Hess Reports Estimated Results for the Third Quarter of 2014

Third Quarter Highlights:

Net income was $1,008 million compared to $420 million in the third quarter of 2013
Adjusted net income was $377 million or $1.24 per share compared to $405 million or $1.18 per share in the third quarter of 2013
Oil and gas production was 318,000 barrels of oil equivalent per day (boepd) in the third quarter of 2014, compared with 310,000 boepd in the year-ago quarter. Pro forma production was 314,000 boepd in the third quarter of 2014, up 17 percent from 269,000 boepd in 2013
Net cash provided by operating activities was $1.3 billion
Oil and gas production in the Bakken increased 21 percent from the year-ago quarter to 86,000 boepd, while well costs were reduced by 8 percent to an average of $7.2 million per operated well in the third quarter of 2014
The Corporation completed the sale of its retail business for $2.8 billion. Third quarter-end cash and cash equivalents were $4.1 billion
The Corporation returned $979 million to shareholders during the quarter through share repurchases of $903 million and dividends of $76 million. Cumulative shares repurchased under the program through September 30, 2014 total 49.4 million at a total cost of approximately $4.2 billion
Hess Midstream Partners LP filed a registration statement with the U.S. Securities and Exchange Commission for a proposed 2015 initial public offering

NEW YORK--(BUSINESS WIRE)--Oct. 29, 2014-- Hess Corporation (NYSE:HES) today reported net income of $1,008 million for the quarter ended September 30, 2014. Adjusted net income, which excludes items affecting comparability, was $377 million or $1.24 per common share, compared with $405 million or $1.18 per share in the year-ago quarter. Lower realized crude oil selling prices and higher depreciation expense in the third quarter of 2014 were the primary drivers for the decrease in adjusted net income. However, adjusted net income per share in the third quarter of 2014 increased over the third quarter of last year due to an 11 percent decrease in the weighted average number of diluted shares outstanding primarily as a result of the Corporation's stock repurchase program.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	(unaudited)				(unaudited)
	2014		2013		2014		2013
	(In millions, except per share amounts)
Net Income (Loss) Attributable to Hess Corporation
Exploration and Production	$	441	$	455	$	2,006	$	3,274
Corporate and Interest		(80)		(88)		(260)		(325)
Downstream Businesses		647		53		579		178
Net income attributable to Hess Corporation	$	1,008	$	420	$	2,325	$	3,127

Net income per share (diluted)	$	3.31	$	1.23	$	7.44	$	9.11


Adjusted Net Income (Loss)
Exploration and Production	$	412	$	458	$	1,409	$	1,756
Corporate and Interest		(78)		(83)		(241)		(308)
Downstream Businesses		43		30		87		146
Adjusted net income attributable to Hess Corporation	$	377	$	405	$	1,255	$	1,594

Adjusted net income per share (diluted)	$	1.24	$	1.18	$	4.01	$	4.64

Weighted average number of shares (diluted)		305.0		343.3		312.7		343.3

Note: See page 6 for a table of items affecting comparability of earnings between periods.

"We are delivering strong performance and executing our plan," Chief Executive Officer John Hess said. "With our focused, balanced portfolio and strong balance sheet, we are well positioned in the current price environment to drive cash generative growth and sustainable returns for our shareholders."

Exploration and Production:

Exploration and Production earnings were $441 million in the third quarter of 2014, compared with $455 million in the third quarter of 2013. Adjusted net income was $412 million in the third quarter of 2014 and $458 million in the third quarter of 2013.

