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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "Uses a combination of a geographic map and a business unit diagram to illustrate lack of focus.",
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      "text": "Geographic span of a major, yet Hess is a fraction in size: Market cap is under 1/11th the average of majors in its peers.",
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      "text": "Laundry List of Non-Upstream Distractions",
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      "text": "Upstream operations in 17 countries; Announced intention to sell Indonesia and Thailand; Geographic span of a major, yet Hess is a fraction in size.",
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      "text": "Sources: Company Filings, Bloomberg. 1. Hess 2012 10-K, pro forma for divestitures announced or completed through April 12, 2013",
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      "text": "Multitude of Businesses and Geographies Demonstrates Lack of Focus That Results in Hess Being Subscale in Nearly Every Area in Which It Competes",
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