Results for “DSP Merrill Lynch (India”

BofA Merrill Lynch Global Research Source: BofA Merrill Lynch Global Research estimates

regulated by the Monetary Authority of Singapore (MAS); Merrill Lynch (Canada): Merrill Lynch Canada Inc

Ltd. regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International

regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities

regulated by the Capital Markets Board of Turkey; Merrill Lynch (Turkey Broker}: Merrill Lynch Menkul

regulated by the Capital Markets Board of Turkey; Merrill Lynch (DIFC): Merrill Lynch Intemational (DIFC Branch)

regulator): Merrill Lynch (South Africa): Merrill Lynch

regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch

regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch (Israel): Merrill Lynch

regulated by Israel Securities Authority; Merrill Lynch (Russia): OOO Merrill Lynch Securities

regulated by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espana

regulated by Israel Securities Authority; Merrill Lynch (Russia): O00 Merrill Lynch Securities

without the express written consent of BofA Merrill Lynch. BofA Merrill Lynch Global Research reports are distributed

Table 1: Notional multi-phase development at Guyana: about $22/sh to Hess Gross Barrels Full Project NPV Hess 30% Interest NPV net to (mmboe) $MM NPV Hess (mmboe) $mm $mm $/sh Liza Early Production System 425 4258 1,277 $3.9 Phase 1 600 4,932 1,480 $4.6 Phase 2 600 3,821 1,146 $...

We estimate that it is in 3yly, 2y2y and 2y1ly that the selloff would be largest (75-85bp — see Table 5) were the OIS curve to align with the median dots up to end of 2019. Options are attractive to position for a selloff in those forwards for two main reasons: 1. Volatilities...