Oil and gas production of 318,000 boepd was up 3 percent from the third quarter a year-ago. Production from the Llano Field in the Gulf of Mexico was up 16,000 boepd due to maintenance in the third quarter of 2013 and first production from the Llano #4 well in the fourth quarter of 2013. Higher production in the Bakken shale play contributed 15,000 boepd versus the year-ago quarter and ongoing development of Utica wet gas acreage increased production by an additional 10,000 boepd. The North Malay Basin Early Production System, which commenced production in October 2013 contributed 7,000 boepd in the quarter. Asset sales reduced third quarter 2014 production by 30,000 boepd while scheduled maintenance at the Valhall Field, offshore Norway reduced production by 12,000 boepd. The Corporation's average worldwide crude oil selling price, including the effect of hedging, was down 8 percent from $104.95 per barrel in the year-ago quarter to $96.36 per barrel in the third quarter of 2014. The average worldwide natural gas selling price was $5.59 per mcf in the third quarter of 2014, down from $6.52 per mcf in the third quarter a year-ago.

Excluding production from assets sold and Libya, pro forma production was 314,000 boepd in the third quarter of 2014, an increase of 17 percent from 269,000 boepd in the third quarter of 2013. The Corporation expects pro forma production to average near the top end of the range of 305,000 boepd and 315,000 boepd for the full year of 2014 driven by continued growth in the Bakken, higher production from the Valhall Field and the start-up of the Tubular Bells Field in the Gulf of Mexico.

Operational Highlights for the Third Quarter of 2014:

Bakken (Onshore U.S.): Production from the Bakken increased 21 percent from the prior year quarter to 86,000 boepd due to continued development activities and the completion of the Tioga gas plant expansion project. Hess brought 59 gross operated wells on production in the quarter, bringing the year-to-date total to 142 wells. Drilling and completion costs per operated well averaged $7.2 million in the third quarter of 2014, a reduction of 8 percent from the third quarter of 2013.

Tubular Bells (Offshore U.S.): The offshore hook-up and final commissioning activities progressed in the third quarter and we expect first production to commence within the next week. Net production is expected to ramp up through the remainder of 2014 to 25,000 boepd.

Utica (Onshore U.S.): On the Corporation's joint venture acreage, ten wells were drilled in the third quarter of 2014. Production increased to approximately 11,000 boepd for the quarter.

Valhall (Offshore Norway): Net production averaged 25,000 boepd during the third quarter, compared with 37,000 boepd in the year-ago quarter, reflecting scheduled maintenance downtime in the third quarter of 2014.

North Malay Basin (Offshore Malaysia): Production averaged 7,000 boepd in the third quarter of 2014 from the Early Production System. Progress continued on the full field development project.

Ghana (Offshore): The Corporation completed drilling of the Almond 2 well, the last of a three well appraisal program, in the third quarter of 2014.

Libya: Civil unrest continues in Libya, however during the third quarter, the operator recommenced production at a reduced rate and the Corporation sold one cargo of crude oil. Hess net production from Libya averaged 4,000 boepd for the third quarter of 2014 and 11,000 boepd in the year-ago quarter.

Capital and Exploratory Expenditures:

Capital and exploratory expenditures in the third quarter of 2014 were $1,418 million, down from $1,503 million in the prior year quarter.

Hess Midstream Partners LP:

On September 24, 2014 the Corporation's wholly owned subsidiary, Hess Midstream Partners LP, filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) related to its proposed initial public offering of common units representing limited partner interests. The offering is expected to occur in 2015.

Asset Sales:

In September 2014, the Corporation completed the sale of its retail marketing business for cash proceeds of $2.8 billion and its interest in an exploration asset in the United Kingdom North Sea for $53 million. In October, the Corporation signed an agreement to sell its interest in HETCO, its energy trading joint venture.

Liquidity:

Net cash provided by operating activities was $1,338 million in the third quarter of 2014, compared with $1,254 million in the same quarter of 2013. At September 30, 2014, cash and cash equivalents totaled $4,120 million, compared with $1,814 million at December 31, 2013, primarily reflecting the collection of proceeds from the sale of the retail business. Total debt was $5,996 million at September 30, 2014 compared with $5,798 million at December 31, 2013. The Corporation's debt to capitalization ratio at September 30, 2014 was 19.7 percent, and 19.0 percent at the end of 2013.

