{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-323283670cec", "slug": "3a1e7040a25b", "title": "Hess Corporation (HES)", "subtitle": "Elliott Management · 2013-01", "author": "Elliott Management", "date": "2013-01-29 00:00:00", "pageCount": 48, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Hess Corporation", "targetTicker": "HES", "document": { "id": "019dd923-622c-750b-8b9c-323283670cec", "slug": "3a1e7040a25b", "title": "Hess Corporation (HES)", "rawTitle": "Elliott Hess Presentation Jan 2013", "authorId": "02_Elliott_Management", "authorName": "Elliott Management", "authorDisplay": "Elliott Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2013-01-Elliott-Hess-Presentation-Jan-2013.pdf", "sourceUrl": "http://www.ReassessHess.com", "sourceDate": "2013-01-15 00:00:00", "presentationDate": "2013-01-29 00:00:00", "ingestedAt": "2026-04-23 01:10:34+00", "status": "ready", "pageCount": 48, "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Hess Corporation", "targetTicker": "HES", "metadata": { "local_root": "/tmp/legacy-images/3a1e7040a25b", "activist_firm": "Elliott Management", "origin_corpus": "contrarian", "extraction_seconds": 213.4764380455017 } }, "coverage": { "pageCount": 48, "pagesIndexed": 48, "pagesWithImages": 48, "pagesWithMetadata": 48, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 302, "chartCount": 20, "metricSlides": 0, "toolMatches": 19, "documentToolMatches": 5, "frameworkMatches": 37, "arcMatches": 1, "beatMatches": 4, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "65938dfb-24f6-4bf9-a1d1-e2d1958fdefd", "evidence": "The document follows a clear problem-agitate-solution structure, highlighting Hess's underperformance, the complications arising from management's failed execution, and proposing a solution to unlock intrinsic value.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:23.932091+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem (Identify pain)", "beatId": "5b173979-b7e2-475d-9ba0-fc51e1275cba", "matchId": "65938dfb-24f6-4bf9-a1d1-e2d1958fdefd", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document highlights Hess's underperformance and the resulting pain for shareholders.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 23, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Agitate (Make it worse)", "beatId": "8c54665b-bd6b-4606-bbdf-2b4086490281", "matchId": "65938dfb-24f6-4bf9-a1d1-e2d1958fdefd", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The document agitates the problem by highlighting management's failed execution, lack of strategy, and poor corporate governance.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 45, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 24, "name": "Solution (Provide relief)", "beatId": "c09c4ff2-396f-478e-9eb3-d91ee1432367", "matchId": "65938dfb-24f6-4bf9-a1d1-e2d1958fdefd", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The document proposes a solution to unlock Hess's intrinsic value, including refocusing the portfolio, reassessing and refocusing Hess, and replacing the board of directors.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 47, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 46, "name": "Action", "beatId": "c8d8092b-1d49-41bb-802c-786ccfb728f8", "matchId": "65938dfb-24f6-4bf9-a1d1-e2d1958fdefd", "beatType": { "name": "Action", "slug": "aida-action", "status": "active", "canonId": "019dd9b8-1285-74f0-8552-c04c08014586", "version": 1, "description": null }, "evidence": "The document concludes by emphasizing the need for action and change in the board room.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 41, "from": 39, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "0b359e27-ce2c-493b-b5dc-387cc19975a0", "evidence": "The document highlights the cost of inaction, including the destruction of 20% of market capitalization through failed exploration ventures.", "position": 0, "objective": "Highlight the cost of inaction", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:03:24.098035+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 22, "from": 19, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "a81864c6-02c8-42a1-84f5-6b7580e1c68a", "evidence": "The document breaks down the problem into manageable parts, including the multitude of businesses and geographies, and the lack of strategy.", "position": 1, "objective": "Break down the problem into manageable parts", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:24.131332+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 4, "from": 3, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null, "categoryName": "Vision", "categorySlug": "vision" }, "matchId": "2e26afbd-613c-42a4-bb39-f0d26f691b68", "evidence": "The document explains why the proposed solution is necessary, using the golden