Exhibit 99(1)

Hess Reports Estimated Results for the Fourth Quarter of 2010

Fourth Quarter Highlights:

• Net income was $58 million compared with $358 million in the fourth quarter 2009
• Items affecting comparability include an after-tax charge of $289 million relating to the impairment of our equity investment in HOVENSA L.L.C.
• Capital and exploratory expenditures, including acquisitions, were $2,464 million, compared with $992 million in the fourth quarter 2009
• Oil and gas production was 420,000 barrels per day, an increase from 415,000 in the fourth quarter 2009
• Year end total proved reserves were 1,537 million barrels; reserve replacement for 2010 was 176 percent

NEW YORK--(BUSINESS WIRE)--January 26, 2011--Hess Corporation (NYSE: HES) reported net income of $58 million for the fourth quarter of 2010 compared with net income of $358 million for the fourth quarter of 2009. The after-tax income (loss) by major operating activity was as follows:

	Three Months Ended						Year Ended
	December 31, (unaudited)						December 31, (unaudited)
	2010			2009			2010			2009
	(In millions, except per share amounts)
Exploration and Production	$	420		$	494		$	2,736		$	1,042
Marketing and Refining		(261	)		17			(231	)		127
Corporate		(43	)		(97	)		(159	)		(205	)
Interest expense		(58	)		(56	)		(221	)		(224	)
Net income attributable to Hess Corporation	$	58		$	358		$	2,125		$	740
Net income per share (diluted)	$	.18		$	1.10		$	6.47		$	2.27
Weighted average number of shares (diluted)		330.5			326.4			328.3			326.0

Note: See the following page for a table of items affecting the comparability of earnings between periods.

Exploration and Production earnings were $420 million in the fourth quarter of 2010 compared with $494 million in the fourth quarter of 2009. Fourth quarter 2010 results included higher exploration expenses reflecting dry hole costs of $111 million ($72 million after-tax) associated with two exploration wells (Sabia and Azulão) located on Block BM-S-22 offshore Brazil. Fourth quarter oil and gas production was 420,000 barrels of oil equivalent per day, up from 415,000 barrels of oil equivalent per day in the fourth quarter a year ago. The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $71.73 per barrel, an increase from $63.74 per barrel in the fourth quarter of 2009. The average worldwide natural gas selling price was $5.30 per Mcf in the fourth quarter of 2010 compared with $5.19 per Mcf in the same quarter a year ago.

Oil and gas proved reserves were 1,537 million barrels of oil equivalent at the end of 2010, compared to 1,437 million barrels at the end of 2009. During 2010, the Corporation added 274 million barrels of oil equivalent to proved reserves. These additions, which are subject to final review, replaced approximately 176 percent of the Corporation’s 2010 production, resulting in a reserve life of 9.9 years.

Marketing and Refining results were a loss of $261 million in the fourth quarter of 2010 compared with income of $17 million in the same period of 2009. Refining operations incurred a loss of $308 million in the fourth quarter of 2010, including the impairment charge discussed below, and a loss of $40 million in the fourth quarter a year ago. Marketing earnings were $37 million compared with $45 million in the same quarter of 2009. Trading activities generated income of $10 million in the fourth quarter of 2010 and $12 million in the fourth quarter of last year.

The following table reflects the total after-tax income (expense) of items affecting comparability of earnings between periods (in millions):

	Three Months Ended						Year Ended
	December 31,						December 31,
	2010			2009			2010				2009
Exploration and Production	$	(51	)	$	-			$	732			$	45
Marketing and Refining		(289	)		-				(289	)			12
Corporate		-			(44	)			(7	)			(60	)
	$	(340	)	$	(44	)	$		436		$		(3	)

Fourth quarter 2010 results included an after-tax charge of $51 million related to dry hole costs associated with the Azulão exploration well located offshore Brazil, which was drilled in 2009. The results also included an after-tax charge of $289 million to reduce the carrying value of the Corporation’s equity investment in HOVENSA L.L.C.

Net cash provided by operating activities was $1,478 million in the fourth quarter of 2010, compared with $1,271 million in the same quarter of 2009. Capital and exploratory expenditures were $2,464 million, of which $2,438 million related to Exploration and Production operations including $1,067 million for the acquisition of 167,000 net acres in the Bakken oil play in North Dakota from TRZ Energy, LLC. Capital and exploratory expenditures for the fourth quarter of 2009 were $992 million, of which $957 million related to Exploration and Production operations.

At December 31, 2010, cash and cash equivalents totaled $1,608 million compared with $1,362 million at December 31, 2009. Total debt was $5,583 million at December 31, 2010 and $4,467 million at December 31, 2009. The Corporation’s debt to capitalization ratio at December 31, 2010 was 24.9 percent compared with 24.8 percent at the end of 2009.

