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  "documentTitle": "Hess Corporation (HES)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The slide uses a chronological list of negative analyst commentary to build a case for long-term underperformance.",
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      "text": "A series of 10 quotes from various financial institutions (Deutsche Bank, Bernstein, JP Morgan) spanning 2006-2012, criticizing Hess's capital allocation, growth, and management.",
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      "text": "\"To summarize, the key growth assets underperform, expectations are lowered, and a key investor fear – Hess's propensity to outspend cash flow – is stoked by an early upward revision to the 2012 budget.\" — Deutsche Bank (April 25, 2012); \"Flowing through from the high capex and low growth, the company has the lowest yield and lowest dividend growth combination amongst major oils.\" — Deutsche Bank (July 27, 2011); \"The company has continued to be a net issuer of equity...at a time when most of the other majors have been buying stock back... and has produced low return on capital employed for most of the present decade.\" — Bernstein (October 22, 2009); \"The company's refining and marketing assets remain emphatically not for sale, despite the fact that redeploying downstream invested capital...to the much higher returning upstream would make solid business sense.\" — JP Morgan (September 17, 2009); \"Hindsight: We can't believe you're back to more hedging.\" — Deutsche Bank (September 29, 2008); \"Notwithstanding the romance of Leon Hess's development of the company from one oil delivery truck into a multi-billion dollar enterprise, by the early 2000's the company's reputation with investors was one of a struggling oil essentially run as if it were private.\" — Deutsche Bank (August 7, 2007); \"Historic mistrust, with certain major potential shareholders reluctant to invest based on the issues faced in the past with a distinctly mixed record of shareholder value creation to say the least. Ultimately, John Hess is still in charge, and that provides a major link to the past. Hess has historically shown poor performance on operational metrics...\" — Deutsche Bank (August 6, 2007); \"The change in 2008 estimated EPS is due to our belief in the industry-wide cost pressures being sustained into next year and the company's inability to manage them quite as successfully as do the Majors.\" — Bank of America (April 26, 2007); \"Continued exploration losses are value destructive.\" — Deutsche Bank (October 25, 2006); \"It is important to highlight that the highest paid companies are also the best performers, with the arguable exception of Hess. He is a dynastic executive left in a business that resonates with family fortunes...\" — Deutsche Bank (August 24, 2006).",
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      "kind": "title",
      "text": "...A Really Long Time",
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