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  "documentTitle": "Hess Corporation (HES)",
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  "notes": "Uses a 'Reality' column to frame the data as a rebuttal to the CEO's quote.",
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      "text": "Management unaware how business funds itself",
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      "kind": "callout",
      "text": "...and issued more debt, issued comparable equity, sold more assets",
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      "text": "Shareholders have not seen the same benefit",
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      "text": "...Hess spent 44% more capital...",
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      "text": "Despite similar production growth, and acquiring 72% fewer acres",
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      "text": "Hess conglomerate structure has yielded cost overruns, operational hiccups, and an affinity for overbuilding Pure play (CLR) achieved similar production growth and acquired more acres at lower cost and greater benefit",
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      "text": "Total Return: 255%",
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      "text": "Hess conglomerate structure has yielded cost overruns, operational hiccups, and an affinity for overbuilding. Pure play (CLR) achieved similar production growth and acquired more acres at lower cost and greater benefit",
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      "kind": "quote",
      "text": "\"...our conventional portfolio generate[s] the cash needed to fund the unconventional growth that we have in the Bakken and the Utica.\"",
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      "text": "“...our conventional portfolio generate[s] the cash needed to fund the unconventional growth that we have in the Bakken and the Utica.” — John Hess, Chairman & CEO Hess, January 2013",
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      "text": "Sources: Company Filings, Earnings Transcripts, Bloomberg, CapIQ",
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      "text": "Hess Claims Conglomerate Funded Bakken Opportunity; Instead It Made a Mess of It",
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