Exploring Success in Shale Zhiyong Zhao, Vice President, Hess Corp

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1 Exploring Success in Shale Zhiyong Zhao, Vice President, Hess Corp

2 Three Pronged Strategy to Drive Growth 2 Unconventional Bakken free cash flow positive in 2015 Large inventory of high return Bakken well locations Leading position in emerging Utica shale play Exploitation High return infill drilling opportunities Tubular Bells first oil expected mid 2014 North Malay Basin early production commences 4Q13; full field in 2017 Exploration Geographically focused Ghana 7 consecutive discoveries; appraisal to commence in 2014 Large lease inventory in deepwater Gulf of Mexico (~200 blocks) Mboe/d

3 Hess Shale Strategy 3 3

4 4 Growing Shale Portfolio Bakken Shale ~645,000 net acres 14 rig program in 2013 Paris Basin ~650,000 net acres 3 vertical wells in 2013 Utica Shale ~135,000 net acres ~30 wells in 2013 China JSAs in the east China PSC signed with CNPC for ~200,000 acres in Santanghu Basin Canning Basin ~30 MM net acres Processing aeromagnetic survey in 2013

5 Technology Focus - Shale 5 Reduced Footprint Water handling Production Analysis Coupled flow Geomechanics Environment Drill Cutting disposal Emissions Re-Perm, SCAL, PVT Simulation Reservoir Characterization Env. Friendly Drilling Reservoir Engineering Shale Technology Focus Geoscience Sweet spot identification Rock mechanics QA / QC of microseismic Petroleum Systems GeoModeling Multi-laterals Stimulations Drilling & Completions Petrophysics In-Place Resource Pay Indicators Frac technologies Rock / Fluid Typing Production logging Geo-Steering Operations & Facilities Life-Cycle Water Mgmt. Cutting handling Well Factory Efficiency Safety

6 The Challenge 6 Shale Plays Tight Gas Tight Oil Conventional How can liquid production be enhanced in low permeability formations? Bigger Initial Production and greater Recovery at reduced costs

7 Shale oil characteristics 7 Hydrocarbon liquids found in low permeability formations Shales, siltstones, sandstones and carbonates Resource unlocked by technology application similar to shale gas Horizontal drilling Multi-stage hydraulic fracturing Pad drilling First mover play was the Bakken, in North Dakota Currently at 1 million bbl/d with ~1,000+ wells completed Other plays are fast followers - Eagle Ford, Utica, Niobrara, Permian

8 Development of technology Trial & Error approach Macro Micro Science Nano Science Development of downhole Motors accelerates key to Directional drilling Initial development of Barnett Shale Gas production increases as Technology improves First Commercially Frac ed well in US Gel Fracs Foam Fracs Gas Fracs Multi-well Pads s 1980 s First Frac ed shale gas well Fredonia, New York First commercial Horizontal wells Multi-stage fracturing emerges for both vertical and horizontal wells Liquid Rich Shales Evolution Modified from US Dept of Energy, EIA,

9 Technology impact on shale oil 9 Oil Recovery % Long laterals 3,000 meters + High flow capacity proppant Multiport frac sleeves Artificial lift for horizontals Sweet-Spot identification Green frac fluids Enhanced proppants Full physics based modeling Improved system conductivity Extended reach wells > 6,000 m EOR processes Improved wellbore integrity Waterless fracturing?

10 North Dakota Bakken Shale 10 Asset Details Avalanche 645,000 net acres Current net production ~70 MBOED Goal of net production ~120 Mboe/d in 2016 Goliath East Nesson Red Sky Typical well interest (Working Interest / Net Royalty Interest) - Operated: 80% / 65% - Non-Operated : 12% / 10% Stony Creek Keene Producing wells Operated, 663 Non-Operated Buffalo Wallow Operating 14 drilling rigs Driving value through Lean manufacturing and technology Panther Little Knife Murphy Creek Well cost and productivity heading to industry leading position Play at early stage material value upside yet to come

11 Drilling and Completions Typical Well - Drilling Typical Well - Completion 10,000 TVD; 20,000 MD; Geosteering Days/Well Drilling Hess Drilling ~170 wells/year Up to 38 Sleeve Frac Stages/Well 60k lbs Sand per Frac Hess Pumps ~6,000 Frac Stages/year 11 11

