JOHN HESS CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

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2 JOHN HESS CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

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 Speakers Name Title Joined Hess John O Connor George Sandison Keith Hunter Bob Strode Borden Walker John Rielly Jay Wilson President, Worldwide E&P 2001 SVP, Production 2001 SVP, Major Projects 2004 SVP, Exploration & New Ventures 2000 President, Marketing & Refining 1996 SVP, Chief Financial Officer 2001 VP, Investor Relations

5 JOHN O CONNOR PRESIDENT WORLDWIDE E&P

6 E&P Vision in 2002 Build a global franchise that delivers sustainable growth 6

7 E&P Goals and Strategy Goals Grow Production by 3-5% p.a. Grow Reserves by 5-8% p.a. Strategy Exit short-life assets Acquire interests in long-life properties Extract more value from core fields Build an impactful exploration program Apply innovative technologies 7

8 : Actions Taken Recruited top talent Instituted a disciplined investment process Actively high-graded portfolio Sanctioned 10 profitable new projects Built attractive exploration program 8

9 Recruited Top Talent Implemented a global functional organization Leveraged best practices and technology Hired top tier industry talent 80% of top 100 E&P leaders new to Hess since

10 Instituted a Disciplined Investment Process Global prioritization of investment opportunities Multi-stage project review and approval Formal risk assessment and mitigation Returns exceed WACC even at $25/bbl WTI 10

11 Actively High-Graded Portfolio Reserve Life (Years) 10 DISPOSED ACQUIRED Colombia Hudson Scott Permian GOM Shelf Mont / Arb Jabung JDA Pangkah Llano West Med Libya Russia 11

12 Sanctioned 10 Profitable New Projects ACG Phase 2 ACG Phase 3 Atlantic / Cromarty GEA Phase 2 JDA Phase 2 Llano Okume Complex Pangkah Gas Phu Horm Toucan 12

13 Built Attractive Exploration Program Exited marginal plays Farmed into impact opportunities in Gulf of Mexico Acquired attractive acreage globally Developed technology capability Drilled 11 wildcat successes 13

14 2006 And Beyond Now Positioned To Grow Near-Term Mid-Term Long-Term PRODUCTION DEVELOPMENTS EXPLORATION 14

15 GEORGE SANDISON SENIOR VICE PRESIDENT PRODUCTION

16 Global Production Portfolio NORWAY DENMARK UNITED KINGDOM RUSSIA UNITED STATES ALGERIA AZERBAIJAN LIBYA THAILAND EQUATORIAL GUINEA GABON MALAYSIA INDONESIA 16

17 Production Base Modest Decline MBOED (Net) Libya 2005 Start-Ups 3% Producing Assets Excludes divestitures

18 Competitive Costs and Margins BG NHY MUR WPL APC HES MRO TLM APA OXY PCZ NXY Production Costs $ / BOE Source: Company Filings A-Tax Net Margin $ / BOE OXY APC MUR APA HES MRO PCZ WPL TLM BG NXY NHY Adjusted for A-Tax effects of hedging 18

19 Producing Asset Base MBOED (Net) Asia Africa 200 Europe USA Excludes divestitures

20 Asia Pailin Jambi Merang Phu Horm JDA Natuna A Long-life assets Substantial growth $6 / BOE production costs 1Q06 Highly attractive economics Pangkah 20

21 JDA 120 MMSCFD net production in discovered fields Largest reserve holding in portfolio Current production from Cakerawala only BULAN CAKERAWALA BUMI BUMI EAST PSC through 2029 Attractive economics SURIYA Block A km 21

22 JDA MMCFD (Gross) 1,200 Contract Minimum Daily Quantity 1, PHASE 3: Sellers Option PHASE PHASE

23 Europe Schiehallion Atlantic / Cromarty Southern Gas Clair Beryl Valhall South Arne Large legacy assets Applying new technology to mitigate declines Ongoing investment opportunities $22 / BOE after-tax margins in 1Q06 23

24 Valhall 28 MBOED net production 40+ years remaining field life MBOED (Net) 40 Technology enables growth 20 Base Waterflood Potential Multi-year drilling program

25 South Arne 25 MBOED net production 2006 exploitation success Development Potential Exploitation Success Platform Further development under evaluation Attractive fiscal regime 1 mile Field Boundary 25

