Epstein Secrets

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service intensity is limited to the Bakken, Eagle Ford, and Niobrara with the Permian in an earlier stage of development. Source: Baker Higbee and J.P. Megan. Despite its forecast for moderate +3% CAGR growth in wells spud and wells frac'ed in NAM from 2013-2016, PacWest forecasts +12% CAGR in total s

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h 12 June 2014 Overweight HAL, HAL US Price: $66.94 A Price Target: $78.00 Previous: $77.00 Oil Services and Equipment J. David Anderson, PE, CFA AC Bloomberg JPMA ANDERSON <GO' William S Thompson Samantha Hoh, CFA J.P. Morgan Securities LLC Price Performance 70 * Asia 10.13 Neal INM4 Me —

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site at Legal Entities Disclosures U.S.: JPMS is a member of NYSE, FINFtA, SIPC and the NFA. JPMorgan Chase Bank. M . is a member of FDIC. U.K.: JPMorgan Chase M.. London Branch, is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and to limited

ven in section 76ICi of the Corporations Act 2001. Germany: This material is distributed in Germany by Morgan Securities plc, Frankfurt Branch and Chase Bank. S. Frankfurt Branch which are regulated by the Bundesanstalt fir Finanzdienstleistungsaufsicht. Hong Kong: The 1% ownership disclosure as of the p

es Bloomberg consensus estimates. Overweight MRK, MRK US Price: $57.93 Price Target: $64.00 Pharmaceuticals — Major 8 Specialty Chris Schott, CFA AC (1-212) 622-5676 Bloomberg JPMA SCHOTT <GO' Jessica Fye (1-212) 622-4165 Wendy L Lin (t-212) 622-5350 Dana C Flanders (1-212)622-1256 M. Morg

ent Price ( FH 7. DtHerence (bp) EFH 480% 2017 vs. HYCCC source .4organ -225 -725 -1225 -1725 - -2225 -2725 ”1.1 at 3 O Dif lerence p J. P. Morgan EMS MP) Ho O. O. 11 a: a: cc cc . . a ;:a. AL 2~3Oa; gt g ; lc& $ A Avg Dill. —:EFH 7.4130% 2017 —HYCCC Difference (bp) EFH 10.875% 2017

disclosure documents. For a copy of the Option Clcarin Co • ration's Characteristics and Risks of Standardized Options. please contact your M . Morgan Representative or visit the OCC's website at Legal Entities Disclosures US.: JPMS is a member of NYSE, FINRA. SIPC and the NFA. JPMorgan Chase Bank, M . is a m

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the likelihood of a recovery scenario arising, has increased. These factors arc behind our downgrade of the credit. US Credit Research Dave Katz. CFA AC Bayina Bashtaeva J.V. Mogan Securities LLC See page 58 for analyst certification and important disclosures. Morgan does and seeks to do business w

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to be reflected in Merck's current share price. North America Equity Research 02 October 2015 Pharmaceuticals — Major & Specialty Chris Schott, CFA AC (1-212)622-5676 Bloomberg JPMA SCHOTT <GO, Aditl Singhania, PhD (1-212)622-1267 Wendy L Lin (1-212)622-5350 Dana Flanders, CFA (1-212)622-1256