2008 ANNUAL MEETING OF STOCKHOLDERS May 7, 2008

2

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.

JOHN HESSCHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

JOHN HESSCHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

4

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• Build a sustainable 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

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

5

Generated net income of $1.8 billion

Grew year end proved reserves by 7% to 1.33 billion boe

Replaced 167% of production

FD&A cost of $16.20 per boe

Increased reserve life to 9.5 years

Grew worldwide oil and gas production by 5%

Expanded our Retail and Energy Marketing businesses

Improved debt to capitalization ratio to 28.9%

Total Shareholder Return 104% - 10th best in S&P 500

Generated net income of $1.8 billion

Grew year end proved reserves by 7% to 1.33 billion boe

Replaced 167% of production

FD&A cost of $16.20 per boe

Increased reserve life to 9.5 years

Grew worldwide oil and gas production by 5%

Expanded our Retail and Energy Marketing businesses

Improved debt to capitalization ratio to 28.9%

Total Shareholder Return 104% - 10th best in S&P 500

2007 Highlights2007 Highlights

6

Financial Summary

LINE FULL YEARNO. ($ MILLIONS) 2007 2006 2005

(A) (B) (C)OPERATING INCOME (AFTER TAX)

1 EXPLORATION AND PRODUCTION 1,916$ 1,590$ 1,021$

2 MARKETING AND REFINING 276 394 475

3 CORPORATE / INTEREST (285) (237) (233)

4 OPERATING INCOME 1,907 1,747 1,263

5 GAIN ON ASSET SALES / OTHER (75) 173 (37)

6 NET INCOME 1,832$ 1,920$ 1,226$

7 CAPITAL & EXPLORATORY EXPENDITURES 3,926$ 4,056$ 2,490$

8 NET CASH PROVIDED BY OP. ACTIVITIES 3,507$ 3,491$ 1,840$

9 DEBT CAPITALIZATION 29% 32% 38%

LINE FULL YEARNO. ($ MILLIONS) 2007 2006 2005

(A) (B) (C)OPERATING INCOME (AFTER TAX)

1 EXPLORATION AND PRODUCTION 1,916$ 1,590$ 1,021$

2 MARKETING AND REFINING 276 394 475

3 CORPORATE / INTEREST (285) (237) (233)

4 OPERATING INCOME 1,907 1,747 1,263

5 GAIN ON ASSET SALES / OTHER (75) 173 (37)

6 NET INCOME 1,832$ 1,920$ 1,226$

7 CAPITAL & EXPLORATORY EXPENDITURES 3,926$ 4,056$ 2,490$

8 NET CASH PROVIDED BY OP. ACTIVITIES 3,507$ 3,491$ 1,840$

9 DEBT CAPITALIZATION 29% 32% 38%

Note: Net cash provided by operating activities excludes proceeds from asset sales of $93 million in 2007, $444 million in 2006 and $74 million in 2005

JOHN O’CONNORPRESIDENT

WORLDWIDE E&P

JOHN O’CONNORPRESIDENT

WORLDWIDE E&P

8

GoalsGrow Production by 3-5% p.a.

Grow Reserves by 5-8% p.a.

StrategyDeliver resources and value from exploration

Execute cost effective developments

Extract more value from producing fields

Build a sustainable growth portfolio

GoalsGrow Production by 3-5% p.a.

Grow Reserves by 5-8% p.a.

StrategyDeliver resources and value from exploration

Execute cost effective developments

Extract more value from producing fields

Build a sustainable growth portfolio

E&P Goals and StrategyE&P Goals and Strategy

9

2007200820092010

BAKKEN

PANGKAH GAS

ACG PHASE 3

SINPHUHORM

OKUME COMPLEX

SHENZI

JDA PHASE 2

Global Portfolio of Developments

SNØHVIT

GENGHIS KHAN

SEMINOLE ROZ

PANGKAH OIL

JAMBI MERANG

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Significant Growth from New DevelopmentsSignificant Growth from New Developments

