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      "text": "Widespread acknowledgement that Hess is cheap but significant strategic change is necessary to close the gap",
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      "text": "1. Cut exploration capital in half; 2. Be more transparent on project spending; 3. Sell its Bakken midstream assets; 4. Sell or swap out of upstream assets; 5. Change some aspects of corporate governance",
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      "text": "Quotes from Bank of America Merrill Lynch, Goldman Sachs, Credit Suisse, and Citigroup regarding Hess valuation and strategic recommendations.",
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      "text": "\"Given the similarities between Hess and CLR’s ND Bakken plays, as an order of magnitude we suggest this is a reasonable starting point for how the market should value Hess’ Bakken acreage…[this] should alone justify a $24 per share uplift from current levels.\" — Bank of America Merrill Lynch (Sept 20, 2012); \"The key, in our mind, to improving relative performance will be demonstrating improved capital discipline through substantially lowered overall spending in 2013 and removing funding risk through additional tax efficient disposals.\" — Credit Suisse (October 1, 2012); \"…The question is whether it needs to cut deeper and more aggressively than it has. An extreme version could involve it becoming a \"pureplay\" Bakken producer...\" — Goldman Sachs (June 11, 2012); \"Below is our wish list of the initiatives we believe Hess could take to enhance shareholder value.\" — Citigroup (July 20, 2012)",
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