this, it has a strong balance sheet, low Income Statement Data (Dec) (US$ Millions) 2015A 2016A 2017E 2018E 2019E risk production visibility in the Bakken and a stable ones 986 4192 4379 5704 6 359 international base. As such, we view HES' valuation % Change -98 1% 1,363.2% AT% 30 3% 41.5% as attractiv

H17 and critically, an inflection in free cash flow that we expect will return Hess to free cash flow with the flexibility to re-up investment in the Bakken. We thus would view Hess as a dangerous ‘short’ for investors seeking to hedge other portfolio risks. Inflection point on multiple levels right arou

atalysts: News flow starts with an expected capex budget unchanged from 2016 at ~$2bn, the company has stated 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 b

ally recoverable resource” case). Any production increase from current levels is expected to come from “tight oil”, extracted from formations such as Bakken and Eagle Ford, and the Permian Basin. While conventional crude production volumes in the Gulf may rise, these are expected by the EJA to offset decl

ecade. The same is true for "tight oil" coming from unconventional sources. We are seeing this begin to play out in North American fields such as the Bakken in North Dakota. As technology and investment are dispersed over the coming year, oil supply should positively surprise. Third, Saudi supply increase