EMPLOYEE PENSION PLAN SUMMARY PLAN DESCRIPTION

FOR HESS EMPLOYEES

HES-Z01 rev 01/2014

THINGS TO THINK ABOUT… • When will you want to retire? • How much will you need for retirement? • How can the Pension Plan and the Savings Plan, with its Company match, supplement your Social Security benefits and your personal savings to help you reach your financial goals for retirement?

TABLE OF CONTENTS INTRODUCTION .............................................................................................................................................1 PLAN OVERVIEW ...........................................................................................................................................2 WHO IS ELIGIBLE? .........................................................................................................................................3 THE PENSION PLAN BENEFIT ......................................................................................................................5 VESTING .........................................................................................................................................................8 RETIREMENT .................................................................................................................................................9 CALCULATING BENEFITS ........................................................................................................................... 12 PAYMENT ..................................................................................................................................................... 16 LUMP SUM PAYMENTS ............................................................................................................................... 18 APPLYING FOR BENEFITS .......................................................................................................................... 19 SOCIAL SECURITY BENEFITS .................................................................................................................... 20 IF YOU DIE BEFORE YOU RETIRE ............................................................................................................. 21 IF YOU DIE AFTER YOU RETIRE OR AFTER AGE 65 ................................................................................ 22 IF YOU ARE REHIRED ................................................................................................................................. 23 REHIRED RETIREES .................................................................................................................................... 25 FUNDING ...................................................................................................................................................... 26 FEDERAL INCOME TAXES .......................................................................................................................... 27 ASSIGNMENT OF BENEFITS ....................................................................................................................... 28 QUALIFIED DOMESTIC RELATIONS ORDERS .......................................................................................... 29 PENSION BENEFIT GUARANTY CORPORATION COVERAGE ................................................................. 30 IF THE PLAN IS AMENDED OR TERMINATED ........................................................................................... 31 CLAIMS PROCEDURES ............................................................................................................................... 32 ADMINISTRATIVE INFORMATION ............................................................................................................... 35 STATEMENT OF ERISA RIGHTS ................................................................................................................ 36

INTRODUCTION The Hess Corporation Employees’ Pension Plan

This SPD summarizes the terms of the Pension

(formerly the Amerada Hess Corporation Employees’

Plan in effect at the date of publication. Hess

Pension Plan) (the “Pension Plan” or the “Plan”) is

Corporation, however, reserves the right, in its

designed to help provide financial security for you and

sole discretion, to terminate or amend the

your family when you retire. Pension Plan benefits are

Pension Plan (including amendments to reduce

earned throughout your career. They are generally

or eliminate future benefits), for all participants or

based on a percentage of your earnings and years

a specific class of participants, for any reason,

worked. Your Pension Plan benefit, along with your

without notice. Hess Corporation cannot provide

Savings Plan investments, benefits from Social

personal legal or tax advice pertaining to the

Security and your personal savings, can provide you

Pension Plan. For this purpose, you should seek

with income for your retirement years.

advice from your own legal or tax advisor.

This booklet serves as the summary plan description

The Hess Corporation Employee Benefit Plans

(“SPD”) for the Pension Plan. The governing plan

Committee is the Plan Administrator. The Plan

documents for the Pension Plan are the Pension Plan

Administrator has the sole and absolute

document, this SPD, and the trust agreement that

discretionary authority to interpret the terms and

governs the Pension Plan’s relationship with the

provisions of the Pension Plan, and its judgments

trustee. This SPD describes the terms and conditions

will be final and binding on all parties. The Plan

relating to the Pension Plan and describes how the

Administrator may delegate such authority to

Pension Plan works and how it can help you save for

another person or persons.

the future. Information obtained during calls to the Hess Please take time to review this SPD. The description

Corporation or to any Pension Plan service

of the Pension Plan presented in this SPD is a

provider does not waive any provision or

summary and is not intended to take the place of the

limitation of the Plan. Information given or

Pension Plan document. In case of a conflict between

statements made on a call or in an e-mail do not

this SPD and the Pension Plan document, the

guarantee payment of benefits.

Pension Plan document shall govern.

1

PLAN OVERVIEW WHO IS ELIGIBLE • All employees of the Company (Hess Corporation and its subsidiaries and affiliates that have adopted the Plan), except for union employees whose collective bargaining agreement do not provide for eligibility in the Plan, and certain “leased employees.”

WHO PAYS • The Company pays 100% of the cost.

PARTICIPATION BEGINS • Automatically after one year of Service with the Company (12 consecutive months with at least 1,000 hours of employment beginning with your date of hire or anniversary thereof).

HOW BENEFITS ARE CALCULATED • Based on your years and months of Credited Service, your Final Average Compensation and your annual Social Security benefit at age 65 or at retirement if later (your “Primary Social Security Amount”).

PAYMENT OPTIONS • Choice of payment options; some payment options continue benefits to your survivor.

PAYMENTS CAN BEGIN After your employment ends, and you: • Reach age 65. • Retire from active employment and you are at least age 55 with ten or more years of Service. • Become totally and permanently disabled (with ten or more years of Service), are at least age 55, and have been completely disabled for at least 6 months or age 65, employment ends and you have a Social Security disability award. • Reach age 55: if your employed terminated before age 55 with at least 25 years of Service. • Reach age 55: if your employment terminated before age 55 with at least 10 years of Service but less than 25 years of Service.

2

WHO IS ELIGIBLE? As an eligible full-time or part-time common law

• are a U.S. citizen who is on a non-U.S. payroll;

employee (including certain leased employees,

• are a self-employed individual or an independent

as described below) of the Hess Corporation or

contractor. Your employment classification for this

a subsidiary or affiliate which has adopted this

purpose is determined by the Company and shall

Pension Plan (referred to collectively as the

not be subject to retroactive change for purposes of

“Company”), except as provided below, you are

the Pension Plan if it subsequently is determined by

eligible to participate in the Pension Plan after

the Internal Revenue Service, another federal

you have completed one year of Service with the

agency, a state agency, or as the result of legal

Company. A year of “Service” means 12

action that you should have been classified as an

consecutive months, commencing on your first

employee of the Company; or

date of hire or an anniversary thereof, in which

• are a union employee, unless the collective bar-

you have at least 1,000 hours of employment. A

gaining agreement applicable to you provides for

HETCO employee had to be a plan participant

eligibility in the Pension Plan.

as of 12/01/2006 in order to be entitled to a frozen accrued benefit.

A leased employee, for purposes of participation in the Pension Plan, is defined by the Internal Revenue

WHO IS ELIGIBLE?

Code, and generally is someone who performs

Generally, an eligible employee is any person

services pursuant to a leasing agreement between the

who is employed by Hess Corporation or a

Company and a third-party, has worked on a full-time

participating company. You are not eligible to

basis for the Company for at least one year, and works

participate in the Pension Plan if you:

under the primary direction or control of the Company.

• participate in any other pension benefit plan to

A leased employee will generally be eligible to

which the Company makes contributions on

participate in the Pension Plan unless he or she is

your behalf for the accrual of current benefits

covered under a money purchase pension plan that

(other than contributions under the Hess

satisfies certain requirements

Corporation Employees’ Savings Plan, under Social Security or any other governmental plan); • are a non-resident alien with no U.S. source income; .

