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  "documentTitle": "Hess Corporation (HES)",
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      "text": "In the last decade, Hess has lost $6.7bn through hedging",
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      "text": "Disclosure suggests an additional ~$400mm in “proprietary trading” losses since 2009 or very high operating costs at HETCO or…? Why do shareholders have to guess?",
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      "text": "hedging losses: $6.7bn",
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      "text": "Hess's cumulative realized hedging losses since 2002 equivalent to 9% of E&P Revenues. Over the same period, peers realized cumulative gains equal to 1% of E&P revenues.",
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      "text": "You may ask: “what is proprietary trading? And what is it doing at Hess?” We would answer: “No idea from disclosures”",
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      "text": "Proprietary trading is separate and in addition to HETCO, Hess's hedge fund. Hess has promised to sell HETCO, will it also shut down proprietary trading?",
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      "text": "You may ask: “what is proprietary trading? And what is it doing at Hess?” We would answer: “No idea from disclosures” — Elliott Management",
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      "kind": "source-note",
      "text": "Source: Company filings. 1. Pre-tax gains/losses on commodity derivatives. 2. Revised Proxy Peers... 3. 10K (pg. 74) groups together 100% of trading revenues...",
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      "kind": "title",
      "text": "...And What is Going on with Hess's Hedging? With HETCO? With Prop Trading? Why Does Prop Trading Even Exist at Corporate?",
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