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  "documentTitle": "Hess Corporation (HES)",
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  "authorName": "Elliott Management",
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  "presentationDate": "2013-04-15 00:00:00",
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  "notes": "The chart shows how NPV changes with capital cost fluctuations for two asset types.",
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      "kind": "callout",
      "text": "Hess is incapable of managing both (evidenced by severe cost overruns in the Bakken)",
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      "text": "Offshore Assets: Low sensitivity to capital cost, Few high cost wells, Tax regimes and/or PSCs allow for cost recovery that mutes impact of cost overrun",
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      "text": "Resource Plays: High sensitivity to capital costs, Many low cost wells, Lean manufacturing process",
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      "text": "We Think It Makes Sense Because... Different Assets Require Different Management Capabilities",
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