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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "notes": "The slide uses two bar charts to show absolute value creation and relative value creation as a percentage of market cap, with Hess highlighted in green.",
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      "kind": "callout",
      "text": "Breaking with industry best practices, Hess drilled 80+% working interest wells in numerous regions. The result was destruction of 20+% of its market capitalization",
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      "text": "Exploration Value Creation ($ billions)",
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      "text": "Wood Mackenzie calculates that Hess has lost $4 billion of value from its exploration investment over the last 5 years. Hess has squandered billions and provided zero recognition or explanation. Management has persisted in drilling high cost, high risk prospects with 80+% working interest. Sell-side analysts have included penalties in their Hess valuations for expected continued exploration failure. Deutsche Bank has in the past discounted its NAV by 20% to account for Hess's high exploration spending. Citigroup has in the past included a $6 per share exploration penalty for Hess.",
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      "text": "1. Source: Wood Mackenzie 2. Deutsche Bank 11/6/2012 3. Citigroup 11/2/2012 4. Market capitalization as of 11/28/12, date before which Elliott began to purchase a substantial amount of Hess stock",
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      "text": "Lost Over $4 Billion in Exploration in Last Five Years",
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