3

ENROLLMENT

assets of those companies or their affiliates by

Service

the Company, service also will include years of

Service determines when you begin participating

employment with those companies immediately

in the Pension Plan, when you have a vested

before the acquisitions, subject to the terms of

right to a Pension Plan benefit (see “Vesting”),

the agreements between the Company and these

and whether you qualify for Normal, Early or

companies. If you worked for a company that was

Disability retirement (see “Vesting” and “When

acquired by Hess Corporation on or after May 1,

You Can Retire”). You earn one year of Service

2007, Service will include years of employment

for each 12 consecutive month period in which

with those companies or their affiliates prior to

you have at least 1,000 hours of employment,

the date of acquisition.

beginning with your date of hire or an anniversary thereof. In determining your Service,

If you transfer to HOVENSA, Service will include

certain periods will be counted for which you

all periods of employment with Hess Corporation

were paid but did not work (for example,

immediately preceding or following your transfer.

vacation, holiday, illness, incapacity (including

If you transfer from HOVENSA, Service will

disability), layoff, jury duty, military leave, or an

include all periods of employment with

authorized leave of absence provided the

HOVENSA immediately preceding your transfer.

employee returns to work). • Active employees or employees separated

“Credited Service” is different than “Service.”

after December 26th, 2009 — Please

Credited Service means the total of your years

contact The Resource Center at 1-877-511-

and months of employment with the Company

4377 or access The Resource Center online

and is used to calculate your pension benefit.

at www.HessResourceCenter.com if you have questions about whether any period will

Certain special service crediting rules apply to

count toward your Service.

non-hourly employees who are exempt from the

• Employees separated before December

overtime provisions of the Fair Labor Standards

26th, 2009 — Please contact The Benefits

Act and for whom no records of hours worked are

Center at 1-877-511-4377 or access The

maintained.

Benefit Center online at www.MyHessBenefits.com if you have

During any period that you are classified by the

questions about whether any period will count

Company as either an independent contractor or

toward your Service.

you provide services to the Company through another entity, you will not be eligible to

For former employees of Triton Exploration

participate in the Plan (even if you are later

Services, Inc., Pick Kwik Corporation, Merit Oil

retroactively reclassified as an employee during

Corporation, Strategic Resource Solutions Corp.,

all or any part of such period pursuant to

Texaco Pipelines LLC, Statoil Energy Services,

applicable law or otherwise).

Inc., Transco, Stuyvesant Fuel, Reliant Energy Solutions or Select Energy who were hired in connection with the acquisition of the stock or

4

THE PENSION PLAN BENEFIT Your Pension Plan benefit is determined using a

If you were a member of the Amerada Hess

formula based on:

Corporation Employees’ Retirement Income Plan (the

• Your Final Average Compensation;

“Prior Pension Plan”), your pension benefit also will be

• Your length of Credited Service with the

calculated using the pension formulas in effect under

Company; and • Your annual Social Security benefit at age 65

the Prior Pension Plan plus the benefit accrued since January 1, 1972 using the current plan formula. The

or your retirement age if later (your Primary

pension benefit you receive will be the highest amount

Social Security Amount and delayed

resulting from these pension calculations.

retirement credits). SOME IMPORTANT TERMS: The actual amount of the benefit you receive

Final Average Compensation

also will vary depending on your age at

Final Average Compensation means your average

retirement and the form of payment you choose.

yearly Compensation based on the highest-paid three calendar years (consecutive or non-consecutive) in the

HERE’S HOW IT WORKS:

ten years including and immediately before your

1.6% of your Final Average Compensation

retirement or earlier termination of employment, or

times Your years of Credited Service

your final Average Compensation as determined on January 1, 2007, if higher.

minus 1.5% of your Primary Social Security Amount

Compensation includes your actual salary or wages

(plus delayed retirement credit if you terminate

(base salary or hourly pay), including overtime, certain

employment after age 65)

bonuses and incentive compensation, commissions,

times

holiday and vacation pay, bereavement pay, jury duty

Your years of Credited Service (up to a

and witness pay, sick pay and injury benefits,

maximum reduction of 50% of your Primary

allowances for military reserve training (up to two

Social Security Amount).

weeks per year) and full-pay benefits for military leave of absence while on active service, premium pay for

This formula determines the annual pension

overseas service under agreements before July 1,

payable as a life annuity at normal retirement

1998, and up to 60 days of pay made under the federal

age (age 65) or a later retirement. However, you

Worker Adjustment and Retraining Notification Act.

may choose an alternative payment option as (see “Optional forms of Payment”). The Internal Revenue Code limits the amount that can be paid by a Pension Plan. In 2013, the maximum annual benefit at age 65 payable as a Life Annuity is $205,000. This limit is increased by the IRS periodically based on changes in the cost of living.

5

Compensation does not include certain other

Credited Service also includes certain periods such as

payments, such as contributions to an employee

authorized leaves of absence for vacation, jury duty,

benefit deferred compensation program, housing

military service, maternity leave, or personal illness or

allowances, moving expenses, educational

injury, provided you return to employment upon the

assistance benefits, severance pay, premiums

expiration of such period. However, if your authorized

for life insurance or medical insurance, meal

leave of absence for personal illness or injury is

allowances, premium pay for overseas service

immediately followed by your retirement under the

under agreements on or after July 1, 1998, or

Disability Retirement provisions described below, then

other special compensation. It also does not

you are not required to return to employment, but your

include amounts or bonuses paid to you after

Credited Service for this period will not be more than 6

you are no longer an employee except for a pro-

months.

rata bonus paid after your death or retirement. If you worked for a company that was acquired by If you transfer to or from HOVENSA, your Final

Hess Corporation on or after April 1, 2007, service with

Average Compensation at retirement will be

the company prior to the date of acquisition will not be

based on all periods of employment with Hess

considered Credited Service. In addition, Credited

Corporation and HOVENSA.

Service will not include any period for which you have made an affirmative election not to participate in the

The Internal Revenue Code limits the amount of

Pension Plan, periods of employment with an

Compensation that can be used to determine

“associated company” (including Oasis Oil Company of

your Pension Plan benefit. This limit ($255,000

Libya, Inc. and any other company designated by the

in 2013) is increased by the IRS periodically

Committee), any period during which you elected not

based on changes in the cost of living.

to make contributions that were required under the Prior Pension Plan, any period for which you received

Credited Service

a disability pension, any period for which you received

For purposes of determining your “Credited

credit under another pension plan to which the

Service,” you will receive a full month’s credit for

Company contributes (except the Amerada Hess

each month in which you receive or are entitled

Corporation Annuities and Benefits Plan), any period

to receive pensionable compensation from the

of layoff, and any period of leave of absence, except

Company. However, during your first or last

as described in the previous paragraph.

months of employment, you receive a full month’s credit only if you are employed for at least 15 days in that month. This also applies to months in which you are rehired or on an unpaid leave of absence. Credited Service also includes the one-year waiting period before you are eligible for the Pension Plan, but this period will not be considered earned until you become eligible to participate.