26 Beryl Area Ness Linnhe Beryl Tay 20 MBOED net production Multiple fields Long-life asset Successful ongoing exploitation Attractive returns Nevis Katrine 26

27 Atlantic / Cromarty St FERGUS TERMINAL GOLDENEYE CROMARTY ATLANTIC 120 MMSCFD net plateau First gas May 2006 Short-life, but highly profitable 27

28 Russia RUSSIA 16 MBOED net production Investment to date of $400 MM VOLGA RIVER Samara Active drilling program Phased development Licenses 25 miles 28

29 Africa GEA Positioned in large assets Ceiba Toucan Algeria Libya E.G. Gabon Egypt Waha $7.50 / BOE 1Q06 production costs Substantial nearterm growth 29

30 Equatorial Guinea 28 MBOED net production Ceiba continues on plateau Okume start-up 1Q07 OKUME COMPLEX Competitive fiscal regime CEIBA BLOCK G 30

31 Libya Algeria 300 MILES Mediterranean Sea Egypt Libya Texas 22 MBOED net production 25 year contract Reserves booked in 2006 Substantial growth potential 450 MILES 31

32 United States Williston Basin Technology driving sustainability Deepwater 20% of total Hess production Permian Basin Moderate declines onshore $24 / BOE after tax margins in 1Q06 32

33 US Deepwater TULANE Garden Banks NORTHWESTERN Louisiana CONGER PENN STATE BALDPATE 35 MBOED net production Active drilling program $2 / BOE operating costs Outstanding economics LLANO 33

34 Williston Basin NESSON ANTICLINE EXISTING HESS LEASES NEW HESS LEASES 20 MBOED net; stable production for last 25 years 180,000 acres in Bakken play where technology is key Evaluating deep gas potential 34

35 Production Portfolio - Summary Material positions in high quality legacy assets Competitive costs and margins Moderate decline in production base Substantial resource base Development projects drive growth 35

36 KEITH HUNTER SENIOR VICE PRESIDENT MAJOR PROJECTS

37 Global Developments SNØHVIT ATLANTIC/CROMARTY VALHALL REDEV BMS ACG PERMIAN EOR SHENZI WEST MED PHU HORM OKUME COMPLEX JAMBI MERANG JDA PHASE 2 PANGKAH 37

38 Strong Slate Of Developments Atlantic/Cromarty Okume Complex Phu Horm Pangkah Gas Snøhvit ACG Phase 2 Construction JDA Phase 2 ACG Phase 3 Shenzi Pangkah Oil Permian EOR Jambi Merang West Med Phase 1 BMS Engineering Valhall Redev Clair Ridge T Bells Situche Belud Bakken Appraisal 38

39 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 39

40 FD&A Costs Now Competitive $/BOE NHY BG OXY PCZ APA TLM MUR APC NXY MRO WPL* HES MRO BG OXY APA NHY APC HES WPL PCZ TLM MUR NXY Source: Company Filings *WPL is average 40

41 Okume Complex Okume TLP 85% WI, Hess operator $1Bn net investment MMBOE net resources First oil in 1Q07 40 MBOED net peak production 41

42 Okume Complex Okume Mini-TLP Oveng Mini-TLP Satellite 1 43 WELLS (26 Prod, 17 Injection) 60 MBOED Capacity 135 MBOED Water Injection 15 MMSCFD Gas Injection Full Field Gas Lift Satellite 2 Central Processing Facility Elon Sendje Ceiba FPSO Satellite 3 42

43 Okume: On Time, On Budget Q 2Q 3Q 4Q 1Q Construction Installation Drilling Commissioning Start-Up 43

44 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 44

45 Pangkah Central Platform Phase 1 Gas 8 Wells 150 MMSCFD Gas Phase 2 Liquids 26 Wells 6 MBLPD LPG 25 MBOPD Oil East Java Liquid Storage OPF Gas Sales 45

46 Pangkah PHASE I GAS Platform A & Pipeline Onshore Plant First Gas Sales PHASE II OIL & LPG Oil Plant Construction First Oil Production LPG Plant Construction First LPG Sales Platforms Development Drilling 46

47 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 47

48 Shenzi TLP Design 15 subsea production wells 100 MBOPD MMCFD gas lift 130 MBWD water injection capacity 48

49 Shenzi Engineering Construction Hull Installation Pipelines / Flowlines Drilling Commissioning Start Up 49

50 West Med Overview El Max Abu Sir WEST MED BLOCK 1 55% WI, Hess operator Phase 1 50 MMSCFD net peak production BCF net resources First gas in 2H09 Al Bahig 10 km El King West Med Hess Op Phase 2 80 MMSCFD additional potential 50

