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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-01-29 00:00:00",
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  "notes": "The slide uses a 'villain' framing by highlighting Hess's poor performance relative to peers despite favorable market conditions.",
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      "text": "Where has the cash gone?",
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      "text": "2002-2012 YTD Cash Return as % of Current Market Cap",
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      "text": "Zero growth in dividend ($0.40 per share) since 2002\nBottom quartile among peers in returning cash to shareholders\nHess has not repurchased shares in over a decade",
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      "text": "Cash Return: 0.0%",
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      "kind": "paragraph",
      "text": "Despite Brent prices more than quadrupling...",
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      "kind": "source-note",
      "text": "Sources: Company Filings, Capital IQ. 1. Market Capitalization as of 11/28/12, date before which Elliott began to purchase a substantial amount of Hess stock",
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      "kind": "title",
      "text": "Over Past Decade, Immaterial Return of Cash to Shareholders",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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