Exhibit 99.1

HESS CORPORATION

HESS REPORTS ESTIMATED RESULTS FOR THE FIRST QUARTER OF 2018

Key Highlights:

First Quarter Financial and Operating Highlights:

NEW YORK, April 25, 2018 — Hess Corporation (NYSE: HES) today reported a net loss of $106 million, or $0.38 per common share, in the first quarter of 2018, compared to a net loss of $324 million, or $1.07 per common share, in the first quarter of 2017.  On an adjusted basis, the Corporation reported an after-tax net loss of $72 million, or $0.27 per common share, in the first quarter of 2018.  The improved after-tax adjusted results reflect higher realized crude oil selling prices, lower operating costs and depreciation, depletion and amortization expense, partially offset by

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lower production volumes, primarily due to asset sales.

“Our focus for 2018 is on execution and we believe we are off to a very strong start to the year,” Chief Executive Officer John Hess said. “In the first quarter, we increased cash returns to shareholders, reduced debt, exceeded our production guidance, continued to lower our costs and announced two significant oil discoveries offshore Guyana – Ranger and Pacora.”

After-tax income (loss) by major operating activity was as follows:

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Exploration and Production:

Exploration and Production (E&P) net loss in the first quarter of 2018 was $25 million, compared to a net loss of $233 million in the first quarter of 2017.  On an adjusted basis, first quarter 2018 net income was $12 million.  The Corporation’s average realized crude oil selling price, including the effect of hedging, was $59.32 per barrel in the first quarter of 2018, up from $48.58 per barrel in the year-ago quarter.  The average realized natural gas liquids selling price in the first quarter of 2018 was $21.11 per barrel, versus $18.71 per barrel in the prior-year quarter, while the average realized natural gas selling price was $3.86 per mcf, compared to $3.20 per mcf in the first quarter of 2017.

Net production, excluding Libya, was 233,000 boepd in the first quarter of 2018, compared to 307,000 boepd in the prior-year quarter.  Lower volumes were primarily due to prior-year asset sales, the previously announced unplanned downtime at the third-party operated Enchilada platform in the Gulf of Mexico, and natural decline.  These lower volumes were partially offset by higher production in the Bakken and from North Malay Basin.  First quarter 2017 net production, excluding asset sales and Libya, was 241,000 boepd.  Libya net production was 22,000 boepd in the first quarter of 2018, compared to 4,000 boepd in the prior-year quarter.

Excluding items affecting comparability of earnings between periods, cash operating costs, which include operating costs and expenses, production and severance taxes, and E&P general and administrative expenses, were $13.46 per barrel of oil equivalent (boe) in the first quarter, down 5 percent from $14.16 per boe in the prior-year quarter due to increased low-cost production from North Malay Basin and sales of higher cost assets.  First quarter 2018 per unit cash costs were also negatively impacted by deferred production and maintenance costs incurred related to downtime at the Enchilada platform.  E&P income tax expense increased in the first quarter of 2018, compared to the prior-year quarter, primarily due to higher Libya production.

Operational Highlights for the First Quarter of 2018:

Bakken (Onshore U.S.):  Net production from the Bakken increased 12 percent to 111,000 boepd from 99,000 boepd in the year-ago quarter due to increased drilling activity and improved well performance.  The Corporation operated an average of four rigs in the first quarter, drilling 23 wells and bringing 13 new wells online.  The Corporation plans to add a fifth rig in the third quarter and a sixth rig in the fourth quarter of this year.

Gulf of Mexico (Offshore U.S.):  Net production from the Gulf of Mexico was 41,000 boepd, compared to 66,000 boepd in the prior-year quarter primarily due to the ongoing shutdown at the

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third-party operated Enchilada platform from the fourth quarter of 2017.  Production recommenced at the Baldpate, Penn State and Llano Fields during the first quarter of 2018, while production is expected to restart at the Conger Field by the end of the third quarter of 2018.  At the Stampede development (Hess operated - 25 percent), first production commenced in January 2018 and is expected to ramp up over the next 18 months as we complete additional wells.

