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  "notes": "Includes detailed tax calculation table for Bakken 2013-2017 and qualitative analysis of Bakken vs Utica tax shields.",
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      "text": "Bakken operations should become a taxpayer in 2017; NPV of shifting 4 years of declining deductions is ~$0.13/share; Existing NOLs can remain at Hess International post-spinoff.",
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      "text": "Tax analysis of Utica is dependent on well type curve; Using peers' estimates, value of tax shield is additional $0.10/share; Does not include unnecessary infrastructure spend.",
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