AMERADA HESS CORPORATION

PRUDENTIAL ENERGY DAY

NOVEMBER 16, 2004

JAY WILSON V.P. INVESTOR RELATIONS (212) 536-8940

PAGE 1 STRATEGIC GOALS

EXPLORATION & PRODUCTION EXPLORATION

¾ GROW RESERVES AND PRODUCTION PROFITABLY

¾ UPGRADE GLOBAL PORTFOLIO

¾ DELIVER EXPLORATION SUCCESS

¾ INCREASE RESERVE LIFE PRODUCTION REFINING & MARKETING

¾ MAXIMIZE FINANCIAL RETURNS FROM EXISTING ASSETS

¾ GENERATE FREE CASH FLOW FOR THE CORPORATION

¾ GROW RETAIL AND ENERGY MARKETING OPPORTUNISTICALLY

CORPORATE

¾ INVEST FOR LONG TERM PROFITABLE GROWTH

¾ MAINTAIN CAPITAL DISCIPLINE

¾ STRENGTHEN FINANCIAL FLEXIBILITY

MARKETING

PAGE 2 STRONG PORTFOLIO OF DEVELOPMENTS

SNOHVIT

CLAIR

VALHALL ATLANTIC/CROMARTY

ACG

TUBULAR BELLS LLANO PHU HORM GEA

SHENZI BLOCK A-18 (JDA) CEIBA NBG

UJUNG PANGKAH

2004 2005 2006 2007 +

PAGE 3 SHIFT IN EXPENDITURES TO DEVELOPMENTS

E&P CAPITAL EXPENDITURES - $ MM $1,600 $ 1,500

$ 1,421 EXPLORATION $ 1,334 $210 $171 $ 1,263 $239 PRODUCTION $1,200 $196 $360

$773 $440 $360 $800 $ 703

$167 DEVELOPMENT

$930 $400 $399 $655 $707 $477 $137 $- 2000 2001 2002 2003 2004 (EST) Dev. Spending as a % of Total E&P CapEx 19% 34% 49% 56% 61%

NOTE : FIGURES EXCLUDE PURCHASE PRICE OF ACQUISITIONS PAGE 4 EQUATORIAL GUINEA DEVELOPMENTS

• CEIBA FIELD PERFORMANCE ON TARGET

• NORTHERN BLOCK “G” DEVELOPMENT NIGERIA

UNDERWAY; FIRST PRODUCTION BY 1Q ‘07 CAMEROON

GABON CONGO Okume / Ebano - TLP Oveng - TLP

Satellite #1

ANGOLA Satellite #2 Elon CPF

Satellite #3 L NORTHERN BLOCK Ceiba Subsea Wells F “G” DISCOVERIES CEIBA

EQUATORIAL GUINEA Sendje Ceiba FPSO G

OffloadingOffloading BouyBuoy

PAGE 5 MALAYSIA-THAILAND JDA BLOCK A-18

Pilok Thailand BACKGROUND Bangkok

Cambodia Yetagon • AHC WORKING INTEREST : 50%

Vietnam Erawan • CONTRACTED PHASE 1 SALES VOLUME : 160 Gulf of Pailin Thailand MMCFD AHC NET Songkhla JDA JDA • NET PROVED RESERVES: 953 BCFE Malaysia

Kerteh Kuala Lumpur • SIGNIFICANT UNBOOKED RESOURCE POTENTIAL Sumatra

Singapore

DEVELOPMENT UPDATE JDA BLOCK A-18

• PRODUCTION FACILITIES COMPLETE

• BUYER’S GAS TRANSPORTATION INFRASTRUCTURE UNDER CONSTRUCTION

• FIRST GAS SCHEDULED FOR 2005

• DISCUSSIONS PROGRESSING FOR ADDITIONAL GAS SALES

PAGE 6 LIBYA

• THE OASIS GROUP IS CURRENTLY NEGOTIATING TERMS UPON WHICH THE GROUP WILL RETURN TO LIBYA.

• AMERADA HESS BEGAN LIBYAN OPERATIONS IN 1955 AND HOLDS AN EQUITY INTEREST IN THE OASIS OIL CONCESSION:

OASIS PARTNERS INTEREST LIBYAN NATIONAL OIL COMPANY 59.2% CONOCOPHILLIPS 16.3% MARATHON OIL 16.3% AMERADA HESS 8.2%

• THE OASIS OIL CONCESSION IS COMPRISED OF 13 MILLION ACRES.

• IN 1986, THE U.S. GOVERNMENT IMPOSED TRADE SANCTIONS ON LIBYA AND AMERADA HESS SUSPENDED ACTIVE PARTICIPATION IN THE OASIS CONCESSION.