North Malay Basin (Offshore Malaysia):  Net production from North Malay Basin (Hess - 50 percent) was 22,000 boepd, compared to 2,000 boepd in the prior-year quarter, which commenced production from its full field development in July 2017.  In the first quarter, production was impacted by approximately 4,000 boepd due to downtime for planned maintenance of condensate export equipment.

Guyana (Offshore):  At the Stabroek Block (Hess - 30 percent), operated by Esso Exploration and Production Guyana Limited, the Pacora-1 exploration well encountered approximately 65 feet of high-quality, oil-bearing sandstone reservoir and is the seventh significant oil discovery on the Block.  The well is located approximately four miles west of the Payara-1 well and the operator plans to integrate the discovery into a third phase of development, with first production from this phase planned for late 2023 or early 2024.  The Operator also completed drilling at the Liza-5 well with the Stena Carron drillship, and is conducting a series of production tests.  In April, drilling commenced at the Sorubim-1 well with the Noble Bob Douglas drillship.  

Development activities for Liza Phase 1, which include a floating, production, storage, and offloading vessel (FPSO) with a gross capacity of 120,000 bopd, are on schedule and first production is expected by 2020.  Planning continues for a second phase of development, that is expected to include a larger FPSO with a gross capacity of approximately 220,000 bopd, with first production planned by mid-2022.

Ghana (Offshore):  In February, we entered into an agreement to sell our interests in Ghana for total consideration of $100 million, consisting of a $25 million payment upon closing and a further payment of $75 million payable upon approval of the Plan of Development for the Deepwater Tano Cape Three Points block, which is expected by year-end 2018.  The transaction is subject to government approval and customary closing conditions.

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Midstream:

The Midstream segment, comprised primarily of Hess Infrastructure Partners LP, our 50/50 midstream joint venture, had net income of $28 million in the first quarter of 2018, compared to net income of $18 million in the prior-year quarter, reflecting higher throughput volumes and lower operating costs.

Corporate, Interest and Other:

Net results were an after-tax expense of $109 million in the first quarters of 2018 and 2017.  On an adjusted basis, first quarter 2018 was an after-tax expense of $112 million.  Capitalized interest in the first quarter of 2018 was $13 million less than the year-ago quarter primarily due to first production commencing at the Stampede Field in January 2018.

Impact of Changes in Accounting Standards – Presentation of Net Periodic Pension Cost:

Effective January 1, 2018, the Corporation adopted Accounting Standards Update 2017-07, Compensation – Retirement Benefits (ASU 2017-07), which requires disaggregated disclosure of service cost from other components of net periodic benefit cost, including interest cost, expected return on plan assets, and amortization of unrecognized actuarial gains or losses.  Prior to adoption, all net periodic pension cost was included in expenses.  Following the adoption of ASU 2017-07, other components of net periodic pension cost are reported in other, net within non-operating income, with prior periods recast to conform to the current year presentation.  For the three months ended March 31, 2018 and 2017, other components of net periodic pension cost reported in non-operating income amounted to income of $16 million and an expense of $2 million, respectively.

Capital and Exploratory Expenditures:

E&P capital and exploratory expenditures were $384 million in the first quarter of 2018, compared to $393 million in the prior-year quarter.  The 2018 activity primarily reflects increased drilling in the Bakken and ongoing Liza Phase 1 development, partially offset by lower expenditures in the Gulf of Mexico, Malaysia and for exploration activities.  Midstream capital expenditures were $37 million in the first quarter of 2018, up from $28 million in the year-ago quarter.  Midstream investments in its 50/50 joint venture with Targa Resources were $24 million in the first quarter of 2018.

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Liquidity:

Net cash provided by operating activities was $210 million in the first quarter of 2018, compared to $349 million in the first quarter of 2017.  Net cash provided by operating activities before changes in working capital was $397 million in the first quarter of 2018, including a reduction of $37 million related to severance charges, compared with $443 million in the year-ago quarter.  Changes in working capital during the first quarter of 2018 was a net outflow of $187 million due to a reduction in accounts payable and accrued liabilities, premiums paid on commodity contracts, and the timing of interest payments.