Hess Corporation will review fourth quarter financial and operating results and other matters on a webcast at 10 a.m. today. For details on the event, refer to the Investor Relations section of our website at www.hess.com.

Hess Corporation, with headquarters in New York, is a global integrated energy company engaged in the exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. More information on Hess Corporation is available at www.hess.com.

Forward Looking Statements

Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, uncertainties inherent in the measurement and interpretation of geological, geophysical and other technical data.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
	Fourth			Fourth			Third
	Quarter			Quarter			Quarter
	2010			2009			2010
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues	$	9,007		$	8,678		$	7,864
Income (loss) from equity investment in HOVENSA L.L.C.		(348	)		(64	)		(83	)
Other, net		31			(56	)		1,172
Total revenues and non-operating income		8,690			8,558			8,953
Costs and Expenses
Cost of products sold (excluding items shown separately below)		6,221			6,005			5,330
Production expenses		532			492			475
Marketing expenses		291			266			232
Exploration expenses, including dry holes
and lease impairment		317			157			225
Other operating expenses		42			49			39
General and administrative expenses		197			203			151
Interest expense		100			91			94
Depreciation, depletion and amortization		633			584			584
Asset impairments		-			-			532
Total costs and expenses		8,333			7,847			7,662
Income before income taxes		357			711			1,291
Provision for income taxes		274			341			200
Net income		83			370			1,091
Less: Net income (loss) attributable to noncontrolling interests		25			12			(63	)
Net income attributable to Hess Corporation	$	58		$	358		$	1,154
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax	$	2		$	(10	)	$	(5	)
Capitalized interest		2			2			1
Cash Flow Information
Net cash provided by operating activities (*)	$	1,478		$	1,271		$	1,246
Capital and Exploratory Expenditures
Exploration and Production
United States	$	1,820		$	392		$	379
International		618			565			1,169
Total Exploration and Production		2,438			957			1,548
Marketing, Refining and Corporate		26			35			19
Total Capital and Exploratory Expenditures	$	2,464		$	992		$	1,567
Exploration expenses charged to income included above
United States	$	46		$	22		$	46
International		77			45			59
	$	123		$	67		$	105

(*) Includes changes in working capital

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
	Year Ended December 31,
	2010			2009
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues	$	33,862		$	29,614
Income (loss) from equity investment in HOVENSA L.L.C.		(522	)		(229	)
Other, net		1,273			184
Total revenues and non-operating income		34,613			29,569
Costs and Expenses
Cost of products sold (excluding items shown separately below)		23,407			20,961
Production expenses		1,924			1,805
Marketing expenses		1,021			1,008
Exploration expenses, including dry holes
and lease impairment		865			829
Other operating expenses		213			183
General and administrative expenses		662			647
Interest expense		361			360
Depreciation, depletion and amortization		2,317			2,200
Asset impairments		532			54
Total costs and expenses		31,302			28,047
Income before income taxes		3,311			1,522
Provision for income taxes		1,173			715
Net income		2,138			807
Less: Net income attributable to noncontrolling interests		13			67
Net income attributable to Hess Corporation	$	2,125		$	740
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax	$	(8	)	$	(11	)
Capitalized interest		5			6
Cash Flow Information
Net cash provided by operating activities (*)	$	4,530		$	3,046
Capital and Exploratory Expenditures
Exploration and Production
United States	$	2,935		$	1,200
International		2,822			1,927
Total Exploration and Production		5,757			3,127
Marketing, Refining and Corporate		98			118
Total Capital and Exploratory Expenditures	$	5,855		$	3,245
Exploration expenses charged to income included above
United States	$	154		$	144
International		209			183
	$	363		$	327

(*) Includes changes in working capital

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA (UNAUDITED) (IN MILLIONS OF DOLLARS)
	December 31,			December 31,
	2010			2009
Balance Sheet Information
Cash and cash equivalents	$	1,608		$	1,362
Other current assets		7,138			6,625
Investments		443			913
Property, plant and equipment – net		21,127			16,627
Other long-term assets		4,965			3,938
Total assets	$	35,281		$	29,465
Short-term debt and current maturities of long-term debt	$	46		$	148
Other current liabilities		7,533			6,702
Long-term debt		5,537			4,319
Other long-term liabilities		5,356			4,768
Total equity excluding other comprehensive income (loss)		17,968			15,203
Accumulated other comprehensive income (loss)		(1,159	)		(1,675	)
Total liabilities and equity	$	35,281		$	29,465

