INVESTOR RELATIONS HANDOUTDECEMBER 2009

2

StrategyStrategy

CORPORATE• Grow the company long term through Exploration and Production• Operate Marketing and Refining for near term returns and cash flow

EXPLORATION AND PRODUCTION• Leverage global scale to access growth opportunities• Create value through exploration, developments and technology

MARKETING AND REFINING• Strengthen Hess brand on East Coast• Maximize free cash flow from marketing and refining assets

FINANCIAL• Deliver first quartile financial and shareholder returns• Ensure capital availability to fund growth

3

Long-Term GoalsGrow Reserves and Production ~3% p.a.

Maintain R/P ratio of ~10

StrategyDeliver resources and value from exploration

Execute cost effective developments

Extract more value from producing fields

Build a balanced portfolio to sustain profitable growth

Long-Term GoalsGrow Reserves and Production ~3% p.a.

Maintain R/P ratio of ~10

StrategyDeliver resources and value from exploration

Execute cost effective developments

Extract more value from producing fields

Build a balanced portfolio to sustain profitable growth

E&P Goals and StrategyE&P Goals and Strategy

4

Global Portfolio

BakkenBakken

SeminoleSeminole

Okume / CeibaOkume / Ceiba

Toucan Toucan

WahaWahaGEAGEA

Schiehallion Schiehallion ValhallValhall

Beryl Beryl

Samara-NaftaSamara-Nafta

ACGACG

SinphuhormSinphuhorm

JDAJDANatuna ANatuna A

BaldpateBaldpate

South Arne

South Arne

Pangkah Pangkah YTD Sep. 2009 Production, Mboe/d

USEuropeAfricaAsia/OtherTotal

Liquids6485

12517

291

Gas1526-

74115

Total79

11112591

406

Clair Clair

PailinPailin

ShenziShenzi

5

0

200

400

600

800

1,000

1,200

1,400

1,600

Hydrocarbon Type Region

Global Reserves Base

9.39.5

10.1

8.88.2

7.4

0

200

400

600

800

1,000

1,200

1,400

1,600

2003 2004 2005 2006 2007 20080

2

4

6

8

10

12Proved Reserves

R/P

MMBOE

Proved Reserves (YE 08) Reserves and Reserve LifeMMBOE

Gas

Oil

Asia/Other

Africa

US

Europe

6

1.0 1.1 1.2 1.3 1.4

0

1

2

3

4

5

6

2004 2005 2006 2007 2008*

BBOE

Substantial Resource Base

3.13.5

4.54.8

5.5

SEC Proved Reserves

Probable & Possible Resources

* Note: 2008 data does not include any resources associated withoffshore discoveries in Brazil, Australia and Libya.

2.12.4

3.33.5

4.1

77

In Production

Shenzi

JDA Phase 2

Pangkah Liquids

ROZ / WBD

Continuing Stream of Development ActivityContinuing Stream of Development Activity

Under Construction

Valhall Redevelopment

Valhall Flank Gas Lift

Pangkah Offshore

Appraisal

Australia

Libya

Marcellus

Cambo

Belud

Engineering

Bakken

Pony

Tubular Bells

EG – Akom North

SchiehallionRedevelopment

8

North Dakota Bakken Shale

• Hess ~85% W.I., operator

• >500,000 net acres

• Current net production ~10 MBOED

• Peak net production ~80 MBOED

• Large captured oil resource

• Low risk strategic play

• Lean manufacturing approach

• Attractive economics

Tioga Gas Plant

Capa

BeaverLodge

Tioga

Hawkeye

BlueButtes

Antelope

Fryburg(south of map)

Newburg(east of map)Avalanche

Red Sky

Impact

Passport

Stampede

Nesson Anticline

EastNesson

Canada

Tioga GasPlant

9

Malaysia-Thailand JDAMalaysia-Thailand JDA

•Hess 50% W.I.

