Elliott Management · activist-deck
Hess Corporation (HES)
161 pages · 4 arc beats · 3 loops
Hess Corporation (HES)
Elliott Management · 2013-04 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 51 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem Statement 3 slides 100% 3/3 slides 100% 3/3 slides · 8 hits — 0/3 slides
— 0/3 slides
33.3% 1/3 slides 100% 3/3 slides — 0/3 slides
Expose Contradiction 5 slides 100% 5/5 slides 100% 5/5 slides · 41 hits — 0/5 slides
20% 1/5 slides 80% 4/5 slides 100% 5/5 slides 100% 5/5 slides Cite Precedent 8 slides 100% 8/8 slides 100% 8/8 slides · 54 hits — 0/8 slides
— 0/8 slides
87.5% 7/8 slides 100% 8/8 slides 100% 8/8 slides Solution 35 slides 100% 35/35 slides 100% 35/35 slides · 177 hits — 0/35 slides
40% 14/35 slides · 15 hits 31.4% 11/35 slides 100% 35/35 slides 100% 35/35 slides Slide inventory
161 every slide · same image gating as the playbook
04
The slide uses a line chart as a background for a timeline, effectively mapping corporate announcements to stock price movements.expose_contradiction
06
The slide compares Elliott's valuation estimates against Wall St. NAV averages for specific asset classes.quantify_opportunity
07
The slide uses a strong, declarative tone to frame the activist's thesis.frame_problem
Open slide detailBeat · Problem Statement
09
The slide uses a vertical list format with a red border highlighting the first item.diagnose_problem
Open slide detailBeat · Problem Statement
10
The slide uses a strong, declarative thesis statement typical of activist investor presentations.frame_problem
11
Uses a combination of a table for performance metrics and a line chart for relative stock performance to expose the CEO's narrative shift.expose_contradiction
12
The slide uses a dual-axis comparison: historical commodity price charts (bottom) and peer production mix bar charts (top).compare_peers
13
The slide uses a combination of a bar chart for acreage and an area/line chart for stock performance to argue that Hess is undervalued relative to its assets.compare_peers
14
The slide highlights peer group manipulation (churn) to mask poor performance.compare_peers
15
The slide highlights the cherry-picking of peers by Hess in their own materials.expose_contradiction
16
The slide uses negative percentages in parentheses to denote underperformance relative to peers.compare_peers
17
The slide uses a 'why' question to frame the performance gap as a management failure.expose_contradiction
18
The slide uses a vertical list format with a red border highlighting one of the items.diagnose_problem
19
Uses a combination of a geographic map and a business unit diagram to illustrate lack of focus.expose_contradiction
20
The slide uses a CEO quote to frame the portfolio as a strength, which the activist then reframes as a weakness (over-diversification).compare_peers
21
Uses a contrast-pairs framework to highlight the gap between internal management rhetoric and external market perception.expose_contradiction
22
Uses a CEO quote to frame the contradiction between ambition and operational reality.expose_contradiction
23
The slide uses a vertical list format with a red border highlighting one specific problem.diagnose_problem
24
The slide uses a vertical layout to emphasize the high percentage of capital reinvestment.analyze_data
25
The slide uses a contrast-pairs approach to highlight Hess's poor capital allocation relative to peers.compare_peers
26
The slide uses two bar charts to show absolute value creation and relative value creation as a percentage of market cap, with Hess highlighted in green.compare_peers
27
The slide uses a combination of a table for peer comparison and a bar chart for Hess's historical performance.compare_peers
28
The slide uses a rhetorical question 'WHY?' to frame the contradiction between core E&P business and speculative trading.expose_contradiction
29
The slide uses a vertical list format with a red border highlighting one specific item.diagnose_problem
30
The slide uses a visual contrast between the location of Hess (NYC) and the cluster of peer companies in the central/southern US to argue that Hess leadership iexpose_contradiction
31
Uses a combination of bar charts and comparison tables to demonstrate cost inefficiency.expose_contradiction
32
The chart illustrates the negative impact of incremental well costs on Net Asset Value (NAV).diagnose_problem
33
Uses a quote from a Continental Resources executive to contrast with Hess's performance.expose_contradiction
34
The slide uses a quote from Greg Hill (Hess) to contrast with the active pilot programs of the listed peers.expose_contradiction
35
The slide uses a combination of narrative bullet points and a financial table to illustrate a failure in capital allocation.expose_contradiction
36
The slide uses a vertical list format with a red border highlighting one specific item.diagnose_problem
37
Uses a timeline-based framework to highlight the failure of repeated strategic pivots.expose_contradiction
38
Uses a Q&A format mapped against a timeline to highlight management inconsistency.expose_contradiction
39
Uses a before-after framing to expose management inconsistency.expose_contradiction
40
Uses a 'before-after' structure to contrast management rhetoric with actual portfolio expansion.expose_contradiction
41
The slide uses a series of quotes from John Hess and others to highlight a gap between stated strategy and actual financial performance.expose_contradiction
42
The slide uses a bar chart to show negative relative performance alongside quotes from the CEO to highlight a gap between rhetoric and results.expose_contradiction
43
The slide uses a vertical list format to present core issues, with a red box emphasizing the final point.diagnose_problem
44
The slide uses a list-based format to highlight specific governance issues.expose_contradiction
45
The slide uses a bar chart to compare Hess vs Peer Average tenure and a table to detail individual director attributes.compare_peers
