Drownyard Behemoth

Flash (You may cast this spell any time you could cast an instant.)
Emerge {7}{U} (You may cast this spell by sacrificing a creature and paying the emerge cost reduced by that creature's mana value.)
This creature has hexproof as long as it entered this turn.

Shadows over Innistrad Remastered

Flash (You may cast this spell any time you could cast an instant.)
Emerge {7}{U} (You may cast this spell by sacrificing a creature and paying the emerge cost reduced by that creature's mana value.)
Drownyard Behemoth has hexproof as long as it entered the battlefield this turn.

Eldritch Moon

Flash (You may cast this spell any time you could cast an instant.)
Emerge {7}{U} (You may cast this spell by sacrificing a creature and paying the emerge cost reduced by that creature's converted mana cost.)
Drownyard Behemoth has hexproof as long as it entered the battlefield this turn.

There is no moment during the turn Drownyard Behemoth enters the battlefield in which it doesn't have hexproof. The earliest opportunity for an opponent to target it is during the next turn's upkeep step.

A creature’s mana value is determined solely by the mana symbols printed in its upper right corner (unless that creature is the back face of a double-faced card, is a melded permanent, or is copying something else; see below). If the mana cost includes {X}, X is 0. If it’s a single-faced card with no mana symbols in its upper right corner (because it’s an animated land, for example), its mana value is 0. Ignore any alternative costs or additional costs (such as kicker) that were paid as the creature was cast.

Colored mana components of emerge costs can’t be reduced with emerge.

Emerge represents two static abilities that function while the spell with emerge is on the stack. “Emerge [cost]” means “You may cast this spell by paying [cost] and sacrificing a creature rather than paying its mana cost” and “If you chose to pay this spell’s emerge cost, its total cost is reduced by an amount of generic mana equal to the sacrificed creature’s mana value.”

If you cast a spell for another cost “rather than paying its mana cost,” such as an emerge cost, you can’t choose to cast it for any other alternative costs. You can, however, pay additional costs, such as kicker costs. If the spell has any mandatory additional costs, those must be paid to cast it.

If you sacrifice a creature with {X} in its mana cost, that X is 0.

Once you begin to cast a spell with emerge, no player may take actions until you’re done. Notably, opponents can’t try to remove the creature you wish to sacrifice.

The creature chosen to be sacrificed is still on the battlefield as the cost of the emerge spell is determined and as you activate mana abilities to cast the emerge spell. Its abilities may affect the spell’s cost, be activated to generate mana, and so on. However, if it has an ability that triggers when a spell is cast, it will have been sacrificed before that ability can trigger.

The mana value of a creature spell with emerge isn’t affected by whether its emerge cost is paid. For example, if you cast Decimator of the Provinces for its emerge cost and sacrifice a creature whose mana value is 3, Decimator of the Provinces’s mana value remains 10.

The mana value of the back face of a double-faced card is the mana value of its front face. The mana value of a melded permanent is the sum of the mana values of its front faces. A creature that’s a copy of either has a mana value of 0.

You may sacrifice a creature with a mana value of 0, such as a token creature that’s not a copy of another permanent, to cast a spell for its emerge cost. You’ll just pay the full emerge cost with no reduction.

You may sacrifice a creature with mana value greater than or equal to the emerge cost. If you do, you’ll pay only the colored mana component of the emerge cost.