•Proved and Probable Resources: 300 MMBOE

•Net production ≥250 MMSCFD

•PSC through 2029

•Hess 50% W.I.

•Proved and Probable Resources: 300 MMBOE

•Net production ≥250 MMSCFD

•PSC through 2029Gulf of

Thailand

Thailand

Malaysia

KertehKuala

Lumpur

Songkhla

Pilok

YetagonCambodia

Vietnam

Sumatra

Singapore

Erawan

Pailin

Bangkok

JDAJDA

10

Equatorial Guinea Block G

Central Processing

Facility

Central Processing

Facility

Sat ASat A

Sat BSat B

Sendje CeibaFPSO

Sendje CeibaFPSO

OkumeTLP ‘F’OkumeTLP ‘F’

Oveng TLP ‘E’Oveng TLP ‘E’

ElonElon

CeibaCeiba

Sat DSat D

Hess 85% W.I., operator

Proved and Probable Resources: 290 MMBOE

Net production averaging ~70 MBOED

Reservoir performance exceeding expectations

Hess 85% W.I., operator

Proved and Probable Resources: 290 MMBOE

Net production averaging ~70 MBOED

Reservoir performance exceeding expectations

Okume Complex

11

Deepwater Gulf of Mexico - Shenzi Field

Hess 28% W.I.

Proved and Probable Resources: 145 MMBOE

Oil and gas production commenced March 2009

35 - 40 MBOED net peak production

Hess 28% W.I.

Proved and Probable Resources: 145 MMBOE

Oil and gas production commenced March 2009

35 - 40 MBOED net peak production

Tahiti

Mad DogAtlantis

K2 Area

Puma

Tonga

Neptune

Pony / Knotty Head

Miocene Foldbelt

Miocene Fields

Green Canyon Area Shenzi

12

Hess Global Exploration

StrategyPursue a program which delivers value and secures long term growth through an appropriately balanced global portfolio

Tactics• Focus on the best basins• Take material equity positions• Focus on high-impact wildcat and appraisal wells

PLAYINVENTORY

BASININVENTORY

LEADINVENTORY

NEW FIELDWILDCATS

APPRAISAL

Define & RankBest Basins

Define & Rank &Capture Best Plays

Define & Rank &Mature Best Leads

Define & Rank &Drill Best Prospects

Calibrate, Evaluate,Appraise

Prospect Inventory

13

Gulf Of Mexico ActivityGulf Of Mexico Activity

Texas Louisiana

Garden Banks

Green Canyon

Tubular Bells

Paleogene Play

Miocene Play

Northwestern

Conger

Llano

Baldpate

Shenzi

Pony

Producing Fields Pre-Developments

14

US Gulf Of Mexico – Pony Prospect

Salt

3 Miles

Pony WellGC 468 No. 2

Knotty Head WellGC 512 No. 1 ST 1

Pony WellGC 468 No. 1

Pony WellGC 468 No. 2 ST

Pony WellGC 468 No. 1 St 1

• Hess 100% W.I.

• Water Depth: 3,500 ft

• Drilling thus far has confirmed more than 200 MMBOE net resource

• Progressing unitization

• Evaluating development optionsKnotty Head Well

GC 512 No. 1

15

Australia Exploration Program

* *

*

ª

*

*

WA-390-P

WA-404-P

WA-404-PWA-404-P

Gas Discovery

Dry Hole

Upcoming Well

Pluto4-6 TCF

Scarborough8 TCF

Greater Gorgon Area50 TCF

WA-390-P• Hess 100% W.I., operator• Completed 11 of 16 committed

exploration wells• 9 gas discoveries, 2 dry holes• Exploration wildcat drilling

will complete in 2010• Appraisal phase to follow

WA-404-P•Hess 50% W.I.•Completed 1 of 9 committed

exploration wells•1 gas discovery•Drilling to resume December

2009

North West Shelf, Australia40 Miles

16

MEDITERRANEANSEA

LIBYA

Waha Concession

Area 54

Libya Area 54 Exploration Program

AROUSAL-BAHAR

Discovery

Appraisal

•Hess 100% W.I.