circle framework to highlight the need for strategic change.", "position": 2, "objective": "Explain why the proposed solution is necessary", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:03:24.164514+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2e52414c-c779-4573-9142-982ea46b5fc6", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "1df0238f-095f-46cd-8ba3-af6d98c7ec26", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "251cb712-c85c-4e67-9af8-bfe01182efe1", "evidence": "I. Executive Summary", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:33.654641+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "72eb24af-1c26-4d58-8829-f55e23d10e43", "evidence": "Strategic change could realize 150% increase in value for Hess shareholders", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": 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"pageNumber": 44, "frameworkName": "capital-allocation-framework" }, { "matchId": "9d8211e1-06ff-448b-b7b3-24363cf50577", "evidence": "The slide frames the current board as the antagonist causing underperformance, and the nominees as the solution.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:58:28.408+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "antagonist-introduction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Opening salvo of Elliott's Hess proxy fight; Rule 14a-12 materials filed 2013-01-29 per disclaimer. Campaign branded under www.ReassessHess.com with five shareholder nominees (Rodney Chase, Harvey Golub, Karl Kurz, David McManus, Mark Smith). Ownership stake not disclosed in this deck. Textbook activist SCQA structure with strong rhetorical devices: (1) CEO quote-contradiction pattern used repeatedly — John Hess's 'judge us on the long term' juxtaposed with 17-year underperformance table (pg 4); 'we want to live within our cash flow' quotes 2006-2012 vs historical FCF deficits (pg 40); 2003 'focus areas' vs drift into Kurdistan/Paris Basin by 2012 (pg 41). (2) Sum-of-parts waterfall on pg 8: $49.85 today → $126.24 pro forma is the money slide, repeated as a recurring motif on pg 23/25/27. (3) Board governance table on pg 11 names every director with tenure, O&G experience, and Hess-trust conflicts. (4) Deck co-opts Hess's green logo in every slide header — rhetorical reframing as if it were the company's own presentation. Cover says only 'January 2013'; exact date from the 14a-12 filing.", "kpisCited": [ { "detail": "$96.71-$126.24 vs ~$49.85 today (94-153% upside)", "metric": "Intrinsic sum-of-parts value per share" }, { "detail": "Hess +234.7% vs proxy peers +567.6% — 332.9pt underperformance", "metric": "Total shareholder return over John Hess's 17-year CEO tenure" }, { "detail": "Hess (26.1%) vs proxy peers +4.5% — 30.6pt underperformance", "metric": "5-year total shareholder return" }, { "detail": "0 at Hess vs ~31% peer average", "metric": "Independent directors with oil & gas operating experience" }, { "detail": "~13 years at Hess vs ~8 years peer average; 3 directors are joint executors of Hess family trust", "metric": "Average board tenure" }, { "detail": "Hess -$4.0bn — worst of 14 peers; ~20% of market cap destroyed", "metric": "Exploration value creation (Wood Mackenzie, 5 years)" }, { "detail": "$5.6bn potential NAV loss (~30% of market cap) if unchecked", "metric": "Bakken cost-overrun NAV impact" }, { "detail": "Hess 3.0x vs Bakken operators 8.4x, large-cap internationals 4.3x", "metric": "2012E EBITDAX multiple" }, { "detail": "750,000 net acres — 2nd-largest public holder behind Continental", "metric": "Bakken net acreage" }, { "detail": "$12.8-$14.0bn vs $4.2bn embedded in current market price", "metric": "Bakken acreage intrinsic value (Von Gonten study)" }, { "detail": "Only 8% of Hess production — least gas-weighted among XOP constituents", "metric": "North American natural gas / NGL exposure" }, { "detail": "3 at Hess vs peer average of 1.4", "metric": "Management directors on board" } ], "closingAsk": "Vote for Elliott's five shareholder nominees at Hess's 2013 Annual Meeting to refocus the portfolio, restore capital discipline and unlock shareholder value.", "extraction": { "at": "2026-04-23 01:10:34+00", "model": "unknown-legacy", "runId": null, "seconds": 213.47644, "promptVersion": null }, "scqaReward": "Execution delivers $126+ per share versus $49.85 today — roughly 94% to 153% upside — driven by full market credit for Bakken acreage, midstream monetization and a peer multiple on a focused international portfolio.", "thesisTypes": [ "breakup_spinoff", "governance_board", "operational_turnaround", "capital_return", "undervaluation" ], "top3Reasons": [ "Intrinsic value ~$126/share vs ~$50 today — 94-153% upside masked by unfocused portfolio", "Zero independent directors have oil & gas operating