07 08 09 100

50

100

150

2010

Bakken Jambi MerangSeminole ROZ

2009Pangkah OilShenzi

2008

JDA Phase 2 SnøhvitACG Phase 3

2007

Sinphuhorm Okume ComplexPangkah Gas Genghis Khan

2010

Bakken Jambi MerangSeminole ROZ

2009Pangkah OilShenzi

2008

JDA Phase 2 SnøhvitACG Phase 3

2007

Sinphuhorm Okume ComplexPangkah Gas Genghis Khan

Production CapacityMBOED (Net)

Represents production capacity, not forecast

11

Okume Complex

Hess 85% W.I., operator

125 - 150 MMBOE net resources

40 MBOED net peak production achieved 1Q08

Hess 85% W.I., operator

125 - 150 MMBOE net resources

40 MBOED net peak production achieved 1Q08

12

JDAJDA

50% W.I.

Largest reserve holding in portfolio

Attractive economics

PSC through 2029

Phase 1~120 MMSCFD net production

Phase 2Will double net production to ~250 MMSCFD in 3Q08

50% W.I.

Largest reserve holding in portfolio

Attractive economics

PSC through 2029

Phase 1~120 MMSCFD net production

Phase 2Will double net production to ~250 MMSCFD in 3Q08

Gulf of Thailand

Thailand

Malaysia

KertehKuala

Lumpur

Songkhla

Pilok

YetagonCambodia

Vietnam

Sumatra

Singapore

Erawan

Pailin

Bangkok

JDAJDA

13

Pangkah

Hess 75% W.I., operator

80 - 120 MMBOE net resources

First gas in April 2007

First oil in 1H09

20 MBOED net production in 2009

Hess 75% W.I., operator

80 - 120 MMBOE net resources

First gas in April 2007

First oil in 1H09

20 MBOED net production in 2009

Pangkah

Jakarta

Indonesia

MalaysiaKuala Lumpur

Java Sea

14

Shenzi

Hess 28% W.I.

100-150 MMBOE net resources

Facilities installationscheduled for mid 2008

First oil in 1H09

25 MBOED net peak production

Hess 28% W.I.

100-150 MMBOE net resources

Facilities installationscheduled for mid 2008

First oil in 1H09

25 MBOED net peak production

Tahiti

Mad DogAtlantis

K2 Area

Puma

Tonga

Neptune

Pony / Knotty Head

Miocene Foldbelt

Miocene Fields

Green Canyon Area Shenzi

Genghis Khan

#3

#4

#2#5

GC 610GC 609

GC 652 GC 653 GC 654

GC 608

#1

#3ST1#1

#2

Development Plan Area

#G1-1

#2ST2

#2ST1

609 #1Salt

Un-tested North Flank

3 mi

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North Dakota Bakken Shale

• Hess enjoys strong infrastructure position in Williston Basin

• 411,000 net acres in North Dakota Bakken Shale play

• Six rig program in 2008; eight rigs in 2009

• 2008 net production ~8 MBOED

Williston Gas Plant

Red Sky

Stampede

Impact

EastNesson

Tioga

BeaverLodgeCapa

BlueButtesHawkeye

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Hess Global Exploration

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

Tactics• Focus on the best basins• Take material equity positions• Apply fit-for-purpose technology• 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

17

Deepwater Gulf Of Mexico ProgramDeepwater Gulf Of Mexico Program

Texas Louisiana

Garden Banks

Green Canyon

Tubular Bells

Paleogene Play

Pony

Miocene Play

Northwestern

Conger

Llano Baldpate

Shenzi

4 Producing Fields 1 Field Development 2 Field Appraisals

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US Gulf Of Mexico – Pony Prospect

Salt

3 Miles

Pony WellGC 468 No. 2 Hess 100% W.I.

100 - 500 MMBOE net resource

potential on Hess blocks

Discovery well encountered 475 feet

of oil saturated sandstones

Pony No. 1 ST well confirmed 100+

MMBOE net resource

No.2 well encountered all reservoir

sands seen by discovery well

No. 2 ST well result expected in

2Q08

Hess 100% W.I.

