{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-3c8a15220fd2", "slug": "348f49356270", "title": "Hess Corporation (HES)", "subtitle": "Elliott Management · 2013-04", "author": "Elliott Management", "date": "2013-04-15 00:00:00", "pageCount": 161, "kind": "activist-deck", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Hess Corporation", "targetTicker": "HES", "document": { "id": "019dd923-622c-750b-8b9c-3c8a15220fd2", "slug": "348f49356270", "title": "Hess Corporation (HES)", "rawTitle": "Elliott Hess Presentation Apr 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": "2013-04-Elliott-Hess-Presentation-Apr-2013.pdf", "sourceUrl": "http://www.ReassessHess.com", "sourceDate": "2013-04-15 00:00:00", "presentationDate": 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Companion URL www.ReassessHess.com. Notable rhetorical craftsmanship: (1) Elliott co-opts Hess's own green corporate branding and logo on every page — the deck visually reads as a Hess document arguing against Hess management. (2) Recurring six-pillar skeleton slide ('Unrelenting Underperformance / Lack of Focus / Undisciplined Capital Allocation / Operational Mismanagement / Endless Ineffective Restructurings / Abysmal Governance Culture') serves as navigation, with a red box highlighting the current chapter; then mirrored later as 'Deny Stock Performance / Deny Lack of Focus / ...' to frame the 'culture of denial'. (3) Heavy weaponization of CEO quote contradictions — e.g., 'You can't judge us on a one-year basis' paired with 'Since July 24, 2012 [six-month] Hess shares have increased'. (4) Explicit before/after via a red trendline (47% underperformance / $9.4bn foregone market cap under 17-year tenure) vs a tiny green recovery (5% outperformance since Elliott involvement). (5) Page 87 exposes original Hess slate's independence failures: two joint executors of Hess family estate, one officer of Hess. Campaign phase = proxy_fight: Elliott filed definitive proxy April 3, 2013 nominating five directors (Golub, Kurz, Smith, McManus, Chase) for the 2013 AGM. Follows Elliott's earlier 'Perspectives on Hess' deck (Jan 2013), but proxy_fight is more specific than follow_up here.", "kpisCited": [ { "detail": "Underperformed by 333% (460% vs revised proxy peers)", "metric": "Relative TSR vs proxy peers, 17-year Hess CEO tenure" }, { "detail": "Underperformed by 984% despite Hess holding one of the largest Bakken positions", "metric": "Relative TSR vs Bakken operators, 5-year" }, { "detail": "~$4bn of value lost; worst in peer group at ~(20%) of market cap", "metric": "Exploration value destruction, 5-year" }, { "detail": "($6.7bn) cumulative, equal to 9% of E&P revenues vs peer average of +1%", "metric": "Realized hedging gains/(losses) 2002-2012" }, { "detail": "Implied ~$400mm of losses, disclosure refused", "metric": "Proprietary trading losses since 2009 (HETCO + corporate)" }, { "detail": "0% for Hess; bottom of 17-peer set where leaders EOG/Devon grew at 21%", "metric": "Dividend CAGR 2002-2012" }, { "detail": "6% for Hess (second-lowest of 17 peers, vs BP 90%, COP 88%)", "metric": "Cash return as % of market cap, 2002-2012" }, { "detail": "28% five-year average; 47% in 2012; 26% guided for 2013", "metric": "Capex as % of average market cap" }, { "detail": "Hess operates in 12 countries vs peers of similar market cap averaging 3", "metric": "Countries of significant operations" }, { "detail": "70% — highest in peer group, yet still underperformed during Brent rally", "metric": "% production from oil" }, { "detail": "(58)% as of Jan 2013 despite Brent up 25% over the period", "metric": "Underperformance vs S&P 500, 5-year" }, { "detail": "Zero for Hess vs 6-7 for proxy peers", "metric": "Analyst days / update calls 2007-2013" }, { "detail": "97%+ of outside shares voted for de-staggering; blocked by John Hess's 37mm family shares", "metric": "Shareholder de-stagger vote 2008" }, { "detail": "$39-50bn: Unconventionals $13.0-14.4bn + Conventionals $21.4-30.2bn + Midstream $2.0-2.5bn + Downstream $3.1-3.5bn", "metric": "Sum-of-parts TEV (Elliott estimate)" }, { "detail": "$9.4bn of value destruction / 47% underperformance vs. revised proxy peers", "metric": "Market cap foregone under 17-year tenure" } ], "closingAsk": "Vote the GREEN proxy card to elect Elliott's five independent nominees — Golub, Kurz, Smith, McManus, and Chase — at the 2013 Hess Annual Meeting.", "extraction": { "at": "2026-04-23 01:14:29+00", "model": "unknown-legacy", "runId": null, "seconds": 237.20372, "promptVersion": null }, "scqaReward": "Closing the discount to intrinsic asset value implies $96-128 per share versus sub-$70 trading — roughly 40-90% upside — with the Bakken position alone worth $13.0-14.4bn TEV.", "thesisTypes": [ "governance_board", "breakup_spinoff", "operational_turnaround", "capital_return", "management_change", "strategic_pivot" ], "top3Reasons": [ "Hess has underperformed every relevant peer over every time frame of John Hess's 17-year CEO tenure", "Woefully flawed capital allocation: $4bn destroyed in exploration, $6.7bn lost in hedging (9% of E&P revenues)", "Six failed restructurings and a culture of denial; only externally-imposed board change can fix entrenched problems" ], "scqaSituation": "Hess Corporation is a ~$20bn integrated oil & gas company whose assets — a premier Bakken position, long-life Southeast Asian oil reserves, Bakken midstream infrastructure, and salable downstream — Elliott sums to $96-128 per share.", "thesisSummary": "Hess Corporation owns world-class assets — a premier Bakken position, long-life Southeast Asian oil reserves, valuable midstream infrastructure, and salable downstream — that Elliott values at $96-128 per share ($39-50bn) versus a stock languishing in the $60s. Under 17-year CEO John Hess, the company has underperformed proxy peers by 47% / $9.4bn of market cap foregone, cycled through seven restructurings, destroyed $4bn in exploration and $6.7bn in hedging, and switched benchmark peer groups repeatedly to obscure the gap. Elliott, a 4.52% owner with its