{
  "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": 57,
  "pageCount": 161,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "Uses a red trend line to highlight the 'underperformance' period and a green line for the 'outperformance' period.",
  "elementsJson": [
    "headline_text",
    "quote_block",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/57",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-57",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.4,
        "y": 0.7
      },
      "kind": "callout",
      "text": "47% Underperformance: $9.4bn of Market Cap Foregone",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6066ac53-d998-4cd4-aaad-427dd0694b1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.55,
        "y": 0.2
      },
      "kind": "callout",
      "text": "5% Outperformance: $0.7bn of Market Cap Regained",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b20837a-3ab2-4424-bec6-39376cfb2d9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "47% Underperformance $9.4bn of Market Cap Foregone",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd96-58aa9eb7ecf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.7,
        "x": 0.15,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Stock performance chart showing underperformance vs outperformance",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e20d8c64-6486-4b2c-a0f2-d65c35d11027",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Market Cap: $9.4bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd96-638f30579cae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.15,
        "y": 0.12
      },
      "kind": "quote",
      "text": "Since July 24, 2012, the last day of trading before we announced our updated strategy, Hess shares have increased...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f58d326c-3b64-4a7c-acc8-19923135c42a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Since July 24, 2012, the last day of trading before we announced our updated strategy, Hess shares have increased... — John Hess, January 28, 2013",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd96-5ca3e4c8c225",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.1,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Hess press release, January 28, 2013; Underperformance calculated versus Revised proxy peers; Market capitalization implied by Revised Proxy Peer performance less actual market capitalization",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "770c795a-475d-4830-8413-271bec623d3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.1,
        "y": 0.05
      },
      "kind": "title",
      "text": "Despite 17 Year Tenure of CEO and 13 Year Average Tenure of the Board, Hess Tells Shareholders to Only Remember Last Six Months",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cba7042-dd65-43ce-8d4d-8532c0b85d66",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "7e74e952-c5d7-479e-abdc-bb974ba46af2",
      "evidence": "Contrasts CEO's short-term framing with long-term performance data.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}