Table of Contents Table of Contents 2 List of Tables 5 List of Figures 6 Company Snapshot 8 Key Information 8 Company Overview 8 Hess Corporation, Valuation and Financial Data 9 Hess Corporation, Share Price Performance 9 Share Price Performance, Q4, 2014-Q4, 2015 9 Hess Corporation, Key Valuation Metrics 10 Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Hess Corporation, Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q4, 2015 11 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q4, 2015 12 Hess Corporation, Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Hess Corporation, Quarterly Production Trends 14 Hess Corporation, Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q4, 2015 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 15 Hess Corporation, Crude Oil Production 16 Total Crude Oil Production Trend, Q4, 2014-Q4, 2015 16 Crude Oil Production, By Country/Region, Q4, 2014-Q4, 2015 17 Hess Corporation, Natural Gas Production 18 Total Natural Gas Production Trend, Q4, 2014-Q4, 2015 18 Natural Gas Production, By Country/Region, Q4, 2014-Q4, 2015 19 Hess Corporation, Valuation and Financial Data, 2011-2015 20 Hess Corporation, Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Hess Corporation, Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Hess Corporation, E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Hess Corporation, Reserve Replacement Ratio 48 Oil and Gas Production Replacement Ratio 48 Oil and Gas Production Replacement Ratio, 2011-2015 48 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 50 Hess Corporation, Results of Oil & Gas Operations Trend 55 Oil and Gas Revenue and Expenses 55 Oil and Gas Revenue and Expenses, 2011-2015 55 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 56 Oil and Gas Revenue and Expenses, Per boe 62 Oil and Gas Revenue and Expenses, By boe, 2011-2015 62 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 63 Oil and Gas Performance Metrics 68 Hess Corporation, Land Holdings and Well Data 69 Developed and Undeveloped Acreage 69 Gross and Net Developed and Undeveloped Acreage, 2011-2015 69 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 70 Well Statistics 73 Producible Oil and Gas Well, 2011-2015 73 Producible Oil and Gas Well, By Country/Region, 2011-2015 74 Exploration and Development Wells Drilled, 2011-2015 79 Exploration and Development Wells Drilled, By Country/Region, 2011-2015 81 Recent Developments 83 Hess Corporation - Recent Developments 83 Apr 27, 2016: Hess Reports Estimated Results For The First Quarter Of 2016 83 Apr 21, 2016: Hess First To Sell Bakken Crude Overseas After US Oil Export Ban Lifted 84 Apr 15, 2016: Hess Ships Bakken Crude From US To European Refinery 85 Mar 10, 2016: Hess Plans To Commission 80 North Dakota Oil Wells In 2016 85 Mar 02, 2016: Hess Announces Changes To Board Of Directors 85 Jan 27, 2016: Hess Reports Estimated Results For The Fourth Quarter Of 2015 86 Jan 26, 2016: Hess Announces 2016 E&P Capital And Exploratory Budget 88 Dec 30, 2015: CONSOL Energy Announces Updated 2016 Capital Budget And Operational Forecast; Revised 2016 E&P Division Capital Budget Of $205-$325 Million 89 Dec 16, 2015: U.S. Senator: Heitkamp Statement On Bipartisan Deal To Lift 40-Year Old Ban On Exporting Oil 91 Nov 03, 2015: Equatorial Guinea To Auction Offshore Oil & Gas Blocks In 2016 92 Appendix 93 Methodology 93 Coverage 93 Secondary Research 93 Primary Research 93 Data Information Sources 94 Company Source 94 SEC/Other Regulatory Filings 94 Other Sources 94 Expert Panel Validation 94 Data Definition 94 Oil and Gas Reserves 94 Units of Measure 95 About GlobalData 95 Disclosure 95 Disclaimer 95

List of Tables Table 1: Hess Corporation, Key Facts 8 Table 2: Hess Corporation, Share Price Performance, Q4, 2014-Q4, 2015 9 Table 3: Hess Corporation, Key Valuation Metrics, Q4, 2014-Q4, 2015 10 Table 4: Hess Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Table 5: Hess Corporation, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q4, 2015 12 Table 6: Hess Corporation, Upstream Capital Expenditure, Q4, 2014-Q4, 2015 13 Table 7: Hess Corporation, Total Crude Oil and Natural Gas, Production, Q4, 2014-Q4, 2015 14 Table 8: Hess Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Table 9: Hess Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Table 10: Hess Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Table 11: Hess Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Table 12: Hess Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Table 13: Hess Corporation, Share Price Performance, 2011-2015 20 Table 14: Hess Corporation, Key Valuation Metrics, 2011-2015 21 Table 15: Hess Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Hess Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Hess Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Hess Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Hess Corporation, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Hess Corporation, Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Hess Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Hess Corporation, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Hess Corporation, Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Hess Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Hess Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Hess Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Hess Corporation, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Hess Corporation, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Hess Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: Hess Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 47 Table 31: Hess Corporation, Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: Hess Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 53 Table 33: Hess Corporation, Revenue and Expenses, US$ mil, 2011-2015 55 Table 34: Hess Corporation, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 60 Table 35: Hess Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 62 Table 36: Hess Corporation, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 66 Table 37: Hess Corporation, Oil and Gas Performance Metrics, 2011-2015 68 Table 38: Hess Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 69 