{
  "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": 29,
  "pageCount": 48,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Includes a peer comparison table and a valuation buildup table showing potential share price upside.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "comparison_table",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-323283670cec/29",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-323283670cec",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-323283670cec.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-323283670cec#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8687-c283bcaef02e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.38,
        "y": 0.16
      },
      "kind": "list",
      "text": "Hess International pro forma for US Resource Co spin and divestments; Production exceeds 300mboe/d; R/P ratio of over 10x; Substantial unlevered free cash flow.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b9335a8-d98f-4619-9997-eaeb03b0fc76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Upside to HES Share Price: 73%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8687-c7765873abe7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Sources: Bloomberg, Cap IQ, Company Filings, Wood Mackenzie, Rystad. Footnotes 1-11.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d41fd3c4-2054-4227-bcd0-fda5ae0aff6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.37,
        "x": 0.04,
        "y": 0.0015
      },
      "kind": "table",
      "text": "Peer comparison table showing EBITDAX multiples, capital intensity, and FCF gap for London Listed Peers, Large Cap Int'l Peers, and Hess Int'l Pro Forma.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "721e936f-60fb-4129-af9a-74bd79ba58ca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.2,
        "y": 0.63
      },
      "kind": "table",
      "text": "Value of Hess International Pro Forma valuation buildup table showing Low and High scenarios for implied multiples, market valuation, and share price upside.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5700d13c-4000-481d-8af6-bf9eb1d1fcdd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.65,
        "x": 0.11,
        "y": 0.11
      },
      "kind": "title",
      "text": "Focus Hess International on Core Areas of Competitive Advantage",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8bb0ca5e-4fea-44e8-9796-03e272512ad5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "27d42683-1233-47b3-863c-6a1891234e1e",
      "evidence": "table/valuation: Value of Hess International Pro Forma valuation buildup table showing Low and High scenarios for implied multiples, market valuation, and share price upside.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "valuation-table",
      "slug": null,
      "matchId": "58cbc2ef-3c86-4834-b9c6-5bd226e431f2",
      "evidence": "The slide presents a quantitative valuation buildup comparing current market valuation to pro forma potential.",
      "confidence": 1
    }
  ],
  "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
}