Text extracted via OCR from the original document. May contain errors from the scanning process.
MLPF&S or one of its affiliates is a regular issuer of traded financial instruments linked to securities that may have been recommended in this report. MLPF&S or one of its affiliates may, at any
time, hold a trading position (long or short) in the securities and financial instruments discussed in this report.
BofA Merrill Lynch, through business units other than BofA Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommenda
jons that are inconsistent
with, and reach different conclusions from, the information presented in this report. Such ideas or recommendations reflect the different time frames, assumptions, views and analytical
methods of the persons who prepared them, and BofA Merrill Lynch is under no obligation to ensure that such other trading ideas or recommendations are brought
recipient of this report.
In the event that the recipient received this report pursuant to a contract between the recipient and MLPF&S for the provision of research services for a separate fee,
therewith MLPF&S may be deemed to be acting as an investment adviser, such status relates, if at all, solely to the person with whom MLPF&S
beyond the delivery of this report (unless otherwise agreed specifically in writing by MLPF&S). MLPF&S is and continues to act solely as a broker-dealer in connection
transactions, including transactions in any securities
Copyright and General Information regarding Research Reports:
Copyright 2017 Bank of America Corporation. All righ
iOcustom®, iOdatabase® are registered service mark:
retransmitted or disclosed, in whole or in part, or inal
review of this research report constitutes your agree
mentioned in this report.
ts reserved. iQmethod, iQmethod 2.0, iQprofile, iQtoolkit, iQworks are service marks of Bank of America Corpora
has contracted direct
ion. iQa
0 the attention of any
and in connection
ly and does not extend
with the execution of any
nalytics®,
s of Bank of America Corporation. This research report is prepared for the use of BofA Merrill Lynch clients and may not be redistributed,
ny form or manner, without the express written consent of BofA Merrill Lynch. BofA Merrill Lynch Global Research reports are distributed
simultaneously to internal and client websites and other portals by BofA Merrill Lynch and are not publicly-available materials. Any unauthorized use or disclosure is prohibited. Receipt and
ment not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information con
(including any investment recommendations, estimates or price targets) without first obtaining expressed permission from an authorized officer of BofA Merrill Lyn
arch personnel are based on public information. Facts and views presented in this material have not been reviewed by, and may not reflect
information known to, professionals in other business areas of BofA Merrill Lynch, including investment banking personnel. BofA Merrill Lynch has established information barriers between
ess groups. As a result, BofA Merrill Lynch does not disclose certain client relationships with, or compensation received from, such issuers in
any legal proceeding or issues, it has not been prepared as nor is it intended to express any legal conclusion, opinion or advice. Investors
Materials prepared by BofA Merrill Lynch Global Rese
BofA Merrill Lynch Global Research and certain busin
research reports. To the extent this report discusses
ou
oO
professionals in other business areas of BofA Merrill
5
report containing such rating, recommendation or in
Any information relating to the tax status of financia
seek tax advice based on their particular circumstance
contained on such third-party websites is not part o
any affiliation with BofA Merrill Lynch. Access to any
submitting any personal information to them. BofA
Subject to the quiet period applicable under laws of
nsome cases, an issuer may be classified as Restric
inancial instruments} nor should the analyses or opi
The information herein (other than disclosure information relating to BofA Merrill Lynch and its affiliates} was obtained from various sources and we do not guaran
may contain links to third-party websites. BofA Merrill Lynch is not responsible for the content of any third-party website or any linked content contained in a third-
this report and is not incorporated by reference into this report. The inclusion of a link in this report does not imply any
third-party website is at your own risk, and you should always review the terms and privacy policies at third-party websi
Lynch in connection with the legal proceedings or matters relevant to such proceedings.
his report has been prepared independently of any issuer of securities mentioned herein and not in connection with any proposed offering of securities or as agent of
securities. None of MLPF&S, any of its affiliates or their research analysts has any authority whatsoever to make any representation or warranty on behalf of the issuer(s). Bo
Global Research policy prohibits research personnel from disclosing a recommendation, investment rating, or investment thesis for review by an issuer prior to the
vestment thesis.
| instruments discussed herein is not intended to provide tax advice or to be used by anyone to provide tax advice. Inves
es from an independent tax professional.
errill Lynch is not responsible for such terms and privacy policies and expressly disclaims any liability for them.
he various jurisdictions in which we distribute research reports and other legal and BofA Merrill Lynch policy-re
publication of research reports, fundamental equity reports are produced on a regular basis as necessary to keep the investment recommendation current.
Certain outstanding reports may contain discussions and/or investment opinions relating to securities, financial instruments and/or issuers that are no longer current. Always refer to the most
recent research report relating to an Issuer prior to making an investment decision.
pub
om
ch.
ained in this report
hould consult their own legal advisers as to issues of law relating to the subject matter of this report. BofA Merrill Lynch Global Research personnel’s knowledge of legal proceedings in which
ny BofA Merrill Lynch entity and/or its directors, officers and employees may be plaintiffs, defendants, co-defendants or co-plaintiffs with or involving issuers mentioned in this report is based
n public information. Facts and views presented in this material that relate to any such proceedings have not been reviewed by, discussed with, and may not reflect information known to,
any issuer of any
A Merrill Lynch
ication of a research
ors are urged to
ts accuracy. This report
party we
bsite. Content
endorsement by or
es before
ated res
rictions on the
ed or may be Under Review or Extended Review. In each case, investors should consider any investment opinion relating to such issuer (or
its security and/or financial instruments) to be suspended or withdrawn and should not rely on the analyses and investment opinion(s) pertaining to such issuer (or its securities and/or
nion(s) be considered a solicitation of any kind. Sales persons and financial advisors affiliated with MLPF&S or any of its affiliates may not
solicit purchases of securities or financial instrumen
his report or its contents.
s that are Restricted or Under Review and may only solicit securities under Extended Review in accordance with firm policies.
either BofA Merrill Lynch nor any officer or employee of BofA Merrill Lynch accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of
14 Hess Corp. | 11 April 2017
BankofAmerica <2”
Merrill Lynch
HOUSE_OVERSIGHT_014886