{
  "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": 96,
  "pageCount": 161,
  "prevPage": 95,
  "nextPage": 97,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Uses quotes to frame the company's narrative as a scare tactic.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "quote_block",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/96",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-96",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.45,
        "y": 0.15
      },
      "kind": "callout",
      "text": "Elliott has never suggested liquidating the company. Public shareholders have seen this before...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "979c26af-6a4f-4df1-8c34-e4de93ca0967",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.35,
        "x": 0.1,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "In a letter to Hess shareholder, Relational Investors: \"We hope that you will urge Elliott to cease its attempt to liquidate the company...\" John Hess, March 2013(1)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d9aabdd-e840-4e12-a51c-10dd5cc723ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.1,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "\"...liquidate Hess as quickly as possible.\" Hess Letter to Shareholders, March 2013(2)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57eab2e6-b3de-4233-a459-afe23de4c173",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.45,
        "y": 0.65
      },
      "kind": "quote",
      "text": "\"[The company] with its rhetoric about \"liquidation,\" appears to have dug in its heels on exactly the dry-eyed, disciplined business analysis which will be critical to streamlining the business and allocating capital effectively.\" - ISS Proxy Advisory Services, Recommendation: AOL Inc Proxy Contest, June 2012",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a62ba94-e4c0-46c6-af6b-676fba2070ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.45,
        "y": 0.35
      },
      "kind": "quote",
      "text": "\"... the board has backhandedly dismissed [shareholder's analysis] as a plan to \"liquidate\" the company... \"Liquidation\" is what results when a board takes its eye off the business equation for too long, not what happens when shareholders insist on taking a look for themselves.\"",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d5dc014-41a4-4ca1-8a27-2a4bbb8e95bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We hope that you will urge Elliott to cease its attempt to liquidate the company...” — John Hess, Hess Letter to Shareholders, March 2013. “...the board has backhandedly dismissed [shareholder's analysis] as a plan to 'liquidate' the company... 'Liquidation' is what results when a board takes its eye off the business equation for too long, not what happens when shareholders insist on taking a look for themselves.” — ISS Proxy Advisory Services, Recommendation: AOL Inc Proxy Contest, June 2012.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd99-6d540852a158",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.35,
        "x": 0.1,
        "y": 0.1
      },
      "kind": "title",
      "text": "Hess Refused to Consider a More Fulsome Review and Resorted to Scare Tactics of Calling It an \"Attempt to Liquidate the Company\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b58a128-e676-452e-a69b-cd3b844df824",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "96db653f-e696-4ec3-bcf0-5ef097fa20fc",
      "evidence": "Contrasts company's public claims with shareholder statements and third-party analysis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}