Hess Reports Estimated Results for the First Quarter of 2009

First Quarter Highlights:

* Net loss of $59 million, compared with net income of $759 million in first
quarter 2008
* Oil and gas production of 390,000 barrels of oil equivalent per day, compared
with 391,000 in first quarter 2008
* Capital and exploratory expenditures of $805 million, down from $970 million
in first quarter 2008
* Successful completion of $1.25 billion debt offering in February 2009

NEW YORK--(Business Wire)--
Hess Corporation (NYSE: HES) reported a net loss of $59 million for the first
quarter of 2009 compared with net income of $759 million for the first quarter
of 2008. The after-tax results by major operating activity were as follows:

Three months ended
March 31 (unaudited)
2009 2008
(In millions, except
per share amounts)
Exploration and Production $ (64 ) $ 824
Marketing and Refining 102 16
Corporate (49 ) (39 )
Interest expense (48 ) (42 )

Net income (loss) attributable to Hess Corporation $ (59 ) $ 759

Net income (loss) per share (diluted) $ (.18 ) $ 2.34

Weighted average number of shares (diluted) 323.4 323.8

Exploration and Production generated a loss of $64 million in the first quarter
of 2009 compared with income of $824 million in the first quarter of 2008. The
Corporation`s oil and gas production, on a barrel-of-oil equivalent basis, was
390,000 barrels per day in the first quarter of 2009, compared with 391,000
barrels per day in the first quarter of 2008. In the first quarter of 2009, the
Corporation`s average worldwide crude oil selling price, including the effect of
hedging, was $34.42 per barrel, compared with $83.28 per barrel in the first
quarter of 2008. The Corporation`s average worldwide natural gas selling price
was $5.08 per Mcf in the first quarter of 2009 compared with $7.06 per Mcf in
the first quarter of 2008.

Marketing and Refining earnings were $102 million in the first quarter of 2009,
an increase of $86 million from the first quarter of 2008, primarily reflecting
higher energy marketing margins and improved trading results. Refining
operations generated a loss of $18 million in the first quarter of 2009 compared
with a loss of $3 million in the first quarter of 2008, reflecting lower
refining margins. Marketing earnings were $101 million in the first quarter of
2009, an increase of $69 million from the first quarter of 2008. Trading
activities produced a gain of $19 million in the first quarter of 2009, an
increase of $32 million from the first quarter of 2008.

The following table reflects the total after-tax impact of items affecting
comparability of earnings between periods (in millions):

Three Months Ended
March 31,
2009 2008
Exploration and Production $ (13) $ -
Corporate (16) -
$ (29) $ -

In the first quarter of 2009 the Corporation recorded an after-tax charge of $13
million related to the impairment of two short-lived fields in the U.K. North
Sea. The Corporation also recorded an after-tax charge of $16 million for
retirement benefits and employee severance costs.

Net cash provided by operating activities was $625 million in the first quarter
of 2009 compared with $1,183 million in the first quarter of 2008. Capital and
exploratory expenditures for the first quarter of 2009 amounted to $805 million,
of which $759 million related to Exploration and Production operations. Capital
and exploratory expenditures for the first quarter of 2008 were $970 million, of
which $938 million related to Exploration and Production operations.

At March 31, 2009, cash and cash equivalents totaled $1,157 million compared
with $908 million at December 31, 2008. Total debt was $4,328 million at March
31, 2009 and $3,955 million at December 31, 2008. In February of 2009, the
Corporation completed a $1.25 billion debt offering. The Corporation`s debt to
capitalization ratio at March 31, 2009 was 26.3 percent compared with 24.2
percent at the end of 2008.