The Corporation purchased approximately eight million shares of common stock for $380 million in the first quarter of 2018 completing the initial $500 million program.  In April, we entered into a $500 million accelerated share repurchase agreement.  The Corporation also paid $415 million to retire debt in the first quarter, including the redemption of $350 million principal amount of 8.125% notes due in 2019, and the purchase of other notes.

Excluding the Midstream segment, the Corporation had cash and cash equivalents of $3,351 million and total debt of $5,587 million at March 31, 2018.  The Corporation’s debt to capitalization ratio was 35.5 percent at March 31, 2018 and 36.1 percent at December 31, 2017.

The Midstream segment had cash and cash equivalents of $375 million and total debt of $981 million at March 31, 2018.  

Items Affecting Comparability of Earnings Between Periods:

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

Exploration and Production:  First quarter 2018 results included a net after-tax severance charge of $37 million related to the previously disclosed cost reduction program.  The pre-tax

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amounts are reported in operating costs and expenses ($19 million), general and administrative costs ($15 million), and exploration expense ($3 million).

Corporate, Interest and Other: First quarter 2018 results included an after-tax charge of $27 million related to the premium paid for the retirement of debt.  In addition, as required under accounting standards’ intraperiod allocation rules, we recognized a noncash income tax benefit of $30 million, which offsets a noncash income tax charge recorded in other comprehensive income resulting from the $125 million reduction in the Corporation’s pension liabilities.  

The following table reconciles reported net income (loss) attributable to Hess Corporation and adjusted net income (loss):

The following table reconciles reported net cash provided by (used in) operating activities from cash provided by operating activities before changes in operating assets and liabilities:

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

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 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.  Estimates and projections contained in this release are based on the Corporation’s current understanding and assessment based

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on reasonable assumptions.  Actual results may differ materially from these estimates and projections due to certain risk factors discussed in the Corporation’s periodic filings with the Securities and Exchange Commission and other factors.

Non-GAAP financial measure

The Corporation has used non-GAAP financial measures in this earnings release.  “Adjusted net income (loss)” presented in this release is defined as reported net income (loss) attributable to Hess Corporation excluding items identified as affecting comparability of earnings between periods.  “Cash provided by operating activities before changes in operating assets and liabilities” presented in this release is defined as Cash provided by operating activities excluding changes in operating assets and liabilities.  Management uses adjusted net income (loss) to evaluate the Corporation’s operating performance and believes that investors’ understanding of our performance is enhanced by disclosing this measure, which excludes certain items that management believes are not directly related to ongoing operations and are not indicative of future business trends and operations.  Management believes that cash provided by operating activities before changes in operating assets and liabilities demonstrates the Corporation’s ability to internally fund capital expenditures, pay dividends and service debt.  These measures are not, and should not be viewed as, a substitute for U.S. GAAP net income (loss) or net cash provided by (used in) operating activities.  A reconciliation of reported net income (loss) attributable to Hess Corporation (U.S. GAAP) to adjusted net income (loss), and a reconciliation of net cash provided by (used in) operating activities (U.S. GAAP) to cash provided by operating activities before changes in operating assets and liabilities are provided in the release.

For Hess Corporation

Investor Contact:

Jay Wilson

(212) 536-8940

Media Contacts:

Lorrie Hecker

(212) 536-8250

Jamie Tully

Sard Verbinnen & Co

(212) 687-8080

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

(a)  Midstream debt is non-recourse to Hess Corporation.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

SUPPLEMENTAL FINANCIAL DATA (UNAUDITED)

(IN MILLIONS)

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION EARNINGS (UNAUDITED)

(IN MILLIONS)

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA

(a) Sales volumes from purchased crude oil, natural gas liquids, and natural gas are not included in the sales volumes reported.

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HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

EXPLORATION AND PRODUCTION OPERATING DATA