12 Drilling 12 Education & Training Real Time MSE use Optimum drilling parameters Drilling system optimization One-bit run whole section Limiter identification

13 Technology Optimizes Completions Multi-stage sleeve system first used in Bakken in 2008 Thoroughly tested and field proven technology Eliminates cementing and perforating operations Continuous fracturing operations Primary and re-fracturing applications Open or Cased hole New technology will allow 40+ stages 13 13

14 Reservoir Assessment Source Rock Type (I,II,III,IV) Total Organic Carbon (TOC) Maturity (Vitrinite Reflectance) Resource Generation Organic Porosity Inorganic Porosity HC Filled Porosity Net/Gross Thickness Estimated OOIP/Section Mineralogy - Brittleness Storage Fractures Ability to Fracture Reservoir Pressure GOR Viscosity Deliverability Bakken Core Photos 14 14

15 Micro-Seismic Application Well Bores Microseismic of 42 Frac Stages, Showing Induced Fractures Vertical Observation Wells Used to Monitor Seismic Events 15 15

16 Geophysics - Subsurface Imaging 16 Standard VHF Lumina New Seismic Processing to increase resolution using sound wave harmonics Relating seismic attributes to Productivity Lumina processing technology uses Music Theory of sound waves having multiple harmonics. Each harmonic is processed separately then combined resulting in increased resolution Evaluation of > 90 seismic attributes using cluster analysis and multivariate statistics result in a high correlation to 90-day cumulative production

17 Seismic Application Improves Well Performance Seismic Dip Top Bakken Dip Change Indicates Higher Fracture/Subseismic Faulting Probability Observed During Drilling as Gas/Oil Influx 17 17

18 18 Seismic Through Simulation Workflows Understanding Unconventional Rock, Improving Predictions & Maximizing Recovery Seismic & Geology Static DFN Geo-Stress Microseismic Stimulated DFN Reservoir Simulation (Petrel) (Petrel or Fracman) (Visage or Abaqus) (Petrel) (MShale, Mangrove, or Abaqus) (Eclipse or Intersect) Cohesive Elements (FEA) Discrete Elements (DEM) Molecular Dynamics (MD) Computational Fluid Dynamics (Finite Volume) Small-scale Effects Large-scale Heterogeneity Enrichment Using Advanced Numerical Simulation

19 Lean Manufacturing 1) Establish Standard Design/Procedures Robust Well Design Disciplined Work Flow 4) Implement Modifications Change Specs Modify Procedures Adjust Plan Check Do 2) Select Metrics & Track Performance Cycle time (costs) Defects (rework) 3) Identify Improvements Celebrate/Reward Transparency Find Root Causes of Problems Culture Engage Workforce; Create Transparency; Relentlessly Improve 19

20 The Automobile Assembly Line 20 FRAME ASSEMBLY PAINT WHEEL ASSEMBLY INTERIOR ASSEMBLY DOORS & EXTERIOR WINDOW ASSEMBLY DELIVER TO CUSTOMER The objectives of the assembly line Operate safely Continually improve quality Meet takt time (rate of production to meet customer demand) Continually reduce cycle time & cost

21 The Well Factory Assembly Line 21 WELL SCOPING WELL PLANNING SITE CONSTRUCTION DRILLING FRACKING FLOWBACK HANDOVER TO OPS PERMIT RIGHT OF WAY LEASE The objectives of the well factory Strive for perfect safety and environmental record Hand over perfect wells to Operations Meet takt time Continually shorten cycle time and reduce costs make money faster!

22 Also Requires Complete System Perspective 22

23 Bakken Production and Well Delivery Highlights Reducing Bakken Well Costs Drilling Performance: Spud-to-Spud (Days) Drilling & Completion Costs ($ MM) 40% Improvement 37% Improvement While Optimizing Well Productivity Average 90-Day Initial Production Rate (MBO) 30-Day Initial Production Rate (BOPD) Hess Wells Hess Data Industry Data ~100% Improvement Peer Wells Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Hess has 11 of the Top 25 (or 18 of Top 50) Wells in the Bakken Source: NDIC, Hess 23

24 The Hess Shale Story Shale resource development is leading to a new era of accessible and safe energy supplies around the world Hess applies industry leading technology to develop innovative solutions Hess respects the environment and ensures the health/safety of our people, partners and the community We work hard to be a trusted partner in communities where we operate Shale plays create jobs and positive economic effects 24 24

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