Elliott Management Supports Changes at Hess

NEW YORK–(BUSINESS WIRE)–Elliott Management Corporation (“Elliott”), which manages funds that are
collectively the fourth-largest shareholder in Hess Corporation (NYSE:
HES) (“Hess” or the “Company”), released the following statement
supporting several changes announced by the Company:

“We are pleased that Hess is initiating a comprehensive operating review
with the goal of becoming the best-in-class operator in the Bakken,
building on recent progress they have made in the basin. Additionally,
the company is tripling the buyback authorization it approved last
November, and will buy back $1.5 billion of stock by the end of 2018. We
are encouraged that the company has indicated that they are committed to
closing the value gap and will be dynamic in exploring further steps to
do so before first oil in Guyana.”

About Elliott

Elliott Management Corporation manages two multi-strategy funds which
combined have more than $34 billion of assets under management. Its
flagship fund, Elliott Associates, L.P., was founded in 1977, making it
one of the oldest funds of its kind under continuous management. The
Elliott funds’ investors include pension plans, sovereign wealth funds,
endowments, foundations, funds-of-funds, high net worth individuals and
families, and employees of the firm.

Contacts

Media:
Elliott Management Corporation
Michael O’Looney,
212-478-2687
[email protected]