Hess Presents at Bank of America Merrill Lynch 2017 Global Energy Conference

November 16, 2017

Highlights Company’s High Graded Portfolio, Proforma Cash Flow
Growth and Prefunding of “Transformative” Guyana Opportunity
Announces $500 Million Share Repurchase Plan in addition to $500
Million in Debt Reduction

NEW YORK–(BUSINESS WIRE)–#bakken–In a presentation at the Bank of America Merrill Lynch 2017 Global
Energy Conference today, Hess Corporation (NYSE:HES) Chief Executive
Officer John Hess reviewed the company’s progress in executing its
strategy to deliver significant value to shareholders.

Financial strength and shareholder focus

This year, the company has announced sales of mature, lower growth
assets that will result in proceeds of $3.4 billion and the release of
$1.3 billion of asset retirement obligations (excluding the sale of its
interests in Denmark expected in 2018). The company plans to use these
proceeds to:

Prefund a world class oil development in Guyana
Increase to a total of six rigs from four rigs currently in the Bakken
during 2018, where the company has a robust inventory of high return
drilling locations in the core of the play
Return cash to shareholders through a share repurchase program of up
to $500 million of stock to be completed in 2018
Reduce Hess Corporation debt (excluding midstream) by $500 million in
2018

High graded, focused portfolio

“We have moved aggressively to focus and high grade our portfolio with
asset sales that exceeded expectations in terms of value and timing,”
John Hess said. “Investing in our highest return assets and divesting
mature, higher cost assets are significantly lowering our cash unit
costs and bolstering our company’s balance sheet, as well as enabling us
to prefund Guyana oil developments, return capital to shareholders and
reduce debt.”

The company’s portfolio will be focused on Guyana and the Bakken as
growth engines and Malaysia and deepwater Gulf of Mexico as cash
engines. On a pro forma basis, this high graded portfolio is expected to
generate capital efficient annual production growth of approximately 10
percent per year through 2020. Assuming a $50 per barrel oil price
(Brent), cash flow is expected to grow at an annual rate of more than 20
percent over the same period.

The high graded portfolio combined with a planned $150 million annual
cost reduction program is expected to drive down cash unit production
costs by approximately 30 percent – to less than $10 per barrel of oil
equivalent – by 2020. This improvement will enable the company to
generate free cash flow at a $50 per barrel oil price (Brent) after 2020.

Prefunding Guyana, one of the industry’s largest oil discoveries in a
decade

Hess has a 30 percent interest in the Stabroek Block offshore Guyana,
where gross discovered recoverable resources are currently estimated to
be 2.5 billion to 2.8 billion barrels of oil equivalent. The company
also sees multi billion barrels of additional unrisked exploration
potential on the block.

“The Stabroek Block is a massive world class resource that keeps getting
bigger and better,” Hess said. “Guyana is an extraordinary oil
investment opportunity that is uniquely advantaged by its scale,
reservoir quality, cost advantages, rapid cash paybacks and strong
financial returns, which we believe will create significant value for
our shareholders for many years to come.”

A replay of the company’s presentation at the Bank of America Merrill
Lynch 2017 Global Energy Conference is available via Hess Corporation’s
website at www.hess.com.

Hess Corporation is a leading global independent energy company engaged
in the exploration and production of crude oil and natural gas. More
information is available at 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. We use certain terms in
this release relating to reserves other than proved, such as unproved
resources. Investors are urged to consider closely the disclosure
relating to proved reserves in Hess’ Form 10-K, File No. 1-1204,
available from Hess Corporation, 1185 Avenue of the Americas, New York,
New York 10036 c/o Corporate Secretary and on our website at www.hess.com.
You can also obtain this form from the SEC on the EDGAR system.