51 West Med Al Bahig Abu Sir El Max El King Egypt LNG Plant Abu Qir Gas Plant Development of 4 existing fields 3,000-4,000 water depth 6-10 subsea wells Domestic sales secured Development plan being finalized 51

52 West Med Conceptual Phase 1 Schedule Preparation Of Development Plan Engineering Construction Installation Drilling & Completions Commissioning Start Up 52

53 Balanced Portfolio of Developments Hess Operated BMS Okume Complex Pangkah Gas Pangkah Oil Permian EOR Phu Horm West Med Outside Operated ACG Phase 2 ACG Phase 3 Atlantic / Cromarty JDA Phase 2 Jambi Merang Shenzi Snøhvit Valhall Redev 53

54 Continuous Flow Of Developments Project Name ACG Phase 2 Atlantic / Cromarty Phu Horm Pangkah Gas Okume Complex Snøhvit JDA Phase 2 ACG Phase 3 Pangkah Oil Permian EOR Jambi Merang BMS Shenzi West Med Phase 1 Name Plate Capacity (MBOED) ENGINEERING CONSTRUCTION 54

55 Major Projects: Summary Strong slate of developments World class project teams assembled Hess operated projects on time and on budget Building global execution capability Exploration success feeds future developments 55

56 BOB STRODE SENIOR VICE PRESIDENT EXPLORATION AND NEW VENTURES

57 Exploration Strategy RECON ACREAGE PORTFOLIO DRILLING RESULTS Add resources and create value Drill 8 10 impact wells per year Apply leading-edge technology 57

58 Exploration Results: wildcat successes Discovered >400 MMBOE net resources Created >$2 Bn value at $50/bbl WTI Added 7.5 million net acres to portfolio 58

59 Industry Value Creation $ Bn $ Bn KMG BG WPL NXY TLM APA OXY MUR NHY APC MRO HES APA MUR APC HES NXY WPL KMG MRO NHY OXY TLM BG Source: Wood Mackenzie Exploration Strategy & Performance ~ $ 40/bbl in real 2005 terms 59

60 World Class Geoscience Capability Global expertise in petroleum system basin modeling Processing Output (Thousands of 3D Sq. Km) Proprietary seismic imaging Significant increase in 3D seismic processing output

61 Technology Example Seismic Imaging Salt Edge? Salt Edge? Base Salt? Data shown courtesy of CGG Wave Equation 3D Migration Recent Technology 61

62 Best-In-Class Seismic Imaging Salt Edge Salt Edge Base Salt Data shown courtesy of CGG Reverse Time Migration Emerging Technology 62

63 GOM Exploration Strategy Total Net Acres (Million) Major petroleum system Material acreage position 50 named prospects Deepwater rigs under contract Ocean Baroness thru Nov 09 Noble Max Smith thru May 08 63

64 Total Woodside Marathon Deepwater Gulf Of Mexico Leasehold 3,000 2,500 2,000 1,500 1,000 > 600 Water Depth Source: US Government (Mineral Management Service); not updated for March 2006 Sale 64 Net Acres (Thousands) Chevron BP ExxonMobil Shell Kerr McGee Hess Devon ConocoPhillips BHP Anadarko Murphy Norsk Hydro Eni Statoil Petrobras Nexen

65 Gulf Of Mexico Exploration Texas Louisiana Andros Deep Tubular Bells Jack Hays Alsace Ouachita Garden Banks Green Canyon Pony Hess Leasehold 2006 Significant Wells 65

66 Regional View Miocene Foldbelt Vancouver Ouachita A Pony 15 Miles B Seismic Line Knotty Head Tahiti Atlantis Mad Dog Puma Miocene Foldbelt Shenzi Hess Leasehold 2006 Key Wells Miocene Fields Data shown courtesy of CGG 66

67 Hess Prospects on Trend A Vancouver Ouachita Pony Knotty Head Tahiti B Salt Salt Salt Middle Miocene Lower Miocene Cretaceous Data shown courtesy of CGG Two significant discoveries (Tahiti and Knotty Head) on trend with three Hess prospects 67

