-up of the first of two major developments — the North Malay basin gas play in 3Q17, putting Hess back on a growth track and turning attention to the Stampede start up in the US GoM in early 2Q18. In the background is an exploration test every 45-60 days any one of which could materially change the scale of

om larger completions. Management guidance suggests exit rate production in 2017 of ~335,000 boepd; start- up of the second of Hess’ major projects (Stampede) adds 15,000 boepd from 1H18 (est); along with a resumption of growth by resurgent operator Aker BP at Valhall (Hess 64%) we expect top line growth o

rvice, but Russians Find Ways Around It • North Korean Troops No Longer Seen on Front Lines Fighting Ukraine • In India, Concerns of Cover-Up After Stampede at Massive Hindu Festival • Trump's Foreign Aid Freeze Causes Fear of H.I.V. Resurgence in Africa • Syria's New President Pledges Unity in First Ad

Trump's Freeze on US Aid Rings Alarm Bells From Thailand to Ukraine Reuters, Associated Press, ABC News, Washington Post More Than Seven Killed in Stampede at India's Maha Kumbh Festival, Official Says Reuters, Associated Press, Al Jazeera, Independent GOP Fails, for Now, in Bid to Sanction Internatio

ugh/in May) with HES' relatively high spend on investments that are not expected to generate near-term cash flow (North Malay Basin, US midstream, Stampede, exploration, etc); not surprisingly, HES scores last on our defensive scorecard despite offering a healthy balance sheet (4th in the group on a '1

ough/in May) with HES' relatively high spend on investments that are not expected to generate near-term cash flow (North Malay Basin, US midstream, Stampede, exploration, etc); not surprisingly, HES scores last on our defensive scorecard despite offering a healthy balance sheet (4th in the group on a '1

liquidity concerns I mentioned earlier this week related to this =ort of scenario. It won't be easy to absorb a high level of liquidatio= activity. Stampede to the exits will likely roil bond markets in a =ignificant way. Sent from my iPhone please note The informat=on contained in this communicatio