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  "documentTitle": "Hess Corporation (HES)",
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      "kind": "callout",
      "text": "Management wants to run a global conglomerate",
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      "text": "Analysts doubtful of strategic rationale",
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      "text": "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess.",
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      "text": "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability.",
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      "text": "In terms of exploration and production, we are different than the other independents. We are the most global.",
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      "text": "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world...",
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      "text": "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing.",
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      "text": "\"In terms of exploration and production, we are different than the other independents. We are the most global.\" — John Hess, Chairman & CEO Hess, June 2010. \"We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability.\" — Gregory Hill, EVP Worldwide E&P Hess, November 2012. \"We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing.\" — Goldman Sachs, June 11, 2012. \"On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world...\" — Citigroup, July 20, 2012. \"In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess.\" — Deutsche Bank, January 30, 2013.",
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      "text": "1. Bernstein Conference, June 2010\n2. Bank of America Merrill Lynch Conference, November 2012",
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      "text": "Management Has Failed to Articulate a Rational Strategy for Portfolio",
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