68 US Gulf Of Mexico Pony Prospect Pony Well GC 468 No. 1 Salt Knotty Head Well GC 512 No. 1 Hess 100% WI MMBOE pre-drill net resource potential on Hess blocks Drilling 3 mi Knotty Head Well GC 512 No. 1 ST 1 68

69 US Gulf Of Mexico Ouachita Prospect Hess 66.6% WI Salt 3 miles Ouachita GC 376 No MMBOE pre-drill gross resource potential Middle & Lower Miocene objectives Drilling 69

70 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 70

71 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

72 Libya Block 54 Mediterranean Sea Arous El- Bahar Sirte Basin Hess 100% WI Water depth 2,900 ft Algeria Libya Egypt MMBOE net resource potential 500 km Eocene / Cretaceous carbonate objective Offshore extension of prolific Sirte Basin 72

73 Egypt : West Med Exploration Potential Red B Seismic Line El Dikelah Abu Sir Deep ABU SIR EL KING 10 km West Med Hess Op RAVEN N Alexandria BP Op A Hess 55% WI 4 existing discoveries 300 Bcf 3 Tcf gross exploration resource potential Untested Miocene and Oligocene objectives beneath established accumulations MIOCENE AND OLIGOCENE PROSPECTS FIELD OUTLINES 73

74 Hess Prospects on Trend A Red El Dikelah Abu Sir Deep Raven Discovery B Salt Miocene Top Oligocene 10km Deep Potential Deep Potential Base Oligocene Tested: 37 mmcf/d bc/d Significant deep discovery (Raven) on trend with Hess deep prospects 74

75 2006 Program Gulf of Mexico 6 wildcats / 1 appraisal New acreage capture Europe 1 Wildcat Norway block SE Asia JDA drilling Brazil New acreage capture Africa 3 Wildcats Red Sea acreage Ghana acreage 75

76 Outlook Gulf of Mexico 8-10 Wildcats / Appraisals NW Europe Cambo Appraisal Norway Wildcat SE Asia Belud Appraisal Malaysian Wildcat South America Peru Appraisal Brazil Wildcat Africa West Med Arous El-Bahar 2-3 Wildcats 76

77 Exploration - Summary Adding resources and creating value Global inventory of 19 million net acres 80 named prospects globally Drilling 8 10 impact wells per year Leading-edge technology 77

78 E&P CONCLUSION

79 2006 And Beyond Positioned To Grow Near-Term Mid-Term Long-Term PRODUCTION DEVELOPMENTS EXPLORATION JDA Valhall South Arne Beryl Atlantic / Cromarty Russia Equatorial Guinea Libya US Deepwater Williston Basin Okume Complex Pangkah Shenzi West Med Phu Horm Pony Ouachita Tubular Bells Libya Block 54 West Med Projects and prospects are illustrative and do not reflect the entire portfolio 79

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

81 Longer-Life Assets, Geographically Balanced Production Capacity MBOED 500 By Reserve Life By Region 400 Short Asia Medium Long Africa Europe USA Represents production capacity, not forecast; does not include future exploration success; includes divestitures

82 Substantial Resource Base BBOE Undeveloped Resource Total Discovered Resource 2 Probable & Possible Reserves SEC Proved Reserves 0 Source: D&M YE05 estimates 82

83 Reserve Growth Potential Identified BBOE 2 5% - 8% Growth Rate Valhall 1 West Med Pailin Waha JDA Natuna 0 Shenzi Okume Clair Ridge Pangkah S. Arne Bakken Phu Horm Russia Beryl Permian EOR Schiehallion Snøhvit

84 E&P Summary Building a global franchise that is delivering sustainable growth. 84

85 BREAK

86 BORDEN WALKER PRESIDENT MARKETING AND REFINING

87 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 87

88 Retail Station Network NY Year-End 2005 NC MD Est Market # Sites Share (%) Florida New York North Carolina Pennsylvania Massachusetts New Jersey South Carolina Virginia Other 81 N/A TOTAL 1,354 Source: EIA total gallons by state 88

89 Growth in Company Operated Model 1,500 1,000 1,187 1, Site Count (Year End) , , Branded / Dealer WilcoHess Hess Operated Convenience Stores: Merchandise Sales ($MM) Gross Margin ($MM) % Co-op 89

90 Industry Leading Performance Per Site Averages 225 Volume (Mg/Mo) C-Store Sales ($M/Mo) Typical Major Source: New Image Marketing Surveys 90

