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 4.258 4277 $3.9 Phase 1 600 4,932 1,480 $4.6 Phase 2 600 3,821 1,146 $3.5 Liza Total 1,625 13,010 3,903 $12.0 Payara (spec) Early Production System 425 3,392 1,018 $3.1 Phase 1 600 3,668 1,100 $3.4 Phase 2 600 2,682 805 $2.5 Payara spec Total 1,625 9,742 2,923 $9.0 Guyana Total 3,250 22,753 6,826 $21.1 Source: BofA Merrill Lynch Global Research estimates; Hess shares fully dluted 324.2mm shares after prefernce convert Note that at current strip oil prices of ~$55 Brent, this is closer to $14.4/sh of which Payara is ~$6/sh or $2.0bn. On a ‘risked’ basis, we believe this is a reasonable development scenario representative of any incremental discovery that resembles Liza recalling that the partners have identified over 20 additional drilling prospects. On the assumption of a ‘plus three year’ development scenario after Liza, the potential impact on incremental production and cash flow is significant for Hess while the cumulative impact also becomes significant for XOM. The charts below show our latest assessment of how a compound timeline for a Liza / Payara development could look, if Payara as a project does indeed prove to be a look alike to Liza. Exhibit 9: Hess theoretical production profile for Liza / Payara Exhibit 10: Hess net production profile (by phase) 300 60 250 50 700 40 ; 150 30 100 20 450 - 10 2016 018 2020 202? a4 2016 2021 2026 2031 MlizaEarlyPS eLlizaPhese 2? wm Liza Phase} —LizaEalyPS m—LizaPhase2 ——LizaPhase3 ™@ Payera Eady PS @ Payera Phase 2 © Payora Phase 3 —— Payara Early PS ——=Payara Phase 2 —=Payara Phase 3 Source: BofA Merrill Lynch Global Research estimates Source: BofA Merrill Lynch Global Research estimates Critically, Guyana is now being described as a ‘DHI play’ meaning seismic and core have been sufficiently calibrated as to provid