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  "documentTitle": "Hess Corporation (HES)",
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  "presentationDate": "2013-01-29 00:00:00",
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  "notes": "Uses a contrast-pairs framework to highlight management incompetence.",
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      "text": "Management fails to grasp the cost focus necessary to maximize value in resource plays",
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      "text": "Best Bakken operators have relentless focus on cost",
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      "text": "While well costs were out of control in 1H2012, management was not concerned...",
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      "text": "\"The big focus is driving down costs.\" - Michael Lou, CFO Oasis Petroleum November 2012",
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      "text": "\"Essentially [we are] always focusing on how we're working on the cost side of the margin equation... [the bakken is] our oil factory, [we]continue to work on our oil factory way of driving down costs.\" - Harold Hamm, Founder/Chairman/CEO Continental October 2012",
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      "text": "\"Not really familiar with what you are talking about... I will tell you that our data shows us as very competitive with other operators in North Dakota [Bakken].\" - Gregory Hill, EVP Worldwide E&P Hess April 2012",
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      "text": "\"Our focus right now is getting our well cost down.\" - Jim Brown, COO Whiting Petroleum November 2012",
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      "text": "\"It's not just about cost, as you well know. And on the cost side, our people are very efficient.\" - John Hess Chairman & CEO Hess April 2012",
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      "text": "\"It's not just about cost, as you well know. And on the cost side, our people are very efficient.\" — John Hess, Chairman & CEO Hess, April 2012; \"Not really familiar with what you are talking about [in response to question about Hess closing gap with other Bakken operators]. I will tell you that our data shows us as very competitive with other operators in North Dakota [Bakken].\" — Gregory Hill, EVP Worldwide E&P Hess, April 2012; \"Essentially [we are] always focusing on how we're working on the cost side of the margin equation... [the bakken is] our oil factory, [we]continue to work on our oil factory way of driving down costs.\" — Harold Hamm, Founder/Chairman/CEO Continental, October 2012; \"The big focus is driving down costs.\" — Michael Lou, CFO Oasis Petroleum, November 2012; \"Our focus right now is getting our well cost down.\" — Jim Brown, COO Whiting Petroleum, November 2012.",
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      "kind": "source-note",
      "text": "1. Hess 1Q 2012 Earnings call; 2. Continental Resources Investor Day, October 2012; 3. BAML Conference November 2012",
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      "text": "When Costs Were Out of Control, Management Was Not Focused",
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