Epstein Secrets

page 10. Price Objective Basis/Risk on page 10. 11731481 Timestamp: 11 April 2017 05:30AM EDT Bankof America Merrill Lynch Equity | 11 April 2017 Doug Leggate Research Analyst MLPF&S +1 713 247 6013 [email protected] Kalei Akamine Research Analyst MLPF&S +1 713 247 7880 [email protected] John

change in production of any company in the sector. This is likely to kickstart an extended period of growth in 2018/19 but with the contribution from Guyana driving a step change in Hess’ growth trajectory through 2025. Near term, we think Hess is also poised for an inflection in free cash flow that is re

(spec) Early Production System 425 3,392 1,018 $3.1 Phase 1 600 3,668 1,100 $3.4 Phase 2 600 2,682 805 $2.5 Payara spec Total 1,625 9,742 2,923 $9.0 Guyana Total 3,250 22,753 6,826 $21.1 Source: BofA Merrill Lynch Global Research estimates; Hess shares fully dluted 324.2mm shares after prefernce convert

. Bankof America <> Merrill Lynch Top 10 US Ideas Quarterly | 03 January 2017 7 HOUSE_OVERSIGHT_014628 --- PAGE BREAK --- Hess Corporation (HES) Doug Leggate +1 713 247 6013 Research Analyst, MLPF&S Buy, PO $80 1Q17 investment thesis Broad expectations of a pro-energy agenda from the incoming administra

tated it expects a return to drilling in the Bakken with a stated ramp up to 6 rigs from 2 currently returning the play to growth in 2017.. The first Guyana development (Liza) expected to achieve FID by 2Q17 and which we expect to confirm industry leading economics. Start-up of the first of two major deve

is worth noting storm normalizations coupled with seasonal pressures in the Fall may lead to a modest crude correction. On the positive side and as Doug Leggate notes in his weekly, demand cover for both gasoline and distillate is now back in line with last year - underpinning a modest recovery in refining m

ed back recently on their Skipjack well failure but this has no read through to their other prospects. We see considerable upside potential in their Guyana Liza project (appraisal in 4Q16). In our view, the market is not sufficiently pricing in Guyana upside. Our price target is $85 (70% upside from $5