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Hess Increases Share in Tubular Bells Field and Becomes Operator

NEW YORK, Sep 30, 2010 (BUSINESS WIRE) -- Hess Corporation (NYSE: HES) today announced it has agreed to acquire an additional 20 percent interest in the Tubular Bells oil and gas field in the Gulf of Mexico from BP for $40 million and will become the operator.

The increased ownership will bring Hess' working interest in Tubular Bells to 40 percent. Chevron holds a 30 percent interest and BP will retain 30 percent. The deal is conditioned upon regulatory approval.

Tubular Bells, which was discovered in 2003, is a deepwater field approximately 135 miles southeast of New Orleans, La.

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 http://www.hess.com.

SOURCE: Hess Corporation

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