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS)
	Fourth Quarter 2010
	United
	States			International			Total
Sales and other operating revenues	$	679		$	1,613		$	2,292
Other, net		(5	)		13			8
Total revenues and non-operating income		674			1,626			2,300
Costs and expenses
Production expenses, including related taxes		143			389			532
Exploration expenses, including dry holes
and lease impairment		121			196			317
General, administrative and other expenses		56			24			80
Depreciation, depletion and amortization		184			425			609
Asset impairments		-			-			-
Total costs and expenses		504			1,034			1,538
Results of operations before income taxes		170			592			762
Provision for income taxes		72			270			342
Results of operations attributable to Hess Corporation	$	98		$	322		$	420
	Fourth Quarter 2009
	United
	States			International			Total
Sales and other operating revenues	$	587		$	1,626		$	2,213
Other, net		-			(3	)		(3	)
Total revenues and non-operating income		587			1,623			2,210
Costs and expenses
Production expenses, including related taxes		104			388			492
Exploration expenses, including dry holes
and lease impairment		77			80			157
General, administrative and other expenses		33			40			73
Depreciation, depletion and amortization		165			397			562
Asset impairments		-			-			-
Total costs and expenses		379			905			1,284
Results of operations before income taxes		208			718			926
Provision for income taxes		79			353			432
Results of operations attributable to Hess Corporation	$	129		$	365		$	494
	Third Quarter 2010
	United
	States			International			Total
Sales and other operating revenues	$	622		$	1,657		$	2,279
Other, net		(2	)		1,159			1,157
Total revenues and non-operating income		620			2,816			3,436
Costs and expenses
Production expenses, including related taxes		117			357			474
Exploration expenses, including dry holes
and lease impairment		105			120			225
General, administrative and other expenses		37			33			70
Depreciation, depletion and amortization		172			388			560
Asset impairments		-			532			532
Total costs and expenses		431			1,430			1,861
Results of operations before income taxes		189			1,386			1,575
Provision for income taxes		71			227			298
Results of operations attributable to Hess Corporation	$	118		$	1,159		$	1,277
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED) (IN MILLIONS OF DOLLARS)
	Year Ended December 31, 2010
	United
	States			International			Total
Sales and other operating revenues	$	2,453		$	6,291		$	8,744
Other, net		(3	)		1,236			1,233
Total revenues and non-operating income		2,450			7,527			9,977
Costs and expenses
Production expenses, including related taxes		489			1,435			1,924
Exploration expenses, including dry holes
and lease impairment		364			501			865
General, administrative and other expenses		161			120			281
Depreciation, depletion and amortization		649			1,573			2,222
Asset impairments		-			532			532
Total costs and expenses		1,663			4,161			5,824
Results of operations before income taxes		787			3,366			4,153
Provision for income taxes		304			1,113			1,417
Results of operations attributable to Hess Corporation	$	483		$	2,253		$	2,736
	Year Ended December 31, 2009
	United
	States			International			Total
Sales and other operating revenues	$	1,611		$	5,224		$	6,835
Other, net		132			75			207
Total revenues and non-operating income		1,743			5,299			7,042
Costs and expenses
Production expenses, including related taxes		431			1,374			1,805
Exploration expenses, including dry holes
and lease impairment		383			446			829
General, administrative and other expenses		130			125			255
Depreciation, depletion and amortization		503			1,610			2,113
Asset impairments		-			54			54
Total costs and expenses		1,447			3,609			5,056
Results of operations before income taxes		296			1,690			1,986
Provision for income taxes		114			830			944
Results of operations attributable to Hess Corporation	$	182		$	860		$	1,042

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
	Fourth		Fourth		Third
	Quarter		Quarter		Quarter
	2010		2009		2010
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States		76		76		78
Europe		103		86		82
Africa		99		105		117
Asia		13		15		13
Total		291		282		290
Natural gas liquids - barrels
United States		14		12		15
Europe		4		3		3
Asia		1		1		-
Total		19		16		18
Natural gas - mcf
United States		114		97		120
Europe		138		147		104
Asia and other		411		456		406
Total		663		700		630
Barrels of oil equivalent		420		415		413
Average Selling Price
Crude oil - per barrel (including hedging)*
United States	$	80.65	$	70.61	$	71.92
Europe		63.18		58.07		57.28
Africa		70.21		61.67		64.78
Asia		86.94		74.59		75.95
Worldwide		71.73		63.74		64.81
Crude oil - per barrel (excluding hedging)
United States	$	80.65	$	70.61	$	71.92
Europe		63.18		58.07		57.28
Africa		86.40		74.41		75.70
Asia		86.94		74.59		75.95
Worldwide		77.17		68.50		69.47
Natural gas liquids - per barrel
United States	$	51.89	$	47.12	$	43.20
Europe		64.65		59.31		57.69
Asia		70.22		57.40		53.60
Worldwide		55.00		50.21		46.10
Natural gas - per mcf
United States	$	3.11	$	3.83	$	3.56
Europe		7.81		4.82		6.50
Asia and other		5.06		5.60		6.18
Worldwide		5.30		5.19		5.73

