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  "notes": "Includes detailed footnotes regarding tax assumptions, depreciation, and production guidance.",
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      "text": "NPV of shifting 4 years of declining deductions out to the years when Bakken is taxpayer is ~$0.13 / share",
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      "text": "Bakken operations should become a taxpayer in 2017; NPV of shifting 4 years of declining deductions is ~$0.13/share; Existing NOLs can remain at Hess International post-spinoff; Tax analysis limited to future deductions; In event NOLs must travel with Bakken, impact would be additional ~$0.08/share; Neither taxable income nor depreciation from Bakken midstream assets included.",
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      "text": "Tax analysis of the Utica is highly dependent on well type curve, liquid content and development ramp assumptions; Using Utica peers' type curve estimates and a reasonable development program, the value of tax shield would be an additional $0.10 per share; By the time development ramps in the Utica, the resulting tax deductions should be a useful tax shield for an income generating Bakken; Does not include unnecessary infrastructure spend.",
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      "text": "Tax Savings per share: $0.13",
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      "text": "Elliott estimates based on below calculations; Management guidance for 2013; Elliott estimate based on average of OAS, KOG and NOG 4Q EBITDA; Assumes $91 million of federal tax loss carry forwards; Assumes 75% of well capex is intangible.",
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      "text": "Reality: Value of Tax Savings from Deductions is Immaterial",
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