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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": "The slide uses a series of leading questions to frame management's actions as evasive and non-transparent.",
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      "text": "Hess Does Not Want to be Accountable to Shareholders",
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      "text": "Constructing stock charts focused on the last 6 months and excluding dividends? Announcing perpetual restructurings without effecting material change? Entrenched behind a staggered board with persistent corporate governance malpractice? Ignoring capital allocation failures by claiming that Conventional assets funded the Bakken? Avoiding disclosure that is comparable to its peers? Pointing to low price targets as validation? Refusing to accept Shareholders' exceptional Nominees? Proposing nominees that have less oil & gas operating experience and less restructuring experience than Shareholder Nominees? Selecting nominees that Rubber Stamp management's plan without evaluating alternatives? Naming John Mullin III, joint-executor of the Hess estate, the new lead \"independent\" director? Appointing John Quigley as a 6th director instead of letting shareholders decide?",
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      "text": "Constructing tax and funding excuses that are demonstrably false? Claiming they are a low cost operator in the Bakken when the reality is different? Talking down the value of their Bakken acreage rather than acknowledging they are unable to grow production as quickly as their peers without cost overruns? Resisting creating one of the premier US resource pure plays, an action that would create tremendous returns for their shareholders? Claiming financing and financial flexibility concerns that are clearly false? Alleging synergies that obviously don't exist? Talking down the value of its international assets? Avoiding real action when its stock price reflects substantial discount to NAV? Constructing false arguments about how to best finance and build infrastructure? Avoiding MLP monetization timelines or commitments? Announcing incremental change in an attempt to preserve status quo?",
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