities was $3,507 million for the year 2007 compared with $3,491 million for the year 2006. Capital and exploratory expenditures for 2007 were $3,926 million, of which $3,786 million related to Exploration and Production operations. Capital and exploratory expenditures for 2006 were $4,056 million.

At December 31, 2007, cash and cash equivalents totaled $607 million compared with $383 million at December 31, 2006. Total debt was $3,980 million at December 31, 2007 and $3,772 million at December 31, 2006. The Corporation’s debt to capitalization ratio at December 31, 2007 was 28.9 percent compared with 31.6 percent at the end of 2006.

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

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.

Forward Looking Statements

Certain statements in this release 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 which 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 AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
		Fourth			Fourth			Third
		Quarter			Quarter			Quarter
		2007			2006			2007
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues		$	9,456		$	7,155		$	7,451
Equity in income of HOVENSA L.L.C.			20			29			19
Other, net			24			22			34
Total revenues and non-operating income			9,500			7,206			7,504
Costs and Expenses
Cost of products sold (excluding items shown separately below)			6,651			5,058			5,322
Production expenses			463			358			394
Marketing expenses			243			254			238
Exploration expenses, including dry holes and lease impairment
			201			140			131
Other operating expenses			46			33			45
General and administrative expenses			208			117			133
Interest expense			71			51			59
Depreciation, depletion and amortization			530			353			365
Total costs and expenses			8,413			6,364			6,687
Income before income taxes			1,087			842			817
Provision for income taxes			577			483			422
Net income		$	510		$	359		$	395
Preferred stock dividends			-			8			-
Net income applicable to common stockholders		$	510		$	351		$	395
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax		$	1		$	5		$	1
Capitalized interest			1			25			18
Cash Flow Information
Net cash provided by operating activities (*)		$	806		$	779		$	863
Capital and Exploratory Expenditures
Exploration and Production
United States		$	291		$	269		$	270
International			577			715			530
Total Exploration and Production			868			984			800
Marketing, Refining and Corporate			46			47			38
Total Capital and Exploratory Expenditures		$	914		$	1,031		$	838
Exploration expenses charged to income included above
United States		$	43		$	42		$	67
International			66			28			36
		$	109		$	70		$	103
(*) Includes changes in working capital

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
		Year Ended December 31,
		2007				2006
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues		$	31,647			$	28,067
Equity in income of HOVENSA L.L.C.			176				201
Gain on asset sales			21				369
Other, net			80				81
Total revenues and non-operating income			31,924				28,718
Costs and Expenses
Cost of products sold (excluding items shown separately below)			22,573				19,912
Production expenses			1,581				1,250
Marketing expenses			944				940
Exploration expenses, including dry holes and lease impairment			515				552
Other operating expenses			161				122
General and administrative expenses			614				471
Interest expense			256				201
Depreciation, depletion and amortization			1,576				1,224
Total costs and expenses			28,220				24,672
Income before income taxes			3,704				4,046
Provision for income taxes			1,872				2,126
Net income		$	1,832			$	1,920
Preferred stock dividends			-				44
Net income applicable to common stockholders		$	1,832			$	1,876
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax		$	(9	)		$	10
Capitalized interest			50				100
Cash Flow Information
Net cash provided by operating
activities (*)		$	3,507			$	3,491
Capital and Exploratory Expenditures
Exploration and Production
United States		$	1,603			$	908
International			2,183				2,979
Total Exploration and Production			3,786				3,887
Marketing, Refining and Corporate			140				169
Total Capital and Exploratory Expenditures		$	3,926			$	4,056
Exploration expenses charged to income included above
United States		$	192			$	110
International			156				102
		$	348			$	212
(*) Includes changes in working capital

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
		December 31,
		2007				2006
Balance Sheet Information
Cash and cash equivalents		$	607			$	383
Other current assets			6,319				5,465
Investments			1,117				1,243
Property, plant and equipment - net			14,634				12,308
Other long-term assets			3,454				3,043
Total assets		$	26,131			$	22,442
Current maturities of long-term debt		$	62			$	27
Other current liabilities			7,962				6,712
Long-term debt			3,918				3,745
Other long-term liabilities			4,415				3,811
Stockholders' equity excluding other comprehensive income (loss)			11,615				9,711
Accumulated other comprehensive income (loss)			(1,841	)			(1,564	)
Total liabilities and stockholders' equity		$	26,131			$	22,442

