On January 21, 2015 Hess Corporation and certain of its wholly-owned subsidiaries entered into a five-year credit agreement with the lenders party thereto and JPMorgan Chase Bank, N.A. The Credit Agreement provides for the extension of credit to the company by the lenders thereunder in the form of committed revolving loans or uncommitted competitive loans, by the swingline lenders thereunder in the form of swingline loans and by issuing banks thereunder in the form of letters of credit in an aggregate amount of up to $4 billion. Borrowings under the Revolving Credit Facility bear interest at the applicable interest rates plus the applicable margins specified in the Credit Agreement, which generally vary based on the credit rating of the company's senior, unsecured, non-credit enhanced long-term debt. The revolving credit facility includes an accordion feature, pursuant to which the aggregate commitments may be increased by up to an additional $1 billion under certain circumstances.

The Credit Agreement expires on January 21, 2020, unless earlier terminated or extended in accordance with its terms. The credit agreement replaces the company's existing $4 billion five-year credit Agreement dated as of April 14, 2011, among the company, the subsidiaries party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A. which was terminated on the Effective Date. The company did not pay any prepayment penalties in connection with the termination of the 2011 credit agreement.