Every indexed document

to the old terminal buidling. He was right to press us. If a retaining wall

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Hess replaces DVN as our energy stock on the BofAML US1 list.

the ’trump tax rally’ that has arguably lifted the broader S&P500

we see fair value closer to $80 based on a target multiple of 5.5x EV/DACF

we estimate this would be closer to $90.

which assumes a rebound in oil prices towards $70 from 2020

with plateau production extending up to 10 years. We suggest

if Payara as a project does indeed prove to be a look

we'll move quickly to develop Payara if the

the Stena Carron drillship will move back to Payara to drill an

what we have found – not potential upside

subject to completion of two planned additional

Liza lookalike named ‘Turbot will likely be spud around mid-year.

as shown in the graphic below; the Stena Carron drill ship has now

Snoek was characterized as a smaller but distinct target

with ~82ft of net pay and in line with pre

we view final investment decision (FID) – and an exploration program that

we believe Hess is on the cusp of a multi-year

Hess has multiple levers to pull that reverse production declines as cash