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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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      "kind": "callout",
      "text": "Hess's cumulative realized hedging losses since 2002 equivalent to 9% of E&P Revenues. Over the same period, peers(2) realized cumulative gains equal to 1% of E&P revenues",
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      "text": "Hess's cumulative realized hedging losses since 2002 equivalent to 9% of E&P Revenues",
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      "text": "Realized Hedging Performance 2002-2012 for Hess.",
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      "text": "Realized Hedging Gains (Losses): $6.7bn",
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      "text": "Source: Company filings. 1. Pre-tax gains/losses on commodity derivatives. 2. Proxy or Revised Peers who engage in hedging for upstream business including Anadarko, Apache, Devon, EOG, Marathon, Noble and Talisman",
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      "text": "Peer comparison table showing Realized Gains (Losses) Hedging and Cumulative Realized Gains (Losses) as % of E&P Revenues for various companies.",
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      "text": "Lost $6.7 Billion in a Hedging Program Nine Times Worse Than Its Peers",
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