{
  "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": 97,
  "pageCount": 161,
  "prevPage": 96,
  "nextPage": 98,
  "slideType": "before_after",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a 'before-after' framework to argue for corporate restructuring (spinoffs/divestitures).",
  "elementsJson": [
    "process_diagram",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-3c8a15220fd2/97",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-3c8a15220fd2#slide-97",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.25,
        "x": 0.7,
        "y": 0.6
      },
      "kind": "callout",
      "text": "Share Price = $95.70 to $128.46(1) TEV = $39 to $50 billion(1)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "333fa19b-8fc2-4131-a014-5bdfce3298c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Hess's March promises (if delivered) affect less than 10% of potential share uplift (1) over another 2 year period",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd99-0e42d2dcbdcb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.8,
        "x": 0.1,
        "y": 0.2
      },
      "kind": "diagram",
      "text": "Transformation flow from conglomerate to focused entities",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4de20a96-ec34-4d52-8fd0-4e4f59bb77c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Share Price: $128.46",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd99-12d28879e471",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.7,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Company filings 1. Elliott estimates; Per share values calculated net of debt, cash pro forma for announced/completed transactions (Azerbaijan & UK assets), pension, tax attributes, interest tax shield",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaae3925-4186-4030-ae6f-bd5219807387",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.15,
        "y": 0.15
      },
      "kind": "title",
      "text": "Unlock great companies that will be accountable to shareholders",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f58e94af-985b-4816-8c44-0b4ea9f8b0c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Specifically, We Suggested The Creation of Manageable Enterprises Accountable to Shareholders",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddd9da80-1f26-4b12-bb93-39b1af7f5fd3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "322f1af1-d87f-4fd0-99f7-8ce688dbdfe2",
      "evidence": "The slide explicitly contrasts an 'opaque, unmanageable conglomerate' with a proposed structure of 'manageable enterprises'.",
      "confidence": 1
    },
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "ac15e723-9e1b-477e-9430-2120c6907bce",
      "evidence": "The diagram illustrates the decomposition of a conglomerate into distinct, independently valued business units.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}