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

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

(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

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

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

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

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flation is now estimated at over 800 percent, making it the highest in the world. - Meanwhile, President Maduro has revived old border disputes with Guyana and closed the border with Columbia, causing significant social unrest. - So whatis the good news? There is a new and serious dialogue underway betw

events for Deutsche Bank in the Western Hemisphere. Prior to joining Deutsche Bank, Mr. Kelly held senior positions at both Charles Schwab & Co. and Merrill Lynch & Co, Inc. Before joining the private sector, Mr. Kelly served at the U.S. Securities and Exchange Commission as Chief Spokesman as well as the US Depa