Hess (HES) 8-K Other Events

Exhibit 12.1

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)

	Six Months			YEARS ENDED DECEMBER 31,
	Ended
	June 30, 2010			2009			2008			2007			2006			2005
Earnings
Consolidated income from continuing operations before income taxes (a)	$	1,663		$	1,522		$	4,697		$	3,825		$	4,190		$	2,309
Plus: Fixed charges (excluding capitalized interest)		190			385			320			306			246			270
Amortization of capitalized interest		25			44			55			29			18			15
Distributed earnings of equity investees		4			5			83			310			410			279
Less: (Earnings) losses of Equity method investees		83			220			(96	)		(191	)		(205	)		(386	)
Noncontrolling interests in consolidated subsidiaries with no fixed charges		(51	)		(67	)		3			(121	)		(144	)		(108	)
Total earnings	$	1,914		$	2,109		$	5,062		$	4,158		$	4,515		$	2,379
Fixed Charges
Interest expensed (b)	$	161		$	326		$	253		$	243		$	184		$	211
Interest capitalized		2			6			7			50			100			80
Total interest incurred (including amortization of debt discount)		163			332			260			293			284			291
Portion of rent expense representative of interest (c)		29			59			67			63			62			59
Total fixed charges	$	192		$	391		$	327		$	356		$	346		$	350
Ratio of Earnings to Fixed Charges		10.0			5.4			15.5			11.7			13.0			6.8

(a)	Reflects the retrospective adoption of a new accounting standard for noncontrolling interests in consolidated subsidiaries.
(b)	Includes amortization of debt issue costs and discounts or premiums. Excludes letters of credit fees.
(c)	Represents management’s estimate of the interest portion of rent expense.