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      "text": "\"Will perpetual restructuring mode ever end?\" - Goldman Sachs, October 2003",
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      "text": "Underperformance vs. Revised Proxy Peers",
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      "text": "\"After more than 3 years of aggressively repositioning its asset base and slashing costs, we expect Amerada Hess will finally deliver...\" — Lehman, May 1999; \"We have done a lot of work the last two years to reshape our portfolio... It's starting to stabilize.\" — John Hess, October 2003; \"Over the last five years our company has done a lot of work to reshape our portfolio... We're starting to deliver a consistent track record of performance.\" — John Hess, September 2006; \"So about two years ago, we really started to push a more balanced approach between accessing unconventional... to balance the high impact exploration program..\" — John Hess, November 2010; \"We have done a lot of work over the last 10 years to restructure our own Company significantly...\" — John Hess, July 2011; \"...important change for Hess... This change essentially began in 2009 and should be largely complete in 2014.\" — John Hess, July 2012; \"We would note that our current board is comprised of highly accomplished directors who deserve credit for initiating the multiyear transformation that started in 2010 and that continues today.\" — Jon Pepper, Hess spokesman, February 2013",
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      "text": "Source: Company transcripts, Wall St. Research",
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      "text": "Unending and Ineffective Restructurings",
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