largest-ever initial equity position, blames a culture of denial: a staggered board John Hess himself voted to preserve, zero analyst days for seven years, and a 2013 'transformation' Hess insists predates Elliott's campaign. The remedy is electing five independent nominees — Golub, Kurz, Smith, McManus, Chase — to impose focus, capital discipline, and accountability.", "primaryDemands": [ "Elect Elliott's five shareholder nominees (Golub, Kurz, Smith, McManus, Chase) to the Hess board at the 2013 AGM", "Reassess and focus the portfolio by divesting non-core international operations (spin off Hess International)", "Instill capital discipline: halt wasteful exploration, exit proprietary trading/HETCO, return more cash to shareholders", "Restore accountability: de-stagger the board, separate Chairman/CEO, reset governance culture", "Execute an effective, credible restructuring rather than the seventh failed 'transformation'" ], "scqaResolution": "Elect Elliott's five independent nominees — Harvey Golub, Karl Kurz, Mark Smith, David McManus, Rodney Chase — to impose focus, capital discipline, operational rigor, and genuine oversight that Hess's hand-picked directors cannot deliver.", "thesisOneLiner": "Hess's 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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. So we want to maintain that global scale and capability.\" — Gregory Hill, EVP Worldwide E&P Hess, November 2012. \"We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing.\" — Goldman Sachs, June 11, 2012. \"On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... 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"links": { "slide": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/35", "deck": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.5, "x": 0.45, "y": 0.6 }, "kind": "callout", "text": "While others captured tremendous wealth in the Eagle Ford (APC, COP, EOG, MRO, MUR, RDSA, TLM, etc.), Hess not only failed to create value but lost $771mm", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:24:55.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "305002c7-da00-4a68-a5da-6903b9617bcb", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.5, "x": 0.45, "y": 0.05 }, "kind": "list", "text": "JV with unknown ZaZa Energy had misaligned incentives: ZaZa was paid to acquire acreage regardless of cost or quality and bore no risk to Hess capital losses; ZaZa received 10% cash bonus and 10% carried working interest while putting no capital at risk for acquired acres; After 2 years, Hess realized its mistake and exited JV; ZaZa walked away with half of Hess's Eagle Ford acreage and over $100mm of Hess's cash; Indicative of lack of capital controls, litigation is ongoing from the JV as Hess paid lease brokers for acreage that was never delivered; Hess does not disclose the extent of these losses. 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The Eagle Ford is one of the premier U.S. liquids resource plays and has seen a dramatic rise in value over the past few years. 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Sanchez press release, March 18, 2013. 6. 2010 through 2Q 2012 production, realized prices, lease operating costs from ZaZa filings; 3Q2012 through 1Q2013 production from Sanchez acquisition presentation, Cotulla Only realized prices and lease operating costs per ZaZa filings in 1Q and 2Q 2012 10Qs and held constant; G&A per BOE at Hess U.S. E&P average; no corporate overhead included.", "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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We're starting to deliver a consistent track record of performance.\" — John Hess, September 2006; \"So about two years ago, we really started to push a more balanced approach between accessing unconventional... to balance the high impact exploration program.\" — John Hess, November 2010; \"We have done a lot of work over the last 10 years to restructure our Company significantly...\" — John Hess, July 2011; \"...important change for Hess... 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"canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:49.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7be1bf7d-2ea6-41fa-a05b-009aa17d605e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"the major moves to reshape our portfolio... will have been completed by the end of 2013.\" — John Hess, January 2013; \"We'd say 12 to 18 months [March 2014 to September 2014].\" — John Rielly, SVP & CFO, Hess March 2013; \"I mean, it's early in the process, but our guidance would be that we'd complete these sales by the end of 2014.\" — John Rielly, SVP & CFO, Hess March 2013; \"monetization of our Bakken midstream assets expected in 2015.\" — John Hess, March 2013; \"our current board is comprised of highly accomplished directors who deserve credit for initiating the multiyear transformation that started in 2010 and continues today.\" — Jon Pepper, Hess spokesman, February 2013; \"On our July call, we explained that Hess was in the midst of a five-year transition... completed by the end of 2013.\" — John Hess, January 2013; \"This change essentially began in 2009 and should be largely complete in 2014.\" — John Hess, July 2012; \"We have done a lot of years to restructure our own Company significantly...\" — John Hess, July 2011; \"So about two years ago, we really started to push a more balanced approach between accessing unconventional hydrocarbon resources, oil and gas, to balance the high impact exploration program...\" — John Hess, November 2010", "attrs": null, "canon": { "kind": { 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So this is not something that just happened overnight...", "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 19:57:51.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38d7571b-64f1-4bbd-9200-95ec303f294a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.3, "x": 0.18, "y": 0.28 }, "kind": "quote", "text": "the strategic infrastructure we have in North Dakota, having control of that adds a lot of value...that's not something we would be interested in MLPing...Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio that... builds upon our strong brand...", "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 19:57:51.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4611340-6245-413c-a0e2-ebc2bc1c87b5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value...that's not something we would be interested in MLPing...Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio that...builds upon our strong brand...\" — John Hess, November 2012; \"...monetization of our Bakken midstream assets expected in 2015...We have had this strategic transformation underway really...predominately when we started to build our Bakken position in 2010. 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I think the areas of focus for us will still be the deepwater Gulf of Mexico, deepwater West Africa, and deepwater Southeast Asia.", "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 19:57:50.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d240383d-eed8-4f8a-a146-4715ddf5bea0", "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. 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A properly structured pay program should motivate executives to drive corporate performance.", "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 19:57:51.597+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "654c1868-984d-4e9d-a201-03eb1529ffd8", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.2, "x": 0.57, "y": 0.12 }, "kind": "quote", "text": "While the compensation committee has made some changes to the executive compensation program... it is not clear that these will improve the significant historical pay-for-performance misalignment.", "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 19:57:51.597+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1cd045c-ab3b-4de1-8506-0dc80762db81", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.2, "x": 0.15, "y": 0.12 }, "kind": "quote", "text": "ISS quantitative analysis indicates that CEO pay significantly outranked peer companies within similar sector and size ranges, while 1- and 3-year TSRs were at or near the bottom ranking of the same peer group.", "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 19:57:51.597+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa515717-6658-4fdb-ad5e-8da4286701b3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"ISS' quantitative analysis indicates that CEO pay significantly outranked peer companies within similar sector and size ranges, while 1- and 3-year TSRs were at or near the bottom ranking of the same peer group. 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Company Filings, Factset, ISS Voting Analytics. 1. % of voted shares withheld; Hess estate is assumed to have voted for nominees and is excluded from calculation. 2. Factset SharkRepellent. 3. Hess estate is assumed to have voted against declassification and is excluded from calculation. 4. Hess estate is assumed to support Say on Pay and is excluded from calculation. 5. Other companies did not have say on pay votes; Hess estate is not excluded from calculation. 6. 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Hess's cumulative CEO compensation over the past 5 years ranks in the 73rd percentile relative to peers, while total shareholder returns over the same 5 year period rank in the 20th percentile.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:53.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51156d06-c9d1-4563-a10b-f01de1219dea", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.25, "x": 0.15, "y": 0.5 }, "kind": "list", "text": "39%, 39% and 33% of votes withheld against Brady, Kean and Olson, respectively. 14%, 14%, and 14% of votes withheld against Holiday, Bodman, and von Metzsch. For context, in 2012 the average percentage of votes withheld from a nominee in a non-contested S&P 500 election was 3.7%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:53.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "906c9900-f472-4037-b07c-67e6e7da0bfc", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.25, "x": 0.45, "y": 0.5 }, "kind": "list", "text": "90+% of outside shareholders voted to declassify the Hess Board in 3 separate votes. Charter/bylaws require 80% of outstanding. In 2008, Board recommended for de-staggering. 246mm shares voted to de-stagger. 76% of outstanding shares. 87% of voting shares. 37 mm shares voted against declassification (John Hess controlled 37mm shares). Did John Hess vote against his board's recommendation and against declassification?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:53.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0ae7c9b-e6f3-42ca-99bc-69871d6e6729", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Say on Pay support: 51%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:57:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd95-dea04f94610b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.05 }, "kind": "title", "text": "Shareholders Have Tried to Hold Hess Accountable", "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 19:57:53.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ed43603-5c86-4e20-b6a0-9ed91a782a25", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "tension", "title": "Uses a bar chart to show voting percentages over time (2007, 2008, 2012) to illustrate the failure to reach the 80% threshold.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1304, "nDataPoints": 6, "notes": "Uses a bar chart to show voting percentages over time (2007, 2008, 2012) to illustrate the failure to reach the 80% threshold.", "elementsJson": [ "headline_text", "bullet_list", "bar_chart_vertical", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:57:52.734+00", "seconds": 3.739, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/53", "deck": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.75, "x": 0.18, "y": 0.85 }, "kind": "callout", "text": "Did John Hess vote against the recommendation of his OWN BOARD of which he is Chairman? How will he vote this year?