{
  "docId": "019dd923-622c-750b-8b9c-3c8a15220fd2",
  "docSlug": "348f49356270",
  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 103,
  "pageCount": 161,
  "prevPage": 102,
  "nextPage": 104,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a 'villain critique' style to undermine the credibility of the company's previous statements.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/103",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-103",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.28,
        "y": 0.00145
      },
      "kind": "quote",
      "text": "And just having the Bakken or Utica standalone, they would not be self-funding. They could not get access to the credit markets and that's a real issue.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36726573-3130-437e-8886-c9af61153019",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.49,
        "y": 0.00145
      },
      "kind": "quote",
      "text": "Even without any initial debt, Singer's ResourceCo would likely be a sub-investment grade credit with limited stand-alone debt capacity. As a result, ResourceCo's ability to fund growth in the Bakken and hence realize future value for Hess shareholders would be harmed.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96547eb5-ae54-4b81-a3e6-29f02d47f4a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"And just having the Bakken or Utica standalone, they would not be self-funding. They could not get access to the credit markets and that's a real issue.\" — John Hess, January 2013. \"Even without any initial debt, Singer's ResourceCo would likely be a sub-investment grade credit with limited stand-alone debt capacity. As a result, ResourceCo's ability to fund growth in the Bakken and hence realize future value for Hess shareholders would be harmed.\" — Hess Presentation to Shareholders, March 2013.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd99-cf0015545b6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.2,
        "x": 0.75,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "1. 4Q 2012 Earnings call January 30, 2013\n2. Hess presentation \"Delivering Shareholder Value\", March 4, 2013",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d87e194f-0a56-45d3-afac-8523dc07d3da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "title",
      "text": "Misleading Statements on Funding",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8aad3100-01d0-4bb1-aedf-4a024ed25767",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "0728aa77-a987-4704-8225-4f7bff9ea6ef",
      "evidence": "The slide explicitly juxtaposes two quotes to frame them as 'misleading'.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}