6

Primary Social Security Amount

When your actual pension benefit is calculated, your

Your Primary Social Security Amount is the

Primary Social Security Amount may be based on the

annual benefit which you are eligible to receive

above assumptions. If you think these estimates are

at age 65 under the federal Social Security Act

too high, you may obtain the actual figures from your

in effect on your termination of employment. If

record at the Social Security Administration and

you work beyond age 65, it is the annual Social

provide them to the Company by the later of six

Security benefit (which includes delayed

months from your date of termination or the date on

retirement credits) that you are eligible to receive

which you are notified of your benefits. The Company

when you retire.

will recalculate your pension benefit using the actual figures instead of the estimate and increase the

This Primary Social Security Amount is

amount payable from the Pension Plan if appropriate.

calculated using your actual compensation

If the use of your actual salary history results in a

history with the Company, to the extent that it is

decrease in your benefit, that actual salary history will

available and will include any HOVENSA

be disregarded.

compensation history. Certain earnings assumptions are used for periods not covered by

The Resource Center at 1-877-511-4377 should be

Company records or for the time before you

notified of any Social Security disability award or other

began working for the Company. The calculation

available information verifying your Social Security

assumes that your prior earnings had increased

benefit so that figure can be used as the basis of your

at a rate of 6% per year. If this assumption is not

Primary Social Security Amount.

accurate in your case, it may result in a higher amount being subtracted from your pension calculation than would actually be payable to you by Social Security at retirement age.

7

VESTING Vesting means you have a non-forfeitable right

years of Service and have not reached age

to a Pension Plan benefit even if you leave the

65, you will not be vested and will not be

Company. You are vested when:

entitled to a

• You complete five years of Service with the Company, or • You reach your Normal Retirement Date (age

benefit from the Pension Plan. If this happens, you will be deemed to have received the cash value of your unvested benefit, which is zero. Therefore, you will not

65) and have at least one year of Service with

retain any Credited Service in the Plan. However, this

the Company.

Credited Service may be restored if you are rehired (see “If You Are Rehired”).

Service for vesting includes service under the HOVENSA Employees’ Pension Plan, service for

If you were a member of and contributed to the Prior

an affiliated company (as described above under

Pension Plan, you are fully vested in the benefits

“Credited Service”), and service during which

attributable to your contributions. If your employment

you participate in another pension plan and are

terminates, you may withdraw your contributions plus

therefore not eligible to participate in this

credited interest at any time before your Normal

Pension Plan.

Retirement Date. However, in that case, you will lose benefits relating to credited service earned under the

If you leave the Company before completing five

Prior Pension Plan.

8

RETIREMENT NORMAL RETIREMENT

12). Different rules regarding early

Normal retirement is on your 65th birthday.

retirement apply to those with Merit and

However, if you continue to work after age 65,

Triton accrued benefits.

you will continue to accrue additional pension benefits. Your pension will not begin until you

Please see “Retiree Medical Benefits” later in this

actually retire, but you will receive a higher

section for details on medical plan eligibility.

benefit based on additional years of Credited Service.

DISABILITY RETIREMENT You may be eligible for a Disability Retirement if you

EARLY RETIREMENT

become totally and permanently disabled while

You may elect early retirement on the first day of

working for the Company, have ten years of Service,

any month after you reach age 55 if you have

and

completed at least 10 years of Service (“Early

• you are at least age 55 when you become disabled

Retirement”).

and you have completed 6 months of continuous

• If you retire and elect to begin receiving

service, or

benefits before age 60, you will receive a reduced benefit because it is expected that

• you receive a Social Security Disability award that is effective before employment terminates.

your benefits will be paid to you over a longer period of time. • If you wait until age 60 before starting to

You are considered totally and permanently disabled under the Pension Plan if you are unable to perform

receive pension benefits, you will receive your

any substantial gainful activity for the Company due to

full benefit without reduction.

a physical or mental impairment from which you are

• If you are vested and terminate your employment before the month that you reach

not expected to recover and which has not arisen out of your own misconduct.

age 55, different reductions apply (see page

9

(This definition is different from the definition of

be reduced by any pension benefit you receive (to a

disability under the Long Term Disability

minimum LTD payment of $100 per month).

Insurance Plan.) The disability of any Pension Plan member is determined by the Plan

In addition, your LTD benefit is not taxable income to

Administrator.

you, while your pension benefit is subject to income tax upon receipt. Therefore, requesting your pension

If you are eligible for a Disability Retirement, the

benefits when your disability retirement begins may not

following two options are available:

increase your monthly payments, and may result in

• You can defer receiving your disability

higher taxes. Because each individual’s situation is

retirement benefit. If you decide to elect this

different, you may want to consult with a financial

option, you will continue to earn a retirement

advisor before deciding to request pension payments.

benefit for each year you are disabled. Your retirement benefit will be based on your Final

Please see ”Retiree Medical Benefits” later in this

Average Compensation at the time you

section for details on medical plan eligibility.

became eligible for disability retirement but will include all Credited Service until the earliest of

DEFERRED RETIREMENT

age 65, your recovery or the date your benefit

If you have at least 10 years of Service, you can retire

begins. In this way, you will receive a higher

between the ages of 55 and 64 but defer receipt of

pension benefit. If you have elected coverage

your benefits until a later date.

under the Long Term Disability Insurance Plan (“LTD”), this allows you to receive full income protection through your LTD benefits until you recover or pension benefits begin. • You can begin receiving retirement benefits on the first day of the month following the month in which you become eligible for Disability Retirement or any future month as long as you remain disabled. There is no reduction for early payment of benefits due to disability. However, you will not earn additional pension benefits once your pension begins. Merit has different disability rules. For example, Former Merit only employees (who never worked for Hess) have to wait until age 65 to commence their disability pension.

If you have LTD coverage, it is important to understand the impact your pension benefit will have on your LTD benefits. Your LTD benefit will

10

\Please see "Retiree Medical Benefits" later in this section for details on medical plan eligibility.

Note: Generally, your benefits must begin by April 1st of the calendar year following the later of (i) the calendar year in which you reach age seventy and one-half (701⁄2) or (ii) the calendar year in which you terminate employment. If you remain employed by the Company following the calendar year in which you reach age seventy and one-half (701⁄2), your retirement benefit will be actuarially increased in accordance with applicable law. However, if you are a 5% shareholder of the Company, your benefits must begin by the April 1st of the calendar year following the calendar year in which you reach age seventy and one-half (701⁄2), regardless of whether you are still employed.

11

RETIREE MEDICAL BENEFITS RETIREE MEDICAL BENEFITS

retirement or deferred retirement, and you are

If you are currently enrolled in the medical plan under

currently covered under the Medical Benefit Plan, you

the Hess Corporation Health and Welfare Plan for

and your enrolled eligible dependents who were

Non-Hourly Employees (the “Medical Benefit Plan”),

enrolled in the Medical Benefit Plan at your retirement

you and your eligible dependents may be able to

will be automatically enrolled in the Health and

continue the same medical (including prescription

Welfare Plan for Retired Employees (the “Retiree

drug and vision benefits) and dental benefits under

Medical Plan”) following the end of your employment.

COBRA following the end of your employment.

