Hess Announces $1.0 Billion Share Repurchase Program

NEW YORK–(BUSINESS WIRE)–Hess Corporation (NYSE: HES) today announced that its Board of Directors
has authorized the purchase of $1.0 billion of Hess common stock by the
end of 2018. The newly authorized program is in addition to the $500
million share repurchase program Hess announced in late 2017.

Under the new authorization, the Company will purchase $500 million of
common stock through an accelerated stock repurchase (“ASR”) program and
$500 million of common stock in the open market by the end of 2018. The
amount and timing of the open market repurchases are subject to a number
of factors, including Hess’ stock price, trading volume, oil prices and
general market conditions. The company intends to fund the repurchases
from existing cash and proceeds from announced asset sales.

“We are pleased to be in a position to increase cash returns to
shareholders, which remains one of our top priorities and is reviewed
regularly by the management team and Board,” CEO John Hess said. “With a
continued positive outlook for oil prices, a successful asset sale
program, and increased visibility on production growth, cash flows and
capital requirements for future phases of development on our Guyana
asset, we can expand the buyback authorization without compromising our
ability to fund this world-class investment. We believe that
repurchasing our shares represents a highly compelling return
opportunity for our shareholders.”

Hess recently announced a seventh oil discovery offshore Guyana, at the
Pacora-1 exploration well, following previous discoveries on the
Stabroek block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger.
“The giant Payara field, which is planned as the third development
offshore Guyana, will now include Pacora resources – increasing the size
of the FPSO and bringing expected gross production from the first three
phases of development to more than 500,000 barrels of oil per day,” said
Hess.

Hess added, “We plan to hold an investor day later this year to update
shareholders on our strategy and progress in Guyana, which keeps getting
bigger and better, and the Bakken – our largest operated growth asset,
where we are going from four rigs to six and conducting a review of
enhanced completion techniques and further cost efficiencies to optimize
value.”

Hess Corporation is 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 at http://www.hess.com.

Cautionary Statements

This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. These
projections and statements reflect the company’s current views with
respect to future events and financial performance. No assurances
can be given, however, that these events will occur or that these
projections will be achieved, and actual results could differ materially
from those projected as a result of certain risk factors. A
discussion of these risk factors is included in the company’s periodic
reports filed with the Securities and Exchange Commission.

Contacts

Investor Contact:
Hess Corporation
Jay Wilson, (212)
536-8940
or
Media Contacts:
Hess Corporation
Lorrie
Hecker, (212) 536-8250
or
Sard Verbinnen & Co.
Jamie
Tully, (212) 687-8080