Exhibit 99(1)

news release

AMERADA HESS CORPORATION 1185 Avenue of the Americas, N.Y., N.Y. 10036

FOR IMMEDIATE RELEASE

AMERADA HESS REPORTS RESULTS FOR THE FOURTH QUARTER OF 2003

     New York, New York....January 28, 2004...Amerada Hess Corporation (NYSE: AHC) reported net income of $68 million for the fourth quarter of 2003 compared with a net loss of $371 million for the fourth quarter of 2002. Results for the fourth quarter of 2002 included an after-tax impairment charge of $530 million ($706 million before income taxes). Net income was $643 million for the year 2003 compared with a loss of $218 million in the corresponding period of 2002. The after-tax results by major operating activity in 2003 and 2002 were as follows (in millions, except per share amounts):

		Three months ended						Year ended
		December 31						December 31
		2003*			2002*(a)			2003*			2002(a)
Exploration and production		$	83		$	(375	)	$	414		$	(102	)
Refining and marketing			55			20			327			85
Corporate			(29	)		(7	)		(101	)		(63	)
Interest expense			(41	)		(38	)		(173	)		(165	)
Income (loss) from continuing operations			68			(400	)		467			(245	)
Discontinued operations
	Net gains from asset sales		—			—			116			—
	Income from operations		—			29			53			27
Income from cumulative effect of accounting change			—			—			7			—
Net income (loss)		$	68		$	(371	)	$	643		$	(218	)
Income (loss) per share from continuing operations (diluted)		$	.71		$	(4.52	)	$	5.17		$	(2.78	)
Net income (loss) per share (diluted)		$	.71		$	(4.20	)	$	7.11		$	(2.48	)

*	Unaudited.
(a)	Reclassified to conform with current period presentation.

     The Corporation’s oil and gas production, on a barrel-of-oil equivalent basis, was 356,000 barrels per day in the fourth quarter of 2003 compared to 434,000 barrels per day in the fourth quarter of 2002. Approximately seventy percent of the decline in production resulted from asset sales and exchanges in connection with the Corporation’s initiatives to reshape its portfolio of producing properties. In the fourth quarter of 2003, the Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $25.34 per barrel, an increase of $.87 per barrel from the fourth quarter of 2002. The average crude oil selling price for the full year of 2003 was $24.80 per barrel, an increase of $.22 per barrel from 2002. The Corporation’s average United States natural gas selling price, including the effect of hedging, was $3.96 per Mcf in the fourth quarter of 2003, a decrease of $.41 per Mcf from the fourth quarter of 2002. The average United States natural gas selling price for the full year of 2003 was $4.02 per Mcf, an increase of $.30 per Mcf from 2002.

     Refining and marketing earnings increased in the fourth quarter and the year 2003 compared with the corresponding periods of 2002, reflecting higher refining earnings and increased income from retail gasoline station operations.

     The following items, on an after-tax basis, are included in net income in the fourth quarter and year of 2003 and 2002 (in millions):

	Three months ended						Year ended
	December 31 (unaudited)						December 31 (unaudited)
	2003			2002			2003			2002
Premiums on bond repurchases	$	(19	)	$	(2	)	$	(34	)	$	(6	)
Accrued severance and London office lease costs		(9	)		—			(32	)		—
United States income tax benefit		—			—			30			—
Asset impairments		—			(530	)		—			(737	)
Gains (losses) from asset sales
Exploration and production		—			13			31			33
Refining and marketing		—			—			(20	)		67
Charge for increase in United Kingdom income tax rate		—			—			—			(43	)
Reduction in carrying value of refining and marketing intangible assets and accrued severance		—			—			—			(22	)
	$	(28	)	$	(519	)	$	(25	)	$	(708	)

     Capital expenditures for the year 2003 amounted to $1,358 million of which $1,286 million related to exploration and production activities. Capital expenditures for the year 2002 amounted to $1,534 million, including $1,404 million for exploration and production.

		Consolidated Financial Information
		Three months ended					Year ended
		December 31					December 31
		2003*		2002*			2003*		2002
		(In millions, except per share amounts)
Sales and other operating revenues		$	3,628	$	3,207		$	14,311	$	11,551
Income (loss) from continuing operations		$	68	$	(400	)	$	467	$	(245	)
Discontinued operations
	Net gains from asset sales		—		—			116		—
	Income from operations		—		29			53		27
Cumulative effect of accounting change			—		—			7		—
Net income (loss)		$	68	$	(371	)	$	643	$	(218	)
Income (loss) per share from continuing operations (diluted)		$	.71	$	(4.52	)	$	5.17	$	(2.78	)
Net income (loss) per share (diluted)		$	.71	$	(4.20	)	$	7.11	$	(2.48	)
Weighted average number of shares			89.2		88.4	**		90.3		88.2	**

*	Unaudited.
**	Represents basic shares.

