The Rising Influence of Rising Affluence

[DewDiligence]

John, do you find that reference to BM-S-22 by Exxon's head of exploration convincing? The simple fact remains that no papers have been filed with the ANP, so investors are skeptical. (The WSJ piece in #msg-38956765 is on point.)

At today’s closing price (53.75), I think HES has been priced for failure in Brazil. Corollary: If it turns out that BM-S-22 has oil all after all, HES will presumably skyrocket. All told, I think HES is a solid core holding in the E&P sector.