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS)
			Fourth Quarter 2007
			United
			States				International			Total
Sales and other operating revenues			$	401			$	2,037		$	2,438
Non-operating income (loss)				(1	)			14			13
Total revenues and non-operating income				400				2,051			2,451
Costs and expenses
Production expenses, including related taxes				71				392			463
Exploration expenses, including dry holes and lease impairment
				122				79			201
General, administrative and other expenses				36				38			74
Depreciation, depletion and amortization				58				454			512
Total costs and expenses				287				963			1,250
Results of operations before income taxes				113				1,088			1,201
Provision for income taxes				44				574			618
Results of operations			$	69			$	514		$	583
			Fourth Quarter 2006
			United
			States				International			Total
Sales and other operating revenues			$	244			$	1,438		$	1,682
Non-operating income				3				18			21
Total revenues and non-operating income				247				1,456			1,703
Costs and expenses
Production expenses, including related taxes				59				299			358
Exploration expenses, including dry holes and lease impairment
				94				46			140
General, administrative and other expenses				30				16			46
Depreciation, depletion and amortization				31				305			336
Total costs and expenses				214				666			880
Results of operations before income taxes				33				790			823
Provision for income taxes				12				461			473
Results of operations			$	21			$	329		$	350
			Third Quarter 2007
			United
			States				International			Total
Sales and other operating revenues			$	296			$	1,451		$	1,747
Non-operating income				1				29			30
Total revenues and non-operating income				297				1,480			1,777
Costs and expenses
Production expenses, including related taxes				80				314			394
Exploration expenses, including dry holes and lease impairment
				79				52			131
General, administrative and other expenses				27				37			64
Depreciation, depletion and amortization				48				297			345
Total costs and expenses				234				700			934
Results of operations before income taxes				63				780			843
Provision for income taxes				25				404			429
Results of operations			$	38			$	376		$	414

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)
(IN MILLIONS OF DOLLARS)
		Year Ended December 31, 2007
		United
		States			International			Total
Sales and other operating revenues		$	1,211		$	6,287		$	7,498
Non-operating income			8			57			65
Total revenues and non-operating income			1,219			6,344			7,563
Costs and expenses
Production expenses, including related taxes			280			1,301			1,581
Exploration expenses, including dry holes and lease impairment			302			213			515
General, administrative and other expenses			130			127			257
Depreciation, depletion and amortization			187			1,316			1,503
Total costs and expenses			899			2,957			3,856
Results of operations before income taxes			320			3,387			3,707
Provision for income taxes			125			1,740			1,865
Results of operations		$	195		$	1,647		$	1,842
		Year Ended December 31, 2006
		United
		States			International			Total
Sales and other operating revenues		$	1,232		$	5,292		$	6,524
Non-operating income			385			43			428
Total revenues and non-operating income			1,617			5,335			6,952
Costs and expenses
Production expenses, including related taxes			221			1,029			1,250
Exploration expenses, including dry holes and lease impairment			353			199			552
General, administrative and other expenses			95			114			209
Depreciation, depletion and amortization			127			1,032			1,159
Total costs and expenses			796			2,374			3,170
Results of operations before income taxes			821			2,961			3,782
Provision for income taxes			296			1,723			2,019
Results of operations		$	525		$	1,238		$	1,763

