Exhibit 99(1)

  News Release HESS CORPORATION Investor Contact:               Jay Wilson (212) 536-8940 Media Contact:               Jon Pepper (212) 536-8550

HESS REPORTS ESTIMATED RESULTS FOR THE FOURTH QUARTER OF 2011

Fourth Quarter Highlights:

● Net loss was $131 million, compared with net income of $58 million in the fourth quarter of 2010

● Net income excluding items affecting comparability between periods was $394 million, compared with $398 million in the fourth quarter of 2010

● Results included a previously announced after-tax charge of $525 million related to the shutdown of the HOVENSA L.L.C. refinery

● Oil and gas production was 367,000 barrels of oil equivalentper day, compared with 420,000 in the fourth quarter of 2010

● Year end total proved reserves were 1,573 million barrels; reserve replacement for 2011 was 147 percent

NEW YORK, January 25, 2012 -- Hess Corporation (NYSE: HES) reported a net loss of $131 million for the fourth quarter of 2011 compared with net income of $58 million for the fourth quarter of 2010.  The after-tax income (loss) by major operating activity was as follows:

	Three Months Ended						Year Ended
	December 31, (unaudited)						December 31, (unaudited)
	2011			2010			2011			2010
	(In millions, except per share amounts)
Exploration and Production	$	527		$	420		$	2,675		$	2,736
Marketing and Refining		(561	)		(261	)		(584	)		(231	)
Corporate		(40	)		(43	)		(154	)		(159	)
Interest expense		(57	)		(58	)		(234	)		(221	)
Net income (loss) attributable to Hess Corporation	$	(131	)	$	58		$	1,703		$	2,125
Net income (loss) per share (diluted)	$	(.39	)	$	.18		$	5.01		$	6.47
Weighted average number of shares (diluted)		337.5			330.5			339.9			328.3
Note: See the following page for a table of items affecting comparability of earnings between periods.

1

Exploration and Production earnings were $527 million in the fourth quarter of 2011 compared with $420 million in the fourth quarter of 2010.  The Corporation’s average worldwide crude oil selling price, including the effect of hedging, was $89.70 per barrel, up from $71.73 per barrel in the same quarter a year ago. The average worldwide natural gas selling price was $6.32 per Mcf in the fourth quarter of 2011, up from $5.30 per Mcf in the fourth quarter of 2010.  Fourth quarter oil and gas production was 367,000 barrels of oil equivalent per day, compared with 420,000 barrels of oil equivalent per day in the fourth quarter a year ago, largely due to production interruptions and asset sales.  Fourth quarter 2011 results included higher exploration expenses reflecting total dry hole costs of $236 million ($143 million after-tax), primarily associated with two exploration wells on the Semai V Block, offshore Indonesia.

Oil and gas proved reserves were 1,573 million barrels of oil equivalent at the end of 2011, compared with 1,537 million barrels at the end of 2010. During 2011, the Corporation added 203 million barrels of oil equivalent to proved reserves. These additions, which are subject to final review, replaced approximately 147 percent of the Corporation’s 2011 production, resulting in a reserve life of 11.4 years.

Marketing and Refining generated a loss of $561 million in the fourth quarter of 2011 compared with a loss of $261 million in the same period in 2010.  Refining operations incurred a loss of $598 million in the fourth quarter of 2011, including the HOVENSA L.L.C. shutdown charge discussed below, and a loss of $308 million in the fourth quarter a year ago.  Marketing earnings were $48 million compared with $37 million in the same quarter of 2010.  Trading activities generated a loss of $11 million in the fourth quarter of 2011 and income of $10 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:

	Three Months Ended						Year Ended
	December 31, (unaudited)						December 31, (unaudited)
	2011			2010			2011			2010
	(Millions of dollars)
Exploration and Production	$	-		$	(51	)	$	244		$	732
Marketing and Refining		(525	)		(289	)		(525	)		(289	)
Corporate		-			-			-			(7	)
	$	(525	)	$	(340	)	$	(281	)	$	436

2

Fourth quarter 2011 results included an after-tax charge of $525 million related to the Corporation’s investment in HOVENSA L.L.C. and the shutdown of the refinery in St. Croix, U.S. Virgin Islands.

Net cash provided by operating activities was $1,138 million in the fourth quarter of 2011, compared with $1,478 million in the same quarter of 2010.  Capital and exploratory expenditures were $2,236 million, of which $2,185 million related to Exploration and Production operations.  Capital and exploratory expenditures for the fourth quarter of 2010 were $2,464 million, of which $2,438 million related to Exploration and Production operations.