experience; ~13-year average tenure", "Hess destroyed $4bn on failed exploration — 20% of market cap — over five years" ], "scqaSituation": "Hess Corporation is a mid-cap integrated oil & gas company with premier Bakken acreage, global offshore positions and downstream/midstream businesses, but trades near $50 despite $126+ of intrinsic asset value.", "thesisSummary": "Elliott argues Hess's intrinsic value exceeds $126 per share — roughly 150% above its ~$50 trading price — but the market applies a deep discount because of an unfocused global portfolio, a history of cost overruns in the Bakken, $4 billion of failed exploration, and a board with zero independent oil & gas operating experience and near-thirteen-year average tenure (three of whom are joint executors of the Hess family trust). Elliott proposes four actions: elect five new independent directors with relevant E&P experience, spin off the premier US resource plays (Bakken, Eagle Ford, Utica) as a standalone Hess Resource Co., monetize midstream via an MLP/REIT and divest downstream distractions (retail, power, refining), and streamline the remaining international portfolio to earn a peer multiple. Execution of all steps targets 94-153% share-price appreciation.", "primaryDemands": [ "Elect 5 independent shareholder-nominated directors with relevant E&P experience (Chase, Golub, Kurz, McManus, Smith)", "Spin off Bakken, Eagle Ford and Utica as a standalone US resource-play company (Hess Resource Co.)", "Monetize midstream assets via MLP or REIT structure", "Divest downstream distractions (retail stations, marketing, terminals, power, refining)", "Streamline international portfolio to focus on core competitive-advantage areas", "Reduce exploration budget and instill capital discipline" ], "scqaResolution": "Elect five independent shareholder-nominated directors with E&P experience, spin off Bakken/Eagle Ford/Utica as a US resource pure-play, monetize midstream via MLP/REIT, divest downstream and streamline the international portfolio.", "thesisOneLiner": "Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.", "precedentsCited": [ "American Express refocusing under Harvey Golub (~750% share appreciation)", "Anadarko Petroleum transformation (Karl Kurz, former COO)", "Pioneer Natural Resources international divestiture (David McManus)", "Anadarko / Western Gas Partners MLP (midstream monetization model)", "Ultra Petroleum / CorEnergy REIT (midstream monetization model)", "Sunoco divestitures of chemical, refining, power, marketing and retail", "Marathon sale of retail and spin-off of downstream" ], "scqaComplication": "An unfocused portfolio, chronic cost overruns in the Bakken, $4 billion of failed exploration and a 13-year-tenure board with zero independent oil & gas operating experience saddle the stock with a 50%+ discount to NAV.", "narrativeInterest": 5, "notableSlidePages": [ 4, 5, 6, 8, 11, 41 ], "peerCompaniesCited": [ "Continental Resources", "Anadarko", "Apache", "BP", "Chevron", "ConocoPhillips", "Devon", "EOG Resources", "Exxon", "Marathon", "Murphy", "Occidental", "Shell", "Statoil", "Talisman", "Total", "Noble", "Oasis Petroleum", "Kodiak Oil & Gas", "Whiting Petroleum", "Pioneer Natural Resources", "Range Resources", "Cabot" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "asset_value" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/nLYuN2pPl-LijUtiFjtv43CIZocD7W5XddfXJK7i-R4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zYTFlNzA0MGEyNWIvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", 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We are the most global.\" — John Hess, Chairman & CEO Hess, June 2010. \"We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. 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Hess has 85% working interest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f29071f-e42e-4889-862a-ff7b97252fca", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.15, "y": 0.16 }, "kind": "paragraph", "text": "Exploration Strategy 2003", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7de40f2c-92d7-42a4-aba6-465b52a714a4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.6, "y": 0.16 }, "kind": "paragraph", "text": "Exploration Strategy 2012", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c6ff86e-f824-44b7-9557-9ade243e617e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.43, "x": 0.52, "y": 0.58 }, "kind": "paragraph", "text": "Less than ten seconds later: \"There is one last area ... that is Kurdistan. We see lots of hydrocarbons there, and we're shooting seismic this year and we will drill our first well next year in 2013.