Returning Capital to Shareholders:

In the third quarter of 2014, the Corporation repurchased 9.2 million shares of common stock at a cost of $903 million. Since initiation of the buyback program in August 2013, total shares repurchased through September 30, 2014 amounted to 49.4 million at a total cost of approximately $4.2 billion for an average cost per share of $85.14.

Dividends paid to shareholders amounted to $232 million in the first nine months of 2014 and $154 million in the first nine months of 2013.

Downstream Businesses:

The downstream businesses reported income of $647 million in the third quarter of 2014, compared with income of $53 million in the same period in 2013. Adjusted net income was $43 million in the third quarter of 2014, up from $30 million in the third quarter of 2013 reflecting higher retail earnings and improved energy trading results. The Corporation's divested downstream businesses, including the retail marketing business, are reported as discontinued operations in the consolidated income statements on pages 9 and 10. The energy trading joint venture will be classified as discontinued operations beginning in the fourth quarter of 2014.

Items Affecting Comparability of Earnings Between Periods:

The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	(unaudited)				(unaudited)
	2014		2013		2014		2013
	(In millions)
Exploration and Production	$	29	$	(3)	$	597	$	1,518
Corporate and Interest		(2)		(5)		(19)		(17)
Downstream Businesses		604		23		492		32
Total items affecting comparability of
earnings between periods	$	631	$	15	$	1,070	$	1,533

Exploration and Production: Third quarter 2014 Exploration and Production results included an after-tax gain of $33 million from the sale of the Corporation's interest in the Cambo Field in the United Kingdom North Sea. This gain was partially offset by severance and other charges totaling $4 million after-tax.

Corporate and Interest: Third quarter 2014 results included after-tax charges of $2 million for severance and other charges.

Downstream Businesses: Third quarter 2014 results included an after-tax gain of $602 million related to the sale of the Corporation's retail business. In addition, the Corporation realized an after-tax gain of $114 million on the liquidation of last-in, first-out (LIFO) inventories, which was largely offset by impairment and other charges associated with the continued divestiture of the downstream businesses.

Reconciliation of U.S. GAAP to Non-GAAP measures:

The following table reconciles reported net income attributable to Hess Corporation and adjusted net income:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	(unaudited)				(unaudited)
	2014		2013		2014		2013
	(In millions)
Net income attributable to Hess Corporation	$	1,008	$	420	$	2,325	$	3,127
Less: Total items affecting comparability of earnings
between periods		631		15		1,070		1,533
Adjusted net income attributable to Hess Corporation	$	377	$	405	$	1,255	$	1,594

The following table reconciles reported net cash provided by operating activities to cash flows from operations before changes in working capital:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	(unaudited)				(unaudited)
	2014		2013		2014		2013
	(In millions)
Net cash provided by operating activities	$	1,338	$	1,254	$	3,407	$	3,320
Add back: Increases in working capital		170		143		821		1,070
Cash flows from operations, before
working capital changes	$	1,508	$	1,397	$	4,228	$	4,390

Hess Corporation will review third 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.

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. Estimates and projections contained in this release are based on the Company's current understanding and assessment based on reasonable assumptions. Actual results may differ materially from these estimates and projections due to certain risk factors discussed in the Corporation's periodic filings with the Securities and Exchange Commission and other factors.

Non-GAAP financial measures

The Corporation has used two non-GAAP financial measures in this earnings release. "Adjusted net income" presented in this release is defined as reported net income attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods. "Cash flows from operations, excluding working capital changes" is defined as net cash provided by operating activities before adjustments for changes in working capital. We believe that investors' understanding of our performance is enhanced by disclosing these measures. These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income or cash flow. Reconciliations of both reported net income attributable to Hess Corporation (U.S. GAAP) to adjusted net income and net cash provided by operating activities (U.S. GAAP) to cash flows from operations excluding working capital changes, are provided in the release.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

