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NEW YORK– Hess Corporation (NYSE:HES) announced today its intention to pursue the formation and initial public offering of a master limited partnership (MLP). Hess remains focused on value creation and the pursuit of its previously announced intention to monetize its midstream assets in the Bakken oil shale play in North Dakota. Hess intends to use the MLP as the primary midstream vehicle to support its Bakken production growth, and expects initially to contribute interests in the following midstream assets to the MLP:

Hess’s natural gas processing plant located in Tioga, North Dakota, where a large-scale expansion, refurbishment and optimization program was recently completed;
Hess’s rail loading terminal in Tioga, North Dakota, along with the associated rail cars;
Hess’s crude oil truck and pipeline terminal located in Tioga, North Dakota; and
Hess’s propane storage cavern and related rail and truck loading and storage terminal located in Mentor, Minnesota.
Hess will own the general partner of the MLP, all of its incentive distribution rights, and a majority of its limited partner interests following completion of the initial public offering.

Hess expects the MLP to file a registration statement with the Securities and Exchange Commission in the fourth quarter of 2014 and, subject to market conditions, expects to make an initial public offering of common units representing limited partner interests in the MLP in the first quarter of 2015.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers or solicitations of offers to buy or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (Securities Act). This announcement is being issued in accordance with Rule 135 under the Securities Act.

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 http://www.hess.com.

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