No new dependents may be added unless you elect

COBRA coverage is a continuation of coverage under

COBRA. For purposes of receiving benefits under the

the Medical Benefit Plan when coverage would

Retiree Medical Plan, “retire” means that you are not

otherwise end due to a life event known as a

employed by the Company or any other employer.

qualifying life event. You, your spouse, your same sex or opposite sex domestic partner and the children

The Company will debit your pension check by the

of your domestic partner covered under the Medical

amounts that you must contribute to the cost of your

Benefit Plan could become qualified beneficiaries if

coverage or via direct billing. Your date of enrollment

you lose coverage due to a qualifying life event –

in the Retiree Medical Plan will be your retirement

such as normal retirement, early retirement, disability

date.

retirement and deferred retirement. Each qualified beneficiary has an independent right to elect COBRA

Please refer to the Retiree Medical Plan Summary

coverage. You may elect COBRA coverage on behalf

Plan Description for the terms and conditions of the

of your spouse or domestic partner; parents may elect

Retiree Medical Plan, including a description of

coverage on behalf of their children; and you or your

covered benefits, limitations and exclusions,

spouse or domestic partner may elect coverage on

coordination of benefits, subrogation, claims

behalf of all qualified beneficiaries. If you timely elect

procedures, pre-certification and a description of the

COBRA coverage, you will receive the same medical

right of the Company to change the terms and/or

(including prescription drug and vision benefits) and

amount of coverage under the Retiree Medical Plan.

dental benefits available to active employees. You

To verify whether or not you are eligible for medical

generally will be required to pay 102% of the

coverage, please contact The Resource Center at 1-

coverage being continued.

877-511-4377, Monday through Friday 8 a.m. to 8 p.m. EST.

Alternatively, if you have reached age 55 and completed at least 10 years of Service and retire due to normal retirement, early retirement, disability

12

CALCULATING BENEFITS BENEFIT AT NORMAL RETIREMENT AGE

as of January 2007. Social Security benefits are

In the following example, Bob Edwards’ pension

subject to change in future years. Accordingly, the

benefit is calculated according to the formula on

Pension Plan benefit calculation in the example would

page 5. Bob is retiring at age 65 and has 25

be different if this employee was retiring at age 65 in

years of Credited Service. Bob’s current annual

some future year.

Compensation is $43,940, his Final Average Compensation is $41,500, and his Primary

BENEFIT AT EARLY RETIREMENT

Social Security Amount is $16,130 per year

Your Early Retirement pension is calculated by

(based on the law in effect on January 1, 2007).

applying the Pension Plan formula as shown previously. The Pension Plan formula reflects benefits

The Calculation

payable at age 65. However, it is based on your

Step 1.

Credited Service and Final Average Compensation as

1.6% x $41,500 (Final Average Compensation) = $664

of the date of your Early Retirement. Your full benefit is payable at age 65, or you can receive a reduced

Step 2.

benefit earlier. The Early Retirement amounts will be

$664 (Step 1) x 25 (years of Credited Service)

based on your age and Service at Early Retirement.

= $16,600

(In determining your Primary Social Security Amount

Step 3.

used in the calculation of your benefit, you are

1.5% x $16,130 (Primary Social Security Amount)

assumed to have no future earnings through age 65.)

= $242 Step 4.

If you choose to begin receiving your benefit before

$242 (Step 3) x 25 (Credited Service) = $6,050

age 65 (60 if you retire from active employment on or

Step 5.

after age 55 with 10 or more years of service), your

$16,600 (Step 2) – $6,050 (Step 4) = $10,550

benefit will be reduced depending on your age. In each of the tables shown in the following examples, the

Bob’s annual retirement benefit payable at age

reduction is calculated based on your attained age in

65 in the form of a life annuity would be $10,550,

years and months when your payments begin.

which is $879.17 per month.

Different rules regarding early retirement apply to those with Merit and Triton accrued benefits.

The Primary Social Security Amount used in the above example is an estimate determined

13

BENEFIT WHEN RETIRING EARLY FROM

EARLY RETIREMENT BENEFIT FOR TERMINATION

ACTIVE EMPLOYMENT

OF EMPLOYMENT BEFORE AGE 55

If you retire from active employment after

If you leave the Company prior to age 55 and you have

attaining age 55 (or if you terminate employment

at least 25 years of Service, the reduction in your

in the month you reach age 55) and completing

benefit is determined according to the following

10 years of service, the following applies to you:

schedule:

If benefits begin at age:

You receive this %* of your age 65 benefit:

If benefits begin At ate:

You receive this %* of your age 65 benefit:

60 and older

100%

64

97%

59

95%

63

94%

58

90%

62

91%

57

85%

61

88%

56

80%

60

85%

55

75%

59

78%

58

71%

57

64%

56

57%

55

50%

* Note that the percentage will be adjusted to include partial months of age.

For example, assume you retire at age 55 with at least 10 years of Service and have earned a benefit of $15,000 per year ($1,250/month) payable at age 65. If you elect to begin Pension

* Note that the percentage will be adjusted to include partial months of age.

Plan benefit payments at: • Age 55, you’ll receive 75% of your benefit: $11,250 ($937.50/month). • Age 57, you’ll receive 85% of your benefit: $12,750/year ($1,062.50/month). • Age 60, you’ll receive 100% of your benefit: $15,000/year ($1,250.00/month).

Again assuming an annual benefit of $15,000 ($1,250/month) payable at age 65, if you elect to begin Pension Plan benefit payments at: • Age 55, you’ll receive 50% of your benefit: $7,500/year ($625.00/month). • Age 64, you’ll receive 97% of your benefit: $14,550/year ($1,212.50/month).

In this case, you should request that payments begin no later than age 60, because the amount payable after age 60 will not be greater if you wait longer.

14

If you leave the Company prior to age 55 with 10

retirement benefit. A Disability Retirement benefit is

years of Service but less than 25 years of

paid as a life annuity if you are single and as a 50%

Service and elect to begin receiving benefits

Joint and Survivor Annuity if you are married. There is

before age 65, your benefits are actuarially

no reduction for early commencement of benefit

reduced as shown below:

payments. After you are disabled you may choose to begin receiving benefits as soon as you are eligible or

If benefits begin at age:

You receive this %* of your age 65 benefit:

64

91.74%

benefit on the first day of the month following the later

63

84.33%

of (i) your attainment of age 65, (ii) the 10th

62

77.66%

anniversary of your participation in the Plan or (iii) the

61

71.65%

date specified in an election but no later than your

60

66.22%

attainment of age 70, unless you elect a later

59

61.29%

distribution date (subject to minimum required

58

56.81%

distribution rules under the Internal Revenue Code).

57

52.74%

56

49.01%

MINIMUM BENEFIT

55

45.61%

If you are an employee of the Company on or after

on the first day of any future month before your 65th birthday. However, you must commence receiving

January 1, 2005 and you are not a highly * Note that the percentage will be adjusted to include partial months of age.

Again, assuming an annual benefit of $15,000 ($1,250/month) payable at age 65, if you elect to begin Pension Plan benefit payments at: • Age 55, you’ll receive 45.61% of your benefit: $6,841.50/ year ($570.13/month). • Age 64, you’ll receive 91.74% of your benefit: $13,761.00/year ($1,146.75/month). DISABILITY RETIREMENT BENEFITS If you are eligible for disability retirement benefits, your monthly benefit under the Pension

compensated employee as determined under the Internal Revenue Code, then the pension benefit you receive will not be less than 6% of your Final Average Compensation, payable at age 65. Generally, you are a highly compensation employee if, during the prior calendar year, you either were a 5% owner of the Company or you received compensation over the limit set by the Internal Revenue Code ($115,000 in 2012). This minimum benefit provision does not apply to you if you are an employee of HOVENSA, a member of the Merit Plan or if assets and liabilities for benefits have been transferred to the Pension Plan from another plan on your behalf.