	Third		Third		Second
	Quarter		Quarter		Quarter
	2014		2013		2014
Income Statement
Revenues and Non-operating Income
Sales and other operating revenues	$	2,745	$	2,720	$	2,846
Gains (losses) on asset sales		31		(5)		779
Other, net		26		(1)		(25)

Total revenues and non-operating income		2,802		2,714		3,600

Costs and Expenses
Cost of products sold (excluding items shown separately below)		447		375		444
Operating costs and expenses		487		475		522
Production and severance taxes		69		84		78
Marketing expenses		34		27		25
Exploration expenses, including dry holes and lease impairment		90		154		460
General and administrative expenses		139		152		143
Interest expense		75		86		85
Depreciation, depletion and amortization		837		681		787

Total costs and expenses		2,178		2,034		2,544

Income from continuing operations before income taxes		624		680		1,056
Provision for income taxes		237		324		89

Income from continuing operations		387		356		967
Income (loss) from discontinued operations		643		62		(37)

Net income		1,030		418		930
Less: Net income (loss) attributable to noncontrolling interests		22		(2)		(1)
Net income attributable to Hess Corporation	$	1,008	$	420	$	931

See "Downstream Businesses" on page 5 for basis of presentation.

Cash Flow Information
Net cash provided by operating activities (*)	$	1,338	$	1,254	$	911
Net cash provided by (used in) investing activities		1,569		(1,487)		232
Net cash provided by (used in) financing activities		(992)		(171)		(226)
Net increase (decrease) in cash and cash equivalents	$	1,915	$	(404)	$	917

(*) Includes changes in working capital.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

	Nine Months
	2014		2013
Income Statement
Revenues and Non-operating Income
Sales and other operating revenues	$	8,363	$	9,257
Gains (losses) on asset sales		820		1,794
Other, net		(89)		(56)

Total revenues and non-operating income		9,094		10,995

Costs and Expenses
Cost of products sold (excluding items shown separately below)		1,284		1,392
Operating costs and expenses		1,475		1,570
Production and severance taxes		209		311
Marketing expenses		99		87
Exploration expenses, including dry holes and lease impairment		669		573
General and administrative expenses		424		469
Interest expense		241		309
Depreciation, depletion and amortization		2,349		1,974

Total costs and expenses		6,750		6,685

Income from continuing operations before income taxes		2,344		4,310
Provision for income taxes		575		1,192

Income from continuing operations		1,769		3,118
Income (loss) from discontinued operations		612		189

Net income		2,381		3,307
Less: Net income attributable to noncontrolling interests		56		180
Net income attributable to Hess Corporation	$	2,325	$	3,127

See "Downstream Businesses" on page 5 for basis of presentation.

Cash Flow Information
Net cash provided by operating activities (*)	$	3,407	$	3,320
Net cash provided by (used in) investing activities		1,539		(812)
Net cash provided by (used in) financing activities		(2,640)		(2,829)
Net increase (decrease) in cash and cash equivalents	$	2,306	$	(321)

(*) Includes changes in working capital.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

	September 30,		December 31,
	September 30,		December 31,
	2014		2013
Balance Sheet Information

Cash and cash equivalents	$	4,120	$	1,814
Other current assets		4,745		6,785
Investments		145		687
Property, plant and equipment - net		27,667		28,771
Other long-term assets		4,298		4,697
Total assets	$	40,975	$	42,754

Short-term debt and current maturities of long-term debt	$	67	$	378
Other current liabilities		4,948		6,180
Long-term debt		5,929		5,420
Other long-term liabilities		5,666		5,992
Total equity excluding other comprehensive income (loss)		24,852		25,122
Accumulated other comprehensive income (loss)		(487)		(338)
Total liabilities and equity	$	40,975	$	42,754


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS)

	Third		Third		Second
	Quarter		Quarter		Quarter
	2014		2013		2014
Capital and Exploratory Expenditures
Exploration and Production
United States
Bakken	$	579	$	579	$	429
Other Onshore		184		173		190
Total Onshore		763		752		619
Offshore		205		208		157
Total United States		968		960		776