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL OPERATING DATA (IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
						Fourth			Fourth			Third
						Quarter			Quarter			Quarter
						2007			2006			2007
Operating Data
	Net Production Per Day
		Crude oil - barrels
			United States				34			29			31
			Europe				83			111			83
			Africa				121			89			123
			Asia and other				22			13			20
			Total				260			242			257
		Natural gas liquids - barrels
			United States				11			9			11
			Europe				5			7			3
			Total				16			16			14
		Natural gas - mcf
			United States				91			91			87
			Europe				290			336			188
			Asia and other				300			223			241
			Total				681			650			516
		Barrels of oil equivalent					390			366			357
	Average Selling Price
		Crude oil - per barrel (including hedging)
			United States			$	86.22		$	53.64		$	73.20
			Europe				74.00			50.01			62.06
			Africa				72.85			49.77			64.38
			Asia and other				86.30			57.09			70.69
			Worldwide				76.11			50.76			65.26
		Crude oil - per barrel (excluding hedging)
			United States			$	86.22		$	53.64		$	73.20
			Europe				74.00			51.79			62.06
			Africa				84.84			57.11			73.49
			Asia and other				86.30			57.09			70.69
			Worldwide				81.87			54.46			69.85
		Natural gas liquids - per barrel
			United States			$	63.51		$	43.68		$	51.27
			Europe				70.86			45.19			48.44
			Worldwide				66.13			44.33			50.58
		Natural gas - per mcf
			United States			$	6.47		$	6.27		$	5.80
			Europe				8.92			5.55			6.09
			Asia and other				5.13			4.39			4.69
			Worldwide				6.93			5.25			5.38

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL OPERATING DATA (IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)
						Year Ended December 31,
						2007			2006
Operating Data
	Net Production Per Day
		Crude oil - barrels
			United States				31			36
			Europe				93			109
			Africa				115			85
			Asia and other				21			12
			Total				260			242
		Natural gas liquids - barrels
			United States				10			10
			Europe				5			5
			Total				15			15
		Natural gas - mcf
			United States				88			110
			Europe				259			283
			Asia and other				266			219
			Total				613			612
		Barrels of oil equivalent					377			359
	Average Selling Price
		Crude oil - per barrel (including hedging)
			United States			$	69.23		$	60.45
			Europe				60.99			56.19
			Africa				62.04			51.18
			Asia and other				72.17			61.52
			Worldwide				63.44			55.31
		Crude oil - per barrel (excluding hedging)
			United States			$	69.23		$	60.45
			Europe				60.99			58.46
			Africa				71.71			62.80
			Asia and other				72.17			61.52
			Worldwide				67.79			60.41
		Natural gas liquids - per barrel
			United States			$	51.89		$	46.22
			Europe				57.20			47.30
			Worldwide				53.72			46.59
		Natural gas - per mcf
			United States			$	6.67		$	6.59
			Europe				6.13			6.20
			Asia and other				4.71			4.05
			Worldwide				5.60			5.50

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL HEDGING INFORMATION (UNAUDITED)

The following is a summary of the Corporation's outstanding crude oil hedges at December 31, 2007:

												Brent Crude Oil*
				Maturity								Average Selling Price				Thousands of barrels per day
				2008								$	25.56			24
				2009									25.54			24
				2010									25.78			24
				2011									26.37			24
				2012									26.90			24

* There were no WTI crude oil or natural gas hedges outstanding at December 31, 2007.

