From: jeffrey E. <[email protected]> Sent: Wednesday, September 14, 2016 4:40 PM To: Richard Kahn Subject: Re: ***Buy HES convert preferred following a 15% drop in the stock.... silly On Wed, Sep 14, 2016 at 12:30 PM, Richard Kahn wrote: Richard Kahn HBRK Associates Inc. New York, NY 10022 Begin forwarded message: <=iv style="margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:=px">From: "Ens,=Amanda" <[email protected] <mailto:[email protected]» Subject: ***Buy HES convert preferred follo=ing a 15% drop in the stock.... Date: September 14, 2016 at 11:05:05 =M EDT To:' Macro Focus: Oil is down modestly in front of EIA at 10:30am....=API was modestly bullish (+1.44m bbl, gasoline -2.39m, distillate +5.31m, =ushing crude -1.12m) with a smaller build and a Cushing draw, but people are willing to wait for EIA... All eyes will be on DOE da=a at 10:30am after last week's draw of 14.5mmb which was the =iggest draw going back to 1999. This was the result of storms and re=ated shutins. This kicked off a massive short squeeze where higher beta outperformed lower risk in last week's rising co=modity price environment. The lEA weighed on group yesterday (along =ith stronger dollar) as they said the oil glut will last longer than initi=lly estimated. HES is down over 15% in the last couple of weeks after results for their =kipjack well disappointed investors. We believe that "shorts" have piled on and see a potential opportunity to =et long the stock into year-end as they are due to announce the result of =he Liza$3 well in 4Q. EFTA_R1_01551140 EFTA02451588