Plan is calculated using the same formula as your normal

15

PAYMENT The Pension Plan’s normal form of payment

OPTIONAL FORMS OF PAYMENT

depends on whether you are single or married

You may select one of the following optional forms of

when you retire. Your pension benefit

payment instead of your normal form. However, if you

automatically will be made under the normal

are married when you retire, your spouse must

form that applies to you unless you elect an

consent to your election in writing if you elect an

optional payment form. Normally, you will be

optional benefit other than a 66 2/3, 75% or 100% joint

given an explanation of the normal form of

and survivor annuity payable to your spouse. The

payment and of your opportunity to elect an

consent must be submitted with your spouse’s

optional form of payment about three months

notarized signature no earlier than 90 days before the

before you retire. To help you make your benefit

start of benefit payments. Your election cannot be

decision, you will be advised of the effect that

changed once benefits begin.

the various options have on the benefit you will receive.

Life Annuity This is the same as the normal form of payment for a

NORMAL FORMS OF PAYMENT

single person. It provides monthly benefits during your

Life Annuity

lifetime only, with no benefits payable to anyone else

If you are single when benefits begin, the normal

after your death.

form of payment is a life annuity which provides monthly payments for your lifetime. When you

50%, 662⁄3%, 75% or 100% Joint and Survivor

die, no further benefits are payable.

Options These options provide reduced monthly benefits during

Qualified Joint and Survivor Annuity

your lifetime so that after your death your designated

If you are married when your benefits begin, the

beneficiary receives, for the rest of his or her life, a

normal form of payment is a Qualified Joint and

monthly benefit equal to the percentage of the reduced

Survivor Annuity. This form reduces the regular

monthly benefit you chose. The larger the benefit

Life Annuity amount and pays you a reduced

payment to the survivor the greater the reduction in

benefit during your lifetime so that when you die

your benefit.

your surviving spouse will receive 50 percent of the benefit you were receiving for the rest of his

Life Pension Period Certain Option (Five or Ten

or her life. The amount of the reduction in your

Years)

benefit depends on actuarial factors based on the ages of you and your spouse.

This payment option provides actuarially reduced monthly benefits for your lifetime. However, payments

If you have a Merit or Triton Plan accrued

are guaranteed for either five or ten years, based on

benefit, the Normal Form of Payment for these

your election. That means that if you die before

accrued benefits is the 100% Joint and Survivor

receiving all your guaranteed payments, your

Annuity.

beneficiary will be paid the same amount you were receiving for the remainder of the

16

guaranteed period. After all the guaranteed payments are made, payments to your beneficiary will stop. The longer the guaranteed period, the greater the reduction in your benefit.

Those with a Merit accrued benefit have additional payment options including 25% J&S and a 15 Year Life and Period Certain in addition to all of the options mentioned above. Those with a Triton accrued benefit have the options of a single life annuity, 50% J&S, 75% J&S, and 100% J&S.

17

LUMP SUM PAYMENTS If you are vested and the present value of your

Retire or After Age 65”). You can generally roll over a

benefit under the Pension Plan is $1,000 or less

lump sum payment from this Plan into an Individual

when you leave the Company, the Plan

Retirement Account (IRA), traditional or Roth, or

automatically will pay your pension benefit in a

another eligible retirement plan.

single lump sum without your consent. If the present value of your benefit is greater than

If you die before retirement and the present value of

$1,000 but less than $5,000, then your benefit

the survivor benefit is $5,000 or less, a lump sum

will be paid in the form of a single lump sum, but

payment will be paid to your spouse or named

it will not be paid prior to age 65 without your

beneficiary at your death.

consent. The lump sum also will include, if applicable, the present value of the $2,500 death benefit (see “If You Die After You

18

APPLYING FOR BENEFITS About six months before you want benefits to

not earlier than 7 days after you receive a written

begin, you should request an estimate of your

notice from The Resource Center that includes an

monthly benefit amounts by:

explanation of the terms and conditions of the joint and

• Active employees or employees separated

survivor annuity, provided certain conditions are met. It

after December 26th, 2009 — calling The

is important to be aware that tax laws change from

Resource Center at 1-877-511-4377 or you

time to time and may be quite complex. It will be to

can calculate estimates online at

your advantage to consult a tax advisor before

www.HessResourceCenter.com.

deciding which payment option best meets your

• Employees separated before December

financial needs.

26th, 2009 — calling The Benefits Center at 1877-511-4377 or you can calculate estimates

Generally, you can change your payment election at

online at www.MyHessBenefits.com.

any time before benefits begin. Once benefits begin, you may not change your payment election.

You will receive a retirement package providing estimates under each payment option available

BENEFIT COMMENCEMENT

to you. This can help you decide how and when

If you are working for the Company when you request

to receive your benefit.

retirement, pension benefits are effective on the first day of the month following the termination date of your

Then, within 90 days before your last day of

employment. However, if your documents are not

work, complete and submit the retirement benefit

submitted timely, actual receipt of your first pension

election form which is available from The

check will not be on the date of your retirement. You

Resource Center. You should indicate on the

will receive a retroactive payment for any missed

form the payment option you want and the date

months as long as your pension payment starting date

you want payments to start. If you are married,

is not delayed for more than 12 months (unless it is

certain elections require your spouse’s written

caused by administrative delay). Thereafter, you will

consent.

receive monthly checks or, if you elect direct deposit, a monthly statement directly from the Plan Trustee.

Submit the election form and any required documents to The Resource Center for review

Since final earnings and time worked may not be

and processing. To reduce the possibility of

immediately available prior to your last day of work,

receiving your first pension payment later than

actual receipt of your first pension payment may be

the month following your retirement, you should

estimated. After your final earnings and time worked

submit the required paperwork at least 60 days

have been determined, your pension will be adjusted

in advance.

retroactively to your retirement date.

In general, the form must be submitted within the 30 to 90 day period prior to the date your benefits are scheduled to begin. You may elect to receive your retirement benefits earlier than 30 days but

19

SOCIAL SECURITY BENEFITS Social Security benefits are paid to you in addition to your Pension Plan benefit. Full Social Security benefits start between ages 65 and 67, depending on the year you were born. You also may request to receive Social Security benefits as early as age 62; however, these benefits will be reduced for early payment. Social Security benefits also are payable in case of your total and permanent disability. You must apply to receive Social Security benefits. They are not paid automatically. Contact your local Social Security office about three months before you want your benefits to begin. You also can request an estimate of your benefits by calling the Social Security Administration at 1-800772-1213.

20

IF YOU DIE BEFORE YOU RETIRE If you are vested and you die before benefits

Payments begin on the first day of the month in which

begin, the Pension Plan provides a benefit to

you would have reached age 55. If you die before

your surviving spouse or named beneficiary.

retirement and the present value of the survivor benefit

This applies even if you are not employed by the

is $5,000 or less, a lump sum payment will be paid to

Company at the time of your death.

your spouse or named beneficiary at your death.

