UNITED STATES
                             Washington, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT
                       Pursuant to Section 13 and 15(d) of
                       the Securities Exchange Act of 1934

                                February 7, 2007
                Date of Report (Date of earliest event reported)

                                HESS CORPORATION
             (Exact Name of Registrant as Specified in Its Charter)

            Delaware                 1-1204                 13-4921002
   (State of Incorporation)   (Commission File Number)     (IRS Employer
                                                         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
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following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR

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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))


Item 1.01. Entry into a Material Definitive Agreement

On February 7, 2007 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 2007. 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.


     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 13, 2007

                                                HESS CORPORATION

                                                By:    /s/ J. Barclay Collins II
                                                Name:  J. Barclay Collins II
                                                Title: Executive Vice President
                                                       and General Counsel