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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 argues that Large Cap Independents are the most appropriate peer group for Hess based on market cap and E&P revenue metrics.",
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      "text": "Based on market capitalization and revenue, Hess's most comparable peers are Large Cap Independents and Continental",
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      "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay. In general, we believe a peer group should range from 0.5 to 2 times the market capitalization of the Company. In this case, Glass Lewis has identified 10 peers outside of this range, which represents approximately 62.5% of the peer group.",
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      "text": "Market Cap as Multiple of Hess: 23.9x",
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      "text": "Market capitalization: Super Majors are ~5 to 24x Hess; Large Cap Independents are 0.7x to 4.1x Hess",
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      "text": "E&P Revenue is more relevant than Total Revenue when evaluating relative size because downstream operations generate high revenues but have limited economics.",
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      "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked... Glass Lewis has identified 10 peers outside of this range...",
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      "text": "Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay. In general, we believe a peer group should range from 0.5 to 2 times the market capitalization of the Company. In this case, Glass Lewis has identified 10 peers outside of this range, which represents approximately 62.5% of the peer group. — Glass Lewis, Hess Proxy Paper 2011",
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      "text": "Source: Company filings. Market capitalization as of 11/28/12.",
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