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:52.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d599e535-0c95-4f53-8c8c-42d9b38dc603", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.4, "y": 0.45 }, "kind": "chart", "text": "% of Total Shares Voted for Declassification", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:52.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7168652b-8657-4d4b-8f34-ca0a37e2db8e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.7, "y": 0.95 }, "kind": "disclaimer", "text": "Sources: Company Filings, Factset, ISS Voting Analytics. 1. Hess estate is assumed to have voted against declassification and is excluded from calculation", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:52.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2ee919b-4c46-45d6-a20f-468143109c85", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.35, "x": 0.18, "y": 0.55 }, "kind": "list", "text": "De-staggering the Hess Board requires 80% of outstanding (not just voting) shares. In 2007, Shareholders' backed de-staggering the Hess Board with over 97% of outside voters electing to de-stagger. In 2008, the Hess Board recommended FOR de-staggering the Board (had they not, they may have had governance agencies recommend withholds on all of their nominees). 245.7mm shares voted to de-stagger (76% of outstanding shares, 87% of voting shares). 1.8mm shares abstained. 37.1 mm shares voted against declassification (John Hess controlled 36.6mm shares)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:52.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a092bf83-9a88-4e05-89a3-e13d2dbbc894", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.18, "y": 0.15 }, "kind": "list", "text": "In 2012, Shareholders again backed de-staggering the Board with over 94% of outside voters electing to de-stagger. Now, the Hess Board again has recommended FOR de-staggering the Board. Yet, at the same time the Board opposes a shareholder proposal to remove the 80% voting requirement that prevented de-staggering the Board three times before", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:52.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e422feaf-321c-4db1-8656-fe573f60b456", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "37mm Shares Prevented All Directors from Becoming 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Quigley: Former CEO, Deloitte. Upstream Oil & Gas Operating Experience: None. Restructuring Experience: None.", "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 19:57:55.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71b3b179-8d40-410a-a350-7ca222835bec", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.58, "y": 0.35 }, "kind": "quote", "text": "The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis.", "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 19:57:55.094+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c064059d-039a-4fea-8d73-fa347e2a039e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The ability to elect directors is the single most important use of the shareholder franchise, and all directors should be accountable on an annual basis. — ISS Proxy Advisory Services", "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 22:57:38+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd97-d073f1378888", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.58, "y": 0.9 }, "kind": "source-note", "text": "Sources: Company Filings, Factset, ISS Analytics. 1. 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In light of the company's poor performance the last decade, this is clearly a board that gives John Hess what he wants, rather than doing what is good for shareholders.", "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 19:57:56.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1e666b0-fde6-40c7-afcc-fece98b0fc57", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.42 }, "kind": "quote", "text": "This is the most undermanaged major oil company in the world.", "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 19:57:56.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbe20cdd-0603-493f-a7ab-4527e1dd1d50", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.49 }, "kind": "quote", "text": "And so, one of the problems is the board is stuffed with incredibly long-serving members, none of whom seem to have any experience outside the company running an oil company...", "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 19:57:56.438+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe30f87d-971c-4cbd-87af-5f9eff0f6666", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"HES has been what we call a 'value trap' for some time.\" — Societe Generale (January 30, 2013). \"In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess.\" — Deutsche Bank (January 30, 2013). \"The simple fact is the market doesn't trust Hess to run its business well, and thus places a discount on everything the company controls.\" — Morningstar (January 29, 2013). \"This is the most undermanaged major oil company in the world.\" — Jim Cramer, CNBC Faber Report (January 29, 2013). \"And so, one of the problems is the board is stuffed with incredibly long-serving members, none of whom seem to have any experience outside the company running an oil company, so there's a real lack of oil industry depth here. And coincidentally, they also happen to have very strong financial connections with the Hess family, helping to run the charitable board, helping to run the estate of the founders.\" — Reuters Breakingviews (January 29, 2013). \"Hess' board has consistently failed its shareholders and has never brought management to task, ever... In light of the company's poor performance the last decade, this is clearly a board that gives John Hess what he wants, rather than doing what is good for shareholders.\" — Morningstar (January 29, 2013). \"The stock price reflects concern about ballooning capital costs, chronic lack of free cash flow, a high oil price breakeven, and recent difficulty executing against guidance and expectations.