{
  "docId": "019dd923-622c-750b-8b9c-37eb478b579f",
  "docSlug": "43bbd9fb77dc",
  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 21,
  "pageCount": 71,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a contrast-pairs framework to highlight the conflict between management's narrative and the activist's critique.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "quote_block",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-37eb478b579f/21",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f#slide-21",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management Nominees: Rubber Stamp?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b567-e8f6e6899750",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.385,
        "x": 0.084,
        "y": 0.193
      },
      "kind": "framework",
      "text": "Management Nominees: Rubber Stamp?",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c352f39d-30d8-4cc1-aef9-b327975ae285",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.385,
        "x": 0.554,
        "y": 0.193
      },
      "kind": "framework",
      "text": "Shareholder Nominees: Independent",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d6a4d7d7-c571-4b94-a457-d7d01c653f0a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.06,
        "x": 0.878,
        "y": 0.085
      },
      "kind": "image",
      "text": "HESS",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f2438a0-93d9-4532-a240-5a761778abfd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.385,
        "x": 0.084,
        "y": 0.38
      },
      "kind": "quote",
      "text": "“These independent directors agreed to join our board, because they believe in our outstanding plan... We have had this strategic transformation... -John Hess, March 4th 2013",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8442a9f2-bb59-4f98-8f9b-977dd821b7de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.385,
        "x": 0.554,
        "y": 0.38
      },
      "kind": "quote",
      "text": "“While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views... -Elliott Letter to Shareholders, January 29th 2013",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92311d87-86cf-40a0-a7fe-32b184ea4f4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders.” “We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy...” — John Hess, March 4th 2013. “While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board.” — Elliott Letter to Shareholders, January 29th 2013.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b567-eeaff88c7f4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.105,
        "y": 0.945
      },
      "kind": "source-note",
      "text": "Source: Company transcripts 1. Business update call March 4, 2013 2. Elliott Letter to Shareholders January 29, 2013",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d823d3e-3751-46e9-a101-fdb67b47a58f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "title",
      "text": "Why Are “Independent” Nominees Signing Off On This “5” Year Plan Before They Have Sat as Directors and Thoroughly Evaluated All Options?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06109868-dd5c-4708-aad3-778c5ee5b416",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "6ddee86e-7840-4c03-836a-fd4dfb78c8b1",
      "evidence": "Side-by-side comparison of opposing viewpoints on board independence.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 32,
      "from": 6,
      "beatId": "15a53fff-a289-472f-808a-13e56a7c7449",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents a detailed critique of Hess Corporation's performance and governance failures.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 70,
      "from": 10,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "85bccce2-ca46-412f-9f7f-9f34f493fcd2",
      "evidence": "The document repeatedly emphasizes the consequences of not implementing substantial changes.",
      "position": 0,
      "objective": "The cost of inaction (lack of accountability) is highlighted throughout the presentation.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    },
    {
      "to": 69,
      "from": 14,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "6f974f5d-2a31-4b3a-a651-08be791c3818",
      "evidence": "The document uses various tables and charts to illustrate the points being made.",
      "position": 1,
      "objective": "The presentation provides a detailed breakdown of the issues and proposed solutions.",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}