Europe		111		159		162
Africa		125		106		119
Asia and other		214		278		199

Total Capital and Exploratory Expenditures	$	1,418	$	1,503	$	1,256

Total exploration expenses charged to income included above	$	56	$	96	$	54



			Nine Months
			2014		2013
Capital and Exploratory Expenditures
Exploration and Production
United States
Bakken			$	1,459	$	1,660
Other Onshore				545		565
Total Onshore				2,004		2,225
Offshore				524		653
Total United States				2,528		2,878

Europe				418		550
Africa				344		498
Asia and other				608		782

Total Capital and Exploratory Expenditures			$	3,898	$	4,708

Total exploration expenses charged to income included above			$	188	$	319


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)

	Third Quarter 2014
	United States			International			Total

Sales and other operating revenues	$	1,629		$	1,049			$	2,678
Gains (losses) on asset sales		2			35				37
Other, net		(7)			28				21

Total revenues and non-operating income		1,624			1,112				2,736

Costs and Expenses
Cost of products sold (excluding items shown separately below)		427			20				447
Operating costs and expenses		215			272				487
Production and severance taxes		62			7				69
Exploration expenses, including dry holes and lease impairment		34			56				90
General and administrative expenses		66			19				85
Depreciation, depletion and amortization		474			360				834

Total costs and expenses		1,278			734				2,012

Results of operations before income taxes		346			378				724
Provision for income taxes		130			153				283

Net income		216			225				441
Less: Net income attributable to noncontrolling interests		-			-				-

Net income attributable to Hess Corporation	$	216	(a)	$	225	(b)		$	441

	Third Quarter 2013
	United States			International			Total

Sales and other operating revenues	$	1,472		$	1,234			$	2,706
Gains (losses) on asset sales		(1)			(7)				(8)
Other, net		(1)			(2)				(3)

Total revenues and non-operating income		1,470			1,225				2,695

Costs and Expenses
Cost of products sold (excluding items shown separately below)		398			(24)				374
Operating costs and expenses		191			284				475
Production and severance taxes		64			20				84
Exploration expenses, including dry holes and lease impairment		71			83				154
General and administrative expenses		58			38				96
Depreciation, depletion and amortization		346			330				676

Total costs and expenses		1,128			731				1,859

Results of operations before income taxes		342			494				836
Provision for income taxes		134			247				381

Net income		208			247				455
Less: Net income attributable to noncontrolling interests		-			-				-

Net income attributable to Hess Corporation	$	208	(a)	$	247	(b)		$	455

(a)		The results of crude oil hedging activities were after-tax realized gains of $4 million in the third quarter of 2014, and gains of $0.3 million in the third quarter of 2013.
(b)		The results of crude oil hedging activities were after-tax realized gains of $13 million in the third quarter of 2014, and gains of $0.5 million in the third quarter of 2013.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)

	Second Quarter 2014
	United States			International			Total

Sales and other operating revenues	$	1,653		$	1,176			$	2,829
Gains (losses) on asset sales		62			704				766
Other, net		(12)			(16)				(28)

Total revenues and non-operating income		1,703			1,864				3,567

Costs and Expenses
Cost of products sold (excluding items shown separately below)		412			32				444
Operating costs and expenses		214			308				522
Production and severance taxes		67			11				78
Exploration expenses, including dry holes and lease impairment		208			252				460
General and administrative expenses		70			9				79
Depreciation, depletion and amortization		433			349				782

Total costs and expenses		1,404			961				2,365

Results of operations before income taxes		299			903				1,202
Provision for income taxes		118			27				145

Net income		181			876				1,057
Less: Net income attributable to noncontrolling interests		-			-				-

Net income attributable to Hess Corporation	$	181	(a)	$	876	(b)		$	1,057

(a)		The after-tax realized losses from crude oil hedging activities were $2 million in the second quarter of 2014.
(b)		The after-tax realized losses from crude oil hedging activities were $2 million in the second quarter of 2014.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS)

