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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 and 15(d) of
the Securities Exchange Act of 1934
February 6, 2008
Date of Report (Date of earliest event reported)
HESS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
13-4921002
Delaware 1-1204 (IRS Employer
State of Incorporation) (Commission File Number) Identification No.)
1185 Avenue of the Americas
New York, New York 10036
(Address of Principal Executive Office)
(212) 997-8500
(Registrant's Telephone Number, Including Area Code)
(Not Applicable)
(Former Name or Former Address,
If Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01. Entry into a Material Definitive Agreement
On February 6, 2008 the Compensation and Management Development Committee ("the
Committee") of Hess Corporation ("the Company") approved target cash bonuses for
the chief executive officer, chief financial officer and three most highly
compensated executive officers (other than the chief executive officer and chief
financial officer) of the Company for 2008. One-third of the bonus is payable
based upon attainment of a specified target level of a corporate performance
measure, one-third is based upon the attainment of specified business unit
metrics, and one-third is discretionary based on individual performance and
other qualitative factors. Payouts may range from 0% to 150% for each component
of the target bonus, based on the percentage of attainment of the corporate and
business unit performance measures and, with respect to the individual
performance component, the committee's determination of an appropriate amount.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Date: February 11, 2008
HESS CORPORATION
By: /s/ J. Barclay Collins II
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Name: J. Barclay Collins II
Title: Executive Vice President
and General Counsel