* The after-tax losses from crude oil hedging activities were $86 million in the fourth quarter of 2010, $88 million in the fourth quarter of 2009 and $85 million in the third quarter of 2010.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)
	Year Ended December 31,
	2010		2009
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States		75		60
Europe		88		83
Africa		113		120
Asia		13		16
Total		289		279
Natural gas liquids - barrels
United States		14		11
Europe		3		3
Asia		1		-
Total		18		14
Natural gas - mcf
United States		108		93
Europe		134		151
Asia and other		427		446
Total		669		690
Barrels of oil equivalent		418		408
Average Selling Price
Crude oil - per barrel (including hedging)*
United States	$	75.02	$	60.67
Europe		58.11		47.02
Africa		65.02		48.91
Asia		79.23		63.01
Worldwide		66.20		51.62
Crude oil - per barrel (excluding hedging)
United States	$	75.02	$	60.67
Europe		58.11		47.02
Africa		78.31		60.79
Asia		79.23		63.01
Worldwide		71.40		56.74
Natural gas liquids - per barrel
United States	$	47.92	$	36.57
Europe		59.23		43.23
Asia		63.50		46.48
Worldwide		50.49		38.47
Natural gas - per mcf
United States	$	3.70	$	3.36
Europe		6.23		5.15
Asia and other		5.93		5.06
Worldwide		5.63		4.85

* The after-tax losses from hedging activities were $338 million for the year ended December 31, 2010 and $337 million for the year ended December 31, 2009.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
		Fourth		Fourth		Third
		Quarter		Quarter		Quarter
		2010		2009		2010
Financial Information (in millions of dollars)
Marketing and Refining Results
Income (loss) before income taxes		$	(251)	$	16	$	(78)
Provision (benefit) for income taxes			10		(1)		(40)
Results of operations attributable to Hess Corporation		$	(261)	$	17	$	(38)
Summary of Marketing and Refining Results
Refining		$	(308)	$	(40)	$	(50)
Marketing			37		45		40
Trading			10		12		(28)
Results of operations attributable to Hess Corporation		$	(261)	$	17	$	(38)
Operating Data (barrels and gallons in thousands)
Refined Product Sales (barrels per day)
Gasoline			225		241		253
Distillates			144		149		96
Residuals			78		67		56
Other			42		38		41
Total			489		495		446
Refinery Throughput (barrels per day)
HOVENSA - Crude runs			384		371		408
HOVENSA - Hess 50% share			192		185		204
Port Reading			60		61		61
Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	500		76.8%		74.1%		81.6%
FCC	150		57.3%		55.5%		76.1%
Coker	58		73.3%		75.8%		73.0%
Port Reading	70		86.0%		87.3%		87.7%
Retail Marketing
Number of retail stations (a)			1,362		1,357		1,360
Convenience store revenue (in millions of dollars) (b)		$	298	$	296	$	322
Average gasoline volume per station (gallons per month) (b)			201		196		204

(a) Includes company operated, Wilco-Hess, dealer and branded retailer.

(b) Company operated only.

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)
		Year Ended December 31,
		2010		2009
Financial Information (in millions of dollars)
Marketing and Refining Results
Income (loss) before income taxes		$	(227)	$	151
Provision (benefit) for income taxes			4		24
Results of operations attributable to Hess Corporation		$	(231)	$	127
Summary of Marketing and Refining Results
Refining		$	(445)	$	(87)
Marketing			215		168
Trading			(1)		46
Results of operations attributable to Hess Corporation		$	(231)	$	127
Operating Data (barrels and gallons in thousands)
Refined Product Sales (barrels per day)
Gasoline			242		236
Distillates			120		134
Residuals			69		67
Other			40		36
Total			471		473
Refinery Throughput (barrels per day)
HOVENSA - Crude runs			390		402
HOVENSA - Hess 50% share			195		201
Port Reading			55		63
Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	500		78.0%		80.3%
FCC	150		66.5%		70.2%
Coker	58		78.3%		81.6%
Port Reading	70		78.1%		90.2%
Retail Marketing
Number of retail stations (a)			1,362		1,357
Convenience store revenue (in millions of dollars) (b)		$	1,213	$	1,164
Average gasoline volume per station (gallons per month) (b)			199		201

(a) Includes company operated, Wilco-Hess, dealer and branded retailer.

(b) Company operated only.

CONTACT:
Hess Corporation
Investors:
Jay Wilson, 212-536-8940
or
Media:
Jon Pepper, 212-536-8550