\" — Deutsche Bank (October 17, 2012). \"We think the market will largely adopt a wait and see approach and not give any free passes to management until clear path towards their cash flow targets and execution capability is evidenced... From a valuation perspective, we think the stock is relatively cheap as a result of the company's less-than-stellar historical performance record and perceived execution risk.\" — Barclays (July 26, 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 22:57:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd98-559b0b895e1d", 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"canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:57:40+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d2-7501-bd98-b657ba858c82", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.52, "y": 0.14 }, "kind": "quote", "text": "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing.", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06d18d95-0288-4a74-8ec8-966d2316c396", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.35, "x": 0.13, "y": 0.43 }, "kind": "quote", "text": "The key issue for HES in our mind is capital intensity and the inability of management in recent years to live within the limits of its cash flows. Furthermore, given the lack of growth in oil and gas production over the last 5 years, there is a case to be made that the company should return more cash back to shareholders instead of attempting to grow at all.", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e662d13-e39f-4099-88c0-4d36863d6a2e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.13, "y": 0.27 }, "kind": "quote", "text": "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world.", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4071b263-e3b1-4aae-9b1c-2df2014a6100", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.35, "x": 0.52, "y": 0.53 }, "kind": "quote", "text": "The 7% pullback in the stock was severe, and in our view, is indicative of a loss of investor confidence in HES's execution capabilities, following a string of production misses and a lack of notable exploration success, in addition to a growing deficit between capex and cash flow. Entering 1Q'12, HES had missed its production guidance for four of the preceding 5 quarters, meaning execution was at a premium.", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a5ca3d2-ff3b-4c89-a246-28e3d0038dc3", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.52, "y": 0.76 }, "kind": "quote", "text": "Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well increased investor skepticism over management's execution record...", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8710deb7-2dd5-4670-9d93-e0546b0f47f9", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.35, "x": 0.52, "y": 0.3 }, "kind": "quote", "text": "We believe Hess should consider further reducing its exploration program beyond what has already been announced. It is not clear to us given the levels of exploration spending versus cash flows that a mid-sized oil company can successfully pursue a global exploration strategy as Hess has attempted... The company's high-risk/high-potential exploration and acreage strategy since 2009 is thus far not yielding favorable results.", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b57a421-426e-426b-89b8-ed5f15d2a404", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.35, "x": 0.13, "y": 0.14 }, "kind": "quote", "text": "The large variability in capex versus original guidance (just set six months ago) demonstrates some lack of capital discipline within the company.", "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 19:57:57.513+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db43c85c-9362-4ccc-ace5-bdd5139dc1c5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The large variability in capex versus original guidance (just set six months ago) demonstrates some lack of capital discipline within the company.\" — Citigroup (July 25, 2012); \"On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world.\" — Citigroup (July 20, 2012); \"The key issue for HES in our mind is capital intensity and the inability of management in recent years to live within the limits of its cash flows. Furthermore, given the lack of growth in oil and gas production over the last 5 years, there is a case to be made that the company should return more cash back to shareholders instead of attempting to grow at all.\" — Citigroup (July 20, 2012); \"We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing.\" — Goldman Sachs (June 11, 2012); \"We believe Hess should consider further reducing its exploration program beyond what has already been announced. It is not clear to us given the levels of exploration spending versus cash flows that a mid-sized oil company can successfully pursue a global exploration strategy as Hess has attempted... The company's high-risk/high-potential exploration and acreage strategy since 2009 is thus far not yielding favorable results.\" — Goldman Sachs (June 11, 2012); \"The 7% pullback in the stock was severe, and in our view, is indicative of a loss of investor confidence in HES's execution capabilities, following a string of production misses and a lack of notable exploration success, in addition to a growing deficit between capex and cash flow. Entering 1Q'12, HES had missed its production guidance for four of the preceding 5 quarters, meaning execution was at a premium.\" — Simmons (April 26, 2012); \"Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well increased investor skepticism over management's execution record...\" — Barclays (April 26, 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 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"A series of 10 quotes from various financial institutions (Deutsche Bank, Bernstein, JP Morgan) spanning 2006-2012, criticizing Hess's capital allocation, growth, and management.