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in 2H19, we view final investment decision (FID} — and an exploration program that yields one well result every 6-8 weeks as a catalyst to rerate Hess over time. Liza area moving towards 2bn boe Operator Exxon recently confirmed the latest exploration test in Guyana ‘Snoek' as the latest discovery in the Liza development area, with ~82ft of net pay and in line with pre drill expectations we are led to believe is in the 200-300mm boe range. Recall from our discussions with management, Snoek was characterized as a smaller but distinct target, updip of Liza, but lower risk. The well was drilled in 26 days to a depth of ~17,000ft in 5,128ft of water 5 miles south west of Liza #1, as shown in the graphic below; the Stena Carron drill ship has now relocated to the next well test, the ‘Liza #4’ appraisal, where we anticipate results by end April but with the possibility of a drill stem test in a success case that may push the well result into mid-May. Exhibit 5: Liza targeting Exhibit 6: Exxon operated blocks in Guyana = Multi-FPSO, ExxonMobil-operated development a — Phase 1: 100 - 120 KBD; attractive return at $40/B flat real - FEED under way; Phase 1 HID expected in 2017 Future potential Duscomocs Block Size tn 150 Liza Phase 2 Discoveries Potential 2017-2019 opportunities | XOM interest Liza Phase 1 Source: Exxonmobil Source: Exxonmobil Critically, ‘Snoek' reinforces management's prior characterization of the Stabroek block as moving towards a 'DHI play’ meaning the risk profile of incremental exploration improves - a critical factor for the next well in queue, the Payara #2 appraisal that will also target a deeper test (Pacuma)} scaled with a pre drill target of ~1bn boe. The next prospect, Liza lookalike named ‘Turbot will likely be spud around mid-year. From our discussions with Hess and the operator we summarize our understanding as follows: e Operator XOM had previously framed the discovered potential in the Liza / Payara at 1.5bn — 2.0bn boe, subject to completion of two planned additional appraisal wells. Quoting EVP Mark Albers and CEO Darren Woods ‘The success at Payara combined with the additional oil pay discovered with Liza-3 brings the total discovered resource on the block to somewhere between 1.4 billion oil equivalent barrels and 2 billion oil equivalent barrels.’ “to clarify, what we have found - not potential upside, but what we have found is 1.4 billion to ? billion BOE. The upside is mutti-billion barrel unrisked potential’ Bankof America <> Merrill Lynch Hess Corp. | 11 April 2017 5 HOUSE_OVERSIGHT_014877