Elliott Management Highlights Unrelenting Underperformance at Hess

NEW YORK--(BUSINESS WIRE)--

Elliott Management Corporation (“Elliott”) today issued the following communication to shareholders of Hess Corporation (HES):

Despite Unrelenting Underperformance, Hess Persists with Rhetoric and Denial

John Hess Rhetoric: John Hess ignores 17 years of underperformance and claims a “transformation” that supposedly began in 2010 is “delivering shareholder value.” He tells Shareholders to be content with performance since July 2012, which is when he announced that this “transformation” was underway.

Reality: Even when measured using John Hess’s short-term focus, Hess has radically underperformed its peers since the beginning of the company’s “transformation.” Furthermore, Hess’s explanation of more recent performance fails to account for the involvement of Shareholders calling for change.

Graph: Hess Stock Performance Versus Peers Since Start of “Transformation” (January 1, 2010)

Shareholder Nominees (GREEN Card) Offer Results, Not More John Hess Rhetoric

Rodney Chase (Former Deputy Group CEO, BP): Managed every major business at BP.

Harvey Golub (Former CEO, American Express): Led turnaround resulting in 750% share appreciation.

Karl Kurz (Former COO, Anadarko): Helped lead a successful transformation of Anadarko.

David McManus (Former EVP, Pioneer): Executed “a text book repositioning of a portfolio.”

Mark Smith (Senior VP/CFO, Ultra): Manages lowest-cost operator in resource play environment.

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“We currently believe the best way for Hess shareholders to maximize their value is through the election of Elliott Management’s nominees to the board.” – Citigroup, April 5, 2013

Change is possible with the right solutions – Vote the GREEN card for Real Change at Hess.

Please visit www.ReassessHess.com for more information.

Additional Information

Elliott Associates, L.P. and Elliott International, L.P. (“Elliott”) filed a definitive proxy statement and an accompanying proxy card with the Securities and Exchange Commission (“SEC”) on April 3, 2013. Stockholders are advised to read the definitive proxy statement, and other materials filed with the SEC, because they contain important information concerning Elliott’s solicitation of proxies for the 2013 Hess Annual Meeting of Stockholders, including information concerning the participants in that solicitation. These materials are available for no charge at the SEC’s website at www.sec.gov or by directing a request to Elliott’s proxy solicitor, Okapi Partners, at its toll-free number (877) 796-5274 or via email at info@okapipartners.com.

Cautionary Statement Regarding Forward-Looking Statements

The information herein contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Our forward-looking statements are based on our current intent, belief, expectations, estimates and projections regarding the Company and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

About Elliott Management:

Elliott’s two funds, Elliott Associates, L.P. and, Elliott International, L.P., together have more than $21 billion of assets under management. Founded in 1977, Elliott is one of the oldest hedge funds under continuous management. The Elliott funds’ investors include large institutions, high-net-worth individuals and families, and employees of the firm.

* Peers used by Hess for mgmt compensation: Anadarko, Apache, BP, Chevron, ConocoPhillips, Devon, EOG, Exxon, Marathon, Murphy, Occidental, Shell, Statoil, Talisman and Total.

** Excludes Devon & Talisman due to high North America gas weighting; excludes BP, Shell, Statoil, Total due to European super major status; includes Noble as additional relevant competitor.