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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The slide uses a table to highlight that Hess has lower leverage and better yield metrics than peers, framing management's narrative as a contradiction.",
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      "text": "..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern. - Moody's March 2012",
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      "text": "..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern.",
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      "text": "Numerous examples of U.S. resource focused companies with negative free cash flow. All able to fund themselves in the public markets and all trade at premium multiples to Hess. Continental has had negative free cash flow for the past 5 years yet has: $2.9bn of public debt trading at an average yield under 3.5%. Enterprise value of over $20bn and trades at ~11.3x EBITDA",
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      "text": "EV / LTM EBITDA: 10.0x to 11.1x",
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      "text": "“..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern.” — Moody's March 2012",
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      "text": "Sources: Bloomberg, CapIQ. All values as of 3/8/13. Adjusted for public equity and debt issuances post 12/31/12. Pro forma adjustments made for additional amounts borrowed on revolving facilities. Average of yield to worst based on ask price for each bond. Elliott estimates: LTM EBITDAX calculated using Hess Bakken production, average of OAS, KOG and NOG EBITDAX pre-G&A per quarter and Hess U.S. E&P G&A/BOE plus allocation of corporate overhead; excludes Utica. Elliott estimates: (2)% excludes Utica; (3)% includes Utica; Both numbers calculated off Elliott low case of $13.0bn. Moody's Continental Credit Opinion, March 6, 2012",
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      "text": "Peer comparison table including Market Cap, EV/LTM EBITDA, Net Debt/LTM EBITDA, 2013 FCF as % of Market Cap, and Weighted Avg. Yield for Continental, Halcon, Kodiak, Oasis, SM Energy, Pioneer, Cabot, Range, and Hess Resource Co.",
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      "text": "Management either has not done its homework or does not understand the credit markets",
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      "text": "Reality: Standalone Hess Resource Co. Could Easily Fund Itself in the Capital Markets",
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