Exhibit 99.2

                 Amerada Hess - 2nd Quarter 2005 Conference Call

                              Comments by John Hess

Thank you Jay, and welcome to our second quarter conference call. I would like
to make a few brief comments after which John O'Connor will discuss our
exploration program for the balance of the year. John Rielly will then review
the financial results for the quarter.

Turning first to exploration and production, our second quarter production
averaged 355 thousand barrels of oil equivalent per day, up about 1% over the
year ago quarter. Strong operating performance from our existing assets and new
production from the JDA, Clair Field, and Russia all contributed to these
results.

At the end of March we announced the acquisition of a controlling interest in
Samara-Nafta, a company operating in the Volga-Urals region of Russia. Since
then, our Russian venture has acquired three additional licenses in the
Volga-Urals region, increasing our investment to approximately $200 million.
Production from Russia averaged seven thousand barrels per day in the second
quarter.

On July 19, we announced that an agreement was signed for the sale of gas from
the Phu Horm Field, located onshore in Northeast Thailand. Amerada Hess is the
operator with a 35% interest. First gas is expected to be delivered by early
2007 at an initial gross rate of approximately 80 million cubic feet per day,
increasing gradually to a rate of approximately 100 million cubic feet per day.
We are steadily building a significant position in the Southeast Asia gas
market, and this development is a positive addition to our portfolio.

For 2005, our current production forecast is 350-360 thousand barrels of oil
equivalent per day, excluding any contribution from Libya. We continue to
believe that re-entry into our Oasis concessions will happen; however, the
timing of our return is difficult to predict.

With regard to refining and marketing, our operations performed well during the
quarter. The Hovensa joint venture refinery operated at full capacity and
benefited from a strong margin environment. While our retail marketing business
posted same store gasoline volumes which were 8% higher than last year, and
convenience store sales which were 3% higher, income was negatively impacted by
lower retail gasoline margins, resulting from the run up in wholesale prices
during the quarter.

Effective June 1, our WilcoHess joint venture acquired 102 retail outlets in
eastern North Carolina. The acquisition, which was financed solely by the joint
venture, has solidified our competitive position in North Carolina, where we now
have 233 sites, and has increased the total number of Hess branded retail
outlets to about 1,355.

Earlier this month, Hess LNG, a 50/50 joint venture between Amerada Hess and
Poten & Partners, received approval from the Federal Energy Regulatory
Commission to proceed with the Weaver's Cove LNG regasification terminal in Fall
River, Massachusetts. While additional federal, state and local permits are
required, the receipt of the FERC certificate is an important milestone. The
facility is designed for a base load send out capacity of 400 million cubic feet
per day.

Our current estimate of 2005 capital and exploratory expenditures is $2.4-2.6
billion. This level of spending is up from our previous forecast of $2.1 billion
and is opportunity driven. Our investment in Russia accounts for approximately
$200 million of the increase, with the balance coming from additional
opportunities in our portfolio.

I will now turn the call over to John O'Connor.