At December 31, 2011, cash and cash equivalents totaled $351 million compared with $1,608 million at December 31, 2010.  Total debt was $6,057 million at December 31, 2011 and $5,583 million at December 31, 2010.  The Corporation’s debt to capitalization ratio at December 31, 2011 was 24.6 percent compared with 24.9 percent at the end of 2010.

Hess Corporation will review fourth quarter financial and operating results and other matters on a webcast at 10 a.m. today.  For details about 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.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS OF DOLLARS)

	Fourth			Fourth			Third
	Quarter			Quarter			Quarter
	2011			2010			2011
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues	$	9,733		$	9,007		$	8,665
Income (loss) from equity investment in HOVENSA L.L.C.		(940	)		(348	)		(36	)
Other, net		31			31			97
Total revenues and non-operating income		8,824			8,690			8,726
Costs and Expenses
Cost of products sold (excluding items shown separately below)		6,712			6,221			6,181
Production expenses		613			532			609
Marketing expenses		273			291			266
Exploration expenses, including dry holes and lease impairment		426			317			199
Other operating expenses		44			42			43
General and administrative expenses		187			197			177
Interest expense		93			100			94
Depreciation, depletion and amortization		674			633			586
Asset impairments		-			-			358
Total costs and expenses		9,022			8,333			8,513
Income (loss) before income taxes		(198	)		357			213
Provision (benefit) for income taxes		(64	)		274			(54	)
Net income (loss)		(134	)		83			267
Less: Net income (loss) attributable to noncontrolling interests		(3	)		25			(31	)
Net income (loss) attributable to Hess Corporation	$	(131	)	$	58		$	298
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax	$	(8	)	$	2		$	(2	)
Capitalized interest		5			2			4
Cash Flow Information
Net cash provided by operating activities (*)	$	1,138		$	1,478		$	1,022
Capital and Exploratory Expenditures
Exploration and Production
United States	$	1,372		$	1,820		$	1,600
International		813			618			917
Total Exploration and Production		2,185			2,438			2,517
Marketing, Refining and Corporate		51			26			33
Total Capital and Exploratory Expenditures	$	2,236		$	2,464		$	2,550
Exploration expenses charged to income included above
United States	$	51		$	46		$	48
International		70			77			68
	$	121		$	123		$	116
(*)  Includes changes in working capital.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS OF DOLLARS)

	Year Ended December 31,
	2011			2010
Income Statement
Revenues and Non-operating Income
Sales (excluding excise taxes) and other operating revenues	$	38,466		$	33,862
Income (loss) from equity investment in HOVENSA L.L.C.		(1,073	)		(522	)
Other, net		478			1,273
Total revenues and non-operating income		37,871			34,613
Costs and Expenses
Cost of products sold (excluding items shown separately below)		26,774			23,407
Production expenses		2,352			1,924
Marketing expenses		1,069			1,021
Exploration expenses, including dry holes and lease impairment		1,195			865
Other operating expenses		171			213
General and administrative expenses		702			662
Interest expense		383			361
Depreciation, depletion and amortization		2,406			2,317
Asset impairments		358			532
Total costs and expenses		35,410			31,302
Income (loss) before income taxes		2,461			3,311
Provision (benefit) for income taxes		785			1,173
Net income (loss)		1,676			2,138
Less: Net income (loss) attributable to noncontrolling interests		(27	)		13
Net income (loss) attributable to Hess Corporation	$	1,703		$	2,125
Supplemental Income Statement Information
Foreign currency gains (losses), after-tax	$	(15	)	$	(8	)
Capitalized interest		13			5
Cash Flow Information
Net cash provided by operating activities (*)	$	4,984		$	4,530
Capital and Exploratory Expenditures
Exploration and Production
United States	$	4,305		$	2,935
International		3,039			2,822
Total Exploration and Production		7,344			5,757
Marketing, Refining and Corporate		118			98
Total Capital and Exploratory Expenditures	$	7,462		$	5,855
Exploration expenses charged to income included above
United States	$	197		$	154
International		259			209
	$	456		$	363
(*)  Includes changes in working capital.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS OF DOLLARS)

	December 31,			December 31,
	2011			2010
Balance Sheet Information
Cash and cash equivalents	$	351		$	1,608
Other current assets		7,965			7,172
Investments		384			443
Property, plant and equipment – net		24,550			21,127
Other long-term assets		5,688			5,046
Total assets	$	38,938		$	35,396
Short-term debt and current maturities of long-term debt	$	52		$	46
Other current liabilities		8,025			7,567
Long-term debt		6,005			5,537
Other long-term liabilities		6,294			5,437
Total equity excluding other comprehensive income (loss)		19,659			17,968
Accumulated other comprehensive income (loss)		(1,097	)		(1,159	)
Total liabilities and equity	$	38,938		$	35,396