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c49259c9-1d81-439d-8dcf-bbfba418ea3f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.43, "x": 0.06, "y": 0.65 }, "kind": "paragraph", "text": "Reality: unable to stay within \"focus area\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee7ea78f-e196-4bf1-bc41-95ad0a45f319", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.43, "x": 0.52, "y": 0.22 }, "kind": "quote", "text": "We were known as a very high-impact explorer. I think we can say that that strategy didn't work. We spent about $5 billion on high impact exploration and we certainly didn't discover enough resources to generate acceptable returns on that $5 billion investment. So we have shifted our exploration strategy... [First] Our three primary focus areas are Gulf of Mexico, West Africa and Asia-Pacific... The second change ...Hess used to drill wells at high working interest, 80% to 100% working interest. We are not going to do that anymore.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b785e2a6-c72b-4dda-a789-2f1b51655d97", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.43, "x": 0.06, "y": 0.22 }, "kind": "quote", "text": "We are transitioning away from a program that existed for us in the past, and towards a program which concentrates on high-impact prospects. I think the areas of focus for us will still be the deepwater Gulf of Mexico, deepwater offshore West Africa, and deepwater Southeast Asia.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:28.52+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e749647c-d6ec-4fe7-a8af-b2ebad690fb3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We are transitioning away from a program that existed for us in the past, and towards a program which concentrates on high-impact prospects. I think the areas of focus for us will still be the deepwater Gulf of Mexico, deepwater offshore West Africa, and deepwater Southeast Asia.\" — John O'Connor, Fmr President Worldwide E&P Hess, April 2003; \"We were known as a very high-impact explorer. I think we can say that that strategy didn't work... So we have shifted our exploration strategy... [First] Our three primary focus areas are Gulf of Mexico, West Africa and Asia-Pacific... The second change ...Hess used to drill wells at high working interest, 80% to 100% working interest. We are not going to do that anymore.\" — Gregory Hill, EVP Worldwide E&P Hess, November 2012", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:59:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb90-708a-8689-99ffea44e39a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.35, "x": 0.06, "y": 0.92 }, "kind": "source-note", "text": "Source: Company Filings, Earnings Call Transcripts, 1Q 2003 Earnings Call, BAML Conference, November 2012, Egdon Resources press release 1/22/13", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Goldfarb / Pat McHugh / Geoff Sorbello\nOkapi Partners LLC\nTel: +1-212-297-0720\ninfo@okapipartners.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:27.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58796182-25f1-4e7f-80d1-8d6a8663a158", "parentComponentId": null }, { "bbox": { "h": 0.212, "w": 0.752, "x": 0.136, "y": 0.45 }, "kind": "paragraph", "text": "Press\nJohn Hartz\nTel: +1-212-446-1872\nTel 2: +1-718-926-3503\njhartz@sloanepr.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:27.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a19fa0ac-a602-422c-a8e0-e56efdc1d3af", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.436, "x": 0.109, "y": 0.114 }, "kind": "title", "text": "Contacts & Additional Information", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:27.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "736156e8-2b76-452b-a6af-6eaa30f8b5b7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 7, "label": "Problem (Identify pain)", "description": "The document highlights Hess's underperformance and the resulting pain for shareholders." }, { "from": 8, "to": 23, "label": "Agitate (Make it worse)", "description": "The document agitates the problem by highlighting management's failed execution, lack of strategy, and poor corporate governance." }, { "from": 24, "to": 45, "label": "Solution (Provide relief)", "description": "The document proposes a solution to unlock Hess's intrinsic value, including refocusing the portfolio, reassessing and refocusing Hess, and replacing the board of directors." }, { "from": 46, "to": 47, "label": "Action", "description": "The document concludes by emphasizing the need for action and change in the board room." } ], "loops": [ { "from": 39, "to": 41, "label": "Cost Of Inaction", "description": "Highlight the cost of inaction" }, { "from": 19, "to": 22, "label": "Mece Breakdown", "description": "Break down the problem into manageable parts" }, { "from": 3, "to": 4, "label": "Golden Circle", "description": "Explain why the proposed solution is necessary" } ] }