91 Successful Acquisition Strategy Hess Rebranded Disney Sites Recent Acquisitions Fuel Volume C-Store Sales Number (Mgals/Site/Mo) ($M/Site/Mo) of Sites Before After Before After Disney World DB Marts Servco

92 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 92

93 Leading C&I Natural Gas Supplier Upstate New York C&I Volume (MDth/d) 110 New England C&I Volume (MDth/d) 90 Ohio Valley C&I Volume (MDth/d) % 28% 15% 28% Metro NY/New Jersey C&I Volume (MDth/d) % Market Share Mid Atlantic / SE C&I Volume (MDth/d) 115 C&I = Commercial and Industrial 93

94 Sales Volume Growth MDth/d 800 Commercial & Industrial Natural Gas Sales

95 Economies of Scale Business Model MDth/d Commercial & Industrial Natural Gas Sales $/Dth SG&A Expenses 95

96 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 96

97 Hovensa: Strong Financial Returns OSHA Recordable Rate Crude Charge (MB/D) Hess Net Income ($MM) 300 Distributions & Note Repayments ($MM) (Net of Taxes Paid) (50) (12)

98 Port Reading Refinery 65 MB/D FCC Major gasoline manufacturer in NY Harbor Capable of running 100% low sulfur resid Strong income generator Charge Rate (MB/D) Net Income ($MM) (last 9 months)

99 M&R: Improved Financial Results 600 Net Income ($MM) ROCE %

100 Competitive Results 30% U.S. M&R Return on Capital Employed Average 20% 10% 0% XOM SUN MRO COP HES VLO TSO RDS CVX BP MUR $ U.S. M&R Net Income / Oil BBL Sold Average HES VLO BP XOM MRO COP TSO RDS SUN CVX MUR Source: Company filings 100

101 M&R: A Leading Independent Customer led strategy Distinctive business models Geographically focused Selective growth in Retail and Energy Marketing Maximize near term returns and cash flow 101

102 JOHN RIELLY CHIEF FINANCIAL OFFICER

103 Financial Strategy Ensure capital availability to fund growth Cash flow from operations Balance sheet Liquidity Deliver first quartile financial performance Return on capital employed Total shareholder returns 103

104 Cash Flow Dedicated To Funding Growth ($Millions) 4,000 3,500 3,600 3,400 3,000 2,500 2,200 2,300 2,000 1,500 1,700 1,500 1, (a) Cash Flow from Operations E&P Capital Expenditures Acquisitions Net of Asset Sales M&R Capital Expenditures (a) Cash Flow based upon 1 st Call consensus as of May 10,

105 Cash Flow Available To Fund Growth ($Millions) 4,000 3,500 3,600 3,400 3,600 $57.40 WTI 3,700 $54.10 WTI 3,000 2,500 2,000 1,500 $50.00 WTI $50.00 WTI 1, (a) 07 (a) 08 (a) Cash Flow from Operations Acquisitions Net of Asset Sales E&P Capital Expenditures M&R Capital Expenditures (a) Based upon 1 st Call CPS as of May 10, Consensus WTI 2007 / 2008; $57.40 / $54.10 respectively 105

106 Improving Balance Sheet ($ Billions) $ (a) 07(a) 08(a) 45% Equity Debt Debt to Capital (a) Based upon 1 st Call earnings consensus as of May 10,

107 Strong Financial Liquidity New $3 billion revolving credit facility Five year term, with three one year options Debt maturities of $251MM over 5 years Represents 7% of total debt $ $MM

108 Improving ROCE HESS PEERS (a) 25% 20% 15% 21% 19 % 14 % 14 % 10% 5% 9% 12 % 12 % 0% (b) (a) Peer Group per Proxy (b) Based upon 1 st st Call estimate as of May 10, 2006 Source: Bloomberg using a consistent basis with Hess 108

109 Total Shareholder Returns HESS PEERS (a) 60% 50% 57% 55% 51% 40% 30% 20% 34% 29% 10% 0% -1% (a) Peer Group per Proxy Source: Bloomberg 109

110 Financial Summary Strong cash flow from operations Declining debt-to-capital ratio Substantial liquidity Improving financial and shareholder returns 110

111 JOHN HESS CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

112 Summary Strategy in place Portfolio reshaped Delivering performance Exciting investment opportunities Sustainable growth Skilled management team 112

113 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 113

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