{
  "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": 25,
  "pageCount": 48,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 25,
  "notes": "Includes a map of US oil/liquids plays and a valuation bridge for the proposed spinoff.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "map",
    "valuation_table",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-323283670cec/25",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-323283670cec",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-323283670cec.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-323283670cec#slide-25",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Hess Resource Co. would be premier resource play focused company",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8688-721b1609839a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.38,
        "x": 0.61,
        "y": 0.15
      },
      "kind": "image",
      "text": "Map of Top Five Oil / Liquids Plays in the US with Hess logos on specific regions.",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bd1bc40-304c-4937-87aa-8168694918de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.38,
        "x": 0.61,
        "y": 0.5
      },
      "kind": "list",
      "text": "W.D. Von Gonten analysis conclusions regarding Hess Bakken acreage quality and comparability to Continental.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65f11501-c8b2-49c3-9017-90624a57778d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Upside to HES Share Price: 58%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8688-795134d646bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"On an absolute basis, Hess and Continental's Williston basin acreages are very comparable\" — W.D. Von Gonten",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8688-74d070f6c451",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.95,
        "x": 0.02,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Sources: Bloomberg, Cap IQ, Company Filings. Footnotes 1-4.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ce99012-cfa6-4772-8563-ba0ac990a1d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.59,
        "x": 0.02,
        "y": 0.235
      },
      "kind": "table",
      "text": "Peer comparison table showing Flagship Play, Other Assets, and % Oil / % Liquid Production for Pioneer, Continental, Range Resources, Cabot, and Hess Resource Co.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58ec49ee-06d2-4e86-8d87-de9a78c7d789",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.59,
        "x": 0.02,
        "y": 0.6
      },
      "kind": "table",
      "text": "Impact on Stock table showing Low and High estimates for Value of Hess Resource Co., Incremental Value, and Upside to HES Share Price.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "153b10b5-25f7-4f0e-ade6-a401e3da1c32",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.08,
        "y": 0.11
      },
      "kind": "title",
      "text": "Create Premier US Resource Play Focused Company via Tax-Free Spinoff",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97de262d-78a4-45cd-aa90-7b82b778fca2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "deca9512-39b8-4c15-b67f-17e40d2be756",
      "evidence": "table/data: Peer comparison table showing Flagship Play, Other Assets, and % Oil / % Liquid Production for Pioneer, Continental, Range Resources, Cabot, and Hess Resource Co.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "c58257db-391a-4114-af99-f3aec4a663fd",
      "evidence": "Proposes a tax-free spinoff to unlock value.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 45,
      "from": 24,
      "beatId": "c09c4ff2-396f-478e-9eb3-d91ee1432367",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes a solution to unlock Hess's intrinsic value, including refocusing the portfolio, reassessing and refocusing Hess, and replacing the board of directors.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}