Hess Corporation will review first 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 leading global independent
energy company engaged in the exploration for and production of crude oil and
natural gas, as well as in refining and marketing refined petroleum products,
natural gas and electricity. 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)

First First Fourth
Quarter Quarter Quarter
2009 2008 2008
Income Statement (*)
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues $ 6,915 $ 10,647 $ 7,381
Equity in income (loss) of HOVENSA L.L.C. (41 ) (10 ) 21
Other, net (2 ) 63 (153 )

Total revenues and non-operating income 6,872 10,700 7,249

Costs and Expenses
Cost of products sold (excluding items shown separately 5,182 7,705 5,362
below)
Production expenses 409 424 451
Marketing expenses 257 233 259
Exploration expenses, including dry holes and lease 193 152 258
impairment
Other operating expenses 48 45 55
General and administrative expenses 160 152 194
Interest expense 77 67 67
Depreciation, depletion and amortization 486 452 598

Total costs and expenses 6,812 9,230 7,244

Income before income taxes 60 1,470 5
Provision for income taxes 77 718 85

Net income (loss) (17 ) 752 (80 )
Less: Net income (loss) attributable to noncontrolling 42 (7 ) (6 )
interests
Net income (loss) attributable to Hess Corporation $ (59 ) $ 759 $ (74 )

Supplemental Income Statement Information
Foreign currency gains (losses), after-tax $ (10 ) $ 11 $ (84 )
Capitalized interest 1 1 3

Cash Flow Information(*)
Net cash provided by operating activities (**) $ 625 $ 1,183 $ 495

Capital and Exploratory Expenditures
Exploration and Production
United States $ 315 $ 415 $ 519
International 444 523 641

Total Exploration and Production 759 938 1,160
Marketing, Refining and Corporate 46 32 90

Total Capital and Exploratory Expenditures $ 805 $ 970 $ 1,250

Exploration expenses charged to income included above
United States $ 53 $ 62 $ 49
International 48 59 45

$ 101 $ 121 $ 94

(*) Reflects the retrospective adoption of Statement of Financial Accounting Standards 160, Accounting for Noncontrolling Interests

(**) Includes changes in working capital

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS OF DOLLARS)

March 31, December 31,
2009 2008
Balance Sheet Information (*)

Cash and cash $ 1,157 $ 908
equivalents
Other current 5,980 6,424
assets
Investments 1,084 1,127
Property, plant 16,356 16,271
and equipment -
net
Other long-term 3,856 3,859
assets
Total assets $ 28,433 $ 28,589

Current $ 135 $ 143
maturities of
long-term debt
Other current 7,309 7,587
liabilities
Long-term debt 4,193 3,812
Other long-term 4,665 4,656
liabilities
Total equity 14,369 14,399
excluding other
comprehensive
income (loss)
Accumulated (2,238 ) (2,008 )
other
comprehensive
income (loss)
Total $ 28,433 $ 28,589
liabilities and
equity

(*) Reflects the retrospective adoption of Statement of Financial Accounting Standards 160, Accounting for Noncontrolling Interests

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS OF DOLLARS)

First Quarter 2009
United
States International Total
Sales and other operating revenues $ 167 $ 964 $ 1,131
Non-operating income (loss) (2 ) 10 8

Total revenues and non-operating income 165 974 1,139
Costs and expenses
Production expenses, including related taxes 112 297 409
Exploration expenses, including dry holes and lease impairment 111 82 193
General, administrative and other expenses 27 29 56
Depreciation, depletion and amortization 57 408 465

Total costs and expenses 307 816 1,123

Results of operations before income taxes (142 ) 158 16
Provision (benefit) for income taxes (53 ) 133 80

Results of operations attributable to Hess Corporation $ (89 ) $ 25 $ (64 )

First Quarter 2008
United
States International Total
Sales and other operating revenues $ 448 $ 2,159 $ 2,607
Non-operating income 10 37 47

Total revenues and non-operating income 458 2,196 2,654
Costs and expenses
Production expenses, including related taxes 70 354 424
Exploration expenses, including dry holes and lease impairment 83 69 152
General, administrative and other expenses 32 31 63
Depreciation, depletion and amortization 55 379 434

Total costs and expenses 240 833 1,073

Results of operations before income taxes 218 1,363 1,581
Provision for income taxes 84 673 757

Results of operations attributable to Hess Corporation $ 134 $ 690 $ 824

Fourth Quarter 2008
United
States International Total
Sales and other operating revenues $ 199 $ 1,264 $ 1,463
Non-operating income (loss) - (165 ) (165 )