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:57:55.536+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "436ad2c2-7073-4813-8b7a-b0225bd71f2f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"To summarize, the key growth assets underperform, expectations are lowered, and a key investor fear – Hess's propensity to outspend cash flow – is stoked by an early upward revision to the 2012 budget.\" — Deutsche Bank (April 25, 2012); \"Flowing through from the high capex and low growth, the company has the lowest yield and lowest dividend growth combination amongst major oils.\" — Deutsche Bank (July 27, 2011); \"The company has continued to be a net issuer of equity...at a time when most of the other majors have been buying stock back... and has produced low return on capital employed for most of the present decade.\" — Bernstein (October 22, 2009); \"The company's refining and marketing assets remain emphatically not for sale, despite the fact that redeploying downstream invested capital...to the much higher returning upstream would make solid business sense.\" — JP Morgan (September 17, 2009); \"Hindsight: We can't believe you're back to more hedging.\" — Deutsche Bank (September 29, 2008); \"Notwithstanding the romance of Leon Hess's development of the company from one oil delivery truck into a multi-billion dollar enterprise, by the early 2000's the company's reputation with investors was one of a struggling oil essentially run as if it were private.\" — Deutsche Bank (August 7, 2007); \"Historic mistrust, with certain major potential shareholders reluctant to invest based on the issues faced in the past with a distinctly mixed record of shareholder value creation to say the least. 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How about biannual?", "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 19:57:56.395+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acd2dbb5-05b5-4c84-8416-28c9467f13f9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We think the frequency of HES's analyst meetings could be increased. How about biannual?” — Merrill Lynch (May 22, 2006). “The key question, in our view, going forward is whether Hess is starting to spread itself too thin via a growing project portfolio list.” — Goldman Sachs (April 26, 2006). “The aggressive upstream exploration story driven by John O'Connor is under pressure, as a run of dry holes is looming larger. With no completion target, the story has an uncertain future, costs are rising and prospects are pushed from this year to next.” — Deutsche Bank (April 26, 2006). “This company has not historically shown good capital discipline, delivering one of the highest F&D costs in the sector and one of the lower returns on capital.” — Bank of America (January 27, 2005). “Despite a new record quarterly oil price environment and sequentially much higher production levels, worldwide unit profitability rose only marginally ... because of continued heavy hedging loss (no surprise here) and a sharp increase of costs.” — Lehman Brothers (January 27, 2005). “Hess's long-term share performance has been hampered by an inability to show sustainable volume growth and value creation in the upstream...As a result, Hess's 10-year share price performance has been the weakest among the integrated oils.” — Merrill Lynch (October 21, 2004). “Following several years of missed targets, [Hess] has refrained from offering production guidance much beyond the current year. Whilst this plays to its benefit by avoiding the risk of over promising / under delivery, it also clouds the outlook over the coming years. HES's reluctance to commit to any long-term production objectives is understandable in the context of a poor track record where a succession of aggressive growth targets has been missed.” — Citigroup Smith Barney (October 11, 2004). “Hess needs to spend aggressively to arrest its imploding production profile. 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[Hess] will need to regain project management credibility after disappointing results...\" — Bank of America (January 6, 2004); \"Having lagged the recent rebound in the sector—adding to what has been long-term secular underperformance...\" — Goldman Sachs (December 9, 2003); \"We believe Hess had four issues it needed to overcome: Top management was not as strong as at its competitors; E&P asset base was very mature and short-lived; Balance sheet was weak; Capital discipline was expressed in words, but not practiced in actions.\" — Goldman Sachs (December 9, 2003); \"Will perpetual restructuring mode ever end?\" — Goldman Sachs (October 14, 2003); \"Hess released another quarter of disappointing earnings...While offshore development delays are not uncommon for large oil and gas projects, Hess has consistently disappointed the market with operational performance over the past several quarters.\" — Bank of America (July 29, 2003); \"[Hess] a company that we consider the most fundamentally flawed E&P or integrated in our investment grade universe... 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"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 19:57:57.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46a66d23-59d7-44da-9a33-8483cd848bf5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.51 }, "kind": "quote", "text": "While investors remain worried over the management's seemingly sloppy attitude to shareholders' equity...We are increasingly concerned over Hess's continuing ability to generate these 'non recurring' charges ...Carelessness with shareholders equity is a worrying trait in any corporation.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": 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While neither of these things is devastating to the company's value, we believe that management credibility at Hess has been stretched very thin...This charge will be seen by investors as a continuation of a disturbing pattern of special charges at Hess...again calling into question the company's judgment.", "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 19:57:57.