{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-37eb478b579f", "slug": "43bbd9fb77dc", "title": "Hess Corporation (HES)", "subtitle": "Elliott Management · 2013-03", "author": "Elliott Management", "date": "2013-03-01 00:00:00", "pageCount": 71, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Hess Corporation", "targetTicker": "HES", "document": { "id": "019dd923-622c-750b-8b9c-37eb478b579f", "slug": "43bbd9fb77dc", "title": "Hess Corporation (HES)", "rawTitle": "Elliott Hess Presentation Mar 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": "2013-03-Elliott-Hess-Presentation-Mar-2013.pdf", "sourceUrl": "http://www.ReassessHess.com", "sourceDate": "2013-03-15 00:00:00", "presentationDate": "2013-03-01 00:00:00", "ingestedAt": "2026-04-23 01:10:32+00", "status": "ready", "pageCount": 71, "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Hess Corporation", "targetTicker": "HES", "metadata": { "local_root": "/tmp/legacy-images/43bbd9fb77dc", "activist_firm": "Elliott Management", "origin_corpus": "contrarian", "extraction_seconds": 208.66755604743958 } }, "coverage": { "pageCount": 71, "pagesIndexed": 71, "pagesWithImages": 71, "pagesWithMetadata": 71, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 505, "chartCount": 35, "metricSlides": 0, "toolMatches": 19, "documentToolMatches": 5, "frameworkMatches": 64, "arcMatches": 1, "beatMatches": 4, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "d8f63c32-9ddb-4497-931f-6e2f068b508d", "evidence": "The narrative presents a clear 'monster' (lack of accountability) and a 'victory' (substantial change and increased accountability).", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:14.483174+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "The Call", "beatId": "3db16d9e-4986-45ff-aeb0-d03b3645bdb6", "matchId": "d8f63c32-9ddb-4497-931f-6e2f068b508d", "beatType": { "name": "The Call", "slug": "overcoming-monster-the-call", "status": "active", "canonId": "019dd9b8-3c8f-7690-bd88-80e3f73c12fa", "version": 1, "description": null }, "evidence": "The presentation begins with a call to action, highlighting the need for substantial change.", "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": 32, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "The Monster", "beatId": "15a53fff-a289-472f-808a-13e56a7c7449", "matchId": "d8f63c32-9ddb-4497-931f-6e2f068b508d", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document presents a detailed critique of Hess Corporation's performance and governance failures.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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cause of underperformance and introduces nominees as the solution.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:58:39.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "antagonist-introduction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Textbook activist proxy-fight deck filed ahead of the 2013 Hess annual meeting. Rhetorical signature: Elliott appropriates Hess's own green HESS logo and brand palette on every page header — visual judo dressing the attack in the target's own livery, with companion site www.ReassessHess.com. Two-act SCQA: Part I exec summary plus $128 valuation; Part II prosecutorial catalogue of accountability failures. Heavy use of CEO-quote contradictions across a seven-panel 'Unending Restructurings' timeline (p.7) showing overlapping plans from 1996–2014 framed by Goldman's 'Will perpetual restructuring mode ever end?' headline. Peer-gap delivered as a stark red-number matrix (p.5) next to the John Hess quote 'You can't judge us on a one-year basis.' Sum-of-parts shown twice — asset inventory (p.13) then before/after breakup reveal (p.14). Page 8 'False Excuses' idea/excuse/reality three-column is a rebuttal-slide template. Stake percentage is NOT disclosed in this document. No named human author on cover — attributed to 'Elliott Management' as firm.", "kpisCited": [ { "detail": "(460)% underperformance over John Hess's 17 years as CEO", "metric": "Total shareholder return vs Revised Proxy Peers (17-yr CEO tenure)" }, { "detail": "(45)% underperformance", "metric": "Total shareholder return vs Revised Proxy Peers (5-yr)" }, { "detail": "(984)% underperformance", "metric": "Total shareholder return vs Bakken Operators (4-yr)" }, { "detail": "$4 billion (~20% of market cap) lost in failed exploration", "metric": "Exploration program losses" }, { "detail": "Hess costs 17–38% above Whiting on like-for-like sliding-sleeve completions", "metric": "Bakken well cost premium" }, { "detail": "Hess 20% vs Continental 38%, Oasis 42%, Kodiak 109%", "metric": "2013E Bakken production growth" }, { "detail": "$39.0–50.6bn — Unconventional $13.0–14.4bn, Conventional $21.4–30.2bn, Midstream $2.0–2.5bn, Downstream $3.1–3.5bn", "metric": "Sum-of-parts TEV" }, { "detail": "$95.70–$128.46 vs mid-$50s trading price before Elliott involvement", "metric": "Implied share price" }, { "detail": "51% at Hess — 427th of 450 in S&P 500; 149th of 156 Energy companies", "metric": "Say-on-Pay support" }, { "detail": "39%/39%/33% against Brady, Kean, Olson vs 3.7% S&P 500 average for 2012 non-contested elections", "metric": "Withheld votes on directors" }, { "detail": "90%+ of outside shareholders voted to de-stagger the board three separate times", "metric": "De-staggering vote history" }, { "detail": "$32mm awarded to management in 2012 despite underperforming peers by 10%", "metric": "CEO compensation" }, { "detail": "+18% vs peers, ~$3.5bn