PAGE 7 HIGH IMPACT EXPLORATION - DEEPWATER GULF OF MEXICO

1ST1, 517 518 519 520 1ST2 521 522 523 524 6753 G11075 1 1ST1,2 G21804 G16754 G16755 Agip G22981 G22982 G18399 1ST3 Agip BP BP SHENZI K2 / TIMON BHP Billiton BHP Billiton BP 2,2ST1,2 K2 / Timon 1ST1 G11076 MARCO POLO 561 562 1 Agip 563 564 565 566 567 568 G21807 G16763 1 G16764 G16765 6" 2 G18403 Anadarko 2 Agip BP 4" 0" 1ST1,2 BP Green H Cle Chevron- AHC INTEREST : 28% ols op Canyon SHENZI-3un te at 1, 1ST2-4 Texaco de in- ra MARCO POLO r c SS ga G18402 SHENZI-1 on 33 s 605 606 st 2A ruc 607 Anadarko 608 609 611 GC 6532 # 2 tio 1,1ST1 610 612 221 8" n Ca G21810 G20084 GC 654 # 1 iner Ho es G20085 G18411 G18412 ls ar Anadarko G16773 u tei o BP BP Cle nd n- il BP BP op er SS BP PARTNERS : BHP 44% (OP), BP 28% a at co 33 es ra ns 2A ar tru ct ion 649 650 651 652 653 654 655 656 1 6 G18424 G18425 " G15603 G15604 G15605 Chevron- BP G167 SHENZI-2 BP BP BP 2 Texaco WATER DEPTH : 4,225’ 4 " GC 653 # 1 693 1ST1, 694 695 696 697 698 699 1ST2 1 700 224 G16786 G16787 G16788 G16789 G15606 ner BP G15607 G15608 G21815 BP BP BP BP BP MAD DOG BP Spinnaker STATUS : WELL #1 ~140’ NET PAY y Joe Young 1ST1, 1 2,2ST1 2ST2 ATLANTIS 1 MAD DOG 2ST3 737 738 4,6 739 740 741 ATLANTIS 742 3 1ST2 743 744 09 G15610 BP 1 WELL #2 ~500’ NET PAY G15611 G20090 G18438 G18439 G20091 BP BP Unocal Unocal 4ST1 3ST1 Chevron- 1,1ST1-2, 4 Texaco 2 WELL #3 - DRILLING 781 1 782 783 784 785 786 787 788 81 G09982 1ST2 G16810 G16811 G16812 G20095 BP 1ST1 G20096 G20097 G20098 BP BP BHP Billiton Devon 1 Chevron- Chevron- Chevron- Energy Texaco Texaco Texaco 825 826 827 828 829 830 831 832

TUBULAR BELLS

TUBULAR BELLS WEMBLEY

AHC INTEREST : 20% MARS PARTNERS : BP 50% (OP), CVX 30% THUNDERHORSE

WATER DEPTH : 4,300’ NEPTUNE SHENZI STATUS : WELL #1 ~190’ NET PAY

APPRAISAL DRILLING ATLANTIS PLANNED FOR 2005 MAD DOG

PAGE 8 ON TRACK TO IMPROVE E&P PERFORMANCE

• BUILDING A PLATFORM FOR RESERVE AND PRODUCTION GROWTH

• IMPROVED SUSTAINABILITY THROUGH LONGER RESERVE LIFE

• HIGH IMPACT EXPLORATION PROGRAM

PAGE 9 REFINING & MARKETING

REFINERYREFINERY VT NYNY z LEADING INDEPENDENT ON TERMINALSTERMINALS NH z LEADING INDEPENDENT ON MARKETINGMARKETING MAMA THETHE EASTEAST COASTCOAST

PAPA Port Reading NJNJ zz OBJECTIVEOBJECTIVE ISIS TOTO MAXIMIZEMAXIMIZE MD DEDE FINANCIAL RETURNS FROM VAVA FINANCIAL RETURNS FROM EXISTINGEXISTING ASSETSASSETS NCNC NC zz SELECTIVE GROWTH IN RETAIL SCSCSC SELECTIVE GROWTH IN RETAIL ANDAND ENERGYENERGY MARKETINGMARKETING GAGA ¾¾ CONVENIENCECONVENIENCE STORESSTORES FL 1,4751,475 MilesMiles toto NewNew YorkYork FLFL ¾¾ ACQUISITIONSACQUISITIONS

¾¾ MODESTMODEST CAPITALCAPITAL EXPENDITURESEXPENDITURES 3,9003,900 MilesMiles toto LosLos AngelesAngeles 500500 MilesMiles 4,6004,600 MilesMiles fromfrom WestWest AfricaAfrica fromfrom VenezuelaVenezuela

