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  "documentTitle": "Hess Corporation (HES)",
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  "presentationDate": "2013-01-29 00:00:00",
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  "notes": "Uses a 'villain critique' approach to frame the company's diversification as a strategic failure.",
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      "kind": "callout",
      "text": "We have the portfolio of a major, we have the technical challenges of a major... - John Hess, Chairman & CEO Hess, June 2010",
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      "text": "Geographic span of a major, yet Hess is a fraction the size",
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      "text": "Hess Upstream Operations",
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      "kind": "list",
      "text": "Hedge Fund, Fuel Cell, LNG, Refining, Retail, Electric Generation, Marketing",
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      "text": "Hess market cap is less than 1/11th the average of the majors in its proxy peers; Hess is 1/23rd of Exxon; Hess is 1/12th of Chevron",
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      "text": "Upstream operations in over 20 countries, with principal activities: Algeria, Australia, Azerbaijan, Brazil, Brunei, China, Denmark, Egypt, Equatorial Guinea, France, Ghana, Indonesia, the Kurdistan region of Iraq, Libya, Malaysia, Norway, Peru, Russia, Thailand, the United Kingdom and the United States",
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      "text": "\"We have the portfolio of a major, we have the technical challenges of a major...\" — John Hess, Chairman & CEO Hess, June 2010",
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      "kind": "source-note",
      "text": "Sources: Company Filings, Bloomberg, Hess 2011 10-K, Bernstein Conference June 2010, As of 11/28/12, Hess website January 2013",
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      "text": "Multitude of Businesses and Geographies Demonstrates Lack of Strategy",
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