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  "documentTitle": "Hess Corporation (HES)",
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      "text": "Long lived oil assets producing substantial cash flow. Wood Mackenzie and Rystad both project Hess International would average ~$2.8 billion of free cash flow per year before exploration for the next decade",
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      "text": "Exploration failures, high hedging costs, and opacity around capital intensity has resulted in severe undervaluation of assets. Poor disclosure causes less than 25% of wall street analysts to build asset by asset NAVs for Hess. Recent transactions at a premium to Wood Mackenzie and Rystad values:",
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      "text": "Strong Cash Flow; Investment Grade Rating",
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      "text": "We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating. - J.P. Morgan Credit Research, February 2013",
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      "text": "We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating. — J.P. Morgan Credit Research, February 2013",
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      "text": "Transaction Premium / (Discount) to: Wood Mackenzie Rystad; Hess sale of Azerbaijan to ONGC 9% 50%; Nexen sale to CNOOC 2% 32%; Freeport acquires Plains E&P 26% 9%; BP Deepwater GOM sale to Plains E&P 27% 13%; El Paso E&P sale to private equity 11% 6%",
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      "text": "Create High Cash Flow, Oil-Linked Conventional Portfolio: Hess International",
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