Under this provision, your spouse or named

A surviving spouse or named beneficiary who is

beneficiary receives a lifetime income under the

eligible for a Merit or Triton accrued benefit would be

Pension Plan, depending on your age when you

entitled to the 100% Joint and Survivor Annuity option.

die. If you were a member of the Prior Pension Plan, but • If you die before you attain age 65, and at the

are not yet eligible for Early Retirement, your

time of your death you are age 55 or older and

beneficiary will receive a lump sum payment equal to

have completed five years of service, the

your required contributions under the Prior Pension

benefit is determined as if you retired with a

Plan, plus the credited interest on that amount to the

Qualified Joint and Survivor Annuity the day

date of death.

before you died. Your surviving spouse or named beneficiary will receive a payment

The Resource Center should be notified so the

equal to 50% of the reduced amount you

appropriate paperwork can be sent to your surviving

would have received. Payments will begin on

spouse or named beneficiary.

the first day of the month following your death. To obtain a beneficiary designation form: • If you are under age 55 at the time of your death and completed 5 years of service, the

• Active employees or employees separated after

benefit is determined as if:

December 26th, 2009 — visit The Resource Center

— your employment had terminated on the

online at www.HessResourceCenter.com or call 1-

day you died,

877-511-4377, Option 1.

— you survived until age 55,

•

— then retired with a Qualified Joint and

26th, 2009 — visit The Benefits Center online at

Survivor Annuity, and — died the next day.

Employees separated before December

www.MyHessBenefits.com or call 1-877-511-4377, Option 1.If you are married and wish to designate a beneficiary other than your spouse, your spouse must consent to your designation in writing and that consent must be notarized.

21

IF YOU DIE AFTER YOU RETIRE OR AFTER AGE 65 If you retire and begin receiving benefits under a

amount of the Pension Plan benefits paid to you and to

payment option that pays a benefit to your

your surviving spouse, other joint annuitant or period

surviving spouse, other joint annuitant or

certain beneficiary at the time monthly payments end,

beneficiary, pension benefits will be paid to that

is less than the total amount of required contributions

person when you die.

you made under the Prior Pension Plan, plus credited interest on the amount of required contributions you

The Pension Plan provides a lump sum death

made under the Prior Pension Plan (not previously

benefit of $2,500 to your beneficiary if you die

withdrawn) to the date your pension commenced. In

after you retire from active service and at

such event, your beneficiary will receive the difference

Normal, Early or Disability Retirement Date. This

between this total and the total monthly benefits paid.

payment is also made if you die after age 65 and have not yet retired.

The person designated as the beneficiary or joint annuitant for pension does not have to be the same

If your pension is being paid in a form that

individual for the $2,500 death benefit as long as your

provides for payments after your death, the

spouse consents. Also, you can elect more than one

person you designate to be your beneficiary or

primary and contingent beneficiary for the $2,500

the joint annuitant for that payment option also

death benefit at retirement.

will be your beneficiary for the $2,500 lump sum death benefit. If that beneficiary or joint annuitant

Former Merit and Triton employees who never worked

predeceases you or you are receiving a life

for Hess are not eligible for the $2,500 death benefit.

annuity, you may designate another person as your beneficiary for the $2,500 death benefit.

Your beneficiary also may receive a lump sum payment if you were a member of the Prior Pension Plan. This benefit will be paid if the total

22

IF YOU ARE REHIRED If you leave the Company and are later rehired,

2. If you are rehired with a Break in Service (and

certain rules determine what happens to your

were not a vested member of the Pension Plan

participation, service and benefits under the

before your Break in Service):

Pension Plan depending on the following:

This means that before working long enough to earn a vested benefit you worked for the Company 500 or

BREAK IN SERVICE

fewer hours in one or more of the years beginning with

A Break in Service occurs if you work 500 or

your original employment date and each anniversary of

fewer hours in an anniversary year. If you work

that date.

less than 1,000 hours but more than 500 in an

If your Break in Service equals or exceeds the greater

anniversary year, you remain a Pension Plan

of five years or the total number of your years of

participant, but do not earn a Year of Service for

Service before your Break in Service:

that year for purposes of vesting but you may

• You will receive no credit for your Service prior to

earn Credited Service for purposes of benefit accruals. In determining whether a Break in

your Break in Service. • You will be eligible for reinstatement in the Pension

Service has occurred, up to 501 hours will be

Plan after you complete one year of Service

counted for an absence due to pregnancy,

following your rehire date.

childbirth or adoption. If your Break in Service is less than the greater of five 1. If you are rehired without a Break in

years or the total number of your years of Service

Service: This means you worked for the

before your Break in Service:

Company more than 500 hours in each year you

• You will be eligible for immediate reinstatement

were employed beginning with your original

upon your date of rehire.

employment date and each anniversary of that date.

3. If you are rehired after a Break in Service and

• You will be eligible for continued participation

were a vested member of the Pension Plan before

or immediate reinstatement in the Pension

your Break in Service:

Plan and will receive vesting credit for your

You will be eligible for immediate reinstatement in the

prior Service to the extent you earned a year

Pension Plan and will receive vesting credit for your

of Service, but not for the Break in Service

prior Service following the completion of one hour of

period.

Service.

23

4. If you are rehired and you were not eligible for the Pension Plan before and if you meet the requirements of 1, and are not subject to 2, your prior Service will count toward the one year of Service required for eligibility in the Pension Plan.

For purposes of determiningyears of Service, Credited Service and Breaks in Service, periods of employment with HOVENSA immediately before or after employment by the Company will be treated as employment by the Company.

The rules regarding a Break in Service can be complicated. If you have any questions, please contact The Resource Center.

24

REHIRED RETIREES If you are receiving Pension Plan benefits and return to active employment and complete at least 40 hours per month, your benefit payments will be suspended.

When you retire again, your suspended benefit will be restored and adjusted to account for benefit amounts earned during your additional years of Service.

25

FUNDING The Company pays the entire cost of the Plan. There is no cost to you to be eligible to receive benefits from the Plan. The Company’s contributions to the Plan, which are actuarially determined, are paid out of the Company’s general assets and placed in a fund held by a trustee. The money is invested by the trustee or the investment managers and is used to provide benefit for Plan members and their beneficiaries.

26

FEDERAL INCOME TAXES Under current federal income tax law, your

withheld unless directly rolled over (as opposed to

retirement benefits are not taxable while they

distributed and then “rolled over”) to an IRA or other

accumulate in the Plan. However, unless you

eligible retirement plan. The Resource Center will give

elect otherwise at retirement, federal income

you written notice explaining: (i) your right to a direct

taxes will be withheld from your benefit

rollover of all or a portion of your distribution and (ii)

depending on the form of such benefit unless

the application of the mandatory twenty percent (20%)

you make a direct rollover (lump sum

withholding tax to portions of the distribution that are

distributions only) to an individual retirement

not directly rolled over. Please consult your tax advisor

account (“IRA”) or other eligible retirement plan.

in order to fully understand the tax consequences of

Depending on your place of residence, state and

any Plan distribution.

local income taxes may be withheld as well. You may also elect voluntary withholding. There are

This discussion is based on current law, which could

certain tax penalties if you withdraw your

change in a manner that would affect the tax

retirement benefits early. Regardless of whether

consequences described in this SPD, possibly with

you elect to have federal income taxes withheld,

retroactive effect. This discussion is merely a summary

you will still be responsible for payment of such

and does not purport to address all aspects of federal

taxes.

taxation that may be relevant to you. You are urged to consult with your personal tax or financial advisor.