The after-tax losses from crude oil hedges were $89 million in the fourth quarter of 2007 and $57 million in the fourth quarter of 2006. After-tax hedge losses totaled $244 million and $285 million for the years ended December 31, 2007 and 2006, respectively. The after-tax deferred hedge loss included in accumulated other comprehensive income at December 31, 2007 amounted to $1.7 billion.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
				Fourth				Fourth				Third
				Quarter				Quarter				Quarter
				2007				2006				2007
Financial Information (in millions of dollars)
Marketing and Refining Earnings
Income before income taxes				$	51			$	104			$	75
Provision for income taxes					20				37				29
Marketing and Refining Earnings				$	31			$	67			$	46
Summary of Marketing and Refining Earnings
Refining				$	27			$	45			$	25
Marketing					19				17				21
Trading					(15	)			5				-
Total Marketing and Refining Earnings				$	31			$	67			$	46
Operating Data (in thousands unless noted)
Refined Product Sales (barrels per day)
Gasoline					205				210				216
Distillates					163				169				134
Residuals					57				57				45
Other					37				33				42
Total					462				469				437
Refinery Throughput (barrels per day)
HOVENSA - Crude runs					488				469				459
HOVENSA - Hess 50% share					244				234				230
Port Reading					63				64				61
Refinery Utilization		Refinery Capacity
HOVENSA		(barrels per day)
Crude		500			97.6	%			93.7	%			91.9	%
FCC		150			84.9	%			91.2	%			82.4	%
Coker		58			99.3	%			89.8	%			92.6	%
Port Reading		65			96.3	%			98.1	%			93.8	%
Retail Marketing
Number of retail stations (a)					1,371				1,350				1,362
Convenience store revenue (in millions of dollars) (b)				$	255			$	253			$	279
Average gasoline volume per station (gallons per month) (b)					209				202				232
(a) Includes company operated, Wilco-Hess, dealer and branded retailer.
(b) Company operated only.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
			Year Ended December 31,
			2007			2006
Financial Information (in millions of dollars)
Marketing and Refining Earnings
Income before income taxes			$	481		$	620
Provision for income taxes				181			226
Marketing and Refining Earnings			$	300		$	394
Summary of Marketing and Refining Earnings
Refining			$	193		$	240
Marketing				83			108
Trading				24			46
Total Marketing and Refining Earnings			$	300		$	394
Operating Data (in thousands unless noted)
Refined Product Sales (barrels per day)
Gasoline				210			218
Distillates				147			144
Residuals				62			60
Other				32			37
Total				451			459
Refinery Throughput (barrels per day)
HOVENSA - Crude runs				454			448
HOVENSA - Hess 50% share				227			224
Port Reading				61			63
Refinery Utilization		Refinery Capacity
HOVENSA		(barrels per day)
Crude		500		90.8%			89.7%
FCC		150		87.1%			84.3%
Coker		58		83.4%			84.3%
Port Reading		65		93.2%			97.4%
Retail Marketing
Number of retail stations (a)				1,371			1,350
Convenience store revenue (in millions of dollars) (b)			$	1,051		$	1,015
Average gasoline volume per station (gallons per month) (b)				215			208
(a) Includes company operated, Wilco-Hess, dealer and branded retailer.
(b) Company operated only.

CONTACT:

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

Exhibit 99(2)

2007 Fourth Quarter Earnings Conference Call

Thank you Jay. Welcome to our fourth quarter conference call. I would like to highlight key achievements of 2007 and provide some guidance for 2008. John O’Connor will then discuss our Exploration and Production business, and John Rielly will review our financial results.

Our company generated solid operating and financial performance in 2007. Results benefited from higher volumes of crude oil and natural gas production and strong commodity prices which were partially offset by higher industry costs and lower margins in Marketing and Refining. Corporate net income was $1.8 billion. Exploration and Production earned $1.8 billion, and Marketing and Refining earned $300 million.

In 2008, our company’s capital and exploratory expenditures are budgeted to be $4.4 billion versus $3.9 billion in 2007. The majority of our 2008 spending will be targeted to Exploration and Production. This year, our exploration expenditures are expected to increase to $1.2 billion compared to $740 million in 2007.

While we continue to reinvest the majority of our cash flow in Exploration and Production, we strengthened our financial position in 2007 with debt to capitalization improving to 28.9 percent compared to 31.6 percent at the end of 2006.

With regard to operations, Exploration and Production achievements in 2007 included:

• growing proved reserves to 1.33 billion barrels of oil equivalent;
• replacing 167 percent of production, at a FD&A cost of about $16.20 per barrel;
• lengthening our reserve life to 9.5 years, marking the fifth consecutive year in which we lengthened our reserve life;
• increasing crude oil and natural gas production by 5 percent versus the prior year to 377 thousand barrels of oil equivalent per day.

In 2008, we forecast that production will average between 380 and 390 thousand barrels of oil equivalent per day.

In terms of our Hess operated field developments, 2007 marked the commencement of natural gas production from the Pangkah Field in Indonesia, in which we have a 75 percent working interest, as well as a significant increase in crude oil production at the Okume Complex in Equatorial Guinea, where our working interest is 85 percent.

We also made significant progress in the development of the Shenzi Field in the deepwater Gulf of Mexico, where Hess has a 28 percent interest. The TLP hull recently left the Samsung yard in Korea and, along with the topsides, is scheduled to be installed this summer. First oil is expected in the first half of 2009.

