Epstein Secrets

scounted in shar=s, and Liza #3 is an event that investors will have to revisit in coming w=eks. Next catalysts are the Liza #3 appraisal (4Q16) and Payara (early 201=). The Liza #3 well, has the potential to further de-risk a reso=rce base for the play opening Liza discovery currently suggested by XOM

ions....Skipjack disap=ointed and HES equity has more than paid the price. While the lack of immi=ent news may weigh following the exploration miss, Guyana is not discounted in shar=s, and Liza #3 is an event that investors will have to revisit in coming w=eks. Next catalysts are the Liza #3 appraisal (

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

ze Hess view of Payara and Snoek. We assume the 1bn boe Pacuma prospect is the light green area below Payara. Exhibit 7: Initial characterization of Payara Exhibit 8: Updated characterization suggests a similar footprint to Liza ( Liza Water Depth: 5,500-5,700 ft / Drilling TD: 18,000-18,800 ft Future

and Pacuma, providing line of sight for at least a 4 FPSO development starting in 2019. ¢ After Liza 4, the Stena Carron drillship will move back to Payara to drill an appraisal well which will also test a deeper prospect ‘Pacuma tail’. Where pre- drill prospect size is scaled at about 1bn boe. The next

(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

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

03 January 2017 Merrill Lynch HOUSE_OVERSIGHT_014629 --- PAGE BREAK --- Latest reports: Tales from the road (Dec 1, 2016); Speculation builds over Payara (Dec 19, 2016) 1Q17 risks: We expect a supportive commodity backdrop, spending clarity and confirmed return to growth all punctuated by a steady str