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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2013-03-01 00:00:00",
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  "notes": "Uses a before-and-after framing to highlight management inconsistency.",
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      "text": "If Recent Divestments Have Long Been Part of “5” Year Plan, Why Was Management Defending the Opposite Only Weeks Ago?",
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      "text": "Until March 2013: Hess: Marketing, Retail and Infrastructure long-term strategic",
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      "kind": "quote",
      "text": "“We have a strong brand... an energy marketing business... will help us if we find gas in the Utica...So they're going to be some strategic benefits...” -John Hess, January 2013",
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      "text": "“...monetization of our Bakken midstream assets expected in 2015... This is not something that just happened overnight...” -John Hess, March 2013",
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      "text": "“...we are evaluating several options to monetize these businesses to maximize shareholder value. And we are just starting that process.” -John Rielly, SVP & CFO, March 2013",
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      "text": "“...the strategic infrastructure we have in North Dakota... adds a lot of value... Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio...\" -John Hess, November 2012",
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      "text": "“...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value...that’s not something we would be interested in MLPing...Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio that... builds upon our strong brand...” — John Hess, November 2012. “We have a strong brand... it enhances the company from a financial and reputational point of view.... an energy marketing business... will help us if we find gas in the Utica...So they’re going to be some strategic benefits...” — John Hess, January 2013. “...monetization of our Bakken midstream assets expected in 2015...We have had this strategic transformation underway really... predominately when we started to build out our Bakken position in 2010. So this is not something that just happened overnight...” — John Hess, March 2013. “...in terms of pursuing strategic options to maximize value, be it the retail marketing business or energy marketing business, we are evaluating several options to monetize these businesses to maximize shareholder value. And we are just starting that process.” — John Rielly, SVP & CFO, March 2013.",
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      "kind": "source-note",
      "text": "Source: Company transcripts. 1. 3Q 2012 Earnings call... 5. Business update call March 4, 2013",
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