{ "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": 63, "pageCount": 71, "prevPage": 62, "nextPage": 64, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "Uses a 'before-after' style contradiction framework to highlight management's shifting narrative.", "elementsJson": [ "headline_text", "quote_block", "bar_chart_vertical", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-37eb478b579f/63", "deckHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-37eb478b579f#slide-63", "components": [ { "bbox": { "h": 0.06, "w": 0.84, "x": 0.08, "y": 0.86 }, "kind": "callout", "text": "Karl Kurz and Mark Smith (Shareholder Nominees) carried out tax efficient monetizations of midstream infrastructure while retaining strategic control", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "67304236-933b-41f3-a581-a9ca82cb7301", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Hess has clearly not examined MLP potential", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0390-727f-bb8f-14406f7db22c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.52, "y": 0.45 }, "kind": "chart", "text": "MLPs Acquire Growing Assets for Full Value", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d0b22dec-328a-479a-b461-9bced4957a1f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.08, "y": 0.45 }, "kind": "chart", "text": "IPO Multiples Value Future Growth", "attrs": null, "subkind": "bar-vertical", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7408a3b-4d69-4374-8be6-7c512260c85b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.08, "y": 0.75 }, "kind": "list", "text": "Hess has clearly not examined MLP potential; Hess has sufficient assets to access MLP capital to build out assets today; Shareholder capital should not be tied up only to be inefficiently monetized later", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe1c1418-5372-4155-9591-54339b5b71f5", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "IPO Multiples: 28x", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-0390-727f-bb8f-1d4b84d2ffee", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.52, "y": 0.2 }, "kind": "quote", "text": "…we need some historical performance there of cash flow, of the EBITDA, from these midstream assets, and as we get that… I expect the timing of the monetization is 2015.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "01ac6bac-84e9-4a1a-bf48-24ba8e1f3f2f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.08, "y": 0.2 }, "kind": "quote", "text": "…the strategic infrastructure we have in North Dakota, having control of that adds a lot of value… the Tioga Gas Plant…that’s not something we would be interested in MLPing.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b57198c5-2ff5-440c-bc23-849f2c5810fc", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value... the Tioga Gas Plant...that’s not something we would be interested in MLPing.” — John Hess, November 2012; “...we need some historical performance there of cash flow, of the EBITDA, from these midstream assets, and as we get that... I expect the timing of the monetization is 2015.” — John Rielly, March 2013", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0390-727f-bb8f-1b8892f96400", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.1, "y": 0.1 }, "kind": "title", "text": "MLP: Shareholders Do Not Need to Wait Until 2015...", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6c77905-7f45-41f6-947c-7df5a0f01304", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "a4176a03-e6dd-4439-96e8-348aae4271e7", "evidence": "Contrasting John Hess (2012) vs John Rielly (2013) quotes", "confidence": 0.95 } ], "arcBeats": [ { "to": 71, "from": 60, "beatId": "dd91ceb2-4526-470d-9659-7b2505f1e7f1", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The presentation concludes with a vision for a more accountable and successful Hess Corporation.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "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 }