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      "kind": "callout",
      "text": "Neither Kurdistan nor France are in the \"focus areas\" and are being drilled at 80% and 85% working interest respectively",
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      "text": "Neither Kurdistan nor France are in the “focus areas” and are being drilled at 80% and 85% working interest respectively",
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      "text": "Australia, Brazil, China, Colombia, Egypt, France, Kurdistan, Libya, Peru",
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      "text": "Less than three months later: On January 22, 2013, Hess's agreement to acquire additional acreage in the Paris Basin and carry Egdon Resources on Huiron-1 exploration well was announced. Hess has 85% working interest.",
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      "text": "Exploration Strategy 2003",
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      "text": "Exploration Strategy 2012",
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      "text": "Less than ten seconds later: \"There is one last area ... that is Kurdistan. We see lots of hydrocarbons there, and we're shooting seismic this year and we will drill our first well next year in 2013.\"",
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      "text": "Reality: unable to stay within \"focus area\"",
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      "text": "We were known as a very high-impact explorer. I think we can say that that strategy didn't work. We spent about $5 billion on high impact exploration and we certainly didn't discover enough resources to generate acceptable returns on that $5 billion investment. So we have shifted our exploration strategy... [First] Our three primary focus areas are Gulf of Mexico, West Africa and Asia-Pacific... The second change ...Hess used to drill wells at high working interest, 80% to 100% working interest. We are not going to do that anymore.",
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      "text": "We are transitioning away from a program that existed for us in the past, and towards a program which concentrates on high-impact prospects. I think the areas of focus for us will still be the deepwater Gulf of Mexico, deepwater offshore West Africa, and deepwater Southeast Asia.",
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      "text": "\"We are transitioning away from a program that existed for us in the past, and towards a program which concentrates on high-impact prospects. I think the areas of focus for us will still be the deepwater Gulf of Mexico, deepwater offshore West Africa, and deepwater Southeast Asia.\" — John O'Connor, Fmr President Worldwide E&P Hess, April 2003; \"We were known as a very high-impact explorer. I think we can say that that strategy didn't work... So we have shifted our exploration strategy... [First] Our three primary focus areas are Gulf of Mexico, West Africa and Asia-Pacific... The second change ...Hess used to drill wells at high working interest, 80% to 100% working interest. We are not going to do that anymore.\" — Gregory Hill, EVP Worldwide E&P Hess, November 2012",
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      "kind": "source-note",
      "text": "Source: Company Filings, Earnings Call Transcripts, 1Q 2003 Earnings Call, BAML Conference, November 2012, Egdon Resources press release 1/22/13",
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      "text": "Broken Promises: Unable to Focus Exploration Efforts",
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