2

     In the preceding discussion, the financial effects of certain transactions are disclosed on an after-tax basis. Management reviews segment earnings on an after-tax basis and uses after-tax amounts in its review of variances in segment earnings. Management believes that after-tax amounts are a preferable method of explaining variances in earnings, since they show the entire effect of a transaction rather than only the pre-tax amount. After-tax amounts are determined by applying the appropriate income tax rate in each tax jurisdiction to pre-tax amounts.

     The following table contains the pre-tax amounts of items included in net income which are shown on an after-tax basis above (in millions):

		Three months ended						Year ended
		December 31						December 31
		2003			2002			2003			2002
Premiums on bond repurchases		$	(31	)	$	(5	)	$	(58	)	$	(15	)
Accrued severance and London office lease costs			(15	)		—			(53	)		—
Asset impairments			—			(706	)		—			(1,024	)
Gains (losses) from asset sales
	Exploration and production		—			13			47			41
	Refining and marketing		—			—			(9	)		102
Reduction in carrying value of refining and marketing intangible assets and accrued severance			—			—			—			(35	)
		$	(46	)	$	(698	)	$	(73	)	$	(931	)

3

AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)

							Fourth			Fourth			Third
Line							Quarter			Quarter			Quarter
No.							2003			2002(*)			2003
							(A)			(B)			(C)
		Income Statement
			Revenues and Non-operating Income
	1			Sales and other operating revenues			$	3,628		$	3,207		$	3,230
				Non-operating income (expense)
	2				Gain on asset sales			—			13			—
	3				Equity in income of HOVENSA L.L.C			10			4			43
	4				Other			(30	)		22			23
	5					Total revenues and non-operating income		3,608			3,246			3,296
			Costs and Expenses
	6			Cost of products sold				2,523			2,052			2,194
	7			Production expenses				207			214			207
	8			Marketing expenses				201			202			171
	9			Exploration expenses, including dry holes and lease impairment				116			110			59
	10			Other operating expenses				49			43			44
	11			General and administrative expenses				87			61			70
	12			Interest expense				69			62			73
	13			Depreciation, depletion and amortization				254			265			253
	14			Asset impairment				—			706			—
	15					Total costs and expenses		3,506			3,715			3,071
	16			Income (loss) from continuing operations before income taxes				102			(469	)		225
	17			Provision (benefit) for income taxes				34			(69	)		79
	18			Income (loss) from continuing operations				68			(400	)		146
				Discontinued operations
	19				Net gain from asset sales			—			—			—
	20				Income from operations			—			29			—
	21			Net income (loss)				68			(371	)		146
	22			Preferred stock dividends				5			—			—
	23			Net income (loss) applicable to common stockholders			$	63		$	(371	)	$	146
			Segment Earnings Analysis
	24			Exploration and production			$	83		$	(375	)	$	124
	25			Refining and marketing				55			20			89
	26			Corporate				(29	)		(7	)		(25	)
	27			Interest expense				(41	)		(38	)		(42	)
	28			Income (loss) from continuing operations				68			(400	)		146
				Discontinued operations
	29				Net gain from asset sales			—			—			—
	30				Income from operations			—			29			—
	31			Net income (loss)			$	68		$	(371	)	$	146
	32		Net Cash Provided by Operating Activities (**)				$	423		$	538		$	99
			Capital Expenditures
	33			Exploration and production			$	328		$	303		$	298
	34			Refining and marketing				14			23			9
	35					Total capital expenditures	$	342		$	326		$	307
			At End of Period
	36			Total debt			$	3,941		$	4,992		$	4,490
	37			Stockholders’ equity			$	5,340		$	4,249		$	4,714

(*) Reclassified to conform with current period presentation.

(**) Includes changes in working capital.

4

AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)
(IN MILLIONS)

							Year
Line
No.							2003		2002 (*)
							(A)		(B)
		Income Statement
			Revenues and Non-operating Income
	1			Sales and other operating revenues			$	14,311	$	11,551
				Non-operating income (expense)
	2				Gain on asset sales			39		143
	3				Equity in income (loss) of HOVENSA L.L.C			117		(47	)
	4				Other			13		85
	5					Total revenues and non-operating income		14,480		11,732
			Costs and Expenses
	6			Cost of products sold				9,947		7,226
	7			Production expenses				796		736
	8			Marketing expenses				709		703
	9			Exploration expenses, including dry holes and lease impairment				369		316
	10			Other operating expenses				192		165
	11			General and administrative expenses				340		253
	12			Interest expense				293		256
	13			Depreciation, depletion and amortization				1,053		1,118
	14			Asset impairment				—		1,024
	15					Total costs and expenses		13,699		11,797
	16			Income (loss) from continuing operations before income taxes				781		(65	)
	17			Provision for income taxes				314		180
	18			Income (loss) from continuing operations				467		(245	)
				Discontinued operations
	19				Net gain from asset sales			116		—
	20				Income from operations			53		27
	21			Cumulative effect of change in accounting principle, net				7		—
	22			Net income (loss)				643		(218	)
	23			Preferred stock dividends				5		—
	24			Net income (loss) applicable to common stockholders			$	638	$	(218	)
	25	Net Cash Provided by Operating Activities					$	1,581	$	1,965
		Capital Expenditures
	26			Exploration and production			$	1,286	$	1,404
	27			Refining and marketing				72		130
	28					Total capital expenditures	$	1,358	$	1,534