	Nine Months 2014
	United States			International			Total

Sales and other operating revenues	$	4,827		$	3,353			$	8,180
Gains (losses) on asset sales		64			749				813
Other, net		(21)			8				(13)

Total revenues and non-operating income		4,870			4,110				8,980

Costs and Expenses
Cost of products sold (excluding items shown separately below)		1,253			31				1,284
Operating costs and expenses		638			837				1,475
Production and severance taxes		187			22				209
Exploration expenses, including dry holes and lease impairment		289			380				669
General and administrative expenses		194			50				244
Depreciation, depletion and amortization		1,267			1,070				2,337

Total costs and expenses		3,828			2,390				6,218

Results of operations before income taxes		1,042			1,720				2,762
Provision for income taxes		405			351				756

Net income		637			1,369				2,006
Less: Net income attributable to noncontrolling interests		-			-				-

Net income attributable to Hess Corporation	$	637	(a)	$	1,369	(b)		$	2,006

	Nine Months 2013
	United States			International			Total

Sales and other operating revenues	$	4,680		$	4,503			$	9,183
Gains (losses) on asset sales		(18)			1,809				1,791
Other, net		(11)			(45)				(56)

Total revenues and non-operating income		4,651			6,267				10,918

Costs and Expenses
Cost of products sold (excluding items shown separately below)		1,346			45				1,391
Operating costs and expenses		582			988				1,570
Production and severance taxes		176			135				311
Exploration expenses, including dry holes and lease impairment		242			331				573
General and administrative expenses		146			122				268
Depreciation, depletion and amortization		1,046			915				1,961

Total costs and expenses		3,538			2,536				6,074

Results of operations before income taxes		1,113			3,731				4,844
Provision for income taxes		450			944				1,394

Net income		663			2,787				3,450
Less: Net income attributable to noncontrolling interests		-			176				176

Net income attributable to Hess Corporation	$	663	(a)	$	2,611	(b)		$	3,274

(a)		The results of crude oil hedging activities were after-tax realized gains of $2 million in the first nine months of 2014, and gains of $9 million in the first nine months of 2013.
(b)		The results of crude oil hedging activities were after-tax realized gains of $13 million in the first nine months of 2014, and gains of $14 million in the first nine months of 2013.


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Third		Third		Second
	Quarter		Quarter		Quarter
	2014		2013		2014
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States
Bakken		63		57		64
Other Onshore		11		9		9
Total Onshore		74		66		73
Offshore		51		37		54
Total United States		125		103		127

Europe		31		38		36
Africa		53		57		51
Asia		2		9		2
Total		211		207		216

Natural gas liquids - barrels
United States
Bakken		15		7		8
Other Onshore		8		4		5
Total Onshore		23		11		13
Offshore		6		4		7
Total United States		29		15		20

Europe		1		1		1
Asia		-		1		-
Total		30		17		21

Natural gas - mcf
United States
Bakken		46		44		48
Other Onshore		52		24		50
Total Onshore		98		68		98
Offshore		76		42		83
Total United States		174		110		181

Europe		29		29		35
Asia and other		259		380		275
Total		462		519		491

Barrels of oil equivalent		318		310		319


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Nine Months
	2014		2013
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States
Bakken		61		54
Other Onshore		10		11
Total Onshore		71		65
Offshore		52		44
Total United States		123		109

Europe		35		46
Africa		51		69
Asia		3		11
Total		212		235

Natural gas liquids - barrels
United States
Bakken		9		6
Other Onshore		5		4
Total Onshore		14		10
Offshore		6		6
Total United States		20		16

Europe		1		1
Asia		-		1
Total		21		18

Natural gas - mcf
United States
Bakken		36		39
Other Onshore		43		26
Total Onshore		79		65
Offshore		79		63
Total United States		158		128

