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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The slide uses a 'Reality' framing to contrast Hess's capital-intensive approach against a more efficient peer.",
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      "text": "Hess conglomerate structure has yielded cost overruns, operational hiccups, and an affinity for overbuilding. Pure play CLR achieved similar production growth and acquired more acres at lower cost and greater benefit",
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      "text": "Total Return: 255%",
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      "kind": "paragraph",
      "text": "... and issued more debt, issued comparable equity, sold more assets",
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      "text": "Despite similar production growth, and acquiring 72% fewer acres",
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      "text": "Shareholders have not seen the same benefit",
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      "kind": "paragraph",
      "text": "...Hess spent 44% more capital...",
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      "kind": "source-note",
      "text": "Sources: Company Filings, Earnings Transcripts, Bloomberg, CapiQ. 1. Hess company filings, earnings transcripts. 2. Continental company filings, earnings call transcripts. 3. Elliott estimate based on average of OAS, KOG and NOG EBITDA before G&A per BOE less CLR G&A per BOE for each period; excludes impact of infrastructure",
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      "text": "Comparison table of Hess vs Continental 2009-2012 metrics including production, acreage, capex, debt/equity issuance, and returns.",
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      "kind": "title",
      "text": "Reality: Bakken Was Funded By Hess Balance Sheet",
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