Atlantic Equities - Hess (HES) Model update: lowering estimates ahead of Q4

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Atlantic Equities

Barry MacCarthy

Model update: lowering estimates ahead of Q4

We have adjusted our forecasts to take account of lost production in 4Q (previously disclosed), resulting from a fire on another operator's platform in the US Gulf of Mexico, to which Hess fields are connected, and a mark-to-market for commodity prices.

29/01/2018 3 EN

Underlying

Hess

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Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Barry MacCarthy

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Model update

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Model update: lowering estimates ahead of Q4

Energy: Tighter supply supports further crude recovery

A robust performance in Q2

Strong output drives good first quarter

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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