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  "documentTitle": "Hess Corporation (HES)",
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      "text": "Management wants to be global",
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      "text": "Analysts are skeptical",
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      "text": "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.",
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      "text": "In terms of exploration and production, we are different than the other independents. We are the most global.",
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      "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.",
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      "text": "Running such a diverse, global operation is challenging... We believe this level of diversity has diminishing margins of return for investors.",
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      "text": "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.",
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      "text": "\"In terms of exploration and production, we are different than the other independents. 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...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...Running such a diverse, global operation is challenging and given the size of the company it is not apparent that HES gains any incremental value from its integration and diversity. We believe this level of diversity has diminishing margins of return for investors.\" — Citigroup, June 20, 2012.",
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      "text": "Management Has Failed to Articulate a Rational Strategy for Portfolio",
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