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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The slide uses a combination of a bar chart for acreage and an area/line chart for stock performance to argue that Hess is undervalued relative to its assets.",
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      "text": "Hess is one of the largest acreage holders in the Bakken.",
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      "text": "Stock Performance of Bakken Operators",
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      "text": "Leading Public Bakken Operators by Acreage",
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      "text": "Despite stock price of Bakken operators increasing ~1,100% since 2008...\nDespite Continental Resources (a Bakken pure play with equivalent acreage to Hess) creating $10 billion of market capitalization over the last four years through effective execution in the Bakken...\nDespite Hess having one of the leading acreage positions in the Bakken...\n.... Hess's stock performance has languished",
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      "text": "W.D. Von Gonten detailed study concluded value of Hess Bakken position very comparable to Continental's. — W.D. Von Gonten",
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      "kind": "source-note",
      "text": "1. Bakken operators includes CLR, OAS, and KOG\n2. Company filings and presentations",
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      "kind": "title",
      "text": "...And Material Position in the Bakken, a Premier U.S. Oil Resource Play",
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