{
  "docId": "019dd923-622c-750b-8b9c-3c8a15220fd2",
  "docSlug": "348f49356270",
  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 38,
  "pageCount": 161,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses a Q&A format mapped against a timeline to highlight management inconsistency.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "process_diagram",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/38",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Today Shareholders Are Told of Hess's 7th Attempted Restructuring Like Prior Restructurings, There Is No Clear Beginning or End",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd94-dda254a45a24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.8,
        "x": 0.15,
        "y": 0.35
      },
      "kind": "diagram",
      "text": "Timeline of quotes from 2008 to 2014",
      "attrs": null,
      "subkind": "timeline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eb68e951-f26c-4ba4-a9ad-2a775601e956",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "framework",
      "text": "Timeline of contradictory management statements",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7be1bf7d-2ea6-41fa-a05b-009aa17d605e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"the major moves to reshape our portfolio... will have been completed by the end of 2013.\" — John Hess, January 2013; \"We'd say 12 to 18 months [March 2014 to September 2014].\" — John Rielly, SVP & CFO, Hess March 2013; \"I mean, it's early in the process, but our guidance would be that we'd complete these sales by the end of 2014.\" — John Rielly, SVP & CFO, Hess March 2013; \"monetization of our Bakken midstream assets expected in 2015.\" — John Hess, March 2013; \"our current board is comprised of highly accomplished directors who deserve credit for initiating the multiyear transformation that started in 2010 and continues today.\" — Jon Pepper, Hess spokesman, February 2013; \"On our July call, we explained that Hess was in the midst of a five-year transition... completed by the end of 2013.\" — John Hess, January 2013; \"This change essentially began in 2009 and should be largely complete in 2014.\" — John Hess, July 2012; \"We have done a lot of years to restructure our own Company significantly...\" — John Hess, July 2011; \"So about two years ago, we really started to push a more balanced approach between accessing unconventional hydrocarbon resources, oil and gas, to balance the high impact exploration program...\" — John Hess, November 2010",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd94-e0cbd3e757f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.75,
        "y": 0.85
      },
      "kind": "source-note",
      "text": "Source: Company transcripts; Bank of America Merrill Lynch Conference; Hess 2Q 2011 Earnings Call; Hess 2Q 2012 Earnings Call; Hess 4Q 2012 Earnings Call; Hess 'Hess Tangled Family Ties Targeted in Shareholder Revolt'; Hess business update call",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3622e2cb-a519-44d4-9120-18b8292e5a84",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.35,
        "x": 0.08,
        "y": 0.25
      },
      "kind": "title",
      "text": "Today Shareholders Are Told of Hess's 7th Attempted Restructuring Like Prior Restructurings, There Is No Clear Beginning or End",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "650214cc-21b3-4535-bd46-0c27e3e91b6f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "b9bd32c3-2097-4d20-a427-7d8592e8276b",
      "evidence": "Uses chronological quotes to demonstrate management inconsistency and lack of transparency.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}