				December 31			December 31
				2003			2002
	Balance Sheet Information
29		Current assets		$	3,186		$	2,756
30		Investments			1,095			1,622
31		Property, plant and equipment — net			7,978			7,032
32		Other assets			1,724			1,852
33			Total assets	$	13,983		$	13,262
34		Current portion of long-term debt		$	73		$	16
35		Other current liabilities			2,596			2,537
36		Long-term debt			3,868			4,976
37		Deferred liabilities and credits			2,106			1,484
38		Stockholders’ equity excluding other comprehensive loss			5,690			4,503
39		Accumulated other comprehensive loss			(350	)		(254	)
40			Total liabilities and stockholders’ equity	$	13,983		$	13,262

(*) Reclassified to conform with current period presentation.

5

AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)

							Fourth		Fourth		Third
Line							Quarter		Quarter		Quarter
No.							2003		2002		2003
							(A)		(B)		(C)
		Operating Data
			Net Production Per Day
				Crude oil — barrels
	1				United States			40		48		41
	2				United Kingdom			79		110		78
	3				Norway			27		25		22
	4				Denmark			23		28		24
	5				Algeria			19		18		23
	6				Equatorial Guinea			18		30		21
	7				Gabon			12		9		11
	8				Azerbaijan			2		4		2
	9				Indonesia			1		3		—
	10				Colombia			—		20		—
	11					Total		221		295		222
			Natural gas liquids — barrels
	12				United States			10		11		12
	13				United Kingdom			7		6		4
	14				Norway			1		1		1
	15				Indonesia and Thailand			2		2		2
	16					Total		20		20		19
			Natural gas — mcf
	17				United States			213		320		216
	18				United Kingdom			339		284		262
	19				Norway			28		25		24
	20				Denmark			23		39		30
	21				Indonesia and Thailand			88		45		59
	22					Total		691		713		591
	23		Barrels of oil equivalent (*)					356		434		339
		Average Selling Price (including hedging)
			Crude oil — per barrel
	24				United States		$	25.06	$	22.78	$	24.33
	25				Foreign			25.40		24.77		24.72
			Natural gas liquids — per barrel
	26				United States		$	24.01	$	20.99	$	22.00
	27				Foreign			24.71		21.80		23.33
			Natural gas — per mcf
	28				United States		$	3.96	$	4.37	$	3.53
	29				Foreign			3.74		2.52		2.54
		Marketing and Refining — Barrels Per Day
	30		Refined products sold					423		402		390
	31		Refinery runs (net)					225		196		241

(*) Includes production from properties classified as discontinued operations of 44 thousand barrels of oil equivalent per day in the fourth quarter of 2002.

6

AMERADA HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
SUPPLEMENTAL OPERATING DATA
(IN THOUSANDS, EXCEPT FOR AVERAGE SELLING PRICES)

					Year
Line
No.					2003		2002
					(A)		(B)
		Operating Data
			Net Production Per Day
			Crude oil — barrels
	1			United States		44		54
	2			United Kingdom		89		112
	3			Norway		24		24
	4			Denmark		24		23
	5			Algeria		19		15
	6			Equatorial Guinea		22		37
	7			Gabon		11		9
	8			Azerbaijan		2		4
	9			Indonesia		1		4
	10			Colombia		3		22
	11			Total		239		304
			Natural gas liquids — barrels
	12			United States		11		12
	13			United Kingdom		6		6
	14			Norway		1		1
	15			Indonesia and Thailand		2		2
	16			Total		20		21
			Natural gas — mcf
	17			United States		253		373
	18			United Kingdom		312		277
	19			Norway		26		25
	20			Denmark		29		37
	21			Indonesia and Thailand		63		42
	22			Total		683		754
	23		Barrels of oil equivalent (*)			373		451
		Average Selling Price (including hedging)
		Crude oil — per barrel
	24			United States	$	24.23	$	24.04
	25			Foreign		24.93		24.69
			Natural gas liquids — per barrel
	26			United States	$	23.74	$	16.12
	27			Foreign		24.09		19.09
			Natural gas — per mcf
	28			United States	$	4.02	$	3.72
	29			Foreign		3.01		2.26
		Marketing and Refining — Barrels Per Day
	30		Refined products sold			419		383
	31		Refinery runs (net)			220		181

(*) Includes production from properties classified as discontinued operations of 13 and 51 thousand barrels of oil equivalent per day in the years of 2003 and 2002, respectively.

Contact: Amerada Hess Corporation — J.R. Wilson (212) 536-8940

7