HESS CORPORATION

HESS REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2015

Fourth Quarter Highlights:

• Adjusted net loss was $396 million or $1.40 per share compared to adjusted net income of $53 million or $0.18 per share in the prior-year quarter; lower realized selling prices reduced fourth quarter 2015 adjusted net income by approximately $420 million

• Net loss was $1,821 million, including noncash impairment charges of $1,359 million after tax

  
  

• Oil and gas production was 368,000 barrels of oil equivalent per day (boepd) compared to 362,000 boepd in the fourth quarter of 2014

• E&P capital and exploratory expenditures were $943 million. Full year E&P capital and exploratory expenditures were $4.0 billion, down 25 percent from $5.3 billion in 2014

• Year-end 2015 cash and cash equivalents totaled $2.7 billion

  
  

• Year-end total proved reserves were 1,086 million barrels of oil equivalent (boe), down from 1,431 million boe in the prior year, primarily due to negative revisions to proved undeveloped reserves resulting from lower crude oil prices

  2016 Guidance:

  
  

• E&P capital and exploratory expenditures are expected to be $2.4 billion, down 40 percent from 2015 E&P capital and exploratory expenditures

• Oil and gas production is forecast to be in the range of 330,000 to 350,000 boepd compared to full year 2015 net production of 368,000 boepd, excluding Libya and asset sales

NEW YORK, January 27, 2016, - Hess Corporation (NYSE: HES) today reported an adjusted net loss, which excludes items affecting comparability, of $396 million or $1.40 per common share, for the fourth quarter of 2015 compared with adjusted net income of $53 million or $0.18 per share in the

fourth quarter of 2014. Lower realized selling prices reduced adjusted net income by approximately

$420 million compared with the prior-year quarter. On an unadjusted basis, the Corporation reported a net loss of $1,821 million for the fourth quarter of 2015 compared with a net loss of $8 million in the fourth quarter of last year. Fourth quarter 2015 results included noncash goodwill and other impairment related charges totaling $1,359 million after tax.

"We finished 2015 with one of the strongest balance sheets and liquidity positions among our E&P peers," Chief Executive Officer John Hess said. "Looking forward, our top priority is to continue to keep our balance sheet strong. Our 2016 capital and exploratory budget is 40 percent below our 2015 spend and we will continue to pursue further cost reductions. At the same time, we plan to continue to invest in future growth."

After-tax income (loss) by major operating activity was as follows:

Three Months Ended Year Ended December 31, December 31,

(unaudited) (unaudited)

2015 2014 2015 2014 (In millions, except per share amounts)

Exploration and Production:

The Exploration and Production adjusted net loss in the fourth quarter of 2015 was $328 million compared with adjusted net income of $138 million in the fourth quarter of 2014. On an unadjusted basis, Exploration and Production had a net loss of $1,713 million in the fourth quarter of 2015, compared with net income of $83 million in the fourth quarter of 2014.

The Corporation's average worldwide crude oil selling price, including the effect of hedging, was down 42 percent to $43.73 per barrel in the fourth quarter of 2015 from $75.34 per barrel in the fourth quarter of 2014. The average worldwide natural gas liquids selling price was $9.61 per barrel, down

from $22.37 per barrel in the year-ago quarter while the average worldwide natural gas selling price was $3.44 per mcf in the fourth quarter of 2015 compared with $5.24 per mcf in the fourth quarter a year ago.

Excluding production from assets sold and Libya, pro forma net production in the fourth quarter of 2015 was 358,000 boepd, up 4 percent from 343,000 boepd in the fourth quarter of 2014. Production growth at the Utica shale play (17,000 boepd), the Bakken shale play (7,000 boepd) and the Gulf of Mexico (5,000 boepd) was offset by lower production from the Joint Development area of Malaysia/Thailand (10,000 boepd) and Denmark (5,000 boepd). Our Algeria operations, which had production of 10,000 boepd in the fourth quarter of 2015 (9,000 boepd in the fourth quarter of 2014) were sold in December. The Corporation expects 2016 net production, excluding Libya, to average between 330,000 boepd and 350,000 boepd compared with 2015 net production of 368,000 boepd, excluding Libya and asset sales.

Oil and Gas Reserve Estimates:

Oil and gas proved reserves were 1,086 million barrels of oil equivalent (boe) at December 31, 2015, compared with 1,431 million boe at December 31, 2014. Lower crude oil prices and reduced drilling plans resulted in negative revisions to proved reserves of 282 million boe. Proved reserve additions and other technical revisions added 84 million boe in 2015, primarily from Bakken drilling activity in 2015. Proved developed reserves at December 31, 2015 were 795 million boe, up from 762 million boe at December 31, 2014.

Operational Highlights for the Fourth Quarter of 2015:

Bakken (Onshore U.S.): Net production from the Bakken increased approximately 7 percent to 109,000 boepd from the prior-year quarter due to continued drilling activities. The Corporation brought 34 gross operated wells on production in the fourth quarter of 2015 increasing the year-to- date total to 219 wells. Drilling and completion costs per operated well averaged $5.1 million in the fourth quarter of 2015, down 28 percent from the year-ago quarter.

Utica (Onshore U.S.): On the Corporation's joint venture acreage, 8 wells were brought on production and net production averaged 30,000 boepd in the fourth quarter of 2015 compared with 13,000 boepd in the prior-year quarter.

Gulf of Mexico (Offshore U.S.): Net production from the Gulf of Mexico was 72,000 boepd compared to 67,000 boepd in the prior-year quarter, with higher volumes from Tubular Bells, which totaled 17,000 boepd in the fourth quarter of 2015, being partially offset by lower production from the