of market cap regained (1/25/13 to 3/8/13)", "metric": "Share outperformance since Elliott disclosure" }, { "detail": "~$0.13/share NPV — immaterial relative to $96–$128/share upside", "metric": "Tax-shield value of keeping Bakken inside conglomerate" }, { "detail": "$30+mm paid to current directors despite 460% underperformance", "metric": "Director compensation over CEO tenure" }, { "detail": "725,000 net Bakken acres, 177,000 Utica, 45,000 Eagle Ford", "metric": "Bakken acreage" } ], "closingAsk": "Elect the five shareholder nominees — Chase, Golub, Kurz, McManus, and Smith — at the 2013 Annual Meeting to restore accountability and unlock the breakup.", "extraction": { "at": "2026-04-23 01:10:32+00", "model": "unknown-legacy", "runId": null, "seconds": 208.66756, "promptVersion": null }, "scqaReward": "A focused Bakken/Utica resource pure-play plus a long-life conventional vehicle is worth $39–50 billion, or $96–$128 per share — materially above the mid-$50s price before Elliott's involvement became public.", "thesisTypes": [ "breakup_spinoff", "governance_board", "management_change", "operational_turnaround", "capital_return" ], "top3Reasons": [ "Hess underperformed revised peers by 460% over John Hess's 17-year CEO tenure", "Breakup into Bakken pure-play plus Hess International is worth $39–50bn ($96–$128/share)", "Board is captured — lead 'independent' director is joint-executor of the Hess family estate" ], "scqaSituation": "Hess Corporation is a 17-year Wall Street underperformer: a vertically integrated conglomerate under second-generation CEO John Hess, spanning conventional E&P, a premier Bakken unconventional position, midstream infrastructure, and a downstream retail/marketing footprint.", "thesisSummary": "Elliott Management argues Hess Corporation has underperformed its revised proxy peers by 460% over CEO John Hess's 17-year tenure — a product of perpetual restructurings, a $4 billion exploration loss program, and mismanagement of the company's premier Bakken position, where well costs run 17-38% above Whiting. The opaque conglomerate trades at a steep discount to a $39-50 billion sum-of-parts that breaks into a Hess Resource Co. (Bakken, Eagle Ford, Utica plus a midstream MLP dropdown) and a Hess International vehicle for long-life conventional assets. Elliott demands shareholders elect five independent nominees — Rodney Chase, Harvey Golub, Karl Kurz, David McManus, and Mark Smith — to replace rubber-stamp directors, including lead 'independent' John Mullin III, joint-executor of the Hess family estate. Substantive change delivers $96-$128 per share versus the mid-$50s reference price.", "primaryDemands": [ "Elect Elliott's five truly independent nominees (Rodney Chase, Harvey Golub, Karl Kurz, David McManus, Mark Smith) at the 2013 Annual Meeting", "Create Hess Resource Co. via tax-free spinoff — Bakken, Eagle Ford, Utica plus midstream MLP dropdown", "Create Hess International for long-life, oil-weighted conventional assets; divest non-core pieces", "Monetize Bakken midstream (Tioga gas plant, rail terminal) through an MLP", "Divest downstream retail, marketing, terminals, and gas-fired power", "De-stagger the board and restore credible pay-for-performance" ], "scqaResolution": "Elect Elliott's five truly independent nominees (Chase, Golub, Kurz, McManus, Smith); tax-free spin Hess Resource Co. from Hess International, drop midstream assets into an MLP, and divest the downstream retail and marketing business.", "thesisOneLiner": "Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.", "precedentsCited": [ "Anadarko transformation under Karl Kurz (top-tier exploration, capital discipline)", "American Express turnaround under Harvey Golub (750% share appreciation)", "Pioneer Natural Resources international divestiture under David McManus", "Ultra Petroleum midstream monetization via REIT deal (Mark Smith)", "BP integrated-major operating experience (Rodney Chase)", "Continental Resources as Bakken pure-play valuation comparable" ], "scqaComplication": "Sixteen years of 'perpetual restructuring' delivered 460% underperformance, $4 billion of exploration losses, 17-38% above-peer Bakken well costs, and a staggered board of rubber-stamp directors — including a lead 'independent' who co-executes the Hess family estate.", "narrativeInterest": 5, "notableSlidePages": [ 4, 5, 7, 13, 14, 17 ], "peerCompaniesCited": [ "Anadarko", "Apache", "BP", "Chevron", 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Oil & Gas operating experience: Never even one independent director with oil & gas operating experience. Least independence: Consistently 3 joint-executors of Hess estate served as directors; Continually interlocking director and management relationships. 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Age and tenure calculated as of date of 2013 annual general meeting; Tenure for John Hess shows both as director and as CEO, respectively. 2. Revised Proxy Peers: Anadarko, Apache, EOG, Chevron, ConocoPhillips, Exxon, Marathon, Murphy, Noble, Occidental. Underperformance calculated from 1st day of the year following appointed to the board through 11/28/12, date before which Elliott began to purchase a substantial amount of stock. John Hess calculated from the year he was appointed CEO", "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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It really, for us, mid-stream delivers our upstream story. 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