{
  "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": 83,
  "pageCount": 161,
  "prevPage": 82,
  "nextPage": 84,
  "slideType": "cite_precedent",
  "function": "cite_precedent",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses historical analyst commentary to establish a long-term pattern of underperformance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/83",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-83",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Hess's consistently poor returns...",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd98-3dc63c7ae819",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.25,
        "x": 0.7,
        "y": 0.85
      },
      "kind": "disclaimer",
      "text": "Note: For all reports prior to May 2006, Amerada Hess or AHC, was changed name to Hess or HES",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e2670bc-d854-42a3-85d3-ca776ac9dcf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.8,
        "w": 0.7,
        "x": 0.15,
        "y": 0.1
      },
      "kind": "list",
      "text": "Quotes from UBS Warburg, Morgan Stanley, Goldman Sachs, Smith Barney, and Paine Webber regarding Hess's poor returns, restructuring, exploration expenses, and earnings inconsistency.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "751e8eac-7e0d-4624-8b4d-76a0689b46d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"In 2003, Hess's ROACE of 7.6% is the lowest in its peer group and is well below Hess's cost of capital of 10%-12%.\" — UBS Warburg (September 22, 2000); \"Hess announced a broad-based restructuring program involving reductions in overhead and capital expenditures...Regarding the stock, we maintain our longstanding Neutral rating. Investor interest is not expected to become material in this company until returns resemble the cost of capital on a sustainable basis.\" — Morgan Stanley (December 14, 1998); \"Exploration expense is significantly above average...Hess, with a market capitalization of $4.5 billion, had 1997 exploration expense of $373 million; in comparison, Exxon, with a market capitalization of $175 billion, had exploration expense of $753 million. (In other words, Exxon's exploration expense is only twice as high as Hess's, while its market capitalization is almost 40 times as high).\" — Goldman Sachs (September 4, 1998); \"While Hess has not been an earnings story for many years now, the absence of profits is getting stale.\" — UBS (January 23, 1998); \"Given the continued inconsistency in Hess results...we would not add to positions at these levels\" — Smith Barney (October 23, 1997); \"Hess continues to be the perennial turnaround story.\" — Paine Webber (May 7, 1997).",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd98-40190369c6ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.15,
        "y": 0.05
      },
      "kind": "title",
      "text": "...Even Back into the Twentieth Century",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2fb19e2-0b1e-4d44-9322-b4b56b14d916",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "dcb43a45-ea02-4f42-8747-a5426d574a03",
      "evidence": "Uses historical analyst reports to build a case against the company's long-term performance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 84,
      "from": 77,
      "beatId": "e0b1ade6-05ea-43bb-b076-9aa676d6ed58",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Cite Precedent",
      "beatSlug": null,
      "evidence": "The presentation cites historical precedent for acknowledging Hess's problems",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 84,
      "from": 76,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "7c02518c-0b5e-4a3e-a160-1848e5662700",
      "evidence": "The presentation reveals the extent of Hess's problems and the need for change",
      "position": 1,
      "objective": "Reveal the extent of Hess's problems and the need for change",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}