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS OF DOLLARS)

	Fourth Quarter 2011
	United
	States			International			Total
Sales and other operating revenues	$	937		$	1,662		$	2,599
Other, net		3			25			28
Total revenues and non-operating income		940			1,687			2,627
Costs and expenses
Production expenses, including related taxes		170			443			613
Exploration expenses, including dry holes and lease impairment		118			308			426
General, administrative and other expenses		49			33			82
Depreciation, depletion and amortization		273			378			651
Asset impairments		-			-			-
Total costs and expenses		610			1,162			1,772
Results of operations before income taxes		330			525			855
Provision (benefit) for income taxes		130			198			328
Results of operations attributable to Hess Corporation	$	200		$	327		$	527
	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 (benefit) for income taxes		72			270			342
Results of operations attributable to Hess Corporation	$	98		$	322		$	420
	Third Quarter 2011
	United
	States			International			Total
Sales and other operating revenues	$	830		$	1,307		$	2,137
Other, net		4			93			97
Total revenues and non-operating income		834			1,400			2,234
Costs and expenses
Production expenses, including related taxes		174			435			609
Exploration expenses, including dry holes and lease impairment		120			79			199
General, administrative and other expenses		44			27			71
Depreciation, depletion and amortization		209			355			564
Asset impairments		16			342			358
Total costs and expenses		563			1,238			1,801
Results of operations before income taxes		271			162			433
Provision (benefit) for income taxes		108			(97	)		11
Results of operations attributable to Hess Corporation	$	163		$	259		$	422

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS OF DOLLARS)

	Year Ended December 31, 2011
	United
	States			International		Total
Sales and other operating revenues	$	3,371		$	6,676	$	10,047
Other, net		(7	)		471		464
Total revenues and non-operating income		3,364			7,147		10,511
Costs and expenses
Production expenses, including related taxes		660			1,692		2,352
Exploration expenses, including dry holes and lease impairment		475			720		1,195
General, administrative and other expenses		190			123		313
Depreciation, depletion and amortization		800			1,505		2,305
Asset impairments		16			342		358
Total costs and expenses		2,141			4,382		6,523
Results of operations before income taxes		1,223			2,765		3,988
Provision (benefit) for income taxes		470			843		1,313
Results of operations attributable to Hess Corporation	$	753		$	1,922	$	2,675
	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 (benefit) for income taxes		304			1,113		1,417
Results of operations attributable to Hess Corporation	$	483		$	2,253	$	2,736

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Fourth		Fourth		Third
	Quarter		Quarter		Quarter
	2011		2010		2011
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States		89		76		82
Europe		95		103		68
Africa		54		99		59
Asia		13		13		15
Total		251		291		224
Natural gas liquids - barrels
United States		13		14		13
Europe		4		4		3
Asia		1		1		1
Total		18		19		17
Natural gas - mcf
United States		90		114		102
Europe		92		138		55
Asia and other		408		411		458
Total		590		663		615
Barrels of oil equivalent		367		420		344
Average Selling Price
Crude oil - per barrel (including hedging)*
United States	$	100.76	$	80.65	$	95.12
Europe		77.18		63.18		65.92
Africa		85.49		70.21		89.41
Asia		111.08		86.94		112.31
Worldwide		89.70		71.73		85.81
Crude oil - per barrel (excluding hedging)
United States	$	100.76	$	80.65	$	95.12
Europe		77.18		63.18		65.92
Africa		109.28		86.40		113.03
Asia		111.08		86.94		112.31
Worldwide		95.16		77.17		92.33
Natural gas liquids - per barrel
United States	$	57.86	$	51.89	$	57.72
Europe		66.47		64.65		82.18
Asia		66.18		70.22		71.30
Worldwide		59.81		55.00		63.64
Natural gas - per mcf
United States	$	2.50	$	3.11	$	3.43
Europe		8.88		7.81		8.93
Asia and other		6.57		5.06		5.86
Worldwide		6.32		5.30		5.74

*  The realized after-tax losses from crude oil hedging activities were $83 million in the fourth quarter of 2011, $86 million in the fourth quarter of 2010 and $82 million in the third quarter of 2011.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION SUPPLEMENTAL OPERATING DATA (UNAUDITED)