Table 39: Hess Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 72 Table 40: Hess Corporation, Producible Oil and Gas Wells, 2011-2015 73 Table 41: Hess Corporation, Producible Oil and Gas Wells, By Country/Region, 2011-2015 77 Table 42: Hess Corporation, Exploratory and Developed Wells, 2011-2015 80 Table 43: Hess Corporation, Exploratory and Developed Wells, By Country/Region, 2011-2015 81 List of Figures Figure 1: Hess Corporation, Share Price Performance, USD/Share, Q4, 2014-Q4, 2015 9 Figure 2: Hess Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2014-Q4, 2015 10 Figure 3: Hess Corporation, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q4, 2015 11 Figure 4: Hess Corporation, Upstream Capital Expenditure, US$ mil, Q4, 2014-Q4, 2015 13 Figure 5: Hess Corporation, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q4, 2015 14 Figure 6: Hess Corporation, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q4, 2015 15 Figure 7: Hess Corporation, Total Crude Oil Production, mmbbl, Q4, 2014-Q4, 2015 16 Figure 8: Hess Corporation, Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q4, 2015 17 Figure 9: Hess Corporation, Total Natural Gas Production, bcf, Q4, 2014-Q4, 2015 18 Figure 10: Hess Corporation, Natural Gas Production, By Country/Region, bcf, Q4, 2014-Q4, 2015 19 Figure 11: Hess Corporation, Share Price Performance, USD/Share, 2011-2015 20 Figure 12: Hess Corporation, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Hess Corporation, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Hess Corporation, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Hess Corporation, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Hess Corporation, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Hess Corporation, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Hess Corporation, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Hess Corporation, Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Hess Corporation, Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Hess Corporation, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Hess Corporation, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Hess Corporation, Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Hess Corporation, Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Hess Corporation, Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Hess Corporation, Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 27: Hess Corporation, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2011-2015 36 Figure 28: Hess Corporation, Oil Reserve Life Index, By Country/Region, Ratio, 2011-2015 37 Figure 29: Hess Corporation, Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Hess Corporation, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Hess Corporation, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Hess Corporation, Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Hess Corporation, Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Hess Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Hess Corporation, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Hess Corporation, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Hess Corporation, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Hess Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Figure 39: Hess Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 40: Hess Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 41: Hess Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 42: Hess Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 43: Hess Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 52 Figure 44: Hess Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 52 Figure 45: Hess Corporation, Revenue and Expenses, US$ mil, 2011-2015 55 Figure 46: Hess Corporation, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 47: Hess Corporation, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 56 Figure 48: Hess Corporation, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 49: Hess Corporation, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 50: Hess Corporation, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 58 Figure 51: Hess Corporation, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 58 Figure 52: Hess Corporation, Production Costs, By Country/Region, US$ mil, 2011-2015 59 Figure 53: Hess Corporation, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 59 Figure 54: Hess Corporation, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 62 Figure 55: Hess Corporation, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 56: Hess Corporation, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 57: Hess Corporation, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 64 Figure 58: Hess Corporation, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 64 Figure 59: Hess Corporation, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 65 Figure 60: Hess Corporation, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 65 Figure 61: Hess Corporation, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 66 Figure 62: Hess Corporation, Oil and Gas Performance Metrics, 2011-2015 68 Figure 63: Hess Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 69 Figure 64: Hess Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 70 Figure 65: Hess Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 70 Figure 66: Hess Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 71 Figure 67: Hess Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 71 Figure 68: Hess Corporation, Producible Oil and Gas Wells, 2011-2015 73 Figure 69: Hess Corporation, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 74 Figure 70: Hess Corporation, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 74 Figure 71: Hess Corporation, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 75 Figure 72: Hess Corporation, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 75 Figure 73: Hess Corporation, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 76 Figure 74: Hess Corporation, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 76 Figure 75: Hess Corporation, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 77 Figure 76: Hess Corporation, Exploratory and Developed Wells, 2011-2015 79