•Significant discovery

•500 foot gross hydrocarbon section encountered

•3D seismic acquisition completed in 1H09

•Appraisal well spud October 31, 2009

5 miles

100 Miles

17

Brazil Santos Basin Exploration Program

BM-S-22

•Hess 40% WI

•Sub-salt; cretaceous carbonate

•Notice of Discovery submitted for Azulão; not for Guarani

•Plan of Evaluation approved by ANP

•Analysis of seismic, log and core data to plan location of third well

BRAZILRIO DE JANEIRO

BM-S-22

Iara

Jupiter

Paraty

CariocaBem-te-vi

Caramba

TupiGuara

Azulão

Guarani

Iguaçu

Iracema

18

Ghana – Tano Cape Three Points

• Hess 100% W.I.

• Water Depth: 6,400 ft

• Significant frontier acreage position

• Currently processing 3D seismic on western half of block

GHANACOTE D’IVOIRE

50 KmAnkobra

Jubilee Field

Tweneboa-1

Existing 3D Survey

New 3D Survey

Odum-1

19

•Hess 100% W. I.

•Water Depth: 6,000 ft

•Gross Resource Range 5 - 15 TCF

•Large 4-way Structure

Indonesia Deepwater Semai V Block

Indonesia

Tangguh LNG

West Papua

Semai Block V

LNG Plant

Banda Sea

60 Km

20

DEDE

3,900 Milesto Los Angeles3,900 Milesto Los Angeles

500 Milesfrom Venezuela500 Milesfrom Venezuela

RefineryRefineryTerminalTerminal

MarketingMarketing

1,475 Miles to New York1,475 Miles to New York

• Strengthen Hess brand on East Coast

• Maximize free cash flow from marketing and refining assets

• Strengthen Hess brand on East Coast

• Maximize free cash flow from marketing and refining assets

Strategic Objectives

Marketing and RefiningMarketing and Refining

Strategic Objectives

Port ReadingPort Reading

FL

PAPA

MAMA

VA

NC

SC

NYNY

VAVA

NCNC

GAGA

FLFL

SCSC

MDMDNJNJ

21

104

113 114116 118

115

50

75

100

125

03 04 05 06 07 08

104

113 114116 118

115

50

75

100

125

03 04 05 06 07 08

178

191

204208

215207

100

125

150

175

200

225

03 04 05 06 07 08

178

191

204208

215207

100

125

150

175

200

225

03 04 05 06 07 08

Industry Leading PerformanceIndustry Leading Performance

Typical Major (est)Typical Major (est)

Per Site AveragesPer Site Averages

Volume (Mg/Mo)Volume (Mg/Mo)

C-Store Sales ($M/Mo)C-Store Sales ($M/Mo)

22

•Strong brand and reputation

•Scale advantage

•More than 17,000 customers

•Fuel Oil Sales: 125 MB/D

•Natural Gas Sales: 1.5 BCF/D

•Electric Sales: 4,000 MW (RTC)

•Selective Growth

•Strong brand and reputation

•Scale advantage

•More than 17,000 customers

•Fuel Oil Sales: 125 MB/D

•Natural Gas Sales: 1.5 BCF/D

•Electric Sales: 4,000 MW (RTC)

•Selective Growth

Energy MarketingEnergy Marketing

23

Hovensa RefineryHovensa 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

• 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

24

SummarySummary

• Strategy being executed

• Delivering performance

• Balanced portfolio

• Exciting investment opportunities

• Sustainable growth

• Proven management team

• Strategy being executed

• Delivering performance

• Balanced portfolio

• Exciting investment opportunities

• Sustainable growth

• Proven management team

25

Forward-Looking Statements and Other InformationForward-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 1934. 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. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. 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 www.hess.com.

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 1934. 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. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. 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 www.hess.com.