{
  "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": 158,
  "pageCount": 161,
  "prevPage": 157,
  "nextPage": 159,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 120,
  "notes": "The slide uses a table to argue that Hess's integration profile is more aligned with independent peers than the integrated supermajors.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/158",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-158",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.4,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "callout",
      "text": "If Hess wants to be compared to Integrateds, then COP and MRO are the most relevant peers",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67209375-8e7d-409f-8e45-65f60c552539",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "When evaluating % of Gross PP&E or % of Net Income outside of E&P operations, Hess is similar to Large Cap Independents. COP and MRO have transitioned from Integrateds to E&P pure-plays. Hess was positioned to undergo a similar transition.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61678c7e-3c87-4039-9db1-c983785f912c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Average % of Gross PP&E Outside of E&P: 7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d3-71df-9935-3b0dd061e3b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Company filings. 1. Gross PP&E used as a proxy for capital employed. 2. APA breaks out midstream for PP&E but not for income; DVN breaks out midstream operations for income but not for gross PP&E",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61d6170d-70aa-4965-96fc-5421533c73c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.8,
        "x": 0.15,
        "y": 0.15
      },
      "kind": "table",
      "text": "Table comparing Hess, U.S. SuperMajor, European SuperMajor, Large Cap Independent, and Bakken Operators across 5-yr, 3-yr, and 1-yr metrics for PP&E and Net Income.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0ce6c32-3871-49d8-8682-3879ddc36758",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Hess Is No More Integrated Than Any of The Large Cap Independents But Is Substantially Less Integrated Than The SuperMajors",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa6ba152-d5a1-40fc-802a-3fe04d8ce026",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "84e4b331-2c46-424c-b908-2bf91e7253ea",
      "evidence": "The slide explicitly compares Hess against peer groups to frame its strategic positioning.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}