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      "text": "Strategic change could realize 150%(3) increase in value for Hess shareholders",
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      "text": "W.D. Von Gonten(1) detailed study concluded value of Hess Bakken acreage comparable to Continental's",
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      "text": "What is Elliott suggesting specifically? Elect to the board five independent, highly qualified executives; Conduct a full strategic and operational review; Carry out substantial restructuring; Improve operations; Bring discipline to capital allocation.",
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      "text": "We believe the intrinsic value of Hess could be worth over $126 per share. We attribute the market's substantial discount to Hess's unfocused portfolio and poor management. We believe the board's lack of independence results in governance failure.",
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      "text": "1. W. D. Von Gonten & Co. is an industry leading petroleum engineering and geological services. 2. Elliott estimates, see page 29. 3. As of 11/28/12, date before which Elliott began to purchase a substantial amount of Hess stock. 4. Source: Wood Mackenzie",
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