If any distribution that you receive is an eligible rollover distribution, the tax law requires that twenty percent (20%) of your distribution must be

27

ASSIGNMENT OF BENEFITS You are not allowed to assign benefits to which you are entitled under the Pension Plan to satisfy a debt. Creditors also are not allowed to reach your benefits or interest in the assets of the Pension Plan, except as may be permitted by the law, such as in the case of a Qualified Domestic Relations Order that requires payments to a dependent or former spouse as discussed on the following page.

28

QUALIFIED DOMESTIC RELATIONS ORDERS A Qualified Domestic Relations Order (“QDRO”)

Earlier QDROs take precedence over subsequent

is a judgment, decree or order made by a court

QDROs.

under a state domestic relations law as a result of divorce or other circumstances, which assigns

You or your beneficiaries may obtain, without charge,

a portion of the benefits payable to a participant

a copy of the Pension Plan’s QDRO procedures from

under a qualified plan to your spouse, former

The Resource Center.

spouse, child or other dependent (“alternate payee”). If a domestic relations order is received, the Plan administrator will review the order and the participant and the alternate payee will be promptly notified of the status of the order.

29

PENSION BENEFIT GUARANTY CORPORATION COVERAGE Your pension benefits under the Pension Plan

that stop when you become eligible for Social Security)

are insured by the Pension Benefit Guaranty

that result in an early retirement monthly benefit

Corporation (“PBGC”), a federal insurance

greater than your monthly benefit at the plan’s normal

agency. If the Pension Plan terminates (ends)

retirement age; and (6) non-pension benefits, such as

without enough money to pay all benefits, the

health insurance, life insurance, certain death benefits,

PBGC will step in to pay pension benefits. Most

vacation pay, and severance pay.

people receive all of the pension benefits they would have received under their plan, but some

Even if certain of your benefits are not guaranteed, you

people may lose certain benefits.

still may receive some of those benefits from the PBGC depending on how much money your plan has

The PBGC guarantee generally covers: (1)

and on how much the PBGC collects from employers.

normal and early retirement benefits; (2) disability benefits if you become disabled before

For more information about the PBGC and the benefits

the plan terminates; and (3) certain benefits for

it guarantees, ask The Resource Center or contact the

your survivors.

PBGC’s Technical Assistance Division, 1200 K Street, N.W., Suite 930, Washington, D.C. 20005-4026 or call

The PBGC guarantee generally does not cover:

202-326-4000 (not a toll-free number). TTY/TDD users may call the federal relay service toll-free at 1-800-

(1) benefits greater than the maximum

877-8339 and ask to be connected to 202-326-4000.

guaranteed amount set by law for the year in

Additional information about the PBGC’s pension

which the plan terminates; (2) some or all of

insurance program is available through the PBGC’s

benefit increases and new benefits based on

website on the internet at www.pbgc.gov.

plan provisions that have been in place for fewer than 5 years at the time the plan terminates; (3) benefits that are not vested because you have not worked long enough for the company; (4) benefits for which you have not met all of the requirements at the time the plan terminates; (5) certain early retirement payments (such as supplemental benefits

30

IF THE PLAN IS AMENDED OR TERMINATED Hess Corporation expects to continue the

The Pension Plan cannot be orally amended. All oral

Pension Plan indefinitely. However, it reserves

statements and representations shall be without force

the right to amend, modify, or terminate the

or effect even if such statements and representations

Pension Plan at any time, and to any extent.

are made by the Plan Administrator, by an employee of Hess Corporation or a participating company, or by

If the Pension Plan is terminated, the Pension

any member of the applicable committees of the

Plan’s available assets will be allocated to

Pension Plan. Only written statements by the

benefit categories as prescribed by the Pension

Employee Benefit Plans Committee as Plan

Benefit Guaranty Corporation. Certain Benefits

Administrator of the Pension Plan may bind the

under the Plan are insured by the PBGC.

Pension Plan.

31

CLAIMS PROCEDURES If you believe you are entitled to a benefit under the Pension Plan, you or your authorized representative acting on your behalf may make a

• The procedure and time limits for appealing the denial of your claim. • A statement of the claimant’s right to bring a civil

claim for benefits. Your claim for benefits must

action under section 502(a) of ERISA following

be in accordance with the procedures

adverse determination on review.

established by the Plan Administrator. Within 90 days after receiving the claim (or within 45 days

If you believe that you still have a right to a claim for

if the claim involves a determination of your

benefits after your initial claim has been denied in

disability), the Plan Administrator will review your

whole or in part, you or your authorized representative

claim and notify you of its decision. If the Plan

may appeal to the Plan Administrator within 60 days of

Administrator determines that more time is

the date on which you received the written benefit

needed to properly review your claim, you will

denial (within 180 days if the claim involves a

receive a written notice before the end of the

determination your disability). Your appeal must be in

initial 90 day review period that will tell you the

accordance with procedures established by the Plan

reasons why the extension is necessary and the

Administrator. If you fail to file a timely appeal, your

date by which the Plan Administrator expects to

claim will be permanently denied. You or your

complete the review and make a decision. The

authorized representative may receive, upon request

extension of the review period may not last more

and free of charge, copies of all documents, records

than 180 days from the day the Plan

and other information that is considered relevant to

Administrator received your original claim for

your claim under the law. You or your authorized

benefits. If the claim involves a determination of

representative may submit to the Plan Administrator

your disability, the Plan Administrator may

written comments, documents, records or other

extend the review period for two additional 30-

information in support of your claim. The Plan

day periods (for a maximum review period of 105

Administrator will review the appeal taking into account

days).

all materials which you or your representative have submitted, whether or not the information was part of

If all or a portion of your claim for benefits is

your original claim.

denied, you will be notified in writing of the specific reasons for the denial. A benefit denial

The Plan Administrator will notify you in writing of its

notice will tell you:

decision on the appeal of your claim within 60 days of

• The specific reason or reasons your claim was

receipt of the appeal unless the Plan Administrator

denied, • The Plan provisions on which the denial is

determines that more time is needed (within 45 days if the claim involves

based • Additional information or material required and why it is necessary in order for your claim to be considered, and

32

a determination your disability). If the Plan

A claim appeal denial notice will tell you:

Administrator determines that more time is

• The specific reason or reasons for the decision, with

needed to properly review your appeal, you will

references to the specific Plan provisions on which

receive a written notice before the end of the

the determination is based;

initial 60 day review period that will tell you the

• A statement that the Claimant is entitled to receive,

reasons why the extension is necessary and the

upon request and free of charge, reasonable access

date by which the Plan Administrator expects to

to, and copies of, all documents, records and other

complete the review and make a decision. The

information relevant to the claim; and

extension of the appeal review period may not last more than 120 days from the day the Plan

• A statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA.

Administrator receives your appeal (more than 90 days if the claim involves a determination

Any review of a claim involving a determination of your

your disability).

disability will not afford deference to the initial disability decision and will not be determined by any individual

If the extension is required due to the Claimant’s

who made the initial adverse determination or the

failure to submit information necessary to decide

subordinate of the individual.

the claim, the period for making the determination shall be tolled from the date on

You must exhaust the applicable claims procedures

which the extension notice is sent to the

described in this SPD before taking action in any other

Claimant until the earlier of (i) the date on which

forum regarding a claim for benefits under the Pension

the Claimant responds to the Plan’s request for

Plan. If you do not file an initial claim for benefits or an

information, or (ii) expiration of the forty-five (45)

appeal within the time periods specified under the

day period commencing on the date that the

applicable claims procedures, you will have

Claimant is notified that the requested additional

permanently waived and abandoned your claim, and

information must be provided. If notice of the

your claim shall be precluded.

denial of a claim is not furnished within the required time period described herein, the claim shall be deemed denied as of the last day of such period.

