Hess Reports Pricing of Offer to Purchase Notes Due in 2011

Hess has announced the consideration to be paid in the previously announced cash tender offer for any and all of its outstanding 6.65% Notes due August 15, 2011.

Upon consummation of the Offer, Hess will pay Total Consideration of $1,094.94 for each $1,000 principal amount of Notes tendered and accepted for payment in the Offer. The Total Consideration was calculated in the manner described in the Offer to Purchase, dated December 9, 2009, by reference to a fixed spread of 25 basis points or 0.25% over the bid-side yield to maturity of the 5% U.S. Treasury Notes due August 15, 2011, as quoted on the Bloomberg Government Pricing Monitor on Page PX4 at 2:00 p.m., New York City time, today. In addition to the Total Consideration, Hess will also pay $22.54 per $1,000 principal amount of Notes purchased in the Offer for accrued and unpaid interest up to, but not including, the settlement date, assuming the settlement date is December 17, 2009, as expected.

To receive such consideration, holders of Notes must validly tender and not validly withdraw their Notes prior to the expiration of the Offer. Notes tendered may be withdrawn at any time prior to the expiration of the Offer, by following the procedures described in the Offer to Purchase.

The Offer will expire at 5:00 p.m., New York City time, today, December 16, 2009, unless extended or earlier terminated. Holders of the Notes are urged to read carefully the Offer to Purchase and the related Letter of Transmittal before making any decision with respect to the Offer.



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