PAGE 10 OUR ST. CROIX REFINERY IS A WORLD CLASS MERCHANT REFINERY zz OPERATEDOPERATED BYBY HOVENSAHOVENSA L.L.C.,L.L.C., AA 50/5050/50 JVJV FORMEDFORMED ININ 19981998 BYBY AHCAHC ANDAND PDVSAPDVSA

zz CAPACITYCAPACITY

¾¾ CRUDECRUDE 495495 MB/DMB/D

¾¾ FCCFCC 145145 MB/DMB/D

¾¾ COKERCOKER 58 58 MB/DMB/D

zz SUPPLYSUPPLY AGREEMENTAGREEMENT WITHWITH PDVSAPDVSA FORFOR 155155 MB/DMB/D OFOF MEDIUMMEDIUM CRUDECRUDE OILOIL (MESA)(MESA) THROUGHTHROUGH 20142014

zz COKERCOKER ECONOMICSECONOMICS AREARE ENHANCEDENHANCED BYBY AA 115115 MB/DMB/D FAVORABLE,FAVORABLE, HEAVYHEAVY CRUDECRUDE OILOIL (MEREY)(MEREY) SUPPLYSUPPLY CONTRACTCONTRACT WITHWITH PDVSAPDVSA THROUGHTHROUGH 20222022

PAGE 11 RETAIL MARKETING IS FOCUSED ON GROWING COMPANY OPERATED SITES IN KEY EAST COAST STATES

Number of Retail Outlets Geographic Breakdown (Q3 2004)

C-STORES GAS ONLY OTHER DEALER/BRANDED RETAILER WILCO HESS VA 5% 5% 1,400 1,232 SC 1,195 1,158 1,187 6% 1,200 FL 29% 1,000 929 PA 9% 800 701

600

400 MA NY 7% 200 21% NC 0 NJ 11% 1999 2000 2001 2002 2003 Q3 04 7% MEMO % COMPANY 74% 74% 79% 80% 80% 82% OPERATED:

PAGE 12 GROWTH DRIVEN BY THE ROLLOUT OF OUR BEST-IN- CLASS HESS EXPRESS C-STORE OFFER

HESSHESS EXPRESSEXPRESS LOCATIONSLOCATIONS AVGAVG MONTHLYMONTHLY GASOLINEGASOLINE VOLUME:VOLUME:260,000 260,000 AVGAVG MONTHLYMONTHLY C-STOREC-STORE SALES:SALES:$160,000 $160,000

GASOLINE C-STORE REVENUES: 62% 38% MARGINS: 40% 60%

PAGE 13 FINANCIAL

PAGE 14 FINANCIAL SUMMARY ($MM)

FULL YEAR THRU 2002 2003 9/30/2004

OPERATING INCOME (After-tax): EXPLORATION AND PRODUCTION $ 752 $ 438 $ 525 REFINING AND MARKETING 40 347 358 CORPORATE / INTEREST (241) (241) (175) AHC OPERATING INCOME 551 544 708 NON-CASH ASSET IMPAIRMENT (786) - - GAIN ON ASSET SALES 82 128 33 OTHER (65) (29) 7 AHC NET INCOME $ (218) $ 643 $ 748

CAPITAL EXPENDITURES $ 1,534 $ 1,358 $ 1,072 NET CASH PROVIDED BY OP. ACTIVITIES $ 1,965 $ 1,581 $ 1,649

NOTE: OPERATING INCOME INCLUDES INCOME FROM DISCONTINUED OPERATIONS PAGE 15 $6,000 DEBT REDUCTION: DECEMBER 2001 - SEPTEMBER 2004 $5,000 DEBT REPAID

$1,829 $4,000 $4 $653 $5,665 $899 $3,000 $5,045 $3,836

$2,000 42.2% 54% $3,984 DEBT DEBT TO CAP TO CAP $1,000 $1,010

$0 2001 DEBT CASH FLOW ASSET CAPEX CASH OTHER* PROCEEDS DEBT 3Q04 SALES INCREASE FROM PREFERRED STOCK $ MM 2004 2005 2006 2007 THEREAFTER TOTAL DEBT BY YEAR OF MATURITY$ 1 $ 50 $ 78 $ 192 $ 3,515 $ 3,836

(*) WORKING CAPITAL, DIVIDENDS, ETC. PAGE 16 SUMMARY

• REPOSITION E&P FOR LONG-TERM SUSTAINABLE PERFORMANCE

¾ EXPERIENCED MANAGEMENT TEAM AND GLOBAL ORGANIZATION WITH FOCUSED STRATEGY

¾ MAJOR NEW DEVELOPMENTS LEADING TO RESERVE AND PRODUCTION GROWTH

¾ HIGH-IMPACT EXPLORATION • MAXIMIZE R&M FINANCIAL RETURNS

¾ MAXIMIZE FINANCIAL RETURNS FROM EXISTING ASSETS

¾ SELECTIVELY GROW RETAIL AND ENERGY MARKETING • IMPROVE LONG-TERM FINANCIAL PERFORMANCE

¾ CAPITAL DISCIPLINE

¾ FOCUS ON FINANCIAL RETURNS

¾ FINANCIAL FLEXIBILITY

PAGE 17 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 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 factors. A discussion of these 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 that the SEC’s guidelines prohibit registrants from including in filings with the SEC. Investors are urged to consider closely the disclosure in Amerada Hess’ Form 10-K, File No. 1-1204, available from Amerada Hess, 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.

PAGE 18