Total revenues and non-operating income 199 1,099 1,298
Costs and expenses
Production expenses, including related taxes 106 345 451
Exploration expenses, including dry holes and lease impairment 78 180 258
General, administrative and other expenses 50 32 82
Depreciation, depletion and amortization 63 514 577

Total costs and expenses 297 1,071 1,368

Results of operations before income taxes (98 ) 28 (70 )
Provision (benefit) for income taxes (37 ) 92 55

Results of operations attributable to Hess Corporation $ (61 ) $ (64 ) $ (125 )

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

First First Fourth
Quarter Quarter Quarter
2009 2008 2008
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States 32 36 27
Europe 88 83 84
Africa 126 119 129
Asia and other 15 17 11
Total 261 255 251

Natural gas liquids - barrels
United States 9 11 8
Europe 4 4 5
Total 13 15 13

Natural gas - mcf
United States 78 93 61
Europe 180 296 241
Asia and other 438 342 386
Total 696 731 688
Barrels of oil equivalent 390 391 379

Average Selling Price
Crude oil - per barrel (including hedging)*
United States $ 38.58 $ 92.59 $ 48.90
Europe 35.31 82.29 46.77
Africa 31.15 78.83 42.93
Asia and other 45.86 96.53 40.39
Worldwide 34.42 83.28 45.00

Crude oil - per barrel (excluding hedging)
United States $ 38.58 $ 92.59 $ 48.90
Europe 35.31 82.29 46.77
Africa 44.20 93.52 49.90
Asia and other 45.86 96.53 40.39
Worldwide 40.19 89.62 48.31

Natural gas liquids - per barrel
United States $ 29.03 $ 64.83 $ 36.83
Europe 36.76 76.50 44.05
Worldwide 31.29 67.70 39.00

Natural gas - per mcf (including hedging)*
United States $ 4.03 $ 8.53 $ 5.56
Europe 6.49 8.96 8.46
Asia and other 4.70 5.01 4.99
Worldwide 5.08 7.06 6.26

Natural gas - per mcf (excluding hedging)
United States $ 4.03 $ 8.53 $ 5.56
Europe 6.49 9.05 8.62
Asia and other 4.70 5.01 4.99
Worldwide 5.08 7.10 6.32

* The after-tax losses from hedging activities were $82 million in the first
quarter of 2009, $95 million in the first quarter of 2008 and $46 million in the
fourth quarter of 2008.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)

First First Fourth
Quarter Quarter Quarter
2009 2008 2008
Financial Information (in millions of dollars)

Marketing and Refining Results
Results of operations before income taxes $ 162 $ 21 $ 241
Provision for income taxes 60 5 89
Results of operations attributable to Hess Corporation $ 102 $ 16 $ 152

Summary of Marketing and Refining Results
Refining $ (18) $ (3) $ 27
Marketing 101 32 138
Trading 19 (13) (13)
Results of operations attributable to Hess Corporation $ 102 $ 16 $ 152

Operating Data (barrels and gallons in thousands)

Refined Product Sales (barrels per day)
Gasoline 227 223 225
Distillates 150 168 154
Residuals 85 67 62
Other 39 37 36
Total 501 495 477

Refinery Throughput (barrels per day)
HOVENSA - Crude runs 410 446 392
HOVENSA - Hess 50% share 205 223 196
Port Reading 62 61 64

Refinery Utilization Refinery Capacity
HOVENSA (barrels per day)
Crude 500 82.0% 89.1% 78.4%
FCC 150 71.4% 74.3% 70.5%
Coker 58 80.5% 91.5% 73.5%
Port Reading 70 88.2% 87.1% 92.0%

Retail Marketing
Number of retail stations (a) 1,358 1,367 1,366
Convenience store revenue (in millions of dollars) (b) $ 255 $ 239 $ 258
Average gasoline volume per station (gallons per month) (b) 199 195 200

(a) Includes company operated, Wilco-Hess, dealer and branded retailer.
(b) Company operated only.

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

Copyright Business Wire 2009