100 - 500 MMBOE net resource

potential on Hess blocks

Discovery well encountered 475 feet

of oil saturated sandstones

Pony No. 1 ST well confirmed 100+

MMBOE net resource

No.2 well encountered all reservoir

sands seen by discovery well

No. 2 ST well result expected in

2Q08

Knotty Head WellGC 512 No. 1 ST

Pony WellGC 468 No. 1

Pony WellGC 468 No. 2 ST

Pony WellGC 468 No. 1 ST

Knotty Head WellGC 512 No. 1

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Australia Exploration Program

WA-390-P

Pluto4-6 TCF

Scarborough5 TCF Jansz-lo

20 TCF

Greater Gorgon Area

40 TCF60 km

WA-404-P

North West Shelf, AustraliaWA-390-P• Hess 100% W.I.• 2 - 15 TCF resource

potential• 3D seismic acquired• Drilling starts late 2Q08

WA-404-P• Hess 50% W.I.• 2 - 15 TCF resource

potential• 3D seismic in 2008• Drilling starts 2009

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Libya – Area 54

• Hess 100% W.I.

• Large significant untested structure

• Potential offshore extension of prolific Sirte Basin

• Rig commitment signed; anticipated mid 2008 spud

500 km

Libya

EgyptAlgeria

Mediterranean Sea

Mediterranean Sea

Sirte Basin

AREA 54

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Ghana – Tano Cape Three Points

• Hess 100% W.I.

• Significant frontier acreage position

• Adjacent to Jubilee Field (Mahogany discovery & Hyedua-1 appraisal)

• Anticipate drilling in 4Q08

50 Km

GHANACOTE D’IVOIRE

50 KmAnkobra

Jubilee Field Odum-1

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BM-ES-30• Hess 60% WI• 3D seismic acquired in

2007• Anticipate drilling in

2009• Above salt• Cretaceous sandstone

BM-S-22• Hess 40% WI• Drill 3Q08• Sub-salt• Cretaceous carbonate

Brazil Exploration Program

BORDEN WALKERPRESIDENT

MARKETING AND REFINING

BORDEN WALKERPRESIDENT

MARKETING AND REFINING

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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

Marketing and RefiningMarketing and Refining

Expand Hess brand in Retail and Energy Marketing on East Coast

Maximize free cash flow from refining assets

Expand Hess brand in Retail and Energy Marketing on East Coast

Maximize free cash flow from refining assets

Strategic ObjectivesStrategic Objectives

Port ReadingPort Reading

FL

PAPA

MAMA

VA

NC

SC

NYNY

VAVA

NCNC

GAGA

FLFL

SCSC

MDMDNJNJ

25

Industry Leading PerformanceIndustry Leading Performance

96

104

113114 116 118

50

75

100

125

02 03 04 05 06 07

96

104

113114 116 118

50

75

100

125

02 03 04 05 06 07

170178

191

204208

215

100

125

150

175

200

225

02 03 04 05 06 07

170178

191

204208

215

100

125

150

175

200

225

02 03 04 05 06 07

Typical MajorTypical Major

Per Site AveragesPer Site Averages

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

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

26

Strong brand and reputation

Scale advantage

More than 17,000 customers

• Fuel Oil Sales: 130 MB/D

• Natural Gas Sales: 1.6 BCF/D

• Electric Sales: 3,000 MWH (RTC)

Selective Growth

Strong brand and reputation

Scale advantage

More than 17,000 customers

• Fuel Oil Sales: 130 MB/D

• Natural Gas Sales: 1.6 BCF/D

• Electric Sales: 3,000 MWH (RTC)

Selective Growth

Energy MarketingEnergy Marketing

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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

JOHN HESSCHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

JOHN HESSCHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER

29

SummarySummary

● Strategy in place

● Portfolio reshaped

● Delivering performance

● Exciting investment opportunities

● Sustainable growth

● Skilled management team

● Strategy in place

● Portfolio reshaped

● Delivering performance

● Exciting investment opportunities

● Sustainable growth

● Skilled management team