During 2007, we also advanced several Hess operated field development projects, including: Bakken Shale in North Dakota, Seminole ROZ in West Texas and Pangkah Oil in Indonesia. In addition, we sanctioned during the past year two field developments: the Hess operated Jambi Merang natural gas project in Indonesia and the Valhall Field Redevelopment in Norway.

In exploration, we continued the appraisal of the Pony and Tubular Bells discoveries in the deepwater Gulf of Mexico. Results of both the Pony #2 and Tubular Bells #3 appraisal wells are expected by the end of the first quarter. Hess has a 100 percent interest in Pony and a 20 percent interest in Tubular Bells.

With regard to Marketing and Refining, our refineries operated reliably in 2007. However, full year financial results for the HOVENSA joint venture refinery were impacted by the turnaround of the coker in the second quarter of last year and the lower margin environment that existed in the second half of the year. In Retail Marketing, fuel sales and convenience store sales continued to show annual increases, but the improvement in volumes was more than offset by lower fuel margins. Finally, our Energy Marketing business had strong growth in sales and margin improvement in both natural gas and electricity.

We are pleased with the operating and financial performance that our company delivered in 2007. We are proud of our organization and excited about the investment opportunities we have to provide long term profitable growth and create value for our shareholders.

I will now turn the call over to John O’Connor.

Exhibit 99(3)

2007 Fourth Quarter Earnings Conference Call

In the fourth quarter of 2007, production of 390 thousand barrels of oil equivalent per day was up 7 percent versus the fourth quarter of 2006. This increase was underpinned by production from the recently commissioned, Hess operated, Okume Complex, Pangkah and Phu Horm fields.

2007 was another year of strong execution and delivery for Exploration & Production. As John mentioned, in 2007 our production increased by 5 percent and proved reserves increased by 7 percent. This performance resulted in year-end 2007 proved reserves of 1.33 billion barrels of oil equivalent and a reserve life of 9.5 years.

Our proved reserve additions totaled 280 million barrels of oil equivalent before PSC related revisions. Net of these revisions, which totaled 46 million barrels, we added 234 million barrels of oil equivalent.

In addition to the impact on reserves of fields operated under PSCs, the high crude prices that prevailed in 2007 will result in reduced 2008 production entitlements from Algeria and Azerbaijan due to the achievement of contractual rate of return thresholds.

In 2008 we expect production to be in the range of 380-390 thousand barrels of oil equivalent per day. Obviously, depending on commodity prices, the workings of PSC contracts have the potential to impact our production volumes. As we see the year unfold, we will be better able to quantify this impact.

Gross production from the Okume Complex and Ceiba fields in Equatorial Guinea recently reached 100 thousand barrels per day, with Okume at its design capacity of 60 thousand barrels per day.

At the JDA another important milestone will occur in the second quarter of 2008 when we start Phase 2 gas production following the commissioning of new facilities. Net gas production from the JDA will double from about 120 million cubic feet per day to about 250 million cubic feet per day.

Turning to exploration, let me first give you an update on our Pony #2 well. We are currently drilling below 28 thousand feet with about another 500 feet to drill to the next casing point. Following the setting of the next casing string, the objective Miocene section will be drilled.

While in 2007 our exploration drilling efforts were directed to appraising discoveries, in 2008 we will see an active, high-impact wildcat program.

In the second quarter we will drill the first of four back to back exploration wells on WA-390-P in the North West Shelf of Australia. In the second quarter we will spud a well on Block 54 offshore Libya. In the second half of the year, we will spud our first well on the Cape Three Points permit offshore Ghana, and we expect that the operator of BMS-22 in the Santos Basin offshore Brazil will spud the first of two exploratory wells.

Our 2008 exploration program also includes wells in the West of Shetlands, offshore the west coast of Ireland and in the deepwater Gulf of Mexico. We also plan to continue appraisal drilling at Pony in the Gulf of Mexico.

2007 was a year of significant progress for the company’s Exploration and Production business. Objectives were met or exceeded, new resources were captured and projects were delivered on schedule. Reserves and production grew in line with stated targets, cost effectively.

We look forward with confidence to 2008.

Now I will hand the call over to John Rielly.