46
The slide uses a dark green callout box to emphasize the core thesis.expose_contradiction
47
Uses a table to show negative performance percentages across various peer groups and timeframes.expose_contradiction
48
Uses quotes from ISS and Glass Lewis to build a case against the board's compensation committee.expose_contradiction
49
The slide uses a series of pull-quotes to build a narrative of long-term governance failure.expose_contradiction
50
The diagram uses a hub-and-spoke style layout to visualize conflicts of interest or 'coziness' within the board structure.expose_contradiction
51
The slide uses a visual mapping of director names to their dual roles as independent directors and estate executors to imply a lack of independence.expose_contradiction
52
The slide uses three distinct charts to highlight poor governance and performance metrics.expose_contradiction
53
Uses a bar chart to show voting percentages over time (2007, 2008, 2012) to illustrate the failure to reach the 80% threshold.expose_contradiction
55
The slide uses a rhetorical question '0 for Hess ?!?' to highlight the lack of transparency.expose_contradiction
56
The slide uses a 'Deny' prefix for each point to emphasize the theme of avoidance.name_villain
57
Uses a red trend line to highlight the 'underperformance' period and a green line for the 'outperformance' period.expose_contradiction
58
The slide uses a line chart to show a stock price trough and a bar chart to show the delta between reported and actual returns including dividends.expose_contradiction
59
The slide uses a 'villain' framing to discredit management's performance claims.expose_contradiction
60
The slide uses negative percentages to highlight the magnitude of underperformance.compare_peers
61
The slide uses a bar chart to show the decline in price targets and uses callouts to explain the 'why' behind the movement. It explicitly calls out management'sexpose_contradiction
62
The slide uses a 'Deny' prefix for each point to frame the company's leadership as avoidant and defensive.name_villain
63
The slide uses a rhetorical question-and-answer format to dismantle the company's stated strategy.expose_contradiction
64
The slide uses a 'Deny' prefix for each point to emphasize the activist's narrative of management's willful ignorance.name_villain
65
The slide uses a quote to frame a contradiction, typical of activist investor presentations.expose_contradiction
66
The slide uses a 'Reality' framing to contrast Hess's capital-intensive approach against a more efficient peer.expose_contradiction
67
The slide uses a dual-chart approach to contrast capital allocation (spending) with shareholder returns.expose_contradiction
68
The slide uses a 'Deny' prefix for each point to frame the company's behavior as active avoidance.name_villain
69
The slide uses a quote to set up a contradiction, typical of activist investor presentations.expose_contradiction
70
Uses bar charts and a comparison table to highlight cost inefficiencies.expose_contradiction
71
The slide uses a repetitive 'Deny' prefix to frame the company's failures as a deliberate culture of avoidance.name_villain
72
Uses a comparison of two directors (Mullin and Brady) to show they share the same problematic conflict of interest.expose_contradiction
73
Uses a contrast-pairs framework to juxtapose two opposing viewpoints on board independence and strategic alignment.expose_contradiction
74
The slide uses a bar chart to show consistent shareholder support for declassification over time, juxtaposed with the lack of relevant experience for the new noexpose_contradiction
75
The slide uses a repetitive 'Deny' prefix to frame the company's failures as a deliberate pattern of behavior.name_villain
76
This is a classic 'expose_contradiction' slide used in activist campaigns to undermine management credibility.expose_contradiction
Open slide detailLoop · The Reveal
77
The slide uses a series of pull-quotes to build a narrative of institutional distrust in the company.cite_precedent
78
The slide uses a series of pull-quotes from various financial institutions to build a narrative of persistent management failure.expose_contradiction
79
The slide uses a chronological list of negative analyst commentary to build a case for long-term underperformance.expose_contradiction
80
The slide uses a series of pull-quotes to build a narrative of chronic underperformance and management failure over time.expose_contradiction
81
The slide uses a series of negative analyst quotes to establish a pattern of historical underperformance.expose_contradiction
82
The slide uses a series of pull-quotes from various investment banks to establish a pattern of poor management judgment.expose_contradiction
83
The slide uses historical analyst commentary to establish a long-term pattern of underperformance.cite_precedent
86
Uses a comparison frame to highlight the gap between constructive proposals and reactive management.expose_contradiction
87
The slide uses a quote to validate the activist's position by showing external alignment.expose_contradiction
88
The slide uses a table to discredit the original board members and a quote to justify the new board composition.expose_contradiction
89
The slide uses a red dashed box to highlight specific incumbent directors and their potential conflicts of interest (e.g., 'Lead Independent Director AND Joint introduce_nominees
90
Uses a before-after framing to expose a contradiction in corporate governance claims.expose_contradiction
91
The slide is designed to frame the company's actions as proactive rather than reactive to activist pressure.preempt_rebuttal
92
The slide uses dashed boxes to highlight the recent 'change' in behavior compared to the previous decade of stagnation.expose_contradiction
93
The slide uses a before/after framing to expose a contradiction in the CEO's narrative regarding the timeline and origin of the company's strategic transformatiexpose_contradiction
