. 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

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

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