Europe		33		19
Asia and other		316		418
Total		507		565

Barrels of oil equivalent		318		347


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Third		Third		Second
	Quarter		Quarter		Quarter
	2014		2013		2014

Sales Volumes Per Day (in thousands)
Crude oil - barrels		214		194		222
Natural gas liquids - barrels		30		17		21
Natural gas - mcf		462		515		491
Barrels of oil equivalent		321		296		325

Sales Volumes (in thousands)
Crude oil - barrels		19,719		17,857		20,193
Natural gas liquids - barrels		2,772		1,519		1,942
Natural gas - mcf		42,511		47,406		44,662
Barrels of oil equivalent		29,576		27,277		29,578


			Nine Months
			2014		2013

Sales Volumes Per Day (in thousands)
Crude oil - barrels				211		234
Natural gas liquids - barrels				21		17
Natural gas - mcf				507		564
Barrels of oil equivalent				317		345

Sales Volumes (in thousands)
Crude oil - barrels				57,662		63,804
Natural gas liquids - barrels				5,836		4,759
Natural gas - mcf				138,530		154,037
Barrels of oil equivalent				86,586		94,236


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Third		Third		Second
	Quarter		Quarter		Quarter
	2014		2013		2014
Operating Data
Average Selling Prices
Crude oil - per barrel (including hedging)
United States
Onshore	$	86.07	$	96.01	$	92.44
Offshore		97.50		106.66		100.42
Total United States		90.74		99.80		95.82

Europe		110.06		113.18		111.03
Africa		101.21		110.71		108.83
Asia		-		104.27		106.33
Worldwide		96.36		104.95		101.70

Crude oil - per barrel (excluding hedging)
United States
Onshore	$	86.07	$	95.98	$	92.44
Offshore		96.25		106.56		101.09
Total United States		90.23		99.75		96.10

Europe		106.40		112.51		111.39
Africa		99.21		110.95		109.10
Asia		-		104.27		106.33
Worldwide		94.99		104.88		101.99

Natural gas liquids - per barrel
United States
Onshore	$	28.20	$	44.59	$	36.99
Offshore		31.45		32.14		32.21
Total United States		28.84		41.03		35.39

Europe		49.37		58.67		55.77
Asia		-		70.05		-
Worldwide		29.62		43.67		36.59

Natural gas - per mcf
United States
Onshore	$	2.25	$	2.91	$	4.36
Offshore		3.64		2.56		4.01
Total United States		2.85		2.78		4.22

Europe		9.63		12.13		10.51
Asia and other		6.97		7.19		7.24
Worldwide		5.59		6.52		6.35


HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Nine Months
	2014		2013
Operating Data
Average Selling Prices
Crude oil - per barrel (including hedging)
United States
Onshore	$	88.86	$	91.87
Offshore		99.11		106.99
Total United States		93.18		97.97

Europe		110.09		79.60
Africa		105.68		108.57
Asia		104.66		107.77
Worldwide		99.09		98.55

Crude oil - per barrel (excluding hedging)
United States
Onshore	$	88.86	$	91.64
Offshore		98.92		106.18
Total United States		93.10		97.51

Europe		109.01		79.01
Africa		104.86		107.81
Asia		104.66		107.77
Worldwide		98.67		97.99

Natural gas liquids - per barrel
United States
Onshore	$	33.62	$	42.35
Offshore		32.63		28.84
Total United States		33.31		37.50

Europe		56.98		57.02
Asia		-		71.70
Worldwide		34.76		39.46

Natural gas - per mcf
United States
Onshore	$	3.57	$	2.99
Offshore		4.01		2.79
Total United States		3.80		2.89

Europe		10.60		10.62
Asia and other		7.13		7.46
Worldwide		6.32		6.53

Source: Hess Corporation

For Hess Corporation
Investors:
Jay Wilson, 212-536-8940
or
Media:
Sard Verbinnen & Co
Michael Henson/Patrick Scanlan
212-687-8080

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