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  "authorName": "Elliott Management",
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      "text": "Idiosyncratic Events Make Apache (APA) and BP Not Comparable to Hess Over The Last 5 Years",
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      "text": "Apache suffered from the Arab Spring",
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      "text": "BP stock price declined substantially due to Macondo",
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      "text": "Since early-2011, Egypt has been a persistent overhang for APA... -Deutsche Bank (March 7, 2013)",
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      "text": "APA's stock performance has significantly lagged its peer average... -Oppenheimer (February 28, 2013)",
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      "text": "\"APA's stock performance has significantly lagged its peer average and the S&P 500 since the Egyptian revolution. We are more pessimistic about Egypt's future than in any time in the last two years and are reducing our PT to $95 from $105. We think APA would be better off exiting Egypt by selling its operations and using the proceeds to buy back shares, reduce debt and boost investments elsewhere.\" — Oppenheimer (February 28, 2013); \"Since early-2011, Egypt has been a persistent overhang for APA. While in simple terms the region accounts for...23% of our NAV, this understates the importance of the asset for the portfolio.... While a complete lifting of the Egypt overhang is unlikely, the market is discounting a very bearish outcome for an asset that has suffered no visible economic impact from the deteriorating political & fiscal situation over the past 2 years.\" — Deutsche Bank (March 7, 2013)",
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      "text": "Source: Company filings. BP performance versus remainder of Hess proxy peers",
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