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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-after' or 'transformation' flow to show the transition from a conglomerate to focused entities.",
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      "kind": "callout",
      "text": "Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period",
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      "kind": "callout",
      "text": "Create Hess Resource Co. Bakken, Eagle Ford and Utica with dropdown of midstream assets TEV = $13.0 to $14.4 billion(1)",
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      "kind": "callout",
      "text": "Share Price = $95.70 to $128.46(1) TEV = $39 to $50 billion(1)",
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      "kind": "callout",
      "text": "Create Hess International Focus remaining conventional portfolio on core areas of competitive advantage through divestiture of non-core assets TEV = $21.4 to $30.2 billion(1)",
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      "kind": "callout",
      "text": "Divest downstream assets TEV = $3.1 to $3.5 billion(1)",
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      "kind": "callout",
      "text": "Monetize resource play infrastructure TEV = $2.0 to $2.5 billion(1)",
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      "text": "Unconventional: 725,000 net acres in the Bakken, 177,000 net acres in the Utica Shale, 45,000 net acres in the Eagle Ford",
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      "text": "Downstream & No-Stream: Miscellaneous businesses - many with capital tied up at low rates of return",
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      "text": "Global Offshore and Other Conventional: Long-life, oil-weighted reserves in 'crown jewel' assets including Shenzi (GOM), Valhall (Norway), Ceiba & Okume (Equatorial Guinea); Favorable gas assets in Southeast Asia including JDA & Natuna Sea Block",
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      "text": "Midstream: Valuable Bakken infrastructure including Tioga gas plant and Bakken rail terminal",
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      "text": "TEV: $39 to $50 billion",
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      "text": "Source: Company filings 1. Elliott estimates; Per share values calculated net of debt, cash pro forma for announced/completed transactions (Azerbaijan & UK assets), pension, tax attributes, interest tax shield",
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      "text": "Unlock great companies that will be accountable to shareholders",
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      "text": "Monetize Midstream and Divest Downstream",
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