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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "notes": "The slide uses a 'villain' framing by attributing value destruction directly to management's persistence in high-risk exploration.",
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      "kind": "callout",
      "text": "In the past 5 yrs, management has destroyed 20+% of its market capitalization through failed exploration ventures",
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      "text": "Wood Mackenzie calculates that Hess has lost $4 billion of value from its exploration investment over the last 5 years; Management has persisted in drilling high cost, high risk prospects; Sell-side analysts have included penalties in their Hess valuations",
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      "text": "Hess has squandered billions on adventures around the globe",
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      "text": "Source: Wood Mackenzie; Deutsche Bank 11/6/2012; Citigroup 11/2/2012; Market Capitalization as of 11/28/12",
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      "text": "Exploration Failure Demonstrates Need for Capital Discipline",
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