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a705ec5-e02c-427f-8ee7-3680140679d6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.3 }, "kind": "quote", "text": "Credibility matters, and Hess has little of it left.", "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 19:57:57.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a53fe0b4-2baa-4467-ad39-dc31e3becc06", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.73 }, "kind": "quote", "text": "Production forecasts were revised lower supporting concerns that we have had regarding economic value creation...", "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 19:57:57.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6ea2c8b-fafe-4d75-8399-02ccaf2e1fbf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "quote", "text": "REITERATE UNDERPERFORM; E&P DETERIORATION A SERIOUS ISSUE There is no change to our Underperform rating for Hess despite the continued slide in its shares. We believe large write downs at its LLOG and Triton acquisitions coupled with continued erosion in its base E&P properties point to serious problems with the company's exploration and production business.", "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 19:57:57.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eeb232ec-5de6-44f5-9db6-9e75d357d785", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.21 }, "kind": "quote", "text": "We believe Hess should trade at a 5%-10% discount to the Domestic Oils based on...[and 3] Damaged management credibility.", "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 19:57:57.983+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb7b86d3-494b-40a1-b04b-d4283a0784ed", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The continued string of negative news has left management with some work to do to rebuild investor confidence.\" — Bank of America Credit Research (January 31, 2003); \"We believe Hess should trade at a 5%-10% discount to the Domestic Oils based on...[and 3] Damaged management credibility.\" — JP Morgan (January 30, 2003); \"Credibility matters, and Hess has little of it left.\" — Credit Suisse (January 30, 2003); \"REITERATE UNDERPERFORM; E&P DETERIORATION A SERIOUS ISSUE There is no change to our Underperform rating for Hess despite the continued slide in its shares. We believe large write downs at its LLOG and Triton acquisitions coupled with continued erosion in its base E&P properties point to serious problems with the company's exploration and production business.\" — Goldman Sachs (January 30, 2003); \"...While investors remain worried over the management's seemingly sloppy attitude to shareholders...We are increasingly concerned over Hess's continuing ability to generate these 'non recurring' charges ...Carelessness with shareholders equity is a worrying trait in any corporation.\" — Credit Suisse (January 30, 2003); \"...We believe even if the disposal program is completed the portfolio improvement is unlikely to be sufficient to result in returns in excess of Hess's cost of capital.\" — UBS Warburg (November 5, 2002); \"...Production forecasts were revised lower supporting concerns that we have had regarding economic value creation...\" — Morgan Stanley (October 25, 2002); \"Hess's stock fell 12% today on the back of a downgrade to 2003 and 2004 production expectations and a further write-down of the LLOG properties. 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Investor interest is not expected to become material in this company until returns resemble the cost of capital on a sustainable basis.\" — Morgan Stanley (December 14, 1998); \"Exploration expense is significantly above average...Hess, with a market capitalization of $4.5 billion, had 1997 exploration expense of $373 million; in comparison, Exxon, with a market capitalization of $175 billion, had exploration expense of $753 million. 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It's a straightforward and objective incentive plan that clearly connects the interests of independent nominees with the interests of shareholders.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:05.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "062b6cb6-0a0c-42f0-987d-3434ade68502", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.22, "x": 0.42, "y": 0.08 }, "kind": "quote", "text": "Hess has portrayed these bonuses as somehow objectionable...it is difficult to see the merit in management's arguments.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:05.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22452e1f-62d0-4c87-97f1-bb550520ed74", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.22, "x": 0.18, "y": 0.08 }, "kind": "quote", "text": "We understand from reading their proxy statement that any continuing agreement between Elliott and their nominees will be purely executory and such nominees will not owe any duty or allegiance to Elliott.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:05.29+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64b4cf2d-c02a-4623-8585-016da7b89e20", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We understand from reading their proxy statement that any continuing agreement between Elliott and their nominees will be purely executory and such nominees will not owe any duty or allegiance to Elliott. 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"name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:05.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a47346f-6c61-4ed5-8eb4-5e73c6dbd859", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.23, "x": 0.66, "y": 0.08 }, "kind": "quote", "text": "The Elliott nominee compensation plan closely aligns the interests of those nominees with the medium and long term interests of Hess shareholders and has no impact on a director's independence or ability to fulfill his duties to stockholders.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:05.