	Year Ended December 31,
	2011		2010
Operating Data
Net Production Per Day (in thousands)
Crude oil - barrels
United States		81		75
Europe		89		88
Africa		66		113
Asia		13		13
Total		249		289
Natural gas liquids - barrels
United States		13		14
Europe		3		3
Asia		1		1
Total		17		18
Natural gas - mcf
United States		100		108
Europe		81		134
Asia and other		442		427
Total		623		669
Barrels of oil equivalent		370		418
Average Selling Price
Crude oil - per barrel (including hedging)*
United States	$	98.56	$	75.02
Europe		80.18		58.11
Africa		88.46		65.02
Asia		111.71		79.23
Worldwide		89.99		66.20
Crude oil - per barrel (excluding hedging)
United States	$	98.56	$	75.02
Europe		80.18		58.11
Africa		110.28		78.31
Asia		111.71		79.23
Worldwide		95.60		71.40
Natural gas liquids - per barrel
United States	$	58.59	$	47.92
Europe		75.49		59.23
Asia		72.29		63.50
Worldwide		62.72		50.49
Natural gas - per mcf
United States	$	3.39	$	3.70
Europe		8.79		6.23
Asia and other		6.02		5.93
Worldwide		5.96		5.63

* The realized after-tax losses from crude oil hedging activities were $327 million for the year ended December 31, 2011 and $338 million for the year ended December 31, 2010.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)

			Fourth			Fourth			Third
			Quarter			Quarter			Quarter
			2011			2010			2011
Financial Information (in millions of dollars)
Marketing and Refining Results
Income (loss) before income taxes			$	(885	)	$	(251	)	$	(23	)
Provision (benefit) for income taxes				(324	)		10			-
Results of operations attributable to Hess Corporation			$	(561	)	$	(261	)	$	(23	)
Summary of Marketing and Refining Results
Refining			$	(598	)	$	(308	)	$	(38	)
Marketing				48			37			41
Trading				(11	)		10			(26	)
Results of operations attributable to Hess Corporation			$	(561	)	$	(261	)	$	(23	)
Operating Data (barrels and gallons in thousands)
Refined Product Sales (barrels per day)
Gasoline				214			225			222
Distillates				143			144			100
Residuals				65			78			53
Other				19			42			14
Total				441			489			389
Refinery Throughput (barrels per day)
HOVENSA - Crude runs				271			384			297
HOVENSA - Hess 50% share				136			192			149
Port Reading				58			60			63
Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	350	(a)		77.5	%		76.8	%		84.9	%
FCC	150			64.0	%		57.3	%		79.2	%
Coker	58			80.4	%		73.3	%		91.0	%
Port Reading	70			82.9	%		86.0	%		90.0	%
Retail Marketing
Number of retail stations (b)				1,361			1,362			1,358
Convenience store revenue (in millions of dollars) (c)			$	290		$	298		$	316
Average gasoline volume per station (gallons per month) (c)				195			201			201

(a)   HOVENSA’s refining crude capacity was reduced to 350,000 from 500,000 barrels per day in the first quarter of 2011.

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

(c)   Company operated only.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

MARKETING AND REFINING SUPPLEMENTAL FINANCIAL AND OPERATING DATA (UNAUDITED)

			Year Ended December 31,
			2011			2010
Financial Information (in millions of dollars)
Marketing and Refining Results
Income (loss) before income taxes			$	(857	)	$	(227	)
Provision (benefit) for income taxes				(273	)		4
Results of operations attributable to Hess Corporation			$	(584	)	$	(231	)
Summary of Marketing and Refining Results
Refining			$	(728	)	$	(445	)
Marketing				185			215
Trading				(41	)		(1	)
Results of operations attributable to Hess Corporation			$	(584	)	$	(231	)
Operating Data (barrels and gallons in thousands)
Refined Product Sales (barrels per day)
Gasoline				222			242
Distillates				123			120
Residuals				65			69
Other				20			40
Total				430			471
Refinery Throughput (barrels per day)
HOVENSA - Crude runs				284			390
HOVENSA - Hess 50% share				142			195
Port Reading				63			55
Refinery Utilization	Refinery Capacity
HOVENSA	(barrels per day)
Crude	350	(a)		81.1	%		78.0	%
FCC	150			71.7	%		66.5	%
Coker	58			77.4	%		78.3	%
Port Reading	70			90.0	%		78.1	%
Retail Marketing
Number of retail stations (b)				1,361			1,362
Convenience store revenue (in millions of dollars) (c)			$	1,189		$	1,213
Average gasoline volume per station (gallons per month) (c)				195			199

(a)   HOVENSA’s refining crude capacity was reduced to 350,000 from 500,000 barrels per day in the first quarter of 2011.

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

(c)   Company operated only.

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