94
Uses a before/after framing to highlight management's change in position.expose_contradiction
95
Uses a before/after framing to highlight management inconsistency.expose_contradiction
96
Uses quotes to frame the company's narrative as a scare tactic.expose_contradiction
97
The slide uses a 'before-after' framework to argue for corporate restructuring (spinoffs/divestitures).propose_solution
98
The chart shows how NPV changes with capital cost fluctuations for two asset types.compare_peers
99
Uses a comparison table to show valuation discrepancies and a Venn-style diagram to show analyst coverage overlap.expose_contradiction
100
The slide uses quotes to preemptively address concerns about the independence of the activist's nominees.expose_contradiction
101
The slide uses a comparative layout to present credentials and external validation for two nominees.introduce_nominees
102
The slide uses a vertical layout with two distinct callout boxes to contrast the board's reaction with the lack of engagement.expose_contradiction
103
The slide uses a 'villain critique' style to undermine the credibility of the company's previous statements.expose_contradiction
104
The slide uses a table to highlight that Hess has lower leverage and better yield metrics than peers, framing management's narrative as a contradiction.compare_peers
105
Includes a table of Bakken Standalone financials (2013-2017) and a waterfall chart showing Bakken Free Cash Flow and Sources of Cash.preempt_rebuttal
106
The slide uses a direct quote to expose a potential inconsistency in the company's tax narrative.expose_contradiction
107
Includes detailed footnotes regarding tax assumptions, depreciation, and production guidance.analyze_data
108
The slide uses a quote to expose a potential contradiction in the company's financial narrative.expose_contradiction
109
The slide uses a peer group of 10 companies to validate credit rating stability.compare_peers
111
The chart uses a rotated date axis and callouts to correlate specific activist events with stock price movement.expose_contradiction
112
The slide uses a vertical list of quotes to build credibility for the activist's proposal.cite_precedent
114
The slide uses checkmark icons to indicate that all nominees possess all listed qualifications.introduce_nominees
115
The slide uses a vertical list format to highlight individual nominees and their value propositions.introduce_nominees
116
Includes specific mention of 750% share appreciation at American Express.introduce_nominees
117
The slide uses two distinct quote boxes to establish credibility for the nominee.cite_precedent
120
The slide uses a vertical list format to highlight individual nominees and their value propositions.introduce_nominees
121
Includes specific career highlights at Anadarko and Semgroup.introduce_nominees
122
The slide references Anadarko, likely a legacy slide from a previous company or context.summarize
124
The slide uses a vertical list format to associate individual nominees with specific value-add themes.introduce_nominees
125
Includes specific career highlights and relevant industry experience.introduce_nominees
128
The slide highlights the value proposition of each nominee in a vertical list format.introduce_nominees
129
Includes specific career highlights and board experience.introduce_nominees
130
The quote emphasizes evaluating assets based on core strengths and potential value to others.summarize
132
The slide highlights specific nominees and their value proposition, with a callout box emphasizing the rationale for supporting them.introduce_nominees
133
Includes specific career highlights and M&A experience.introduce_nominees
137
The slide uses a vertical list format to associate each nominee with a specific strategic focus area.introduce_nominees
138
The slide uses a table structure to contrast the credentials of two groups of board nominees.introduce_nominees
139
The slide uses pie charts to show percentage of nominees with specific experience and bar charts for director counts.compare_peers
140
Uses a direct quote from a Hess letter to highlight a perceived contradiction.expose_contradiction
141
The slide uses a direct quote from a Hess letter to set up a rebuttal.expose_contradiction
142
Uses a contrast-pairs framework to highlight the difference between the two sets of nominees.expose_contradiction
143
Includes a supporting quote from ISS Proxy Advisory Services.diagnose_problem
147
The slide uses a list-based critique to dismantle the 'pay for performance' claim of the nominee's compensation plan.expose_contradiction
148
This slide uses a simple 'If-Then' logical structure to explain a compensation mechanism.preempt_rebuttal
151
The slide uses a quote from David H. Batchelder to validate the compensation structure.introduce_nominees
153
The slide uses a table to justify the selection of peer companies for benchmarking purposes.compare_peers
154
The table compares performance as of two specific dates: 11/28/12 and 1/25/13.compare_peers
155
The slide uses a 'cherry-picking' narrative to frame the company's peer selection process as manipulative yet ineffective.compare_peers
156
The slide argues that Large Cap Independents are the most appropriate peer group for Hess based on market cap and E&P revenue metrics.compare_peers
157
The slide uses a combination of a table for production mix and an area chart for commodity price trends to argue for Hess's relative insulation from gas price vcompare_peers
158
The slide uses a table to argue that Hess's integration profile is more aligned with independent peers than the integrated supermajors.compare_peers
159
The slide uses a combination of qualitative analyst quotes and a quantitative stock performance chart to justify excluding peers.expose_contradiction
160
The slide uses a structured table to justify the selection of peer groups for valuation or operational comparison.compare_peers