Epstein Secrets

outs=anding (good liquidity) (This is not a product of BAML Research) Disclaimer: This material was prepared by Sector Specialist Sales personnel =f Merrill Lynch and is subject to the terms available at the following lin=: http://corp.bankofamerica.com/business/smb/landing/ema=ldisclaimer/americas/global-mar

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

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

1-800-MERRILL to have them mailed. PF&S or one of its affiliates acts as a market maker for the equity securities recommended in the report: Hess. LPF&S or an affiliate was a manager of a public offering of securities of this issuer within the last 12 months: Hess. The issuer is or was, within the la

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nt, which is the most profitable airplane manufacturing company in the world. Consolidated Edison (ED) Brian Chin +1 646 855 5855 Research Analyst, MLPF&S Underperform, PO $59 1Q17 investment thesis Since the November elections, utility valuations have not adequately adjusted to the rapid shift towards

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

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s and/or accredited investors (each as defined under the Financial Advisers Regulations) by Merrill Lynch International Bank Limited (Merchant Bank} (MLIBLMB) and Merrill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated b