1. HESS CORPORATION
Supplemental Earnings Information
Second Quarter 2008

2. Reported Net Income, Items Affecting Comparability
& Adjusted Earnings by Operating Activity
$ Millions, except per share data
2Q 2Q 1Q
Income/(Expense) 2008 2007 2008
Net Income (U.S. GAAP)
Exploration and Production $ 1,025 $ 505 $ 824
Marketing and Refining (52) 122 16
Corporate (33) (32) (39)
Interest (40) (38) (42)
Net Income $ 900 $ 557 $ 759
Net Income Per Share (Diluted) $ 2.76 $ 1.75 $ 2.34
Items Affecting Comparability
Exploration and Production $ -- $ 15 $ --
Marketing and Refining -- -- --
Corporate -- -- --
Total Items Affecting Comparability $ -- $ 15 $ --
Adjusted Earnings (a)
Exploration and Production $ 1,025 $ 490 $ 824
Marketing and Refining (52) 122 16
Corporate (33) (32) (39)
Interest (40) (38) (42)
Adjusted Earnings $ 900 $ 542 $ 759
Adjusted Earnings Per Share (Diluted) $ 2.76 $ 1.70 $ 2.34
Weighted Average Number of Shares (Diluted) 326.2 318.6 323.8
(a) “Adjusted Earnings,” presented throughout this supplemental earnings information, is defined as reported net income excluding discontinued
operations, cumulative effect of changes in accounting principles, and items identified as affecting comparability of earnings between periods. We
believe that investors' understanding of our performance is enhanced by disclosing this measure. This measure is not, and should not be viewed
as, a substitute for U.S. GAAP net income.
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3. Items Affecting Comparability Between Periods
(Amounts are after income taxes)
2Q 2008
• None reported.
2Q 2007
• Exploration and Production - Earnings in the second quarter of 2007 include a gain of $15 million
related to the sale of the Corporation’s interests in the Scott and Telford fields located in the United
Kingdom.
1Q 2008
• None reported
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4. Consolidated Adjusted Earnings
$ Millions
2Q 2008 vs. 2Q 2007 2Q 2008 vs. 1Q 2008
$1,200 $1,200
$535 $(174)
$(68)
$201 $900
$(3) $8
$900
$1,000 $1,000
$759
$800 $800
$542
$600 $600
$892 $892
$400 $400 $759
$200 $200
$0
$0 $0
$0 $0
E&P Corp &
2Q M&R 2Q E&P Corp &
1Q M&R 2Q
Interest Interest
2007 2008 2008 2008
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5. Analysis of Consolidated Adjusted Earnings
2Q 2008 vs. 2Q 2007
• Exploration and Production – The increase in earnings primarily reflects higher realized selling
prices and natural gas production volumes partially offset by higher costs.
• Marketing and Refining – The decrease primarily reflects lower margins and trading results.
2Q 2008 vs. 1Q 2008
• Exploration and Production – The increase primarily reflects higher selling prices partially offset by
higher costs.
• Marketing and Refining – The decrease primarily reflects seasonally lower margins and natural gas
sales volumes.
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6. Worldwide Oil & Gas Production
(MBOEPD)
2Q 2008 vs. 2Q 2007 2Q 2008 vs. 1Q 2008
450 450
(1) 9 (1) 393
393 (5)
1
13 391
(4)
378 5
400 400
350 350
300 300
250 250
200 200
150 150
0 0
100 100
2Q US Europe Africa Asia & 2Q US Europe Africa Asia & 2Q
1Q
2007 Other 2008 Other 2008
2008
1Q 2008 2Q 2008 Inc/(Dec)
2Q 2007 2Q 2008 Inc/(Dec)
United States 56 61 5 United States 62 61 (1)
Europe 135 131 (4) Europe 136 131 (5)
Africa 115 128 13 Africa 119 128 9
Asia & Other 72 73 1 Asia & Other 74 73 (1)
Total 391 393 2
Total 378 393 15
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7. Capital & Exploratory Expenditures
$ Millions
Year to Date
2007 2008
Exploration & Production
$2,500
United States $ 1,042 $ 1,136
$67
$56
International 1,076 1,007
$2,000
Total E&P 2,118 2,143
Marketing, Refining
56 67
& Corporate
$1,500
Total $ 2,174 $ 2,210
$2,143 Exploration expenses
$2,118
$1,000
included above:
$ 82 $ 106
United States
$500
54 99
International
Total $ 136 $ 205
$0
YTD 2007 YTD 2008
E&P M,R&C
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8. Exploration and Production Adjusted Earnings
$ Millions
2Q 2008 vs. 2Q 2007 2Q 2008 vs. 1Q 2008
$1,400
$1,400
$26 $(199)
$711
$(27)
$340 $(81)
$1,200
$1,200
$(3) $1,025 $(31) $1,025
$1,000
$1,000
$824
$800
$800
$600 $490 $600
$400
$400
$200 $200
$0 $0
$0 $0
1Q
Costs 2Q
Sales Price Sales Costs Other
Price
2Q Other 2Q
2008
2008
Volume Volume
2007 2008
2Q 2007 2Q 2008 Inc/(Dec) 1Q 2008 2Q 2008 Inc/(Dec)
United States $ 44 $ 177 $ 133 United States $ 134 $ 177 $ 43
International 446 848 402 International 690 848 158
Total $ 824 $ 1,025 $ 201
Total $ 490 $ 1,025 $ 535
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9. Marketing and Refining Adjusted Earnings
$ Millions
2Q 2008 vs. 2Q 2007 2Q 2008 vs. 1Q 2008
$150 $122 $(40) $150
$125
$125
$(84)
$100
$100
$75
$75
$50
$50
$16
$25
$25 -$5
$0
$0
-$25
-$25
-$50
-$50
$(50) $(52) $(52)
$(2)
$(72) $6
-$75
-$75
2Q Marketing Refining Trading 2Q 1Q Marketing Refining Trading 2Q
2007 2008 2008 2008
2Q 2007 2Q 2008 Inc/(Dec) 1Q 2008 2Q 2008 Inc/(Dec)
Marketing $ - $ (40) $ (40) Marketing $ 32 $ (40) $ (72)
Refining 87 3 (84) Refining (3) 3 6
Trading 35 (15) (50) Trading (13) (15) (2)
Total $ 16 $ (52) $ (68)
Total $ 122 $ (52) $ (174)
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