The Plan Administrator may hold a hearing regarding the claim and require the Claimant to attend. If a hearing is held, the Claimant shall be entitled to be represented by counsel.

If your appeal is denied, you will be notified in writing of the specific reasons for the denial.

33

Any suit or legal action initiated by a claimant under the Pension Plan must be brought by the claimant no later than one year following a final decision on the claim for benefits under these claims procedures. The one-year statute of limitations on suits for benefits applies in any forum where a claimant initiates such suit or legal action. If a civil action is not filed within this period, the claimant’s benefit claim is deemed permanently waived and abandoned.

If you have any questions about the claim and appeal procedures contact the Plan Administrator. The Employee Benefits Plans Committee is the Plan Administrator. The Plan Administrator has the sole and absolute discretionary authority to interpret the terms and provisions of the Pension Plan, and its judgments will be final and binding on all parties.

If a person claiming benefits under the Pension Plan makes a false statement that is material to such person’s claim for benefits, the Plan Administrator may adjust the benefits payable to the person or require that the payments be returned to the Pension Plan, or take any other action as the Plan Administrator deems reasonable. If you fail to comply with a request by the Plan Administrator for information or proof within a reasonable period of time, payment of any benefits that are due to you may be delayed until such information or proof is received by the Plan Administrator.

34

ADMINISTRATIVE INFORMATION This section provides important legal and

absolute discretionary authority to interpret the terms

administrative information regarding the Pension

and provisions of the Pension Plan, and its judgments

Plan and your legal rights with respect to the

will be final and binding on all parties. The Plan

Pension Plan. It is important that you understand

Administrator may delegate such authority to another

your rights as a participant in the Pension Plan,

person or persons.

so please review these provision carefully. PLAN ADMINISTRATOR PLAN NAME

Hess Corporation Employee Benefit

Hess Corporation Employees’ Pension Plan

Plans Committee c/o Hess Corporation

NAME AND ADDRESS OF SPONSOR

One Hess Plaza

Hess Corporation

Woodbridge, NJ 07095

1185 Avenue of the Americas

732-750-6000

New York, NY 10036 AGENT FOR SERVICE OF LEGAL PROCESS Note that other employers which are subsidiaries

Hess Corporation Employee Benefit

or affiliates of Hess Corporation may also

Plans Committee

participate in the Pension Plan. This Pension

c/o Hess Corporation

Plan may be maintained pursuant to one or

One Hess Plaza

more collective bargaining agreements. A

Woodbridge, NJ 07095

complete list of such employers and a list of collective bargaining agreements is available

Legal process may be made upon the Plan trustee or

upon written request to the Plan Administrator

Plan Administrator.

and is available for examination as described in the Statement of ERISA Rights on page 35.

PLAN TRUSTEE The Northern Trust Company

SPONSOR’S EIN

50 S. LaSalle Street

13-4921002

Chicago, IL 60603

PLAN IDENTIFICATION NUMBER

TYPE OF PLAN

333

Defined benefit

ADMINISTRATION OF PLAN

DATE OF PLAN YEAR END

The Employee Benefit Plans Committee is the

December 31

Plan Administrator. The Administrator has the sole and

35

STATEMENT OF ERISA RIGHTS As a participant in the Hess Corporation

under the Plan now. If you do not have a right to a

Employees’ Pension Plan, you are entitled to

pension, the statement will tell you how many more

certain rights and protections under the

years you have to work to get a right to a pension. This

Employee Retirement Income Security Act of

statement must be requested in writing and is not

1974 (“ERISA”). ERISA provides that all plan

required to be given more than once every twelve (12)

participants shall be entitled to:

months. The Plan must provide the statement free of charge.

RECEIVE INFORMATION ABOUT YOUR PLAN AND BENEFITS

PRUDENT ACTION BY PLAN FIDUCIARIES

• Examine, without charge, at the Plan

In addition to creating rights for plan participants,

Administrator’s office and at other specified

ERISA imposes duties upon the people who are

locations, such as worksites and union halls,

responsible for the operation of the employee benefit

all documents governing the Plan, including

plan. The people who operate your Plan, called

insurance contracts and collective bargaining

“fiduciaries” of the Plan, have a duty to do so prudently

agreements, and a copy of the latest annual

and in the interest of you and other Plan participants

report (Form 5500 Series) filed by the Plan

and beneficiaries. No one, including your employer,

with the U.S. Department of Labor and

your union, or any other person, may fire you or

available at the Public Disclosure Room of the

otherwise discriminate against you in any way to

Employee Benefits Security Administration.

prevent you from obtaining a pension benefit or

• Obtain, upon written request to the Plan

exercising your rights under ERISA.

Administrator, copies of documents governing the operation of the Plan, including insurance

ENFORCE YOUR RIGHTS

contracts and collective bargaining

If your claim for a pension is denied or ignored, in

agreements, and copies of the latest annual

whole or in part, you have a right to know why this was

report (Form 5500 Series) and summary plan

done, to obtain copies of documents relating to the

description. The Plan Administrator may make

decision without charge, and to appeal any denial, all

a reasonable charge for the copies.

within certain time schedules.

• Receive a summary of the Plan’s annual financial report. The Plan Administrator is

Under ERISA, there are steps you can take to enforce

required by law to furnish each participant with

the above rights. For instance, if you request a copy of

a copy of this summary annual report.

Plan documents or the latest annual report from the

• Obtain a statement telling you whether you have a right to receive a pension at normal

Plan and do not receive them within 30 days, you may file suit in Federal court.

retirement age (age 65) and if so, what your benefits would be at normal retirement age if you stop working

36

In such a case, the court may require the Plan Administrator to provide the materials and pay

ASSISTANCE WITH YOUR QUESTIONS

you up to $110 a day until you receive the

If you have any questions about your Plan, you should

materials, unless the materials were not sent

contact The Resource Center at 1-877-511-4377. If

because of reasons beyond the control of the

you have any questions about this statement or about

Plan Administrator. If you have a claim for

your rights under ERISA, or if you need assistance in

benefits which is denied or ignored, in whole or

obtaining documents from the Plan Administrator, you

in part, you may file suit in a state Federal

should contact the nearest office of the Employee

court, after exhausting the claims procedures

Benefits Security Administration, U.S. Department of

under the Plan. In addition, if you disagree with

Labor, listed in your telephone directory or the Division

the Plan’s decision or lack thereof concerning

of Technical Assistance and Inquiries, Employee

the qualified status of a domestic relations

Benefits Security Administration, U.S. Department of

order, you may file suit in Federal court. If it

Labor, 200 Constitution Avenue, N.W., Washington,

should happen that Plan fiduciaries misuse the

DC 20210. You may also obtain certain publications

Plan’s money, or if you are discriminated

about your rights and responsibilities under ERISA by

against for asserting your rights, you may seek

calling the publications hotline of the Employee

assistance from the U.S. Department of Labor,

Benefits Security Administration.

or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

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