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63c6f030-fcae-4f32-8bc2-cecc35a569cb", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.23, "x": 0.18, "y": 0.08 }, "kind": "quote", "text": "The Elliott plan makes perfect sense for Hess shareholders. In fact, it is state-of-the-art and ought to be more broadly adopted. Tying director compensation directly to outperformance against peers perfectly aligns the directors with the interests of shareholders.", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:05.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70defd58-1fe0-43be-a6b1-f04310ab9248", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The Elliott plan makes perfect sense for Hess shareholders. 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Glass Lewis has identified 10 peers outside of this range...", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:06.343+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "571fa3b8-6bc4-4934-9f38-bcbcd85630aa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay. In general, we believe a peer group should range from 0.5 to 2 times the market capitalization of the Company. 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Hess has only 9% of production exposed to low U.S. natural gas and NGL pricing.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:06.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f2ffbbd-d0cd-4c24-9bb2-1f05eace0e69", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Hess has lowest exposure to N.A. gas of any independent peer", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:57:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d3-71df-9934-3bfca2200471", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.3, "x": 0.15, "y": 0.45 }, "kind": "chart", "text": "N.A. Natural Gas Prices Since 2008", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Area chart", "slug": "area", "status": "active", "canonId": "019de52c-ff89-71e0-911e-5cab78b90f53", "version": 1, "description": null }, "framework": null }, "subkind": "area", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:06.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e646e5a-8ac7-4151-9812-ca7614b5c055", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "percentage of production: 9%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:57:48+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d3-71df-9934-3c1d8a40900a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.8, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings. 1. 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"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 19:58:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "499db217-64d6-4b8f-990f-2a040e21971c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.25, "x": 0.25, "y": 0.15 }, "kind": "quote", "text": "APA's stock performance has significantly lagged its peer average... -Oppenheimer (February 28, 2013)", "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 19:58:06.96+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c6ca540-0033-4053-bb5a-0df99b697b4d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"APA's stock performance has significantly lagged its peer average and the S&P 500 since the Egyptian revolution. We are more pessimistic about Egypt's future than in any time in the last two years and are reducing our PT to $95 from $105. We think APA would be better off exiting Egypt by selling its operations and using the proceeds to buy back shares, reduce debt and boost investments elsewhere.\" — Oppenheimer (February 28, 2013); \"Since early-2011, Egypt has been a persistent overhang for APA. While in simple terms the region accounts for...23% of our NAV, this understates the importance of the asset for the portfolio.... 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Goldfarb / Pat McHugh / Geoff Sorbello, Okapi Partners LLC, Tel: +1-212-297-0720, info@okapipartners.com", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:09.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a3e4111-e934-4ef5-93b3-1d6b692e8a13", "parentComponentId": null }, { "bbox": { "h": 0.88, "w": 0.15, "x": 0.45, "y": 0.14 }, "kind": "list", "text": "Press: John Hartz, Tel: +1-212-446-1872, Tel 2: +1-718-926-3503, jhartz@sloanepr.com", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:09.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca49c069-b39d-4021-a686-a4820da0bd2e", "parentComponentId": null }, { "bbox": { "h": 0.88, "w": 0.15, "x": 0.71, "y": 0.14 }, "kind": "list", "text": "For Additional Information: www.ReassessHess.com", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:09.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc88538b-cfa8-441a-9109-09c104d354f3", "parentComponentId": null }, { "bbox": { "h": 0.88, "w": 0.13, "x": 0.11, "y": 0.56 }, "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 19:58:09.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a977b38d-26c0-4fb3-adfb-b6a5afc3e4bf", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 7, "to": 9, "label": "Problem Statement", "description": "The presentation clearly states the problems at Hess, including poor capital discipline and lack of focus" }, { "from": 11, "to": 15, "label": "Expose Contradiction", "description": "The presentation highlights contradictions in Hess's strategy and performance, such as underperformance despite having high-quality assets" }, { "from": 77, "to": 84, "label": "Cite Precedent", "description": "The presentation cites historical precedent for acknowledging Hess's problems" }, { "from": 110, "to": 144, "label": "Solution", "description": "The presentation offers a solution, including the introduction of new, independent board members with relevant experience" } ], "loops": [ { "from": 11, "to": 15, "label": "Pattern Hunter", "description": "Highlight Hess's underperformance and contradictions in their strategy" }, { "from": 76, "to": 84, "label": "The Reveal", "description": "Reveal the extent of Hess's problems and the need for change" }, { "from": 110, "to": 144, "label": "Golden Circle", "description": "Introduce the solution and new board members" } ] }