{
  "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": 14,
  "pageCount": 161,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 9,
  "notes": "The slide highlights peer group manipulation (churn) to mask poor performance.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_horizontal",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/14",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Over the last five years, Hess has dropped 6 peers and added 5 new peers out of an original peer set of 16 companies (a churn of 69%).",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd92-33c6d81c0d57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.7,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Hess Over (Under) Performance vs Proxy Peers",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b16fae63-784c-456e-957b-b5c2553f7ea0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "relative performance: (70)%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd92-35c072eebb0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.1,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Over the last five years, Hess has dropped 6 peers and added 5 new peers out of an original peer set of 16 companies (a churn of 69%).(1) Still, underperformance is clear.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "17e9c392-4038-454e-ac3b-bdada27284e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.1,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Source: Bloomberg, Company filings. 1. From 2008 proxy peers through 2012 proxy peers. 2. As of 11/28/12, date before which Elliott began to purchase a substantial amount of Hess stock",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c597a6db-6e3a-45eb-a94e-bf7500242e2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.1
      },
      "kind": "title",
      "text": "Hess Constantly Switches Proxy Peers But Continues to Underperform",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a386282f-a062-4dbb-94bf-2f985f706ee2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "d976301c-01db-42fc-a448-878d5c923891",
      "evidence": "The slide exposes the company's practice of changing peer groups to hide underperformance.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 11,
      "beatId": "801e7889-87ff-49bc-925b-4ecdf3f716db",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The presentation highlights contradictions in Hess's strategy and performance, such as underperformance despite having high-quality assets",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 11,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "cbde0a2e-bc1f-40ae-8705-8d59f282edba",
      "evidence": "The presentation uses a pattern-hunting approach to highlight Hess's underperformance and contradictions",
      "position": 0,
      "objective": "Highlight Hess's underperformance and contradictions in their strategy",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.8,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}