{
  "docId": "019dd923-622c-750b-8b9c-323283670cec",
  "docSlug": "3a1e7040a25b",
  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-01-29 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 20,
  "pageCount": 48,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 22,
  "notes": "The slide uses a waterfall-style chart to illustrate sensitivity, contrasting the high volatility of resource plays against the relative stability of offshore assets.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-323283670cec/20",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-323283670cec",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-323283670cec.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-323283670cec#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.85
      },
      "kind": "callout",
      "text": "Resource plays and offshore assets are managed differently; Hess is incapable of managing both (evidenced by severe cost overruns in the Bakken)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19585d85-bc3a-4b57-90b9-80c0dfcdfcae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.45,
        "x": 0.28,
        "y": 0.39
      },
      "kind": "chart",
      "text": "Illustrative Sensitivity of NAV to Changes in Capital Expenditures",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c7febcf-4490-4df5-afa1-b1cf50a2301a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.62,
        "y": 0.23
      },
      "kind": "list",
      "text": "Offshore Assets: Low sensitivity to capital cost, Few high cost wells, Tax regimes and/or PSCs allow for cost recovery that mutes impact of cost",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0e0b9cd-aa56-4ed2-87fd-240711074276",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.25,
        "x": 0.16,
        "y": 0.23
      },
      "kind": "list",
      "text": "Resource Plays: High sensitivity to capital costs, Many low cost wells, Lean manufacturing process",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d29548a7-c02f-4f24-8816-2fd8123e7e2e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "NAV sensitivity",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8687-8c186a472578",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "1. Elliott estimates",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb4208b4-a1cb-4473-9b5d-d5d045ad6f5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.55,
        "x": 0.108,
        "y": 0.115
      },
      "kind": "title",
      "text": "Different Assets Require Different Management Capabilities",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a260a01-5716-4290-8d03-8b65df521c9e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "cac29a58-3e4a-437b-a278-9f6266854211",
      "evidence": "Contrasting Resource Plays vs Offshore Assets",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 23,
      "from": 8,
      "beatId": "8c54665b-bd6b-4606-bbdf-2b4086490281",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting management's failed execution, lack of strategy, and poor corporate governance.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 22,
      "from": 19,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "a81864c6-02c8-42a1-84f5-6b7580e1c68a",
      "evidence": "The document breaks down the problem into manageable parts, including the multitude of businesses and geographies, and the lack of strategy.",
      "position": 1,
      "objective": "Break down the problem into manageable parts",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}