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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 series of pull-quotes to build a narrative of chronic underperformance and management failure over time.",
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      "text": "Following several years of missed targets, [Hess] has refrained from offering production guidance much beyond the current year. Whilst this plays to its benefit by avoiding the risk of over promising / under delivery, it also clouds the outlook over the coming years.",
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      "kind": "disclaimer",
      "text": "Note: For all reports prior to May 2006, Amerada Hess or AHC, was changed name to Hess or HES",
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      "kind": "list",
      "text": "A series of 7 analyst quotes from 2004-2006 criticizing Hess's strategy, capital discipline, and production targets.",
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      "kind": "quote",
      "text": "We think the frequency of HES's analyst meetings could be increased. How about biannual?",
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      "text": "“We think the frequency of HES's analyst meetings could be increased. How about biannual?” — Merrill Lynch (May 22, 2006). “The key question, in our view, going forward is whether Hess is starting to spread itself too thin via a growing project portfolio list.” — Goldman Sachs (April 26, 2006). “The aggressive upstream exploration story driven by John O'Connor is under pressure, as a run of dry holes is looming larger. With no completion target, the story has an uncertain future, costs are rising and prospects are pushed from this year to next.” — Deutsche Bank (April 26, 2006). “This company has not historically shown good capital discipline, delivering one of the highest F&D costs in the sector and one of the lower returns on capital.” — Bank of America (January 27, 2005). “Despite a new record quarterly oil price environment and sequentially much higher production levels, worldwide unit profitability rose only marginally ... because of continued heavy hedging loss (no surprise here) and a sharp increase of costs.” — Lehman Brothers (January 27, 2005). “Hess's long-term share performance has been hampered by an inability to show sustainable volume growth and value creation in the upstream...As a result, Hess's 10-year share price performance has been the weakest among the integrated oils.” — Merrill Lynch (October 21, 2004). “Following several years of missed targets, [Hess] has refrained from offering production guidance much beyond the current year. Whilst this plays to its benefit by avoiding the risk of over promising / under delivery, it also clouds the outlook over the coming years. HES's reluctance to commit to any long-term production objectives is understandable in the context of a poor track record where a succession of aggressive growth targets has been missed.” — Citigroup Smith Barney (October 11, 2004). “Hess needs to spend aggressively to arrest its imploding production profile. The risk is whether these capital investments will generate competitive returns, a concern to investors given the recent history of production and reserve disappointments...” — Merrill Lynch (April 29, 2004). “The question, in our view, is whether Hess is truly creating a culture that is focused on profitability first.” — Goldman Sachs (February 6, 2004).",
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      "kind": "title",
      "text": "...A Really, Really Long Time",
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