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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 uses a CEO quote to frame the portfolio as a strength, which the activist then reframes as a weakness (over-diversification).",
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      "text": "Relative to the average of similar sized peers: Hess operates in 3x as many countries. Hess has significant operations in 4x as many countries",
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      "text": "Hess operates in 3x as many countries. Hess has significant operations in 4x as many countries.",
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      "text": "Countries with Significant Operations: 12",
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      "text": "We've been clear. We are very proud of the global portfolio we have.",
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      "text": "\"We've been clear. We are very proud of the global portfolio we have.\" — John Hess, January 2013",
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      "kind": "source-note",
      "text": "Sources: Hess Website, Company Filings, Bloomberg. 1. As of 11/28/12... 2. Countries with significant operations... 3. Pro Forma... 4. 4Q Earnings Call, January 30, 2013",
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      "text": "Compared to Peers of Similar Market Cap Size and Even Pro Forma for Hess Divestitures Announced or Completed, Hess Upstream Operations Remain Spread Across 4x As Many Countries",
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