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  "documentTitle": "Hess Corporation (HES)",
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  "presentationDate": "2013-04-15 00:00:00",
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      "text": "According to JP Morgan's analysis, Hess International Co's leverage would fall within the range of Hess's applicable proxy peers and would receive an investment grade rating from the rating's agencies",
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      "text": "Debt / EBITDAX: 1.3x",
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      "text": "Long lived oil assets producing substantial cash flow. Wood Mackenzie and Rystad both project Hess International would average ~$2.8 billion of free cash flow per year before exploration for the next decade.",
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      "text": "We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating.",
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      "text": "\"We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating.\" — J.P. Morgan Credit Research, February 2013",
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      "text": "Sources: Wood Mackenzie, Sell-side reports, Rystad Ucube, CapitalIQ",
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      "kind": "title",
      "text": "Reality: Hess International Would Generate Billions in Cash Flow And Retain Investment Grade Rating",
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