Forward-Looking Statements and Other Information

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2 Forward-Looking Statements and Other Information This presentation contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These projections and statements reflect the company s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company s periodic reports filed with the Securities and Exchange Commission. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this presentation relating to reserves other than proved, such as unproved resources, that the SEC s guidelines prohibit registrants from including in filings with the SEC. Investors are urged to consider closely the disclosure in Hess Form 10-K, File No , available from Hess Corporation, 1185 Avenue of the Americas, New York, New York c/o Corporate Secretary and on our website at You can also obtain this form from the SEC on the EDGAR system. This presentation contains certain non-gaap financial measures. A reconciliation of the differences between these non-gaap financial measures and the most directly comparable GAAP financial measures can be found in this presentation on our website at 2

3 Strategy CORPORATE Grow the company long term through Exploration and Production Operate Marketing and Refining for near term returns and cash flow EXPLORATION AND PRODUCTION Build a global franchise Create value through exploration, developments and technology MARKETING AND REFINING Expand Hess brand in Retail and Energy Marketing on East Coast Maximize free cash flow from refining assets FINANCE Ensure capital availability to fund growth Deliver first quartile financial and shareholder returns 3

4 E&P Goals and Strategy Goals Grow Production by 3-5% p.a. Grow Reserves by 5-8% p.a. Strategy Build interests in long-life properties Extract more value from core fields Execute an impactful exploration program Apply innovative technologies 4

5 Global Portfolio of Developments SNØHVIT ATLANTIC/CROMARTY ACG PHASE 2 ACG PHASE 3 PERMIAN EOR SHENZI BMS OKUME COMPLEX WEST MED JAMBI MERANG PANGKAH OIL PHU HORM JDA PHASE 2 PANGKAH GAS

6 Significant Growth from New Developments Production Capacity MBOED (Net) West Med Ph 1 Jambi Merang Shenzi BMS JDA Phase 2 Snøhvit Pangkah Oil ACG Phase 3 Permian EOR Okume Complex Phu Horm Pangkah Gas 06 Start Ups Represents production capacity, not forecast 2006 Atl. / Crom. ACG Phase 2 6

7 Okume Complex Okume TLP 85% WI, Hess operator $1Bn net investment MMBOE net resources First oil in 1Q07 40 MBOED net peak production 7

8 JDA 50% WI Largest reserve holding in portfolio Attractive economics PSC through 2029 Current production from Cakerawala only BULAN Block A-18 CAKERAWALA SURIYA BUMI 10 km BUMI EAST Phase MMSCFD net production in 2006 Phase MMSCFD net production beginning in

9 Pangkah 75% WI, Hess operator $650 MM net investment MMBOE net resources First gas in 1H07 Pangkah First oil in 2H08 20 MBOED net peak production 9

10 Shenzi 28% WI $1 Bn net investment MMBOE net resources Green Canyon Area Knotty Head K2 Area Neptune Tahiti Tonga Atlantis Puma Mad Dog Miocene Foldbelt Shenzi First oil in 2H09 25 MBOED net peak production Miocene Fields 10

11 Gulf Of Mexico Exploration Texas Louisiana Andros Deep Tubular Bells Jack Hays Alsace Ouachita Garden Banks Green Canyon Pony Hess Leasehold 2006 Significant Wells 11

12 US Gulf Of Mexico Pony Discovery Pony Well GC 468 No. 1 Knotty Head Well GC 512 No. 1 ST 1 3 mi Salt Knotty Head Well GC 512 No. 1 Hess 100% WI MMBOE pre-drill net resource potential on Hess blocks Well encountered 475 feet of oil saturated sandstones Sidetrack planned 12

13 US Gulf Of Mexico Tubular Bells Discovery Well MC Miles 3 mi MC 681 Salt MC 682 MC 683 TB #2 TB #2 Unit Outline BP - 50% Chevron 30% Hess 20% 1st Appraisal Well Unit Outline Discovery 1 Discovery 1 st MC 727 #1 st Appraisal Appraisal Well Well Well TB #1 Spudded Well Spudded April April 2006 BP - 50% 2006 Chevron 30% MC 724 MC 725 MC 726 MC Hess % MMBOE gross resource potential Discovery well in Miocene pay thickness Appraisal well drilling 13

14 North Africa Exploration Strategy Blks 428, 429 Block 54 N. Red Sea Algeria Libya West Med Egypt Hess Acreage Major petroleum systems Total Net Acres (Million) 10 Significant position established in key plays 5 Multiple material prospects

15 Growth In Production Capacity Secured MBOED Q06 Base Growth 3 5% Represents production capacity, not forecast; does not include future exploration success; includes divestitures

16 Focused Regional Model Refinery Terminal Marketing PA MD VA NC NC DE NY NJ MA Port Reading Strategic Objectives Expand Hess brand in Retail and Energy Marketing on East Coast SC SC FL GA FL 1,475 Miles to New York Maximize free cash flow from refining assets 3,900 Miles to Los Angeles 500 Miles from Venezuela 16

17 Industry Leading Performance Per Site Averages 225 Volume (Mg/Mo) C-Store Sales ($M/Mo) Typical Major Source: New Image Marketing Surveys 17

18 Energy Marketing Strong brand and reputation Scale advantage More than 10,000 customers Fuel Oil Sales: 130 MB/D Natural Gas Sales: 1.5 BCF/D Selective Growth 18

19 Hovensa Refinery 50/50 JV formed in 1998 by Hess and PDVSA Capacity Crude 500 MB/D FCC 150 MB/D Coker 58 MB/D World Class Merchant Refinery Competitive Geographic Position Economies of Scale Long Term PDVSA Crude Supply 19

20 Summary Strategy in place Portfolio reshaped Delivering performance Exciting investment opportunities Sustainable growth Skilled management team 20

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