Market Overview

Hess Announces Ninth Discovery Offshore Guyana

  • Hammerhead-1 well encounters 197 feet of high-quality, oil-bearing
  • Discovery adds to estimated resource of more than 4 billion barrels
  • Maximum offshore value creation through rapid development and
    accelerated exploration

Hess Corporation (NYSE:HES) today announced a ninth oil discovery
offshore Guyana at the Hammerhead-1 well, marking its fifth oil
discovery on the Stabroek Block in the past year and proving a new play
concept for potential development.

Hammerhead-1 encountered approximately 197 feet (60 meters) of
high-quality, oil-bearing sandstone reservoir. The well was safely
drilled to 13,862 feet (4,225 meters) depth in 3,373 feet (1,150 meters)
of water. The Stena Carron drillship began drilling on July 27, 2018.

"Hammerhead is another significant oil discovery that further
demonstrates the tremendous prospectivity of the Stabroek Block, where
we continue to see multi billion barrels of additional exploration
potential," CEO John Hess said. "This ninth discovery further enhances
our potential to maximize value through rapid phased development."

Hammerhead-1 is located approximately 13 miles (21 kilometers) southwest
of the Liza-1 well and follows previous discoveries on the Stabroek
Block at Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora and
Longtail. These previous discoveries are estimated to contain gross
recoverable resources of more than 4 billion barrels of oil equivalent
and have established the potential for up to five floating production,
storage and offloading (FPSO) vessels producing over 750,000 barrels per
day by 2025.

There is potential for additional production from significant undrilled
targets and plans for accelerated exploration and appraisal drilling. A
second exploration vessel, the Noble Tom Madden, is due to arrive in
Guyana in October to accelerate exploration of high potential
opportunities and will commence drilling at the Pluma prospect
approximately 17 miles (27 kilometers) from Turbot.

Liza Phase 1, which is expected to begin producing oil by early 2020,
will use the Liza Destiny FPSO to produce up to 120,000 barrels of oil
per day. Construction of the FPSO and subsea equipment is well advanced.
Pending government and regulatory approvals, Liza Phase 2 is targeted
for sanctioning by the end of this year. It will use a second FPSO
designed to produce up to 220,000 barrels per day and is expected to be
producing by mid-2022. A third phase of development, at the Payara
Field, is targeted for sanctioning in 2019 and will use an FPSO designed
to produce approximately 180,000 barrels of oil per day, with first
production as early as 2023.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). Esso
Exploration and Production Guyana Limited is operator and holds a 45
percent interest in the Stabroek Block. Hess Guyana Exploration Ltd.
holds a 30 percent interest and CNOOC Nexen Petroleum Guyana Limited
holds a 25 percent interest.

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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

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 resources other than
proved reserves, such as unproved reserves or 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
You can also obtain this form from the SEC on the EDGAR system.

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